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 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.
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.
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
Sources: The First 100 Years of New Albin – book, New Albin Savings Bank – Board Minutes
Today, more than 500 residents call New Albin home.