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.
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 1950s. 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.
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).