Board of Directors
History of MANUFACTURERS BANK & TRUST
In the early 1940’s, Rush Gabrielson of Crystal Lake applied for a state bank charter after the failure of Farmers National Bank during the Depression. The Farmers Bank & Trust Company of Crystal Lake was chartered in 1945. At its inception, the bank had 300 shares of capital stock worth $150/share, with a surplus of $15,000.
John K. Hanson and Elliott Cooper, both of Forest City, purchased the Farmers Bank & Trust Company in March, 1967. At that time, the assets of the bank totaled $1.3 million. The new owners changed the name to Manufacturers Bank & Trust Company and the application to move the state charter from Crystal Lake to Forest City was approved. When the main office was moved to Forest City on February 2, 1970, total assets of the bank were $6.5 million…a 195% increase in one year! The Crystal Lake location became a branch office and remains today as an integral part of the bank’s deposit and loan base.
The most significant single date in the history of Manufacturers Bank is June 20, 1973. At that time, John K. Hanson purchased his partner’s interest and became the controlling stockholder. The leadership he provided since that time is reflected in a clear direction of philosophy, attitude and morale. With that, “John K.” brought a keen interest in supporting the communities and surrounding area served by the bank toward growth and prosperity. The leadership provided by MBT in community development and support of worthwhile organizations provides an active example of community reinvestment and the bank‘s commitment to it.
Due to rapid growth of the bank, we were “splitting at the seams.” MBT Too was built and ready for use in 1993. It houses MBT Insurance Agency and our Forest City loan officers and loan support staff.
An office of Metropolitan Federal, located in Forest City, was acquired in 1995. It had $12 Mil. Deposits. We also gained three employees.
In 1996, John K. Hanson passed away. He left a great legacy to the North Iowa area. His three children; Mary Jo Boman, John V. Hanson, and Paul D. Hanson now own the bank.
John V. Hanson succeeded his mother, Luise Hanson, as Chairman of the Board of MBT, in January 2000. He is a former president of Winnebago Industries and is currently a Winnebago Industries Board member.
MBT purchased two offices, Clear Lake and Lake Mills, from Commercial Federal Bank in September 2001. The bank suddenly went from $140 million to $190 million of Total Assets, $98 million to $132 million in Loans and $107 million to $152 million in Deposits.
The members of our current board of directors are:
John V. Hanson
Chairman of the Board
Mary Jo Boman
Paul D. Hanson
John J. Hanson
David L. Kingland
Richard M. Fischer
Randall C. Pruisner
Dennis J. Busta