As part of its 125th Anniversary celebration, WBA is digging deep into its archives to share a variety of historic gems. In this particular case, we’ve created a timeline of significant events related to Wisconsin’s banking industry that occurred between 1961 and 1970.
WBA challenges the savings-and-loan association deposit system, saying it is illegal. First National Bank of Wisconsin Rapids becomes the first U.S. business to build a nuclear fallout shelter for its employees and their families; the shelter is located underneath the bank's new drive-up facility.
Banks donate $5,300 to build a replica of a pioneer bank near Cassville. State bank deposits exceed $2.8 billion. Five new banks open.
National banking celebrates its 100th anniversary. The WBA convention turns raucous when a faction from the Independent Bankers Association tries to elect their own slate of officers. The IBA candidates eventually win the election in balloting delayed until October.
A new WBA program provides training films to banks. More than 100 banks begin making college-student loans under the United Student Aid Funds program. A few stubborn banks still charge an exchange on checks; ABA urge all to clear at par.
WBA announces plans to help banks statewide develop television advertising.
The U.S. postal savings system is finally discontinued, decades after outliving its usefulness; Wisconsin bankers had decried the system as unnecessary competition since the 1920s.
Branch banking legislation, dubbed the "Plum City" bill after a bank-less Pierce County community, finally passes the Legislature and is signed into law by Gov. Warren P. Knowles.
Banks being opening branches in March. Ninety-five branches (57 of state-chartered banks and 38 of national banks) are approved by August 1970.
Bank income increases 24 percent over the previous year. Net income for all Wisconsin banks reaches $76.9 million. M&I Bank Stock Corp. acquires its 11th bank, the Ripon State Bank.
Historical events compiled from "Good as Gold - A History of Banking in Wisconsin," Copyright © 1992 by Wisconsin Bankers Association.