The following appeared in the Rock County Herald on July 11, 1924:
HARDWICK’S TWO BANKING INSTITUTIONS CONSOLIDATE
Farmers State Bank Takes Over Business of Security State Bank and Stockholders Pool Interests
The consolidation of Hardwick’s two banking institutions, which had been under consideration for sometime, was fully agreed upon at a joint meeting of the stockholders held Saturday evening. The merger was formally consummated Monday morning, the Farmers State bank taking over the business of the Security State bank, which passed out of existence.
This action was taken by the stockholders for their mutual benefit, for it has long been recognized that the field did not necessitate two banks, and that the consolidation of the two under one corps of officers would not only eliminate much overhead expense, but also give the community one of the very strongest financial institutions in the county outside of Luverne.
In connection with this change the stockholders in the Security State bank were given at apportionate representation on the board of directors of the Farmers State bank, although but slight changes or additions were made in the list of officers of the Farmers State bank.
Stockholders of the two institutions met Monday and re-organized by electing a board of directors composed of Herman Hemme, E. T. Thorson, Harry Rolfs, Jas. C. Graham, J. W. Stamman, Gus Fredericks, Adolf Hauger, Louis Rath and E. A. Meyer.
This board organized by the re-election of Mr. Hemme as president, Mr. Thorson, vice president; Mr. Graham, cashier; A. A. Peterson, assistant cashier and also elected Mr. Stamman a vice president, and H. T. Banger an assistant cashier.
The consolidation gives the Farmers State bank total footings in excess of $400,000, with a cash reserve of more than $43,000, and places this bank on a stronger foundation and in a better condition to meet the needs of the Hardwick territory than ever before.
Security State bank was founded about nine years ago, and at the time of the its being merged into the Farmers State bank, Mr. Stamman was president, and A. L. Martinka cashier. Mr. Martinka retires from the banking field at Hardwick.
Merging of the two banks was accomplished without the slightest interruption, the contents of the vault and the records of the Security Bank being moved to the Farmers State Sunday, and the consolidation had been fully accomplished before banking hours Monday morning.
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