History of the Blue Grass Savings Bank
During 1901, 104 investors subscribed to 140 shares of stock totaling $14,000.00 of the soon to be Blue Grass Savings Bank. The first shareholder meeting was held at the Henry Hintz Hall on September 24, 1901, and the following were elected directors: Henry F. Wunder, John Plett, Edward Knaack, S. H. Moorehead, Edward Brus, Charles Ehrecke, J. H. Meyhaus, Chris Kautz, Jr. and Julius Schiele. This board met the same day electing W.I. Vandevear, President, Julius Schiele, Vice President, Henry F. Wunder, Cashier and John Plett, Secretary. At a second meeting it was moved and carried to purchase Henry Hintz's Corner for $375.00 as a site for the bank.
October 23, 1901 the Articles of Incorporation were approved, building plans were drawn and a new building started. The original building, built on the corner of Mayne and Mississippi, cost $44,344.45 including lot and fixtures. Some of the early expenditures included $715.00 to the Diebold Company for a safe and $85.00 for a vault door.
January 4, 1902 banking was started and one week later total assets were $19,402.16. The January 9, 1902 meeting of the stockholders was held in the new bank. H. F. Wunder was hired as cashier receiving $50 a month salary. W.I. VanderVeer served as President with no pay and Julius W. Schiele served as Vice President. In 1906 the stockholders voted to pay W.I. VanderVeer $12.00 a year for serving as President. The first dividend of $5.00 per share was paid in July, 1903 to these pioneer investors. July 1, 1907 a surplus account was started with an entry of $2,000 and September 4, 1909 the capital account was increased to $25,000. Ten years after opening for business the bank had grown to $368,747.73 in total assets.
March 9, 1911 the Board of Directors voted to install electricity in the bank. July 14, 1912 they voted to lengthen the business day on Saturdays from a 6:00 P.M. closing time to 8:30 P.M..
In 1947, the 1902 building was added on to and remodeled. In 1971, that facility was demolished and a new building was constructed. A new red brick building was constructed in 2006.
Since the bank's inception, eight individuals have served as President:
|W.I. VanderVeer||1901 - 1917|
|Edward Brus||1917 - 1919|
|T.J. Brus||1919 - 1942|
|W.C. Kautz||1942 - 1943|
|Donald O. Farley||1943 - 1961|
|Raymond J. Tangen||1961 - 1989|
|Elton D. Farley||1989 - 2010|
|Wayne Beck||2010 - Present|