SBA honors Dodge's farmers state bank with 'heartbeat' award

Northwestern Financial Review, Sep 19, 1998

Farmers State Bank of Dodge recently was honored by the U.S. Small Business Administration for its significance to this community of 700 people.

The SBA chose the bank as this year's recipient of the Heartbeat Bank Award. Eligible banks for the award must come from a one-institution town and be a vital part of the community's lifeline, said Glenn Davis, director of the Omaha district office of the U.S. Small Business Administration.

"In Nebraska, we have more than 500 communities with under 10,000 people, and many of these small communities just have one lender," Davis said.

Being the sole bank in town isn't the only criteria for the award, though. "It has to be in a community that we feel without the bank could not survive or grow," Davis said.

Farmers State Bank is the second recipient of the award. Last year, the SBA honored the Hershey State Bank. Typically, for the award, the SBA views cities and villages with 1,000 or fewer residents. The SBA evaluates five to seven banks each year, visits the towns and interviews bankers. Davis clarified that extensive involvement in the SBA loan program is not a requirement for a bank to be considered.

As part of the award ceremony, the SBA declared Aug. 20 as "Dodge Day," which highlighted the community, businesses, its leaders and the bank. A tour of the community and a banquet were included.

Farmers State Bank is a $34.3 million institution with eight employees. The bank's president is Russell Rabeler.