The RiverBank was a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

offering

banking A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

and

investment Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing i ...

services. On October 7, 2011 the Minnesota Department of Commerce shut down The RiverBank and subsequently the FDIC was named Receiver. To protect depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of The RiverBank.

History

In 1894, Charles Oakey made a decision that Osceola needed to have a

. Mr. Oakey planned the organization of a private bank and opened for business in the "Filzen Building," now known as "P.Y.'s." Charles' nephew, Harry Harding, joined him as a

cashier A retail cashier or simply a cashier is a person who handles the cash register at various locations such as the point of sale in a retail store. The most common use of the title is in the retail industry, but this job title is also used in the ...

and they managed The Bank of Osceola for the next four decades. In 1903, the bank became a state bank and corporation. The demand for financial services increased to the point where another bank appeared practical, so Jean A. Sleeper seized the opportunity, organized a new bank and built a brick building for it across the street from The Bank of Osceola. The new Osceola State Bank opened to the public on October 21, 1916. Both banks prospered for several years, then came the Stock Market Crash, the

Great Depression The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagio ...

and the bank holiday. When order had been restored in late 1932, the two banks had merged. The bank was now under the leadership of Mr. B. J. Zimmerman, who had been with the Osceola State Bank since 1923. In 1996, the bank, in response to industry changes, looked to expand its market area and purchased property in both

St. Croix Falls, Wisconsin St. Croix Falls is a city in Polk County, Wisconsin, United States. The population was 2,208 at the 2020 census. The city is located within the Town of St. Croix Falls. U.S. Route 8, Wisconsin Highway 35, and Wisconsin Highway 87 are three of ...

and

North Hudson, Wisconsin North Hudson is a village in St. Croix County, Wisconsin, United States. The population was 3,768 at the 2010 census. Geography According to the United States Census Bureau, the village has a total area of , of which, of it is land and is wate ...

. The bank looked to change its name to more closely align with its planned expansion in the St. Croix Valley. In August 1995, the Bank of Osceola became known as The RiverBank. The bank opened its first branch in St. Croix Falls in December 1995. The second branch facility was opened in

in May 1998. Locations have since been added in MarketPlace Foods and Somerset, Wisconsin and in Chisago City and Wyoming, Minnesota.

Locations

The RiverBank has locations in:

Wisconsin

Osceola, Wisconsin Osceola is a village in Polk County, Wisconsin, United States. The population was 2,568 at the 2010 census. Located mostly within the Town of Osceola, the village sits on the border with Minnesota, separated by the St. Croix River. It is along ...

* MarketPlace Foods, located in

* Somerset, Wisconsin

Minnesota

* Chisago Lakes, Minnesota * Wyoming, MinnesotaThe RiverBank Locations

Wyoming Wyoming () is a U.S. state, state in the Mountain states, Mountain West subregion of the Western United States. It is bordered by Montana to the north and northwest, South Dakota and Nebraska to the east, Idaho to the west, Utah to the south ...

References

{{reflist Banks based in Wisconsin Banks established in 1903 Defunct banks of the United States Banks disestablished in 2011