Lake Central Bank History Citizens State Bank in 1923

Our History

Proudly serving you for over 125 years.

1893

In 1893, The State Bank of Annandale began by founders William D. McDonald and L. Cofield. McDonald and Cofield were business partners in the bank and in several grain elevators in Wright and Stearns County. Eventually, McDonald took over The State Bank of Annandale and Cofield took over the grain elevators. The bank was located in the current Annandale Advocate office, and the initial total asset value of the bank was $37,127.

 

1907

The Citizens State Bank of Annandale was opened by founders George W. Rickliff, John J. Rennie, Gracia L. Jenks, F. William Klatt, Frank Schneider, Henry M. Lewis, Samuel H. McGuire, Martin Ransom, John G. Hayter and William F. Korhn. The bank was located in the current office of Dr. Karg and total assets of the bank were $275,259.

1908

George G. Sawyer came to Annandale and secured a controlling interest in The Citizens State Bank of Annandale. He was elected cashier of the bank and Palmer Sawyer, his son, was assistant cashier

1913

William D. McDonald became President of The State Bank of Annandale.

1920

The State Bank of Annandale relocated to the building currently occupied by Young & Brown, LLP. In order for this building to be built, the house and doctor’s office of Dr. Worster, predecessor to Dr. Bendix, had to be removed. The total assets of The State Bank of Annandale at that time were $286,025.

1923

The Citizens State Bank of Annandale built a new building, currently occupied by currently occupied by State Farm Insurance.
Square Image Lake Central Bank History Annandale State Bank 1893 1920
Square Image Lake Central Bank History Annandale State Bank 1920 1933

1929

Colin McDonald, son of William, became President of The State Bank of Annandale.

1933

Annandale State Bank was formed by the merger of The State Bank of Annandale and Citizens State Bank of Annandale. The merged bank resided in the building of the former Citizens State Bank of Annandale, with total assets of $337,104.

1944

Minerva Farris began working at ASB and retired in 1987 after 43 years. In September of 1944, a great leader started at the bank, Gladys Ryti, now Gladys Johnson. She completed her career in 2004 after 60 years of service! The bank’s total assets in 1944 were $916,688.

1953

Annandale State Agency, now Lake Central Insurance Services began.

1955

Beverly (Rathje) Lund began at ASB and after 50 years of service, Beverly retired in 2005. When she started working, the bank’s total assets were $1.8 million.

1971

Dwayne Bruns was hired by Colin McDonald, son of co-founder William D. McDonald. Total assets at that time were $6.6 million.

Square Image Lake Central Bank History Citizens State Bank 1907 1922
Square Image Lake Central Bank History Citizens State Bank 1923

1977

Annandale State Bank opened a branch in the city of Clearwater, residing in the building currently occupied by the Pet Clinic. The bank’s total assets were $19.9 million.

1980

In 1980, ASB constructed a new building in Annandale, the current location of Annandale State Bank. Dwayne Bruns also became President of Annandale State Bank, with bank assets totaling $26.3 million.

1983

Bryan Bruns, son of Dwayne Bruns, started working for Annandale State Bank as a part-time teller and bookkeeper during his high school and college years.

1989

Annandale State Bank constructed the current building of the ASB Clearwater Branch on State Highway 24, near I-94.

1993

ASB celebrated 100 years in business.

1994

Bryan Bruns returned to the Annandale area and Annandale State Bank in a full time capacity, taking over for longtime cashier Gladys Johnson, and as Vice President. Bank assets totaled $64 million.
Square Image Lake Central Bank History Annandale State Bank 1980 2017
Square Image Lake Central Bank History Annandale State Bank Snow Falling

2006

Bryan Bruns was named president and Dwayne Bruns held the position of Chairman of the Board and CEO. Assets in 2006 totaled $118 million.

2010

Annandale State Bank started a new bank holding company named Lake Central Financial, Inc. This new company allowed new opportunities for us and allowed us to begin our transformation to “Lake Central”.

2011

Lake Central Investments was started, allowing customers to invest in more diverse financial product (some with the FDIC guarantee and others without).

2015

Bryan Bruns was named President & CEO and Shirley Bruns was named Chairman of the Board. Assets in 2014 totaled $133 million.

2017

We officially changed our name to Lake Central Bank. Same great employees and owners, just a new name!

2018

Celebrated our 125th anniversary.
Lake Central Bank

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