The following appeared in the Rock County Star Herald on Aug. 5, 1965.
OPEN HOUSE SATURDAY-
Kanaranzi Bank Has Served Community Half A Century
Open house will be held Saturday afternoon from 2 to 5 p.m. at the First Farmers State Bank in Kanaranzi, commemor-ating the 50th anniversary of the bank’s founding.
Free coffee and doughnuts will be served during the afternoon to visitors, and a number of valuable door prizes will be given. Registration is open to adults and young people alike, according to Eddie Hansen, cashier, and the winners do not have to be present to win.
“This celebration is for everybody,” Hansen emphasized this week. “Naturally, we welcome our many customers, but we want all our friends to stop in. It will be an informal get together, and there will be plenty of opportunity to visit.”
Founded in 1915
The bank’s charter is dated Decemeber 1, 1915. Original incorporators were O. E. Holly, Larchwood, Iowa, who became the bank’s first president; J. M. Baker, Kanaranzi, who was elected as the fist cashier; J. J. Welsh, J. W. Williams and Goerge S. Snover, who became directors. Starting salary for the cashier was $900 a year.
The first directors’ meeting was held January 11, 1916. Both Paul Untiedt and Henry Hansen had purchased some share in the new bank in December, 1915, and they were elected to the board of directors then on January 11. Capital stock was originally set at $10,000.00.
Served By 3 Presidents
In 1927, Mr. Holly sold his bank shares and Paul Untiedt was elected the second president of the bank. He served until his death in 1941. In 1942, J. M. Baker sold his shares in the business, and Elmer H. Wellendorf was elected to become the third president. Eddie Hansen was elected cashier at the same time. Both still hold the positions to which they were then elected.
In 1951, the bank’s capital stock was increased from $10,000.00 to $25,000.00 by a stock dividend.
Today, deposits are well over the million dollar mark, and surplus and undivided profits are over $145,000.00
Two of the men who helped found the bank, J. M. Baker and Henry Hansen, are still living. Mr. Hansen has served as a director ever since he was first elected in 1916.
Donations to the Rock County Historical Society can be sent to the Rock County Historical Society, 312 E. Main Street, Luverne, MN 56156.
Mann welcomes correspondence sent to mannmade@iw.net.