Eastwood Bank History
1903: The First State Bank of Dover is launched with initial infusion of $25,000 on July 9, 1903.
1913: Five men form the Farmer's State Bank of Eyota on September 13, 1913 with assets of $28,000 in cash and $50 in gold.
1939: Clare (Clarence) Talen purchases the shares of Theodore F. Franke, cashier of the Farmer's State Bank of Eyota.
1944: Elgin State Bank is sold to Clare Talen.
1950: Clare Talen fully acquires the Farmer's State Bank of Eyota from other shareholders.
1966: The charter of First State Bank of Dover is acquired.
1972: Jim Talen is named President.
1973: Eastwood Insurance Agency hires full-time agent.
1974: Elgin builds a new bank building.
1977: Eyota builds a new bank building and Dover Bank is remodeled with a drive-up added.
1978: The Elgin State Bank opens a branch in Millville.
1979: The Eyota State Bank branches into Rochester, starting as a mobile drive-up facility at 1625 Highway 14 East.
1982: Federal Reserve approves merger of the three holding companies into single holding company - Eastwood Financial Corporation.
1982: New computer system installed allowing in-house processing.
1984: A $500,000 addition more than triples the size of the original Rochester office on Highway 14 East.
1985: Dover bank expands into St. Charles.
1986: A permanent St. Charles bank building opens for business in October.
1987: Eastwood purchases the First State Bank of Rollingstone, which becomes the seventh Eastwood location.
1990: Eastwood Bank and Eastwood Bank St. Charles merge into one bank, under the original Dover charter.
1990: The failure of Midwest Federal Savings Association opens an opportunity for expansion in downtown Rochester and Eastwood takes over.
1992: Eastwood sells Elgin and Millville branches to Peoples State Bank of Plainview.
1992: The Stewartville branch opens.
1993: Eastwood Investment Department opens.
1994: A Wide Area Network is installed providing branch communication.
1995: The new headquarters opens on Highway 52 North in Rochester.
1996: The Dover location closes.
1997: The downtown Rochester location moves into the skyway.
1998: Eastwood Bank begins imaged statements.
1999: Eastwood Bank Kasson opens on October 4, 1999.
1999: Core computer system converted to new open client/server based software.
2000: Online Banking is launched.
2002: Eastwood Insurance Agency purchased Rolling Acres Agency.
2003: Eastwood Bank celebrates 100 years of serving Southeast Minnesota. Assets have grown to $230 million and there are 95 employees.
2003: New Horizons Bank Club is launched.
2004: Eastwood Financial Corporation acquires the Doug Jerde Insurance Agency and begins offering Life and Health Insurance.
2005: Eastwood Bank begins offering Trust services through Eastwood Trust Department.
2005: Eastwood Bank opens South Broadway location in Rochester.
2007: Eastwood Bank acquires Fortress Bank Minnesota, adding offices in Winona and Houston, Minnesota.
2007: Eastwood begins offering Private Banking services.
2008: James L. Talen becomes Chairman of the Board.
2008: Paul Tieskoetter is named President of Eastwood Bank.
2008: The Private Banking and Trust Services offices opens in downtown Rochester.