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Bank History

Why do people choose Mayville Savings Bank….

For the past 95 years, the elected members of our Bank’s board of directors have remained steadfast in their belief that we are THE local bank of Mayville. The City of Mayville has grown. Businesses have come and gone and Dodge County has changed in many ways. The banking community has changed dramatically and through it all, our Bank has remained dedicated solely to its customers. Here is our story:

On February 1, 1922 the Mayville Building & Loan Association opened for business. The local building and loan was created to serve two local needs: to promote housing by offering affordable home loans to all residents; and to provide a means for people to safely save money by depositing small sums on an installment basis.

On January 1, 1958 we joined the Federal Home Loan Bank of Chicago. The Federal Home Loan Bank system was first created in 1932 during the Depression. It was created in part to increase the amount of funds that would be made available to its member banks in order that they could continue to provide home loans to their individual borrowers. Upon joining we changed our name to Mayville Savings & Loan Association. We provided our customers with three products; home loans, savings accounts and certificates of deposit. It would not be until the 1980’s before the government changed their rules allowing Savings & Loans to offer additional products like checking accounts, auto loans and business loans.

On September 10, 1980 Mayville Savings & Loan celebrated the grand opening of its newly built office located at 200 S. Main Street, which is still our home today. The bank marked its 58th anniversary holding over $11 million in assets.

During the association’s annual meeting held in January 1993; the board of directors voted to convert our organization to a "State Chartered Mutual Savings Bank" and they agreed to change our name again, this time to Mayville Savings Bank. This change reflected the new products and services now offered by the Bank, including our long-standing core products of home loans and savings accounts.

Today, Mayville Savings Bank has grown to over $61 million in assets. The people employed by the Bank have grown from one in 1922 to fifteen today. In May, 2017 we honored Jeffrey J. LaBomascus as he retired after 41 years of service, 37 as the President & CEO of the Bank.

What makes us different? Mayville Savings Bank is a mutual ownership financial institution. We do not have stockholders pushing us to charge more in hopes of higher gains on their investment. We are not owned by a family or corporation whose personal interest surpasses all others. Mayville Savings Bank is owned by our depositors. We exist because our customers, past and present have remained true to a long held belief that local people helping local families and businesses is at the heart of what the American banking system should be all about.

From all of our employees, past and present; from our board members who have served our bank throughout its 95-year history, we say "Thank You" for your trust and we remain committed to happily serving your banking needs today and in the future.

Richard A Larson Jr.
President & CEO
Mayville Savings Bank

 

 

 

 

 

 

 

 

 

BANK AT THE BANK YOU OWN!