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News Article:
Kasson Business Person of the Year gives
back to community 'quietly' By Randy Carlsen
Richard 'Dick' Palmer, owner of the Kasson State Bank, has been
selected by the Kasson Chamber of Commerce as the Business Person
of the Year for 2001.
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Kasson State Bank dates back to 1874. On August
4th, 1874, E.E. Fairchild and David Anthony organized the First
National Bank of Kasson. The two gentlemen were granted a twenty-year
charter with $50,000 in capital. For approximately $9,000, a bank was
constructed with brick walls that were two feet thick and had a vault
which was considered one of the best in country banks. The vault held
the safe which was said to be second to none at that time. After the
twenty-year charter expired, the name of the bank was changed to the
National Farmer's Bank of Kasson.
In 1917 the Palmer name started in Kasson banking.
Clifford G. Palmer moved to Kasson at that time and started working as
the cashier. In 1924 he stepped down from his position to look for a
bank to purchase with his father, C.L. Palmer. The two searched for
banks in Iowa and Southern Minnesota, unable to find a bank they liked
better than the National Farmer's Bank of Kasson, the decision was
made to purchase the bank from Mr. Parkhurst.
During this time The National Bank of Dodge County
also resided in Kasson at that time. During the depression era of the
1930's, the officers of the two banks decided it would be in their
best interests to merge. When the merger was finalized in 1935, they
decided to operate out of the National Bank of Dodge County.
In 1932 Charles E. Palmer began working for his
father, marking it 3 generations of Palmers working in Kasson banking.
In 1974, Charles son Richard C. Palmer began working at the bank to
create the 4th generation. In 1998 Richard C. Palmer purchased all
stock shares from the holders to become the sole owner of the Kasson
State Bank. Today, Richards children, Brooke and Jeff, account for the
5th generation of Palmers in Kasson banking.
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