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History

History of The Bank of Elk River

----- The Bank of Elk River -----
Continuing proud tradition of community service.
Since 1885, the Babcocks have been at the helm of this family-driven bank.

One family has continuously owned The Bank of Elk River since its founding in 1885.

Willard L. Babcock, the bank founder, was a true pioneer. In 1856 he migrated to Santiago in Sherburne County from Vermont with his pregnant wife, a small child and a team of oxen. He homesteaded near Santiago and was driven away by warring Indians. He returned to the area and eventually became a retail merchant, operating a general store in Elk River.

In 1885, W.L. Babcock and a few prominent businessmen formed a partnership to help the burgeoning community of Elk River. With $10,000 of capital, they started The Bank of Elk River. The bank was chartered in 1885, making it the oldest bank in Sherburne County.

The Bank of Elk River is indeed in a unique position as one of the few banks in the state more than 119 years old that still remains independently owned.

Edmund P. Babcock, current chairman of the board at The Bank of Elk River, explains that his great-grandfather "wanted to help meet the financial needs of the community."

Keeping with the bank's tradition of having a Babcock family member connected directly with the management of the bank, Edmund Babcock, fourth generation, became a board member in 1974 and was elected chairman in 1979. John Babcock, vice chairman, and his brother James are fifth generation family members. Both serve on the board and work within the bank.

James Simpson is the long-time president and chief executive officer. The bank had $10 million in assets when he began in 1980. Today the bank's assets are over $260 million.

Patrick Dwyer, current chief financial officer, is the bank's longest-term employee with more than 38 years of service, which includes his part-time employment as a student. He too has had a strong part in monitoring the bank's growth.

Those who direct the bank know it has a special niche in the community. The Bank of Elk River's mission statement declares that its priorities are first and foremost to provide excellent banking services to its customers, provide leadership in the community, provide a good working environment for its employees and provide a good return to its shareholders. Some businesses reverse this order. Perhaps the fact that The Bank of Elk River has held to this course since 1885 is the reason for its growth and success.

Said Chairman Babcock, "I believe that The Bank of Elk River will continue to fill the niche it has created. It will serve its customers and the community and hopefully grow as its market area prospers and expands."

Referring back to the mission statement, he stated that as a banking organization, "We are proud of our past and planning for a successful future."

-Reprinted with permission from the 2004 Star Progress Business Almanac-