CUSB having 130th Party!
Wed, 05/30/2018 - 1:26pm admin
CRESCO - CUSB Bank was established in 1888 and has stood in its same location in Cresco since then. The fourth generation of the Thomson Family is now running the bank.
The bank’s history starts with the current president and CEO, J. Scott Thomson’s great-grandfather, Robert Thomson, who grew up poor but yearned for more. He immigrated to the United States at age 20 and took a job as a clerk in a country bank to learn the trade. Eventually he moved to Cresco and started making pocket loans, before helping to organize Cresco Union Savings Bank in 1888.
The bank continued to grow over the years to include five locations, the original bank in Cresco, along with branch offices in Ridgeway, Lime Springs, Osage and Charles City.
In this, its 130th year of serving customers, the bank, along with its staff is proud to continue the tradition of throwing anniversary parties with its Kick Off To Summer Bash on June 2, 2018 in their parking lot in Cresco. (Rain Location: Heritage Events Center)
Scott Thomson stated, “My Dad, Jack, always loved throwing bank celebrations and had a great time showing his appreciation to our loyal customers. Now that Dad has passed away, we want to keep this tradition going and want to fully celebrate 130 Years of CUSB Bank.”
The big event starts with a free meal from 4:30-7 p.m. From 4:30-7:30 are fun activities for the whole family, including a magic show, remote control car races, face painting, balloon artist and Banko!
Bring a lawn chair for the free live music. Les Fields and the Turkey River All-Stars will perform Dixieland Jazz music from 4:30-5:30 p.m. From 5:30-7:30, the Jim Busta Band will perform polka tunes, and from 8-11 p.m. is the Pork Tornadoes, who perform a variety of genres, including 80s, 90s, funk classics, blues and recent hits.
There are a bunch of prizes being given away, including tickets to amusement/water parks, cash, kayaks, grill, patio set and a glider. Prizes will be drawn at 7:30 and 9:30, and the winner must be present.
CUSB Bank Timeline
1888-April, Cresco Union Savings Bank established, Robert Thomson, Cashier.
1890-$100,000 in deposits.
1900-$400,000 in deposits, Robert Thomson named President.
1906-Arthur Thomson joined the bank.
1909-Perce Thomson joined the bank.
1910- $900,000 in deposits.
1920-$2 million in deposits.
1927-Robert Thomson died. Arthur J. Thomson named President.
1929-Stockmarket crashed. The bank was very strong with capital of $100 million.
1933-National Bank Holiday ordered by President F.D.R. Six banks were allowed to open the next day without restrictions and CUSB was one of them.
1944-$3.7 million in deposits.
1953-Jack Thomson joins the bank.
1957-Remodeling and one-story addition to Cresco location.
1958-Arthur Thomson dies. Perce Thomson named President.
1962-Perce Thomson named Chairman of the Board. Jean Thomson named President.
1968-Perce Thomson died. Jean Thomson died. Jack Thomson named President.
1973-Remodeling and change of entrance to south side of Cresco building.
1983-Jack Thomson named Chairman of the Board. John O'Byrne named President.
1987-Purchased Farmers State Bank of Ridgeway.
1988-100th Anniversary of Cresco Union Savings Bank.
1992-Purchased Exchange State Bank of Lime Springs. Built Ridgeway location on Hwy. 9.
2001-Added addition and remodeled Cresco location.
2002-Purchased Gateway Savings Bank in Osage.
2004-John O'Byrne named Vice Chair of the Board of Directors. J. Scott Thomson named President.
2005-Purchased Peoples Savings Bank in Charles City. $255 million in assets.
2006-Built new Osage location that also houses Farm Services/Soil Conservation and a separate federal crop insurance agency.
2008-Celebrated Found-er’s Folly: Jack & Fran Thomson’s 50th Anniversary, Jack Thomson’s 80th Birthday, and the bank’s 120th Anniversary.
2012-$365 million in assets.
2013-C US Bank celebrates 125 years!
2015-Official name changed to CUSB Bank.
2018-Celebrating the bank’s 130th Anniversary!