Lowry State Bank was first organized in 1899 but wasn’t officially chartered until December 26, 1907. Andrew Jacobson was the Bank’s first President; he served in that position until January 6, 1926 when Iver Engebretson succeeded him as President.
On November 8, 1932, the Bank assumed the assets and liabilities of the Farmers and Merchants State Bank of Lowry. Mr. Engebretson remained the President of the Bank until his death in March 1957, when he was succeeded by his brother Herman, who first joined the Bank in 1922. Herman served as the Bank’s President for only one year, when he sold majority control of the Bank to several Lowry residents and Stanley and Arthur Billey. In 1959, the Billey’s stock was sold to John Pardun. Mr. Pardun had control of the bank for just a few short months before selling the majority interest in the Bank to Clifford Mork.
In 1982, the Mork family established Financial Services of Lowry, Inc. which became the parent company of the Lowry State Bank. The Mork family maintained ownership of the Bank through the newly formed holding company. Clifford Mork remained President of the Bank until his retirement in February, 1987 when he was succeeded by C.D. Thompson, who first joined the Bank in 1960. C.D. Thompson served as President of the Bank until his retirement on December 31, 2000 when he was succeeded by Robert Mork, who first joined the Bank in 1972.
In August 2002, controlling interest in Financial Services of Lowry, Inc. was sold to the Nelson/Martinson purchasing group. The group consists of Peter and Kari Nelson, Eric and Kirsten Nelson, and Paul Martinson. Robert Mork held the position of President until his retirement on December 31, 2007 when he was succeeded by David Lorence, who first joined the Bank in 2005. David Lorence, a native of Glencoe, MN, currently is the President of the Bank.
The Bank’s current Board of Directors consists of David Lorence, Gordon Stock, Paul Martinson, Eric Nelson, Peter Nelson, and Dennis Martinson.