C US Bank News

CUSB is an independent community-minded financial center serving its customers', employees' and stockholders' best financial interest.



History of CUSB
Robert Thomson emigrated from Scotland and after apprenticing in banking moved to Cresco. At first he started making loans out of his pocket. Later he was among a group of businessmen that organized the Cresco Union Savings Bank on March 1, 1888. While the bank started where Cresco Small Engine Repair is now, they moved into their new building at their present location a year later.
The bank grew to $400,000 in 1900, $900,000 by 1910, and $2,000,000 in 1920. Robert Thomson became the major shareholder and was still president at his death in 1927. His sons followed in that office: (A.J. (Art) until 1958 and J.P. (Perce) from that date until 1966 when he became Chairman of the Board of Directors. Art’s son J.A. (Jean) was president until his death in 1968. Then Perce’s son J.H. (Jack) assumed the office until 1985 when John O’Byrne became president.
As a boy Jack Thomson remembers when the teller cages wire mesh seemed to almost reach the tin ceiling and the offices were entirely enclosed with frosted glass in the doors for privacy. There were two major remodeling projects in Cresco in 1958 and 1968 that opened up the entire bank except for the director’s room. Then in 1973 the entrance to the bank was changed to the south affording additional parking, a second story community room and private offices.
In 1987 the Farmers State Bank of Ridgeway was purchased and made into an office. And, the old Red Owl building was remodeled to become our community center (The Annex), as the Old Grange Hall was needed for office space. Unfortunately that building was deteriorating and had to be leveled in 1999. The Exchange State Bank of Lime Springs was purchased and made into an office in 1992. The Ridgeway office was moved to a new facility on the highway the same year.
The Cresco building was completely remodeled in 2001 and included a community room on the second floor.
The Gateway Savings Bank in Osage was acquired in March, 2002. The new location at 1533 E. Main St. houses in addition to the bank, Mitchell County Federal Farm Services and Soil Conservation offices and a separate federal crop insurance agency.
After John O’Byrne retired as president in 2004, the mantle returned to the Thomson family as J.H. (Jack’s) son J. Scott assumed the presidency.
In 2005, CUSB received approval from the state banking authority and FDIC to purchase the Peoples Savings Bank of Charles City. With Charles City, CUSB has five locations with total footing of $255,000,000.
C US Investment Center opened in the fall of 2007.
The family philosophy has been “What is good for the communities we serve is good for the bank.” We feel a deep responsibility toward supporting each community. Furthermore, banks have to grow to challenge their employees and to afford the latest technologies and thus to better serve their depositors and borrowers.
In 2009, CUSB’s total assets are $315,000,000.