Ralph Gaffaney, vice president, talks with a customer about different loan options. Photo by Jim Palmer.
“Seeing you into the Future.”
That’s the mission of Eagle Bank, a full service financial institution that has been serving its customers in west central Minnesota for well over 100 years. The history of Eagle Bank dates all the way back to 1874, when five Wollan brothers were operating a general store in Glenwood called the Fremad Association.
Back then, Glenwood had no financial services, and since the Fremad Association had a large safe, people started asking them to take care of their money. Operators of the Fremad Association began accepting the people’s money for safekeeping. Soon they were operating what really was a bank. Check blanks from that day show they used the name “Fremad Association Bank.”
On April 12, 1884, the Fremad Association amended their articles of incorporation to read “to carry on the business of banking.” Banking was conducted in this manner until Dec. 2, 1901, when they formally organized a private bank known as “Pope County Bank.” In 1908 they changed from a private bank to a state charted bank called “Pope County State Bank.” At that time, the bank had total assets of $198,782.99.
The first new bank building was built in 1906 and served as Pope County State Bank until 1971. It is currently used as a law building and is located next to the current Eagle Bank building. Photo contributed by Faith Mills.
On Dec. 8, 1980, Pope County State Bank opened its first branch office in Villard. Elbow Lake and Wendell branches were added on Jan. 5, 1995. With branches in two counties, Pope County State Bank changed its name to Eagle Bank on Oct. 5, 1995, to better reflect the larger geographic area being served. In July 2014, Eagle Bank acquired the First National Bank of Starbuck bringing the total number of offices to five. Over the years, Eagle Bank has expanded its reach, it services, and its capabilities to help folks with their banking needs. From a humble beginning in 1874, total assets are now $140 million.
Name changes and acquisitions aren’t the only changes that have occurred at Eagle Bank. Dramatic changes have also taken place in how banking transactions are processed. For example, check processing was labor intensive, involving handwritten records and handcalculated ledger books. Checks and debit card transactions are now electronic transactions that can clear your account in some cases in minutes as opposed to days in prior years.
Stacey Pederson, customer service, helps a young couple at Eagle Bank in Glenwood. Eagle Bank has been helping customers in west central Minnesota for more than 100 years. Photo by Jim Palmer.
The electronic world also extends to the products and services offered to customers. Debit cards, online banking, online bill payment, e-statements, mobile banking, remote deposit anywhere, and person-to-person payments are examples of the new products and services made available with electronic technology.
Customers like to be more mobile. For example, “remote deposit anywhere” allows you to deposit a check into your Eagle Bank checking account from a remote location, such as your home, without having to physically deliver the check to the bank. It uses the camera on your iPhone, iPad, or Android to create a digital image of a check. This image is then transmitted to Eagle Bank for deposit in your account.
Stacey Pederson, customer service representative, shows a couple the new mobile apps available through Eagle Bank. Photo by Jim Palmer.
Eagle Bank recently introduced a new lineup of checking accounts that include all of these products and services. These accounts are Eagle Secure Checking, Eagle Reward Checking, Eagle Senior Checking, and Eagle Student Checking.
Eagle Secure Checking has been getting rave reviews by customers. In addition to the electronic banking features, this account provides triple credit bureau monitoring, total identity monitoring, credit alerts, credit reports, and your credit score. Bonus features are identity theft resolution services, up to $10,000 fraud expense reimbursement, and $300 of cell phone replacement coverage for only $3.95 per month.
Eagle Bank has grown over the years. Technology, along with products and services, have changed. However, their main focus remains taking care of their customers’ financial needs, which is the basis of their mission “Seeing you into the Future.”
A carved eagle sits out front of the Eagle Bank in Glenwood. Photo by Jim Palmer.
Learn more about Eagle Bank on the web at www.eaglebankmn.com or call or stop at one of their branches (listed below).