The bank we know today as First National Bank, actually started with the merger of two separate banks which had been formed in 1885 and 1890 respectively.
The National Bank of Waupaca was organized in 1885, but in 1906, the National Bank of Waupaca changed its name to Old National Bank. A second bank, which had been organized in 1890, was known as the Waupaca County National Bank. In 1903, the Waupaca County National Bank built the building on the corner of Main and W. Union Streets. (Pictured below is the original building.) It operated under that title until 1906, however in 1906, the name was changed to First National Bank. It operated as the First National Bank until 1910. On June 23, 1910 the Old National Bank took over and assumed all liabilities of the First National Bank. The first Statement of Condition of the Old National Bank, on June 30, 1910, after taking over the First National Bank showed assets of $702,000, deposits of $606,000, loans and discounts of $382,000.
Unfortunately the Old National Bank ran into trouble in the Great Depression, and like thousands of other banks, it was forced to close during the banking holiday which was caused by the Roosevelt Administration. The Old National Bank tried several measures to resurrect itself, but the efforts turned out to be futile. From 1910 until the Old National Bank closed in 1933, the bank was popular and played an important part in the affairs of the community of Waupaca. Not much has changed; First National Bank continues to make it a priority to be involved in the communities in which we operate.
Following the closing of the Old National Bank, the First National Bank was organized. Many people who had deposits in the old bank took stock in the new organization. The new bank opened for business on March 15, 1934. There were more than 260 stockholders. At the close of business on day one, deposits were $304,000, and the First National Bank has continued to grow each year since.
The new First National Bank took advantage of the resurrection efforts attempted by the Old National Bank and was able to pay off all the depositors over time. Therefore we can all be very proud that First National depositors were all made whole.
The First National Bank’s location from 1903 until 1973 was at 122 S. Main Street (corner of Main and W. Union Street). The initial location still stands proud and tall today. A new location was built in 1973 at 111 Jefferson Street and it continues to serve as our Waupaca location today. The First National Bank’s total assets in 1973 were $16,107,830 with 22 employees.
In the early 1980’s, deregulation of interest rates was causing a lot of activity in the merger and acquisitions field, and the owners of FNB formed Waupaca Bancorporation, so as to make acquisitions and mergers easier. Assets of the First National Bank at that time were $20 Million.
Since the 1980’s we have grown to 9 branches, with 8 branches located in Wisconsin and 1 branch located in Texas. We currently have around $630 million in assets. We offer a comprehensive line of banking services to both consumers and businesses. Continually growing to serve you better.