Alden State Bank - Home Mortgage

Alden State Bank
10564 Coy Street
Alden, MI 49612
Phone: (231) 331-4481
Fax: (231) 331-6289

There are many reasons you may need to borrow money, whether for personal purposes, to purchase a new automobile or home, or to expand your business. Whatever your individual needs may be, our staff is ready to assist you in finding the financing that is right for you. Our goal is to make loans in our lending area that are competitive and hassle free for the consumer. Alden State Bank is locally owned and operated and our focus is on keeping our deposit money working in our local area in the form of loans.

A brief history of the Alden State Bank can be found in Glenn Ruggles' book Voices on the Water*. Mr. Ruggles wrote, "If ever this region provided a local hero, the tiny village of Alden had Fred Aemisegger. It was here that Fred earned himself immortality by actually saving his depositors' "nest eggs" at the Farmers & Merchants Bank during the early days of the Great Depression - not a penny was lost! Fred paid 100 cents on the dollar. The doors of the bank never closed except for the brief "Bank Holiday" ordered by the government. By the late 1940's, it had become the Alden State Bank. Fred was literally worshipped by those who had suffered the trials and tribulations of the 1920's and '30s..."

In the waning days of the Great Depression, Guy Dean came to work for the Farmers & Merchants Bank in Alden on the east shore of Torch Lake. His boss was Fred Aemisegger, whose reputation for high ethics, honesty, and dependability made the bank a landmark institution. During World War II, Guy served four years in the Army Air Force, flying thirty-seven bomber missions out of New Guinea. In 1945, he returned to Alden. Guy Dean eventually became president of the bank, now known as the Alden State Bank, and continued the Aemisegger tradition of compassion, accommodation and understanding until his retirement in 1987. Guy continued to serve as senior member of the bank's board of directors until his death on December 17, 1997.

Mr. Ruggles never got the opportunity to interview Kenneth G. Smith for his "Voices on the Water." If he had, perhaps he would have written something like this. In 1946, Kenneth "Kenny" G. Smith joined the Farmers and Merchants Bank as a teller. In 1947, the bank switched to a State of Michigan charter and renamed itself the Alden State Bank. Kenny's responsibilities grew with the bank as he eventually served as cashier, vice president, and succeeded Guy Dean as president. Kenny's personal touch, work ethic and humor had much to do with the success of the bank. He continued as vice chairman of the board until he passed away in 1996. He will be long remembered by the community, bank customers, and fellow employees.

In 1974, Blain Russell joined the bank as a teller, eventually rising through the ranks to become president in 1988. During his presidency, the bank grew from one to four banking offices and from $21,000,000 to just over $190,000,000 in total assets. Over a career spanning more than 30 years, and in spite of the growth, Blain's actions continued to add to the bank's "home town bank" image, with his easy going and friendly manner of dealing with customers. Blain retired from active management on June 30, 2006, and is continuing to serve the bank and its surrounding communities as a member of the board of directors.