About Eastwood

Eastwood Bank History

Eastwood Bank - Historical Timeline Highlights

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.