The RiverBank

The RiverBank was a bank offering banking, insurance and investment 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 bank. 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 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 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.