VisionBank: A history of persistence and change - A Sesquicentennial feature

by Eve Lederhouse

VisionBank Marketing and Communications Officer

1884. It was the year of the first long-distance telephone call (March 27; Boston to New York). Alaska became a U.S. territory (May 17), the Statue of Liberty was gifted to the United States (July 4), the first World Series was held (October), and John B. Meyenberg patents evaporated milk (November 25).  And, on June 1, 1884, a private bank was started in Ogden, Iowa which would later become VisionBank®.

Wallace Farley and Fred Lorenzen – with $40,000 cash capital organized City Bank of Ogden, a private bank started by taking in and paying out gold and silver. Farley served as the bank’s first president, while Lorenzen served as cashier. 

The $40,000 grew, gradually, to $85,000 by 1892 and never lost a penny. In 1907, City Bank of Ogden became a state institution, incorporated as City State Bank, and recorded assets of $293,704. F.M. Lorenzen served as bank president from 1907 to 1915.

In 1929, the world became a different place because of the October 29 stock market crash (aka Black Tuesday) and the Great Depression that ensued. Between 1929 and 1932, worldwide Gross Domestic Product (GDP) – the monetary value of all goods and services produced in a country – fell 15%. While across the country many banks went out of business, in Ogden there were four banks in operation in 1931: City State Bank, Farmers Security Bank, First National Bank (formerly Sylvester Bank) and Farmers State Bank. 

While there was one week in 1932 where all four Ogden banks didn’t open for business to protect against a “run,” they were all in good financial condition. That year the depositors of all the banks met at the high school auditorium, and then unanimously signed an agreement to not withdraw money already deposited for a period of three years. 

Later in 1931, the Owner E. H. Jenkins of Farmers State Bank wanted to retire, and the bank merged with City State Bank. In 1934, Farmers Security Bank repaid all their depositors and closed their doors. And in 1935, First National Bank stockholders bought a large block of City State Bank shares in order to make it possible for the remaining two banks to merge, retaining the name City State Bank.  

Read more in the June 22, 2016 issue of The Ogden Reporter.

Ogden Reporter

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