The RiverBank
Encyclopedia
The RiverBank is a bank
offering banking, insurance
and investment services.
In 1894, Charles Oakey made a decision that Osceola needed to have a bank
. Mr. Oakey planned the organization of a private bank and opened for business in the "Filzen Building," now known as "P.Y.'s." Charles' nephew, Harry Harding, joined him as a cashier
and they managed The Bank of Osceola for the next four decades. In 1903, the bank became a state bank and corporation.
The demand for financial services increased to the point where another bank appeared practical, so Jean A. Sleeper seized the opportunity, organized a new bank and built a brick building for it across the street from The Bank of Osceola. The new Osceola State Bank opened to the public on October 21, 1916. Both banks prospered for several years, then came the Stock Market Crash
, the Great Depression
and the bank holiday. When order had been restored in late 1932, the two banks had merged. The bank was now under the leadership of Mr. B. J. Zimmerman, who had been with the Osceola State Bank since 1923.
In 1996, the bank, in response to industry changes, looked to expand its market area and purchased property in both St. Croix Falls, Wisconsin
and North Hudson, Wisconsin
. The bank looked to change its name to more closely align with its planned expansion in the St. Croix Valley. In August 1995, the Bank of Osceola became known as The RiverBank. The bank opened its first branch in St. Croix Falls in December 1995. The second branch facility was opened in North Hudson, Wisconsin
in May 1998. Locations have since been added in MarketPlace Foods and Somerset, Wisconsin
and in Chisago City and Wyoming, Minnesota.
On October 7, 2011 the Minnesota Department of Commerce shut down the RiverBank and subsequently the FDIC was named Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of The RiverBank.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
offering banking, insurance
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
and investment services.
History
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
. Mr. Oakey planned the organization of a private bank and opened for business in the "Filzen Building," now known as "P.Y.'s." Charles' nephew, Harry Harding, joined him as a cashier
Cashier
Cashier is an occupation focused on the handling of cash money.- Retail :In a shop, a cashier is a person who scans the goods through a machine called a cash register that the consumer wishes to purchase at the retail store. After all of the goods have been scanned, the cashier then collects...
and they managed The Bank of Osceola for the next four decades. In 1903, the bank became a state bank and corporation.
The demand for financial services increased to the point where another bank appeared practical, so Jean A. Sleeper seized the opportunity, organized a new bank and built a brick building for it across the street from The Bank of Osceola. The new Osceola State Bank opened to the public on October 21, 1916. Both banks prospered for several years, then came the Stock Market Crash
Stock market crash
A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market, resulting in a significant loss of paper wealth. Crashes are driven by panic as much as by underlying economic factors...
, the Great Depression
Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
and the bank holiday. When order had been restored in late 1932, the two banks had merged. The bank was now under the leadership of Mr. B. J. Zimmerman, who had been with the Osceola State Bank since 1923.
In 1996, the bank, in response to industry changes, looked to expand its market area and purchased property in both St. Croix Falls, Wisconsin
St. Croix Falls, Wisconsin
St. Croix Falls is a city in Polk County, Wisconsin, United States. The population was 2,033 at the 2000 census. The city is located within the Town of St. Croix Falls....
and North Hudson, Wisconsin
North Hudson, Wisconsin
North Hudson is a village in St. Croix County, Wisconsin, United States. The population was 3,463 at the 2000 census.-Geography:According to the United States Census Bureau, the village has a total area of 2.1 square miles , of which, 1.3 square miles of it is land and 0.8 square...
. The bank looked to change its name to more closely align with its planned expansion in the St. Croix Valley. In August 1995, the Bank of Osceola became known as The RiverBank. The bank opened its first branch in St. Croix Falls in December 1995. The second branch facility was opened in North Hudson, Wisconsin
North Hudson, Wisconsin
North Hudson is a village in St. Croix County, Wisconsin, United States. The population was 3,463 at the 2000 census.-Geography:According to the United States Census Bureau, the village has a total area of 2.1 square miles , of which, 1.3 square miles of it is land and 0.8 square...
in May 1998. Locations have since been added in MarketPlace Foods and Somerset, Wisconsin
Somerset, Wisconsin
Somerset is a village in St. Croix County, Wisconsin, along the Apple River. The population was 1,556 at the 2000 census. The village is located within the Town of Somerset.-Geography:Somerset is located at ....
and in Chisago City and Wyoming, Minnesota.
On October 7, 2011 the Minnesota Department of Commerce shut down the RiverBank and subsequently the FDIC was named Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of The RiverBank.
Wisconsin
- Osceola, WisconsinOsceola, WisconsinOsceola is a village in Polk County, Wisconsin, United States. The population was 2,421 at the 2000 census. The village is located mostly within the Town of Osceola.The downtown features Cascade Falls, a waterfall with a crest, located on Osceola Creek....
- St. Croix Falls, WisconsinSt. Croix Falls, WisconsinSt. Croix Falls is a city in Polk County, Wisconsin, United States. The population was 2,033 at the 2000 census. The city is located within the Town of St. Croix Falls....
- MarketPlace Foods, located in St. Croix Falls, WisconsinSt. Croix Falls, WisconsinSt. Croix Falls is a city in Polk County, Wisconsin, United States. The population was 2,033 at the 2000 census. The city is located within the Town of St. Croix Falls....
- North Hudson, WisconsinNorth Hudson, WisconsinNorth Hudson is a village in St. Croix County, Wisconsin, United States. The population was 3,463 at the 2000 census.-Geography:According to the United States Census Bureau, the village has a total area of 2.1 square miles , of which, 1.3 square miles of it is land and 0.8 square...
- Somerset, WisconsinSomerset, WisconsinSomerset is a village in St. Croix County, Wisconsin, along the Apple River. The population was 1,556 at the 2000 census. The village is located within the Town of Somerset.-Geography:Somerset is located at ....
Minnesota
- Chisago Lakes, MinnesotaChisago Lake Township, MinnesotaChisago Lake Township is a township in Chisago County, Minnesota, United States. The population was 3,276 at the 2000 census.-Geography:According to the United States Census Bureau, the township has a total area of , of which, of it is land and of it is water.Chisago Lake consists of numerous...
- Wyoming, MinnesotaWyoming, MinnesotaAs of the census of 2000, there were 3,048 people, 1,023 households, and 848 families residing in the city. The population density was 1,069.8 people per square mile . There were 1,055 housing units at an average density of 370.3 per square mile...