In 1893, The State Bank of Annandale began by founders William D. McDonald and L. Cofield. McDonald and Cofield were business partners in the bank and in several grain elevators in Wright and Stearns County. Eventually, McDonald took over The State Bank of Annandale and Cofield took over the grain elevators. The bank was located in the current Annandale Advocate office, and the initial total asset value of the bank was $37,127.
The Citizens State Bank of Annandale was opened by founders George W. Rickliff, John J. Rennie, Gracia L. Jenks, F. William Klatt, Frank Schneider, Henry M. Lewis, Samuel H. McGuire, Martin Ransom, John G. Hayter and William F. Korhn. The bank was located in the current office of Dr. Karg and total assets of the bank were $275,259.
George G. Sawyer came to Annandale and secured a controlling interest in The Citizens State Bank of Annandale. He was elected cashier of the bank and Palmer Sawyer, his son, was assistant cashier
William D. McDonald became President of The State Bank of Annandale.
The State Bank of Annandale relocated to the building currently occupied by Young & Brown, LLP. In order for this building to be built, the house and doctor’s office of Dr. Worster, predecessor to Dr. Bendix, had to be removed. The total assets of The State Bank of Annandale at that time were $286,025.
The Citizens State Bank of Annandale built a new building, currently occupied by Zahler’s Photography.
Colin McDonald, son of William, became President of The State Bank of Annandale.
Annandale State Bank was formed by the merger of The State Bank of Annandale and Citizens State Bank of Annandale. The merged bank resided in the building of the former Citizens State Bank of Annandale, with total assets of $337,104.
Minerva Farris began working at ASB and retired in 1987 after 43 years. In September of 1944, a great leader started at the bank, Gladys Ryti, now Gladys Johnson. She completed her career in 2004 after 60 years of service! The bank’s total assets in 1944 were $916,688.
Beverly (Rathje) Lund began at ASB and after 50 years of service, Beverly retired in 2005. When she started working, the bank’s total assets were $1.8 million.
Dwayne Bruns was hired by Colin McDonald, son of co-founder William D. McDonald. Total assets at that time were $6.6 million.
Annandale State Bank opened a branch in the city of Clearwater, residing in the building currently occupied by the Pet Clinic. The bank’s total assets were $19.9 million.
In 1980, ASB constructed a new building in Annandale, the current location of Annandale State Bank. Dwayne Bruns also became President of Annandale State Bank, with bank assets totaling $26.3 million.
Bryan Bruns, son of Dwayne Bruns, started working for Annandale State Bank as a part-time teller and bookkeeper during his high school and college years.
Annandale State Bank constructed the current building of the ASB Clearwater Branch on State Highway 24, near I-94.
ASB celebrated 100 years in business.
Bryan Bruns returned to the Annandale area and Annandale State Bank in a full time capacity, taking over for longtime cashier Gladys Johnson, and as Vice President. Bank assets totaled $64 million.
Bryan Bruns was named president and Dwayne Bruns held the position of Chairman of the Board and CEO. Assets in 2006 totaled $118 million.
Annandale State Bank started a new bank holding company named Lake Central Financial, Inc. This new company allowed new opportunities for us and allowed us to begin our transformation to “Lake Central”.
Lake Central Investments was started, allowing customers to invest in more diverse financial product (some with the FDIC guarantee and others without).
Bryan Bruns was named President & CEO and Shirley Bruns was named Chairman of the Board. Assets in 2014 totaled $133 million.
We officially changed our name to Lake Central Bank. Same great employees and owners, just a new name!