Looking back to the beginning…
New Albin was first named “State Line” but after a tragic accident that took the life of a 10 year old boy named Albin, State Line was renamed Albin. Albin was the son of a railroad man who was instrumental in bringing the railroad to the area. The name “Albin” then changed to “New Albin” after discovering other towns in Iowa with the same or similar name.
As the town evolved, a meeting for a proposed bank was held April 7, 1898. Those present were Wm. Coleman, H. Martin, R.H. Thomson, G.A. Ericson, V. Hutter, M. Bock, L.H. Gaarder, F.C. Meyer and Andrew Dahlie, citizens of Iowa, H.W. Hahn, Henry Luttchens, Larry Welsh, Henry C. Fruechte and Chris Bunge Jr. citizens of Minnesota. The group formed a corporation under the permission of Chapter 10 Title IX of the Code of Iowa to adopt the Articles of Incorporation.
Wm. Coleman was elected chairman and M. Bock secretary. The capital stock of the bank to be placed at $15,000.00, divided into shares of $100.00 each.
The original shareholders were:
- W.O. Bock
- C. Bunge Jr.
- Wm. Coleman
- G.A. Ericson
- Henry Fruechte
- L.H. Gaarder
- H.W. Hahn
- Vincent Hutter
- Henry Luttchens
- H. Martin
- F.C. Meyer
- Andrew Dahlie
- Robert H. Thomson
- Larry Welsh
The bank was named New Albin Savings Bank.
L.H. Gaarder, G.A Ericson and M. Bock were elected to draft a constitution and by-laws, and the affairs of the bank were governed by a board of seven directors, F.C. Meyer, R.H. Thomson, Wm. Coleman, G.A. Ericson, L.H. Gaarder, H. Martin and M. Bock.
The decision to purchase the property located at SW ¼ of Lot 128 in New Albin as the bank building site was approved in the April 14, 1898 meeting.
The first stockholders meeting in the bank building was January 9, 1900. In one year “conditions of the bank showed a material growth of double in size.”
The first dividend was declared on stock on record as of January 1, 1907.
At the stockholders meeting dated January 14, 1908, “it was the opinion of all present that necessary steps be taken to increase the capital stock to $30,000.00.”
On September 30, 1929, “an agreement was made with Dorchester Saving Bank in taking over their deposits and paying the same in full.”
As of September 13, 1933, the board moved to reduce the capital stock from $30,000 to $25,000. On Nov. 8, 1933, the stockholders approved the reduction. The bank was now finally able to “be released and discharged from management under Senate File III and to assume charge of its own assets,” which had been under management of the Banking Department of the State of Iowa.
On October 13, 1933, it was decided to make application for “Membership in the temporary Federal Deposit Insurance Fund.”
The first woman, Estella Hannafin, was elected to the board of directors on January 8, 1935. She was board president from 1937-1944.
By January 1940, bank deposits grew to $340,000.
On May 6, 1942, the bank was qualified as a Series E Bond agent for selling US Savings Bonds.
As of May 12, 1948, it was resolved that the corporate period of the bank which will expire June 18, 1948 is hereby extended for a 50 year term, which would be in 1998 unless otherwise dissolved by the voluntary action of the stockholders.
The decision to purchase the old post office building adjacent to the bank from Stacia Hartley was approved June 7, 1967.
In January of 1968, the remodeling and addition were completed and the main counter was moved to the new addition.
Previously the upstairs rented out to a doctor and dentist and then used for storage. The area was renovated into office space, directors room and lunch area in 1995.
In the summer of 1996, the front of the bank was re-bricked to restore the original look.
The third edition was completed in 2007, which features refurbished limestone walls that were constructed more than 100 years ago. The stone is highlighted with oak woodwork. The limestone was quarried locally and the oak was harvested from the area.
New Albin Savings Bank has been serving their families and friends since 1898. The bank’s principal market area includes Northeast Iowa, Southeast Minnesota and Southwest Wisconsin.
Currently, the board of directors includes Barry Fruechte, Allen Meiners, Jake Imhoff, Ray Whalen, Paul Whalen, Steve Fruechte and Wayne Meyer.
Sources: The First 100 Years of New Albin – book, New Albin Savings Bank – Board Minutes
Today, more than 500 residents call New Albin home.