History of the State Bank of Ceylon
The articles of Incorporation stated that the name used to distinguish the bank shall be “State Bank of Ceylon”. The capital stock of the corporation was $10,000 and was divided into 100 shares at $100 a piece.
The first stockholders were: Herman Schmidt, Henry A. Saggau, August Schueler, August Fischer, Carl Knuth, Herman Schley, H. Schlorff, John W. Wiedow, Elsworth Towr, Fred Fenrich, Fred Baker, F.W. Prust, Richard A. Hart, A. G. T. Broun, P. H. Tally, J. G. Follet, and H. W. Sinclair.
The State of Minnesota authorized the bank to begin operation on October 8, 1901.
Using the plans drawn up by C. F. Patsche of Fairmont, a committee was appointed to get the contract for the bank building at a cost, not to exceed $4,500. Then in 1902, H. A. Saggau and R. Sinclair were appointed as a committee to attend to the finishing of the second story of the bank building.
In 1905, the room at the rear of the bank was to be offered to the Fairmont Telephone Company to rent at not less than $7 per month and that $8 would be asked. Then in 1910, an adding machine was purchased for $294.
In 1933, in an attempt to eliminate overdrafts, a new code of operations allowed banks to charge 25c per check that created an overdraft or increased one.
The bank was remodeled in 1952 and in 1982, the Ceylon Bancorporation was formed by J. W. Vollrath and Marlen E. Bents, which purchased all of the outside stock of the bank. Marlen accepted his first position at the State Bank of Ceylon in 1965 and continues to work there as its President.
June and Marlen Bents
Presidents of the State Bank of Ceylon
- H. W. Sinclair
- A. G. T. Broun
- Henry A. Saggau
- Frank E. Dougherty
- E. F. Vollrath
- J. W. Vollrath
- Marlen E. Bents
- 1901 – 1913
- 1913 – 1925
- 1925 – 1943
- 1943 – 1956
- 1956 – 1970
- 1970 – 1992
- 1992 - Present