Ipswich
State Bank
HISTORY
John F. Holdhusen, 1938 investor (Tom’s Grandfather) and J. Stew Holdhusen (Tom’s Dad).
14 The bottom line
In the early 1930’s, there were two banks in Ipswich, SD; The Bank of Ipswich and First State Bank of Ipswich. Like many banks in the Dirty Thirties, both experienced a run which led them to become insolvent. The community of Ipswich was without a bank until 1938 when 18 local citizens recognized the need for a community bank, pooled their money together and formed Ipswich State Bank. These folks joined together not because of their professional careers in banking, but because of a common interest they shared within their community; to establish a bank that would support commerce and the local economy, create jobs and nurture the families and businesses in the community. Some hailed from a financial background, while others were general laborers, managers and even a service truck operator. Over eight decades later, the customer-focused values on which the bank was built remain central to the bank’s operations today.
