There for the Needs of Our Customers for 100 Years
By Jan Johnson
Reliabank’s Centennial celebrations slated for 2020 are mostly on hold as COVID 19 continues to upend plans across South Dakota, the nation, and the world. However, we haven’t forgotten to celebrate. Some of you saw our parade floats and participated in half-court shot contests November through March. Even now we are working on revising our history book to commemorate our 100th year.
With that in mind, we may think COVID 19 is the most challenging time since our bank’s beginnings in 1920, but previous generations have also had times that tested their grit and determination. Here are some examples:
–Fred Beskow, founder of The Farmers National Bank of South Shore, moved the bank two times in the 1920’s, finally settling on Estelline, SD, when another bank in the Hamlin County town was in the midst of failure. The 1920’s ushered in hard times in the Midwest, far before the stock market crash of 1929. Many banks failed.
–As the Depression set in, Fred Beskow kept The Farmers National Bank of Estelline afloat by injecting his own money into the operation.
–Walter K. Johnson began his long career at The Farmers National Bank of Estelline, later Farmers State Bank of Estelline, in 1944, at the height of World War II. Citizens made many sacrifices during those years to support the war effort, with rations on most foods other than fresh vegetables and fruit. Harriet Johnson Scott remembers that children bought ten-cent stamps for their wartime E Bond books to help.
–Walter K. Johnson bought Farmers State Bank of Estelline from the Fred Beskow estate in 1967 but died in 1976, leaving his 23-year-old son David W. Johnson in charge of the bank.
–David W. Johnson might say that his banking career began with “baptism by fire.” He took over bank management for his family during a time when South Dakota was in the midst of a devastating drought and ushered the bank through the farm crisis of the 1980’s. During that time, a disgruntled farmer and son ambushed and killed two ag bankers in Ruthton, Minnesota, leaving uneasiness throughout the banking industry.
Despite these examples, Reliabank has flourished. David worked for his family until 1988, when he and his sister Cynthia purchased the bank stock. In 2003, David, his wife Jan, and his children Reid and Ethan took over ownership. Since that 1988 purchase and with David’s leadership, the bank, which changed its name to Reliabank in 1999, has grown from one to 9 locations.
Because of an awareness that not everything is easy and a commitment to its customers, Reliabank has been on the front lines of service during the COVID 19 crisis. It has delivered loans as part of the CARES ACT Payroll Protection Plan, implemented a plan to keep both customers and employees safe while still serving the community, and contributed to ONE Sioux Falls Fund and Watertown Disaster Relief Fund to help people suffering through job loss or underemployment.
Fred Beskow chartered the bank September 1, 1920. We are still hoping to celebrate our charter Sunday afternoon, August 30th, in South Shore, where it all began. Meanwhile, we are committed to working with our community today, at the pandemic’s end, and into our second century.
