In 1902, two years after the Village of Danvers was incorporated, the Bank of Danvers was opened by DePue Brothers of Olivia, Minnesota. Thomas H. Connolly, a Tara Township farmer at the time, and Leslie Matthews, a Benson banker, and others, later purchased the business from the founder and Mr. Connolly assumed management of the new bank on January 1, 1904. In 1907 the bank was chartered by the State of Minnesota and renamed the State Bank of Danvers.
Under the management of Mr. Connolly, the bank quickly gained the confidence of the people of the community and growth was rapid. By the end of 1908 total deposits of the bank were over $40,000. In 1912 a two-story building was constructed on the site of the original bank building at the corner of Front and Liberty Streets in Danvers to accommodate the expanding business. Growth of the bank was steady through the years of World War I and after.
Mr. Connolly was an avid automobile enthusiast being one of the first auto owners in the County. In the very early days of the automobile, he and Mrs. Connolly traveled by auto to both coasts of the United States and many of the Western states, usually with another couple or auto caravan that would camp out in tents along the way.
After Mr. Connolly's untimely death following a tornado in August 1928, his son, Daniel L. Connolly assumed management of the bank. Under his careful guidance the bank survived the "bank holiday" and severe depression on the early '30's without financial loss to bank depositors.
By 1956 the bank reached a $1,500,000 deposit mark and outgrew their facilities. A modern one-story brick building was built and occupied by the bank in the fall of 1957. Again, in 1979, the bank moved to a new facility in Danvers, which served as the main office of the bank until 2012.
Upon the death of D.L. Connolly in 1960, his son, Thomas C. Connolly, became chief executive officer of the bank and served in that capacity until his death in 2009. Tom's son, John D. Connolly, joined the bank in 1980 after some years of experience at the First State Bank of Lakefield and now serves as President and CEO of the bank.
In July of 1999, the bank opened a new facility in Benson geared to meet the technological challenges of the 21st century. 2002 marked a full century of continuous financial service to the community by four generations of the Connolly family.
By 2014, total deposits had grown to $47,000,000. However, declining area population and changing customer banking habits led to the difficult decision to close the Danvers branch. The last day of business in Danvers on July 11, 2014, was 2 days after the 112th anniversary of our start in Danvers on July 9, 1902.
Our customers continue to receive the same excellent service they have for over a century. Our bank staff looks forward to many more years of progress and service to the community. Please see us at the bank in Benson for all your banking needs.
