President’s Message

Drew G. Donnelly President  A little history about the State Bank of Wheaton… Our Bank dates back in the community’s history to before the turn of the 20th Century.  Through the united efforts of concerned local businessmen who recognized the need for a locally owned independent bank, $10,000 was raised and invested as the Bank’s initial capital.  The State of Minnesota issued these entrepreneurs a commercial bank charter on June 9, 1899.  Records show the first day of business was three days later on June 12 with total deposits of $1,278.65.  The President was C.D. Griffith; Cashier was Carol O. Saterbach; and Assistant Cashier was P.M. Barret. Control of the bank was purchased by Fred Siewert and his two brothers, Alec and Adam in 1938 when assets were around $510,000.  Eight years later in 1945, when footings had reached nearly $2,746,500, Fred’s new son-in-law Gordon Donnelly began working at the bank.  Following Fred’s death in 1966, when assets had reached just over $7,000,000, Gordon and his wife Harriet purchased control of the bank.  They retained ownership until December, 1990 when they sold their shares to their son Drew.  Drew has since sold the bank in late December, 2021 to Independent Bancshares, Inc. which is owned by three very good friends of his who reside in Clarkfield and Granite Falls MN.  Today our bank is not only the largest independent bank in the tri-state area, we are also one of the strongest and safest banks in the country.  We consistently receive the highest possible ratings from all bank rating services based upon our high asset quality, strong capital position and funds liquidity to name a few. In our 122 years of continuous service to this area we have remained an independent “Real” community bank.

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