Serving Spencer Since 1916
Farmers Trust & Savings Bank has been part of the fabric of the Spencer Community for more than 100 years. In that time, we’ve changed locations, added new technologies, and grown to better serve you. One thing that hasn’t changed is our dedication to serving our community and providing the best banking services to our customers.
Farmers Trust & Savings Bank opened for business on April 10, 1916. The total deposits on that day were $5,606.45. The first directors of the bank were William Flindt, H.O. Green, John Sieh, T.L. Olson, R.M. Tuttle, H.B. Noll and C.E. Golly.
In 1917, we had our first grand opening at our new building on the corner of grand avenue and West 4th Street on December 8th. The Spencer News-Herald quoted, “Upon entering this fine building the first impression is one of great favor. Everything is strictly modern.”
In 1917, tellers made approximately $50 a month, while cashiers made $130 a month and the President made $75 a month. The first two women were employed at Farmers Bank in 1919.
During the thirties, bank salaries ranged from $25 per month to $300 per month.
By 1965 the bank employed 16 and hired a new president, Ben Abben and we purchased the Christian Church property at 125 W 4th Street for the new bank building. 1967, we had our new “modern” bank building. The spacious lobby greeted customers with an information center as they walked through the doors.
A unique feature of the lobby was the lobby doors, they are 9 ½ feet in height to accommodate any customer who were or felt 9 feet tall!
Easters, Inc. purchased the bank in 1966. At that time Time Certificates were paying 4 ½%.
By 1998, the bank had outgrown the current footprint. A new addition was added to the west side of the bank. Another remodel took place in 2005 which included new flooring and wall coverings. The beautiful stained glass window was installed by Bogenrief Studio behind the teller line.
In 2020-2021, the bank purchased the City Hall building and combined the current bank to expand into one larger building. The entire inside and outside of the building was updated. This addition allows our over 40 staff to all be on one level.
Over the years, Farmers Bank has seen a lot of change in buildings, faces, and technologies, but one thing has always stayed the same, we are People First, Service Always – your local community bank!
