E.B. Pannkuk Arrives
At this time, a third state man was sent in with the same assignment. His name was E.B. Pannkuk. He had had similar experiences at Alden, Iowa, and at Pella, Iowa. He arrived here December 20, 1932, and because he was well aware of the situation here, left his family elsewhere until he could evaluate conditions and assess the probability of violence during his stay here.

He immediately began to get acquainted with the people in Laurens and found that they were a strong, progressive citizenry who needed assurance. He showed them he was here to help them continue their success to the many people who gave him suggestions and information in handling situations. Tempers began to calm down and many of the dissidents began to respect the work of the State Bank Receiver.

New Bank is Proposed
In 1935, Ed Winne, a speculator from Humboldt, Iowa, and Fred Gilchrist Jr., attorney of Laurens, called on Mr. Pannkuk. They knew his state work was nearly finished and they wanted his help in starting a new bank in Laurens. Since the catastrophic Bank Holiday, Laurens, as were all towns, was having problems conducting business. The town of Laurens fortunately had used the Hakes Bros. business as a stop-gap for a bank when checks needed to be cashed or exchanges were made. Ed Winne and Fred Gilchrist Jr. felt the economy was now stabilizing and that there was sufficient interest in the territory to promote a local banking business.

Petitions were circulated asking people to buy stock in the new venture. After sufficient shares were sold, application was made to the State Banking Department for a charter.

Laurens State Bank is Organized
Plans progressed. A building was obtained where the National Bank had been located, plans for incorporation materialized, and by-laws were drawn up. Organization of bank personnel also was proceeding. Don Miller, resident of Havelock, was hired as assistant cashier and Arlene Young of Laurens was hired as a teller.

April 29, 1935, D. W. Bates, superintendent of banking in Iowa, approved the Articles of Incorporation. It proclaimed Laurens State Bank to be the name:; Article III declared 25,000 dollars divided into shares of $100 each, was the capital stock, and the duration of the corporation would be 20 years. Its affairs would be conducted and managed by a board of not less than five or more than seven directors, who were to be elected from the shareholders at the annual meeting held the second Tuesday of each new year.

Directors are appointed
The provisional directors, appointed until the first annual meeting convener were: E.K. Winne, F.C. Gilchrist Jr., L.B. Hakes, Gust Anderson and E. B. Pannkuk. May 1, 1935, the first session of the stockholders were held. The first elected officers were E. K. Winne, president; F. C. Gilchrist Jr., vice president; E.B. Pannkuk, cashier; and D.C. Miller, assistant cashier

For 50 years the Bank Board has had relatively few changes. In 1939 Ulrich Dubbert became a director replacing Gust Anderson who died in November 1938. In 1941 Don Miller was elected to the board, and on January 1, 1950, Blaine Gildea became a member -- a post he held until his death in 1964.

In April 1954 Helen Winne succeeded her deceased husband on the Board, and served continuously until August 26, 1970. At that time, E.B. Pannkuk became President of the Bank and Chairman of the Board. In 1980, the bank was purchased by the Pannkuk family.

As of January 1, 2005, the Board of Directors consists of: