The History of the Guthrie County State Bank
(as of May 2016)
The Guthrie County State Bank opened for business in Guthrie Center, Iowa with a State Charter on October 17, 1931, with a capital of $30,000 and a surplus of $7,500.
In 2006, as we celebrated our 75th anniversary, capital had grown to $200,000 with a surplus of $900,000 and undivided profits of over $4,275,000 and reserves of over $400,000. Total capital amounts exceed $6,000,000.
As of December 31, 2015, capital was $200,000 with a surplus of $900,000 and undivided profits of over $9,700,000 and reserves of over $950,000. Total capital amounts exceed $11,000,000.
Executive Leadership and Milestone Moments
The original Capital was provided by G.M. Barnett and several local citizens. G.M. Barnett, Sr. came to Guthrie Center from Wever, Iowa, where he was engaged in the banking business. He was the first President of the bank and continued as such until May 1959, when he became Chairman of the Board and served as such until his death May 15, 1963.
The first members of the Guthrie County State Bank Board of Directors were:
G.M. Barnett, Sr.
W. R. Hartman
G.M. Barnett, Jr. came to the Bank as Vice President in October 1950, and became President to succeed his father May 1959, until January 31, 1983.
Milton C. Barnett was elected Assistant Cashier in January 1938, and Cashier in January 1941, a position he held until his death on March 1, 1950.
J. I. Vandevanter started as an Assistant Cashier on the opening of the bank in 1931, and became Manager of the Panora Office (a branch of Guthrie County State Bank in Guthrie Center) in October 1937. He was appointed Vice President in January 1946. Upon the closing of the Panora office in May 1959, he served as Vice President in Guthrie Center until his retirement on December 31, 1974.
Helen Gibbons became Bookkeeper and Assistant Cashier on the opening of the bank in 1931, and held these positions until her retirement in December 1964.
Roger Underwood came to the bank in August 1969, as an Assistant Cashier, was elected Cashier in 1972, Vice President and Cashier in 1976. On January 31, 1983, Roger became President and Chairman of the Board. He served as President until January 2004. He still serves as Chairman of the Board today.
Barry Monaghan joined the bank in 1984, as Assistant Vice President. He was then named Executive Vice President and became President and Chief Executive Officer in January 2004. Today, Barry serves as Chief Development Officer, President of Guthrie County Bancshares, and Board Member of Guthrie County State Bank.
Michael Underwood joined the bank in 2005 as Chief Financial Officer and Executive Vice President. In 2012, Mike was named the fifth President of Guthrie County State Bank. He was named President and Chief Executive Officer in 2013 and continues to serve in that role.
In 2016, the Guthrie Center office of the Bank moved from 400 State Street to a new location at 413 State Street, at the intersection of State Street (Iowa Highway 44) and North 5th Street (Iowa Highway 25) and celebrated 85 years as a locally owned and independent bank. The City of Guthrie Center purchased the original Bank facility and Guthrie Center City Hall will move to this location.
The rapid expansion of the Internet, increasing federal and state compliance requirements and changing consumer and business demands have required investments in technology over years, including human resources, ACH, security, networking, hardware and software, ATM/debit cards, telephone banking and Internet banking. Guthrie County State Bank introduced mobile banking in 2014 and mobile deposit capture in 2015.
Board of Directors
The present members of the Board of Directors as of April 2016 are:
Others who have served as Directors during the 85 years of service to the area are:
G.M. Barnett Jr.
Milton C. Barnett
James R. Dowd
Guthrie County State Bank Employees
Employment numbers at Guthrie County State Bank have grown significantly in the last 85 years. In 1931, the Bank started with three employees. There are 27 current employees as of April 2016.
Michael Underwood, President and Chief Executive Officer
Barry Monaghan, Chief Development Officer
Jamie Patrick, Executive Vice President and Cashier
Dale Behrends, Vice President
Dennis Kunkle, Vice President of Operations
Brandon Monaghan, Vice President and Compliance Officer
Gayle Shackelford, Vice President and Marketing Director
Chris Carlson, Credit Analyst
Mark Cates, Loan Officer
Matt Pearey, Loan Officer
Donna Baker, Personal Banker Supervisor
Austin Behrends, Personal Banking – part-time
Lynda Bohlender, Operations Specialist
Steve Brubaker, IT Manager
Vicki Gubser, Heritage Club Director
Mary Ann Gute, Operations Technician
Kim Heiland, Personal Banker/Heritage Club Director
Jennifer Hewitt, Personal Banker
Kathy Hupp, Personal Banker
Sam Kemble, IT Manager
Kelly Mleynek, Personal Banker
Becky Moore, Personal Banker
Kathy Sheeder, Personal Banking Supervisor
Patti Stoppelmoor, Loan Assistant
Collin Stowe, Personal Banking – part-time
Barb Wollner, Loan Assistant
Some other long time employees and their years of service are:
Howard B. Gillespie, 1938 - 1944
M.P. Rorick, 1948 - 1972
Wayne Laughery, 1964 - 1982
Don Walters, 1957 - 1994
Donna Fickes, 1963 - 1997
Lela Schwartz, 1973 - 1998
Dorothy Brandt, 1967 - 1990
Opal Schlieman, 1957 - 1977
Eveline Kecy, 1939 - 1982
Del Wedemeyer, 1970 - 2010
Jeanette Sheeder, 1971 - 2010
Pat Jensen, 1998 - 2013
Linda Wendl, 1997 - 2015
History of Deposits for Guthrie County State Bank from 1931 through 2016:
December 31, 1931 $292,500
December 31, 1936 $1,012,500
December 31, 1941 $1,362,000
December 31, 1946 $4,185,000
December 31, 1951 $4,315,000
December 31, 1956 $4,715,000
December 31, 1961 $4,618,000
December 31, 1966 $7,016,000
December 31, 1971 $9,641,000
December 31, 1976 $16,474,000
December 31, 1981 $24,735,000
December 31, 1986 $30,558,000
December 31, 1991 $35,311,000
December 31, 1996 $41,206,000
December 31, 2001 $57,767,000
December 31, 2006 $72,762,000
December 31, 2011 $85,594,000
December 31, 2016 $97,794,000
Guthrie County Bancshares, Inc. – 1983
In January 1983, a group of local citizens formed the Guthrie County Bancshares, Inc., a one-bank holding company, and purchased the majority stock of the Guthrie County State Bank. Today the Guthrie County Bancshares owns 100 percent of the original bank stock. A stock offering was made in 2013 and four new shareholders were added.
The following individuals are either present or past shareholders of Guthrie County Bancshares, Inc.:
Karen Andrew Monaghan
G.M. Barnett, Jr.
Nancy Hopkins Sweat
Panora office opened 1998
In April of 1998, Guthrie County Bancshares transferred the Bank Charter to Panora in order to open a facility convenient for the Panora area and Lake Panorama citizens and customers. An ESOP (Employee Stock Ownership Plan) was created in 2015, which allowed all employees to purchase stock in the holding company through their individual 401K programs.
Since 1998, Guthrie County Bancshares purchased or created three other businesses:
Lake Panorama Realty – 1998
At the same time the Bank Charter was transferred to Panora, Guthrie County Bancshares, Inc., purchased Lake Panorama Realty (Squires & Moylan Real Estate), and created an office within the new bank building in Panora. Real estate agents at that time were Larry Squires and Patrick Moylan. Squires retired in 2004 and Moylan in 2014. Present employees in 2016 of this business are Dave Wagler, Broker, Laura Kemble, Real Estate Agent, Nancy Smith, Office Manager and Lynda Geopfert, Real Estate Assistant.
GCSB Investment Center – 2003
In July 2003, the Bank created the Guthrie County Investment Co., to assist customers with investments of stocks, bonds, mutual funds, and other investment products. Larry Bergemann was the original Investment Advisor for this business. He retired in 2012. Now marketed as GCSB Investment Center, Kristen Crouthamel serves as Investment Advisor with offices in both bank facilities, Guthrie Center and Panora.
Guthrie County Abstract – 2008
In 2008 Guthrie County Bancshares, Inc. purchased both Guthrie County Abstract and Beverly Wild Abstracting. The two companies merged and operate today as Guthrie County Abstract a wholly owned subsidiary of Guthrie County Bancshares, Inc. Today, Judy Hilgenberg, former owner of Guthrie County Abstract prior to 2008, leads the business and works side by side with current employees Lori Bennett, Kim Buttler and Jenn Hambleton.