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Stratford centennial

Businesses of today,   pp. 222-242

Page 239

Ardell Klemme was elected to the board in December
1959. The bank increased the interest rate on certificates of
deposit of one year to 4%. The rate on regular savings ac-
counts was adjusted to 3%.
Dorothy Altmann was promoted to the position of assis-
tant cashier in January 1962. Charles Krause was elected to
the Board of Directors in January 1963 to succeed William
Hoffmann who died in that month.
In August, 1963, a stock split was authorized in which the
capital stock was increased from $50,000.00, divided into 500
shares of $100.00 each, to $100,000.00 of 5,000 shares of
$20.00 each.
Theo. Hoffmann submitted his resignation from the
presidency in January 1964 and that position was filled by
Charles Krause with Mr. Hoffmann assuming the new posi-
tion of Chairman of the Board. Alma Laessig and Joan Kolb
were employed as tellers.
Theo. Hoffmann, whose career with the bank spanned a
period of 46 years, passed away in October, 1964. The bank
grew from $238,000.00 in assets to $4,000,000.00 during his
Dean Wieland was elected in January, 1965 to fill the
vacancy on the board. Ardell Klemme was elected to serve as
a vice-president in January 1969, and the bank hired Richard
Vetter as of October 1, 1970.
Consideration was given to establishing a branch in the
Village of Fenwood. However, the board, in May, 1971,
decided against such action.
Arthur Zuelke was appointed to the Board of Directors in
September 1971 to fill the unexpired term of W.S. Van Ryzin.
Interest rates on 2 1/2 year certificates were increased to
5.75% in December, 1971.
In January, 1972, the board entered into an option with
the Village of Stratford to purchase the park property for a
construction site of a new bank building. The option was
withdrawn in August, 1972 and options were subsequently
made on the Davel and Hubert properties. In October, 1972,
a resolution was passed by the board to move the bank's office
location to the comer of Elm and Weber Streets.
A two for one stock dividend was approved in January,
1973 increasing the capital stock of the bank to $200,000.00
which is the present day level. Elected as assistant cashiers
along with Dorothy Altmann, were Richard Vetter, Alma
Laessig and Joan Kolb.
Interest rates paid on savings accounts were increased in
July, 1973. Passbook savings earned 5 %, one year certificates
earned 6% and three year certificates 6.5%. Interest rates on
loans were 8.5% for real estate and farm loans.
Dr. F.C. Kroeplin, a director for 39 years, passed away in
September, 1973 and was replaced on the Board by Harry
Metzke in December. Doreen Kuse was added to the staff in
October, 1973 and Carol Leonhardt was rehired in February,
1974 after an extended period of absence. Interest rates on the
new four year certificates of deposit were at 7.25% beginning
October, 1974.
Individual Retirement Accounts were authorized by the
board in March, 1975 subject to government regulations.
Lillian Drexler was hired in October, 1975 and the bank
installed its first computer program.
In January, 1976, Richard Vetter was elected as vice
president and Dorothy Altmann as cashier. In May of that
year, Penny Wiesman was added to their staff. In April, 1977,
Larry Kann was employed by the bank.
Richard Kraus was elected to the board to fill the vacancy
left by the resignation of Ernest Allington, in May, 1978.
Judy Landwehr was hired in March 1980, Julie Justman
(now Folz) in April, and Kevin Bornbach in September.
Officers elected at the 1981 organizational meeting were,
C.W. Krause, president; Ardell Klemme and Richard Vettpr,
vice presidents; Dorothy Altmann, cashier; Alma Laessig,
Joan Kolb, Doreen Kuse, and Lillian Drexler as assistant

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