The following information was sent to the Historical Society from the Pine Island Bank in August of 2006. Information from “Banking in Pine Island” by Mrs. C. T. Mondale; and information from Pine Island Bank records.
Next year in 2007, Pine Island Bank will be able to trace its origins back 125 years. The Bank of Pine Island was established in 1882 and operated by Loomis F. Irish. In 1895 Mr. Irish built an impressive stone and brick Opera House and Bank building on Main Street in Pine Island. Sometime prior to 1927 the Bank of Pine Island became the Farmers State Bank.
Charles Sawyer was also an early Banker during the 1890’s and had his own Bank in 1898 called the Citizens Bank. In 1913 the Citizens Bank moved to the corner of South Main and (White) SW Second Street. This location is presently the home of the Pine Island Bank. On July 27, 1931, Farmers State Bank and Citizens Bank merged to form Security State Bank of Pine Island. July 27, 2006 was the 75th anniversary of the merger.
Security State Bank was led by President Harry H. Billings from 1931 to 1965. Leo Stucky was President until 1967. Mr. Stucky started employment with the Farmers State Bank in 1927 and was employed by Security State Bank from 1931 until 1967. James E. Hervey was President from 1968 to 1973. Mr. Hervey’s health necessitated a sale of the majority of the stock ownership to investors in 1973. F. W. (Bill) Sanborn was President from 1974 until 2003. James E. Mack has been President since October, 2003.
Acquisition of a majority of the Bank stock by local ownership occurred on February 17, 2000. On May 9, 2003, the Bank’s name was changed to Pine Island Bank.
Printed in Pine Island Area Historical Society Newsletter, October 2006