History of Lowry State Bank

The Lowry State Bank was first organized in 1899 but wasn’t officially chartered until December 26, 1907.  When it was organized the Bank had total capital accounts of $10,000.  The first Bank building was located just south of the Bank’s current location.  In 1913, the Board of Directors made the momentous decision to build a new bank building (at its current location) for a total cost of $3,600.

Andrew Jacobson was the Bank’s first President.  He served in that position until January 6, 1926 when Iver M. Engebretson, who had been cashier, succeeded him as President.  Under Mr. Engebretson’s leadership the bank continued to grow and on November 8, 1932, the Bank assumed the assets and liabilities of the old Farmers and Merchants State Bank of Lowry.  Mr. Engebretson remained the President of the Bank until his death in March 1957 when he was succeeded by his brother Herman, who first joined the Bank in 1922. 

Herman served as the Bank’s President for only one year, when he sold majority control in the bank to several Lowry residents and Stanley and Arthur Billey of Castle Rock, MN.  However, tragedy stalked the Billeys and in 1959 their stock was sold to John Pardun of Rochester.  Mr. Pardun had control of the bank for just a few short months before selling the majority interest in the bank to Clifford E. Mork of Morris, MN who had been Cashier of Citizens State Bank for four and a half years.

Clifford E. Mork served as the President from 1959 to January 1987.  Under Mork’s leadership, he grew the footings of the bank from $500,000 in 1959 to $11 million in 1987.  During this time, the bank underwent three major remodels (1964, 1973 and 1981).  In 1981, the bank purchased the Thompson Barber and Beauty Shop to add an additional 14 x 80 foot addition to the bank.  The new addition gave the bank a total of 3,200 square feet of space.  The Bank was the first bank in Pope County to have its own in house computer system.

In 1982 the Mork family established Financial Services of Lowry, Inc. which become the parent company of the Lowry State Bank.  The Mork family maintained ownership of the Bank through the newly formed holding company. In February 1987, C. D. Thompson became President of the Bank. C. D. Thompson served as President until his retirement at the end of 2000.  He had been an employee with the bank since 1960.  Under Thompson’s leadership he grew the footings of the bank from $11 million in 1987 to $20 million in 2000.

In January 2001, Robert Mork became President of the Bank.  In August 2002, controlling interest in Financial Services of Lowry, Inc. was sold to the Nelson Martinson Purchasing Group.  The group consists of Peter and Kari Nelson, Eric and Kirsten Nelson and Paul Martinson.  Robert started his employment with the Bank in 1972 and retired as President at the end of 2007.  Under Mork’s leadership he grew the footings of the bank from $20 million in 2000 to $28 million in 2007.  During this time, the Bank upgraded their in house computer system and added a local area network. 

In January 2008, David Lorence became the President of the Bank. He had previously been employed by 1st Minnesota Bank as Branch President of their Glencoe location. David started at the Bank as Executive Vice President in August 2005 and was named the President in January 2008. Under Lorence’s leadership he has grown the footings of the bank from $28 million in 2007 to $32 million in 2008. The Bank also upgraded their in house banking system in 2008 to incorporate new technologies.

The current Board of Directors consists of (standing left to right) David Lorence, Gordon Stock, Bob Mork, (seated left to right) Paul Martinson, Peter Nelson and Dennis Martinson.