Saturday, 13 May 2023 04:08

This 100 years old US’ smallest bank has just 2 employees

Rate this item
(0 votes)

With just $3 million in assets, two employees, no ATM, no website, and no transaction fees, Kentland Federal Savings and Loan is the smallest bank in America, and it’s been around for over 100 years.

You’ve most likely heard of America’s banking giants – JPMorgan Chase, Morgan Stanley, Citigroup, Wells Fargo, and the Bank of America – but what about the smallest fish in the pond, so to speak? Well, at the opposite end, we have Kentland Federal Savings and Loan, officially the smallest bank in the United States of America. Founded back in 1920, by the great-grandfather of its current CEO, this tiny financial institution has only ever had one branch in Kentland, Indiana, and has only offered three services – obtaining a home mortgage, opening a savings account, and opening a certificate of deposit.

“We were the only institution that didn’t close during the stock exchange debacle in the late 1920s,” CEO James A. Sammons told Bloomberg. “People felt secure that their money wasn’t going anywhere.”

But the banking climate in America has changed in the last century, so Kentland Federal Savings and Loan is like looking back in time. Both CEO Sammons and his part-time teller are technology-averse and prefer using mechanical devices like a traditional coding machine to write checks. It is one of the reasons that Sammons believes that his way of doing business might end with him.

“When I am finished—whether it’s regulators pressuring us to be absorbed or me walking away—we will have to be acquired,” the 55-year-old CEO said.

Another reason for the impending demise of the Kentland Federal Savings and Loan is the small profit margins practiced by America’s smallest bank. It has managed to beat the local competition with slightly better rates on savings accounts and mortgages, but this is the only source of income, because the bank does not have ATM fees, no wire fees and no transaction fees of any kind.

 

Oddity Central

June 24, 2025

Oil prices fall to over one-week lows as Trump announces Israel-Iran ceasefire

Oil prices tumbled on Tuesday to their lowest level in more than a week as…
June 25, 2025

Tinubu’s controversial biography reignites as Atiku disputes claim of Belarusian ‘schoolmate’

President Bola Tinubu’s already controversial academic record has come under renewed scrutiny following his recent…
June 23, 2025

The reason even successful people struggle to get out of bed some days

Sometimes after a long, productive day, I only have the energy to scroll on social…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 25, 2025

Over 40 security operatives killed by bandits in Zamfara, Daily Trust reports

One of Nigeria’s most notorious bandit kingpins, Kachalla Bello Turji, reportedly killed more than 40…
June 25, 2025

Israel Vs Iran: Here’s what to know after Day 12

Fragile ceasefire holding, Trump envoy says peace talks with Iran 'promising' The ceasefire brokered by…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.