History of Farmers & Traders Savings Bank

Farmers & Traders Savings Bank, Kossuth County's oldest bank, began as a private bank in 1887.  Originally, the bank was known as Farmers & Traders Bank and was housed in a wooden building located where the Bancroft Food Center now stands.  M.M. Richmond served as the bank's first President.  On April 13, 1892, the bank received a state charter and was incorporated at that time.  The bank is supervised by the State of Iowa Division of Banking and the Federal Deposit Insurance Corporation.

C.J. Lenander was the President from 1899 until 1911 when James Edward Kennedy bought controlling interest.  J.E. was the first of four generations in the Kennedy family to serve as President of the bank, and did so until his death in 1950.  J.E. had three sons that were actively involved in the bank: Lawrence served as Vice President from 1912 until his death  in 1932, John Charles Kennedy served as director and Vice President for many years, and Ambrose W. Kennedy was Executive Vice President from 1932 until 1950 when he was elected President.  A.W.'s two sons William A. Kennedy and James R. Kennedy worked in the bank during his tenure.  In 1980, Jim moved to Dyersville, Iowa where he continued a successful banking career.  After A.W. retired, Bill served as President until 1989, at which time,  his son Charles A. Kennedy was elected President. 

Since 1887, Farmers & Traders Savings Bank has witnessed the peak of the nation's prosperity and it's deepest plunge in the worst depression the world has ever seen.  Prior to the depression, there were three banks in Bancroft; however, the First National Bank and The Farmers State Bank did not survive.  Farmers & Traders Savings Bank was one of the few banks in the county that did survive. 

Through all the years Farmers & Traders Savings Bank has strived to be an active part in community development.  The town of Bancroft itself has attained many things which are the envy of most small towns; a municipal electric plant, golf course, baseball park, swimming pool, nursing home, various medical facilities, retail district, etc.  The bank has also worked with area farmers who have experienced many changes in the agricultural industry.