History Of Kasson State Bank

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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. Read More »

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.