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The History of ASB

The History of ASB

Alden State Bank History

"Alden, Kansas, December 1903 - Minutes: At a meeting called for the purpose of organizing a joint stock company to operate a bank, the following proceedings were had: C.N. Fair was made President and F.W. Ross was made Secretary. On motion of G.A. Morris, it was decided to proceed with the organization of an incorporated State Bank with a capital of $10,000 to be located in the city of Alden, Rice County, Kansas. On motion, the Capital Stock was fixed at one hundred shares of $100 each. After considerable discussion, it was decided to call it The Alden State Bank."

On motion, the following named persons were named as the Board of Directors the first year: C.N. Fair, President; G.A. Morris, Vice President; F.W. Ross, Secretary and Cashier; George B. Ross, and William Werner.

On motion of G.A. Morris, the first assessment of 100 percent on the Capital Stock due and payable February 1, 1904 was ordered.

At a meeting of the Board of Directors of The Alden State Bank, the full board being present, the following proceedings were had: Board organized by electing C.N. Fair, President; G.A. Morris, Vice President; F.W. Ross, Secretary and Cashier. The president and secretary were appointed a committee to purchase a building site, build a building, and purchase all other supplies that are needed. Minutes approved, board adjourned subject to call of the secretary.

On December 31, 1903, a charter application was completed and signed by C.N. Fair, George A. Morris, F.W. Ross, George B. Ross, and William H. Werner. The Charter of "THE ALDEN STATE BANK" was filed for record on January 7, 1904 and officially approved on January 8, 1904. The Bank's Charter gives a list of 43 stockholders who originally subscribed stock to the new corporation, none of whom are now living.

The present site in Alden, which was then the location of a feed mill and blacksmith shop, was selected and a brick building constructed. The bank opened for business on the morning of May 24, 1904. First depositor was J.K. Idol. During the day, 15 customers opened accounts with deposits totaling $2,495.88.

At the close of the first day, the bank's Assets and Liabilities were as follows:

ASSETS 
Cash & Sight Exchange$9,340.66
Building1,793.76
Furniture and Fixtures1,017.75
Expense213.41
Total$12,365.58
LIABILITIES 
Capital$10,000.00
Exchange.60
Deposits2,364.98
Total$12,365.58

C.N. Fair was president until his death in March 1921. He was succeeded by R.J. Engel who continued as president until January 1940. J.H. (Jim) Fair began work in the bank as a bookkeeper when it opened for business; served as cashier, then as president until his retirement in April 1947.

F.L. (Fred) Fair became president in 1947, having been associated with the bank as cashier since December 1939. Fred served as President & CEO of the bank and Chairman of the Board until August 1, 1984, when C.P. (Chuck) Rowland was elected President and CEO. Fred Fair continued to serve as Chairman of the Board and Director until his death in March 1993. F.L. (Fred) Fair was honored by the Kansas Bankers Association in 1989 for 50 years of employment with the Alden State Bank. He served the Alden State Bank and the Banking Industry for a total of 54 years. He also served as the Kansas Bankers Association Treasurer in 1973.

In August 1992, Alden State Bank purchased the 92-year-old State Bank of Plevna, located 20 miles south of Alden. The Plevna Branch of the Alden State Bank continued to serve the town of Plevna and surrounding area until June 7, 2002, when the facility was officially closed.  Following a unanimous vote by the Alden State Bank Board of Directors, the Plevna facility & property was gifted to the City of Plevna.

In January 1998, construction began on a new facility at 124 N. Broadway in Sterling.  Prior to construction, research had been conducted to see if it was economically feasible to renovate the existing building on this property.  It was determined that the existing building was in a state of extreme deterioration and could not be renovated.  The Board of Directors was determined to use as many materials and supplies as possible thru local merchants.  Clarence Rauh, Jr., a local Sterling contractor, accepted the challenge to head the construction project.  Thomas (Sarge) Myers, a local carpenter from Alden, assisted with this project.  The design of the facility was developed through the aid of architect Brad Bradley of Bradley Designs in Hutchinson.  The beautiful brick work was completed by Glenn Greene from Nickerson.

The Alden State Bank staff also joined in the creation of the new facility in Sterling.  C.P. Rowland, President, assisted by J. Todd Rowland, Asst. VP, built the teller stations; helped sand and stain trim work; helped pour concrete; helped raise the rafters and ran cable throughout the building.  Janiece D. Rowland, Vice President, worked with Linda Calderwood of Sterling to develop the banks interior design.  Maurice S. Chandley, Director, chronicled the many phases of the project with his video camera.  T.N. Frederick, Executive VP, helped assist with the exterior landscaping.  The construction project took a year to complete.

On January 20, 1999, the Sterling Branch of the Alden State Bank opened its doors for business. Carolyn Heter was the first customer inside the bank, and Scott Randolph was the first drive-thru customer. Both were awarded a $50 Series EE Savings Bond. The grand opening for the branch was held on February 26, 1999 with approximately 300 in attendance. A celebration of the 95th Anniversary of the Alden State Bank was also held in conjunction with this event.

In 2004, the Alden State Bank celebrated its 100th year of operation with year long advertisements and pictures from the past. There were also commemorative prizes and special gifts given to customers all year to celebrate this achievement. A special open house was held in Sterling and Alden on May 24, 2004, in observance of the official 1st day of business for the Alden State Bank on May 24, 1904. A drawing held on May 24, 2004, produced the following prize winners; Chocolate Coins - Margaret Lipp; Commemorative Piggy Banks - Marge Jones and Susie Unruh; 2004 American Eagle Silver Dollars - Donna Proffitt and Louann Zimmerman; and the grand prize winner of the 100 year Anniversary Coin Set - Lucas Boltz. Alden State Bank was especially proud to be celebrating the milestone of being Rice County's oldest active financial bank.

On June 11, 2008, the Fair (Rowland) Family was honored by the Kansas Bankers Association with a "Century of Family Banking" ceremony honoring 100 years of family ownership (actually observed in 2004). The Fair (Rowland) Family reaches back five generations to the inception of Alden State Bank in 1904. Presently, there are three generations working in the bank. Alma L. Fair, wife of former bank President F.L. Fair, serves as a Director on the Board; Janiece D. (Fair) Rowland is a Vice President and Director; C.P. (Chuck) Rowland is the Bank President & CEO and Director; J. Todd Rowland is the Executive VP/Compliance Officer and a Director and Jarrod P. Rowland is a Vice President and Director.  T.N. (Tom) Frederick, Vice President, was also honored with a commemorative plaque for 50 years of employment with the Alden State Bank and service to the banking industry.

On September 19, 2008, the Alden State Bank was officially approved by the Kansas Secretary of State, Office of the State Bank Commissioner and the FDIC to move the bank Main Office location from the Alden facility to the Sterling facility. The facility in Sterling is now the Main Office of the Alden State Bank. The Alden facility will serve as a branch of the Alden State Bank.

On December 31, 2008, the branch facility in Alden officially closed its doors for banking business. The 100+ year old building in Alden continues to house the Alden State Agency and is run by Insurance Agent, T.N. (Tom) Frederick. Tom officially retired from banking on December 31, 2008, but will remain on as a Director of the Alden State Bank.

On September 28, 2010, long-time Director Maurice S. Chandley passed away due to heart complications.  Maurice served as an Officer and Director of the Alden State Bank for 17 years and spent the majority of his career in the banking industry.

On December 29, 2010, President/CEO & Chairman of the Board C.P. (Chuck) Rowland passed away due to illness.  Chuck served as President/CEO & Chairman of the Board of the Alden State Bank for over 26 years and was involved in banking a total of 41 years.

On January 26, 2011, J. Todd Rowland was elected President & CEO by the Alden State Bank Board of Directors.  Janiece D. Rowland, Vice President, was elected Chairman of the Board.  Also promoted in the January 26, 2011 Board of Directors meeting were: Jarrod P. Rowland, Executive VP; Drew M. Ekart, Vice President and Paula K. Stout, Cashier.

On August 15, 2011, Alma L. Fair, wife of former President/CEO & Chairman of the Board F.L. (Fred) Fair (1939-1984) passed away.  Alma served many positions in the Alden State Bank during her lifetime, including as a Director/Secretary of the Alden State Bank Board of Directors, for over 70 years.  Alma was 96 years old.

On May 28, 2013, Vice President Drew M. Ekart passed away after a 5 year battle with cancer.  Drew was employed by the Alden State Bank for 10 years.

The current Board of Directors of the Alden State Bank are: Janiece D. Rowland, Chairman of the Board; T.N. Frederick, J. Todd Rowland, Jarrod P. Rowland, Frederick W. Dierksen and Dan R. Bonine.  We are looking forward to the future as we continue our 2nd 100 years of service to the surrounding communities.

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Rice County's Oldest Bank