By Andrew Shaw
After more than 50 years under the management of the Swenson family, State Savings Bank in Rake is getting new owners. Fidelity Bank & Trust will acquire both State Savings Bank in Rake and Frost State Bank in Frost, MN on Friday, Dec. 5., according to James R. Kennedy, Jr., Chairman of the Board for Fidelity Bank & Trust.
“We are excited to expand our footprint and share our mission of making hometown lives better,” said Kennedy, Jr. “Together, we will continue to build on the strong legacy these banks have, while bringing expanded resources and opportunities to the communities they serve,” he added.
Fidelity Bank & Trust has been in business since 1910 and currently has 30 banking locations throughout Iowa, Wisconsin, and Illinois, with their closest location being in Bancroft. According to a press release from Fidelity, “These acquisitions reflect a shared commitment to community banking, strong customer relationships, and local decision-making.”
Current bank owners Tami Jacobson and Marlys Swenson, say it was a difficult decision, but Marlys is long retired, and Tami plans to retire at the end of the year. Bank President Mark Hooper, who serves both State Savings Bank and Frost State Bank, is also preparing to retire.
Marlys and her late husband, Gordon Swenson purchased State Savings Bank in 1973. Their daughter Tami started working at the bank in May of 1982.
“We have truly appreciated being part of Rake and the surrounding area, serving the financial needs of our many customers,” said Jacobson. “Thank you for being a part of our trusted institution.”
Swenson says Fidelity has a strong agricultural base and desire to care for the local communities they serve. “Fidelity Bank and Trust will continue to serve the community with many enhanced services necessary in today’s banking world. This will make State Savings Bank, the best and oldest bank in Winnebago County, even better.”
Jacobson will stay on for a few weeks after the merger and retire at the end of the year. She says the rest of the bank staff plans to stay on with Fidelity. “You will be greeted by the same friendly staff in the future,” she said.
Jacobson says it’s bittersweet to retire and let go of the bank, but she’s happy that it will stay open and continue serving the community.
