this page was
updated August 6, 2008
this page was
updated August 6, 2008
Albert Fruechte & Earl Welsh New Albin Savings Bank |
Earl Welsh Honored for Service at New Albin Savings Bank New Albin Savings Bank officers,
employees and customers honored retiring president Earl
Welsh Friday from 1-8 p.m. at the bank.
~~~~~ Caledonia Argus, Caledonia,
Minnesota; April 14, 1983 |
A group of friends and co-workers of Albert Fruechte held a party early this month to help him celebrate a milestone -- the completion of 60 years of service with the New Albin Savings Bank. Albert joined the bank in 1926 as a bookkeeper. He is now the bank's president. Fruechte has seen the bank's footings grow from $564,000 to $18,659,000 on March 31, 1986. There are countless laws and regulations that bankers must follow now that did not exist when Fruechte came to work driving a 1926 Ford, a car which cost him $609. But as you'd expect from a man with 60 years of banking experience, he has adopted a philosophy geared toward accepting changes in banking. Chairman of the bank's board of directors is Paul H. Meyer, who at 86 may be one of the state's oldest bank board chairmen. Other members of the bank's board are Edna Tabatt, Elsie Weymiller, Robert Bulman, Arthur Fruechte, Ray Whalen and, naturally, Albert. ~~~~~ Fruechte Marks 65 Years in the Banking Business
When Albert Fruechte started working at New Albin Savings Bank, he figured he'd give it a year and if he didn't like it, he'd move on. He liked it. Working at the bank the past 65 years has been a "real pleasure," according to Albert. He began his career at the age of 20, after attending "farm school" for a year and then business school in Freeport, Illinois. When a bookkeeper at the bank died, Albert's father, who was on the board of directors, recommended Albert for the job, and he's been there ever since. In the early days, recalled Albert, when he was a bookkeeper, all the day's transactions were recorded by hand on ledger sheets -- even the customer's activity in his checking account. The changes in that area have been tremendous, and luckily, wages have gone up, too. Albert started work at $85 per month, out of which came room and board. There were only three employees at the bank when Albert started, and all had to learn the various jobs. "I did bookkeeping and teller work, but it was a long time before I did anything in management," Albert recalled. Today, the bank has seven fulltime and three part-time employees. The New Albin Savings Bank has a history of longevity. Another former employee, Earl Welsh, worked full-time at the bank for 63 years, and died a year to the day after he retired. Albert worked full-time until the age of 80, and now is considered parttime. After what happened to Earl, Albert is leery of retiring altogether. Albert considers himself fortunate to have been able to work in the bank all these years. He's enjoyed it so much for so long all because of the customers. "I like the fact that I'm meeting people and taking care of their problems," he said. A small town bank has the advantage of being able to give personal service to its customers, said Albert. "You get to know people pretty well," he said. And because it is smaller, the bank is more conservative when it comes to loaning out money. It's cautiousness has been to its credit. The New Albin Savings Bank recently received a five-star rating from the Bauer Financial Report, which is given only to the safest, most credit-worthy and secure banks in the country. The bank, which was established in 1898, has had its share of bad times. The worst were in the 1930s, when there was no money to be had. "It was terrible," said Albert. In the farm-crisis years of the 1980s, things were bad, too, but the bank didn't have to foreclose on any farms and he is glad of that fact. The amount of money that the banks deals in has grown tremendously over the years, said Albert. "The day we went over a million in deposits, I thought we had it made," he recalled. Today, deposits total nearly $27 million. In a small community like New Albin, the bank is more than just a place to make financial transactions. It's a community supporter. Each year, the bank puts on a beef and pork roast attended by more than 800 people. They collect utility bills, and own a "town house" where community events can be held, including wakes. Whenever there's a fundraising project in the community, the bank helps out. Albert is very proud of the fact that his
son, Barry, also decided to enter the banking business
and now works at the New Albin Bank. ~~~~~ Allamakee Journal, April 16,
1986 and Allamakee Journal, 1991 |
The
New Albin Savings Bank
Ad from the April 26, 1926 Allamakee
Journal |
