By Jolene Farley
After 47 years in the banking industry, Wendell Bengtson will retire on at the end of the year as executive vice president of Exchange State Bank, Hills.
Wendell began his career in the fall of 1953 after returning from Korea where he served as a medic in the 3rd Infantry Division for the U.S. Army.
His first banking job was at the State Bank & Trust Company, Nevada, Iowa. He began as a teller and soon moved up to manager of a branch bank.
Bengtson lived in his home town of Colo, Iowa, until he married his wife, Wilma, on Aug. 3, 1957, in Osceola, Iowa. They purchased a home in McCallsburg, Iowa. The Bengtsons have two children, Noreen and Brian.
In 1961 Bengtson returned to Colo as manager of the bank. The Colo bank sold insurance products, so this offered Bengtson experience in this area. It soon became apparent that there were no opportunities for advancement at the Colo State Bank and Trust. So Bengtson accepted the position of cashier at the Farmers State Bank of Delavan, Minn. He also served on the board of directors.
His hopes to purchase the Delavan bank never materialized, so Bengtson again began looking for a different position. The spring of 1971 saw Bengtson move to Norway, Iowa, to become the cashier and director of the Benton County Savings Bank.
After the bank in Delavan was repeatedly sold throughout the seven years he worked there, Bengtson decided it was time to move on again.
This time he and his family moved to Hills. In May 1978, he arrived at the Exchange State Bank. This was shortly after the Bonanders purchased the bank from D.A. Roning.
Bengtson was cashier, sold insurance, prepared taxes and served on the board of directors.
The bank was located on the corner of Main Street where the little park is now, according to Bengtson. Other employees when he started work were Rodney Bonander, Gene Sundem, Dorothy Thorin, and Carol Nelson.
The bank built at its current location in 1980.
Bengtson has seen many changes in the financial industry. "Back yonder everything was done with posting machines like adding machines," he said. "Now everything is computerized."
Bengtson said demand for financial services has changed, with all kinds of avenues for people to invest money.
In agriculture, the number of farmers has decreased drastically. "Farmers are a lot bigger, and it takes more money to keep going," he said.
Regulation and competition have both increased in the banking industry.
Bengtson is quick to say he has many good memories and would love to do it all over again. He thanks the Exchange State Bank for being a good employer for 22 years, all the people he has worked with and all his loyal customers.
He and Wilma plan to remain in Hills after he retires.