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Citizens State Bank Of Franklin
The History of Renville County, Volume 2
Compiled by Franklyn Curtiss-Wedge
Chapter XXIX
pp. 711

Citizens State Bank Of Franklin was incorporated February 6, 1911. E. F. Sell, of Fairfax, was the first one who took hold of organizing said bank. The incoporators were E. F. Sell, B. M. Weisberg and Gilbert Peterson, of Fairfax; R. B. Henton, of Morton; George Enger, John B. Tweet, Henry Halverson, F. E. Tower, John Ford, Martin Johnson and Otto Erickson, of Franklin. The first directors were George Enger, B. M. Weisberg, John Ford, E. F. Sell, John B. Tweet, Otto Erickson, Martin Johnson, R. B. Henton, Henry Halverson and F. E. Tower. The officers were: E. F. Sell, president; George Enger, vice-president; Gilbert Peterson, cashier, and Otto Erickson, assistant cashier.

The bank opened up for business May 1, 1911, in a rented building known as Kvam building, with a paid up capital of $17,000. Soon after organizing they awarded a contract to J. M. Hindermann, of Fairfax, for a substantial and up-to-date bank building, which building was completed in August that year and by September 1 the bank had removed into their new permanent bank building. Gilbert Peterson remained as cashier until the fall of 1912, when he resigned and Otto Erickson was elected to succeed him as cashier and N. M. Mahlum was elected to fill the position of assistant cashier vacated by Mr. Erickson, and they are still occupying their respective positions.

Following is a report of the condition of the bank at the close of business June 30, 1914: Resources - loans and discounts, $51,644.05; overdrafts, $261.94; banking house, furniture and fixtures, $6,685.65; due from banks, $17,917.50; cash on hand, $4,418.96; total, $80,928.10. Liabilities - capital stock, $17,000; surplus fund, $2,400; undivided profits, net, $329.05; deposits subject to check, $30,368.74; cashier's checks, $665.86; time certificates, $30,164.45; total, $80,928.10.

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