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Bank History

The Avon State Bank has stood the test of time since 1907. Avon State Bank was chartered and incorporated July 1, 1907 with initial capital of $12,000 by three directors (C. Borgerding, Pres of Belgrade, Henry Borgerding of Melrose, and C.C. Schoener of Melrose). Today, five directors are responsible for the safety of bank assets; Glenn A. Diedrich, Arthur J. Diedrich, Roger F. Spanier, Edwin Pogatschnik, and Teresa A. Kramer. As of 12-31-03, bank capital was over 10 million.

Presidential History
Frank Schmid, Sr. was President for years until his tragic death at a railroad crossing on December 25, 1946. George Schmid was President from January 1, 1947 through January 12, 1959. Elmer J. Diedrich was employed about 1942 and was elected President from January 13, 1959 through January 12, 1965. He was also the original insurance agent of the bank in the 1950’s. Arthur J. Diedrich began employment on December 1, 1960 as Cashier and was named President January 12, 1965. He remained as President until December 31, 1996. Glenn A. Diedrich began employment on April 10, 1984 and was elected President effective January 1, 1997. Bank assets now exceed 92 million.

Ownership
In 1979 Avon Bancshares, Inc. (a one bank holding company) was formed which then became the major stockholder of Avon State Bank. As many as 20 other individuals owned shares in Avon State Bank until December 1998 when Avon Bancshares, Inc. owned 100% of Avon State Bank. Employees are the major shareholder of Avon Bancshares, Inc. through the Avon State Bank Employee Stock Ownership Plan & Trust (ESOP).

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