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History of Annandale State Bank
[renamed Lake Central Bank in 2017]
Presentation to the Annandale History Club
May 2, 2005
Dwayne Bruns


The Annandale History Club was called to order by Al Ostlund in the absence of our president.  He introduced our speaker for the afternoon, Dwayne Bruns of the Annandale State Bank.  Mr. Bruns was also our guest speaker in 1997 talking about the history of banking.  These notes are a combination of notes taken by the Acting Secretary of History Club, Barb Ostlund, and notes provided by Dwayne.  

In the early days every little town had a bank.  Then as towns grew, the smaller banks were merged into bigger banks, and many banks closed.  There were banks in Silver Creek, Maple Lake, South Haven, Kimball, and two in Annandale.  Years ago it took two weeks to have a check clear the bank, and today it takes just seconds to clear the bank. 

Prior to 1933 there were two banks in Annandale.  The State Bank of Annandale began in 1893 by founders William D. McDonald (Colin's father), and L. Cofield.  John Buri and H. C. Bull were vice-presidents, Bert Thayer was cashier, and G. A. Allen was assistant cashier.  McDonald and Cofield were partners in both the bank and in several grain elevators in Wright and Stearns Counties.  Eventually McDonald took over the bank and Cofield the grain elevators.  The bank was located in the current Advocate office, and the initial total asset value of the bank was $37,127.  

The Citizens State Bank of Annandale was opened in 1907 by founders George W. Rackliff, John J. Rennie, Gracia L. Jenks, F. William Klatt, Frank Schneider, Henry M. Lewis, Samuel H. McGuire, Martin Ransom, John G. Hayter, and William F. Korhn.  The total assets of the bank were $275, 259.  It was located in the building currently occupied by Dr. Karg.

In 1908 George G. Sawyer came to Annandale and secured a controlling interest in the Citizens State Bank of Annandale.  He was elected cashier of the bank, and Palmer Sawyer, his son, was assistant cashier.  

In 1920 the State Bank of Annandale put up the building currently occupied by Young, Brown & Pagel.  To do so they had to clear out a house and doctor's office, the office and residence of Dr. Wooster, predecessor to Dr. Bendix.  The total assets of the bank at that time were $286,025.

In 1923 the Citizens State Bank  built a new building on the corner of Chestnut and Oak, the bulding currently occupied by Zahler Photography.  

Then in 1933 The State Bank of Annandale and the Citizens Bank of Annandale merged to become ANNANDALE STATE BANK.  They were located in the now Zahler building, and their total assets were then $337,104.

In February of 1944 Minerva Ferris began working at ASB and retired in 1987 after 43 years.  When she started working the bank's total assets were $804,931.

Later that same year, in September of 1944, another great leader started at the bank, Gladys Ryti, now Gladys Johnson.  The bank's total assets were then $916,688.

In 1955 another long time employee began working, Beverly Rathje, now Beverly Lund. When she started working the bank's total assets were $1,839,303.

In 1971 Dwayne Bruns was hired by Colin McDonald.  Total assets were then $6,573,228.

In 1977 ASB expanded by opening a branch in the city of Clearwater.  At that time the banks total assets were $19,922,427.  They were first located in the building currently occupied by the Pet Clinic.  They moved into their new building, their present location on State Highway 24 near I-94, in 1989.

In 1980 ASB opened a new bank building in Annandale on the current site.  The total assets at that time were $26,359,937.  That same year Dwayne Bruns became the President and CEO of ASB.

In 1993 ASB celebrated 100 years in business.  Their total assets then were $63,158,000.

On March 31, 2005, the quarter ending several weeks before Dwayne's presentation to the History Club, the total assets of the bank were $117, 191,481.

The bank has worked hard over the years to help the community grow and prosper.  They have worked with and supported every club and organization in the community, including large contributions to the Memorial Park, the new library building, Annandale Care Center, Camp Friendship, Camp Courage, Food Shelf, Pioneer Park, youth programs including Youth First, and the list goes on.  In addition to those gifts, the annual Pork Chop Picnic in August has raised over $50,000, and all of that goes to local charities.  Bank employees serve on a number of committees, steering committees and boards within the local area.  

Annandale State Bank Presidents:

Dwayne said that today some of the great-grandchildren of William McDonald and George Sawyer are stockholders in the bank.  He also said their bank has been held up several times and also had bomb threats.  The last time was three years ago.  A constant challenge is Internet safety and keeping their computers safe.  They do have cameras in the bank recording 24 hours a day.  Dwayne said that today Annandale State Bank is all about safety, soundness and building a strong community. 

Several ads were brought in that appeared in the Advocate in 1993, the bank's centennial year, all carrying the heading "Community Banking Since 1893."  The ads included the following text: 

"STATE BANK OF ANNANDALE, 1893-1920.  In 1893 the State Bank of Annandale was incorporated. Its first location was on the east side of Oak Avenue, in what is now the Annandale Advocate building."

"CITIZENS STATE BANK, 1907-1922.  In 1907 the Citizens' State Bank of Annandale was incorporated. It's first location was on the west side of Oak Avenue.  The building is currently occupied by Bruce Karg, D. D. S."

"ANNANDALE STATE BANK, 1978.  In 1978 the Annandale State Bank expanded it's service to Clearwater, Minnesota.  The Clearwater Branch was first located in the building which is currently occupied by the Pet Hospital."

"ANNANDALE STATE BANK, 1980.  In 1980 the Annandale State Bank moved the main office to its current location on Chestnut Street."

Acting Secretary 
Annandale History Club
Barb Ostlund


Update since 2005 History Club presentation:


10-17-1929 Annandale Advocate Article: The State Bank has installed an oil burner in the furnace, which should eliminate much janitor work and assure an even temperature throughout the building.


The following photos were provided courtesy of Lake Central Bank (formerly Annandale State Bank) from their 1993 Centennial Celebration calendar.

State Bank of Annandale 1893-1920  Advocate office ← today

     State Bank of Annandale 1893-1920
         Currently the Annandale Advocate office.


State Bank of Annandale 1920-1933    Law Office ← today

      State Bank of Annandale 1920-1933
           Currently the office of attorneys Young and Brown


Citizens State Bank 1907-1922

     Citizens State Bank 1907-1922
          Currently the office of dentist Dr. Bruce Karg.


Citizens State Bank 1923-33 and ASB 1933-80     Zahler Photography ← today

      Citizens State Bank 1923-1933
     Annandale State Bank 1933-1980
          Currently Zahler Photography


Annandale State Bank 1980-2017, now Lake Central Bank

      Annandale State Bank 1980-2017
          renamed Lake Central Bank in 2017


There have been three father-son presidents of banks in Annandale: George and Palmer Sawyer of State Bank of Annandale, William and Colin McDonald of Citizens State Bank and Annandale State Bank, and Dwayne and Bryan Bruns of Annandale State Bank and Lake Central Bank.

     George Sawyer         Palmer Sawyer
    George and Palmer Sawyer
        Citizens State Bank


     William McDonald     Colin McDonald
    William and Colin McDonald
        State Bank of Annandale and Annandale State Bank


     Dwayne Bruns     Bryan Bruns 

    Dwayne and Byan Bruns
       Annandale State Bank and Lake Central Bank