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From the 2010 Randolph history book The Randolph State Bank was established in 1887 by C.S. Whitman. It was acquired by the Farmers Loan and Trust Co., Sioux City, Iowa with James F. Toy having controlling interest.
The brick and stone building was built in 1890 on the corner of Broadway and Douglas Streets and it was the office of the bank until 1967 when the present bank was built.
Early officers and directors were: James F. Toy, F.G. Hoffman, Fritz Fritzon, William Milchrist, Edward DeLand, and G.N. Sweetzer. In 1904, the charter was changed to a National Bank, and it became the First National Bank. Shareholders were: James F. Toy, W.H. Stageman, Mrs. A. Mackie, C.B. Willey, John Oliver, J.W. Stageman, J. W. Black, T. M. Taylor, Chas. H. Howell, Tilton Weber, Hans H. Poggensee, H.J. Smith and Math Thies.
F.S. Stegge joined the bank in 1905 and became cashier and managing officer.
Under the management of Mr. Stegge, the bank survived the financial crisis of 1929, the great depression of the 1930s and the Bank Holiday declared by President Roosevelt in 1933.
It was one of the few banks in the nation that did not require capital to fortify its strength.
It had inspired confidence, even in those dire times of depression. It is on such foundation, one that has withstood all the financial depression in the past 124 years that the bank has grown.
The bank was robbed in 1910 by three robbers who apprehended Town Marshall, Jim Carroll. He was relieved of his gun, gagged, bound, taken to the rear of the bank, and guarded by one of the robbers. It required seven explosions of dynamite to open the vault and wreck the safe, $10,000.00 in gold and currency were taken. The townspeople who heard the explosions mistook it for thunder. In 1935, the bank charter was again changed to a State Bank and it became the First State Bank. The controlling interest of James F. Toy was purchased by F.S. Stegge and the following progressive local stockholders: E.H. Sutherland, H.L. Peck, J.M. Liewer, M.P. Buol, Ralph Bacon, W. Minden McLean, Herman Broer, Ludwig Schomberg, Dr. G.E. Peters, T.J. Mahoney, P.H. Korth, Ottillia Korth, S.J. Lageschulte, E.G. Walz, John Schrad, Eliz Schrad Peasinger, Tena Kruger, H.E. Korth, Catherine Strathman, L.J. Dendinger and Harold H. Sherwood.
F.S. Stegge was elected president, E.H. Sutherland, vice-president and Ralph Bacon, cashier. Other employees were Harold Moes and Frances (Stegge) Viergutz.
Vernon Viergutz, began employment in the bank in 1953. He was elected vice-president in 1958, and became president in 1960, after the death of F.S. Stegge, who had served the community of Randolph for 55 years in the banking business.
The white, brick building that the bank now occupies, was built in 1966. It is located on the exact site where Randolph’s first bank was located in 1887.
The first bank occupied offices in the basement of the Hotel Boughn which was designed and built by Zachariah Boughn, one of Randolph’s earliest residents. Tom Boughn, great-grandson of Zachariah Boughn, was the architect who designed the new bank building.
In 2001 the bank purchased the VFW Hall, formerly Dr. Peter’s office, and expanded the existing bank building to include the acquired VFW Hall.
This building expansion was necessary in order to accommodate the substantial growth the bank realized over the past twenty-five years.
Randolph’s First National Bank, later the First State Bank.
