Pub. 5 2017 Issue 1

8 The Community Banker www.mibonline.org T hirty years ago on April 9, 1987, the community of Deer Lodge was feeling very empty and they had a lot of questions about what was happening and whether or not their money was safe. On that day at 3:00 p.m. Deer Lodge Bank and Trust was closed by FDIC and the Department of Financial Institutions for the State of Mon- tana. At 3:30 p. m. April 9, 1987 Peoples Bank of Deer Lodge was announced by FDIC and Commis- sioner of Financial Institutions as the successor and new owner to the staff of Deer Lodge Bank & Trust. The original stockholders were Phil & Joyce Sandquist, Kirk & Betty Sandquist, Ronda & David Ladd, and Kay Johnson. Kirk Sandquist was named as President and Phil Sandquist was Chairman of the Board of Direc- tors. The day after the closing, local and regional media as well as city and county officials came to the Bank for a press release that stressed the fact that we are here to stay and their money was safe. Peoples Bank of Deer Lodge was born at that time and the purchase from FDIC was one of the first whole bank purchases in the United States. What this meant was that the FDIC did not remove all delinquent and prob- lem loans. FDIC only removed the loans that they wanted for legal purposes. The FDIC paid Peoples Bank of Deer Lodge a fee to take the remaining loans. This type of purchase turned out well, but dealing with delinquent and problem loans at the same time as getting a new bank operating in a safe and sound manner was stressful. That first couple of days all employees were interviewed, assets were inventoried and the Bank was open for business. Peoples Bank of Deer Lodge has been a member of ICBA and MIB since its inception in 1987. The Bank has provided people to serve on committees, boards of directors and officers for the state and national organizations. The director, officers and staff have been strong supporters of community banking in Montana and the United States. Over the past 30 years the Bank has grown in assets and has been accepted as in important part of the community of Deer Lodge. The Bank focuses on assisting the community and individuals meet their goals and dreams through financial assis- tance. Loans are made to the city, county, ranchers, individuals, businesses and corporations for any type of purpose that will enhance the community. Management and staff of the Bank are and have been involved with many local community organizations, including the Deer Lodge Rialto Theater; Grant Kohr’s Ranch Foundation; Powell County Foundation; Deer Lodge Rotary; Powell County 4-H Council; Powell County Chamber of Commerce, Territorial Days, Christmas Stroll and Demolition Derby, Tri-County Fair; coaches for T-ball, baseball, girls soft- ball, traveling basketball, and volleyball; Powell County Medical Foundation; Powell County Weed Board; Board School District 1; Powell County 911 Committee; Relay for Life; and volunteering for many other community events and as leaders in church- es and 4-H clubs. Overall the Bank is a major supporter for the community both financially and through volunteer work. The current management team consists of Kirk Sandquist, CEO & Chairman, Amber Brown, President, Brooke Meagher, Vice President- Cashier, Amanda Micu, Loan Officer, Scott Perkins, Loan Officer, and Korey Vermillion, Auditor. With this strong management team community banking should be able to thrive in our commu- nity. It is the goal of Peoples Bank of Deer Lodge to continue to have a major role in providing quality financial services to the residents and business of Powell County. PEOPLE’S BANKOF DEER LODGE Featured Member Bank By Amber Brown and Kirk Sandquist