They served the community of Michigan’s Great Southwest through the Roaring Twenties, two World Wars, the Great Depression, years of prosperity and even the Great Recession of 2008, and now…Edgewater Bank of St. Joseph marks the incredible milestone of 110 year in business. Today is the actual day, Sunday, January 26, 2020, but the bank will be celebrating the milestone anniversary all year long.
Originally organized in 1910 as a federally-chartered mutual savings and loan association, the institution first opened in Buchanan, Michigan, as the Industrial Building and Loan, providing residents with home mortgages and savings accounts.
Soon, the fledgling savings and loan was charged with protecting the community’s financial assets during a series of events that began only four years later with the start of World War I. Over the next 11 decades the bank’s profitability repeatedly soared, plummeted, recovered and rose again. Today, as Edgewater Bank, it is a full-service, commercial bank headquartered in downtown St. Joseph, with branch offices in Bridgman, Buchanan, Coloma and Royalton Township.
Bank President and CEO Rick Dyer says, “Edgewater Bank is now a rare breed in the financial world,” noting, “The bank has not only reached the 110-year milestone, but it has done so as an independent community bank. It’s very uncommon for a bank to be locally owned and operated for over a century. The decisions are made here. The money stays and is reinvested here. We are one of a few ‘real local’ banks in Michigan.”
Dyer credits Edgewater’s longevity to the men and women who have worked through the bank’s various name and organizational changes without losing sight of the needs of its customers and the community. He said other area banks that are headquartered across Michigan or out-of-state are challenged to be aware of and understand what is happening in the economy and lives of people locally. He points out, “At Edgewater Bank we listen and respond to local needs. Sometimes aggressively. Sometimes conservatively. But always with an understanding of how to best help individuals and businesses. And we do it face-to-face.”
Dyer says that success has not always been easy, telling us, “Twelve years ago this bank, like many banks, was in a world of hurt during the Great Recession and real estate crisis.” He says that the bank’s leadership and staff circled the wagons and established a plan for Edgewater. The bank expanded its product offerings and focused on personalizing customer service and community involvement. He says the bank is stronger and more involved than ever in the communities it serves.
However, staying competitive has been challenging for community banks the size of Edgewater’s. Dyer says non-bank Internet-based organizations compete for investment dollars and loans. He adds that continuing changes in technology, needs and wants mean Edgewater Bank has to constantly keep its eyes and ears wide open to understand how to best serve its customers and the community.
Dyer contends, “As a local bank we know we can’t make a difference in what will happen financially in the next decade in our state, our country or the world but we can make a difference in our corner of Michigan. We won’t back down. We will look out for the people living and working here and continue to make smart decisions.”
A recent example of how the bank is responding to local needs is its development of a program to provide financial assistance for revetments for homeowners along Lake Michigan so they can protect their properties from further, devastating shore erosion. The bank has also recently sponsored the Edgewater Fitness Trail at Harbor Shores, a 12-mile circuit in Benton Harbor/St. Joseph, to support healthier living in the community. Dyer says that sponsorship was spurred by the bank winning the 2019 Governor’s Fitness Award as the healthiest workplace in Michigan.
Dyer said the bank will mark its 110-year milestone throughout the coming year, culminating with the 11K-and-Change Relay Run to be held this fall on the Edgewater Fitness Trail. More details will be posted on the bank’s Facebook page.
Edgewater Bancorp, Inc. is the shareholder-owned holding company for Edgewater Bank, which has been serving Southwest Michigan as a local community bank since 1910, with full-service branch offices in Bridgman, Buchanan, Coloma, Royalton Township and St. Joseph. For more information, visit online at edgewaterbank.com or call 800-922-5221.
