December 23, 2019
Bank ownership shifts
By JILL DENNING GACKLE
When Wayne Stroup was 40 years old, Hans Fischer, the owner of Farmers Security Bank of Washburn, approached him and said he was going to sell Wayne the bank.
Jan Stroup, Wayne’s son, and majority owner, did something similar earlier this year.
He approached Jamie Nelson, a 40-year-old banker at Farmers Security Bank in Washburn and told her he wanted to sell her majority shares of the McLean Bank Holding Company, which owns banks in Garrison, Washburn and Turtle Lake.
The banks are Garrison State Bank and Trust, Farmers Security Bank of Washburn and Bank of Turtle Lake.
Jan has been considering his succession plan for a few years. Wayne died four years ago at 98. Jan drives 1,000 miles round trip from his home in Minneapolis to attend board meetings and check in with the banks.
Jan and his wife, Mary Jean, didn’t want to saddle their 22-year-old son Sam with the obligation of being a banker. Jan, a musician, knew how that felt, although he said, “It turned out to be a blessing in disguise.”
The sale could have gone to a mega bank, several which approached him over the years. Instead, Jan wanted to continue the legacy of being part of the communities, he said.
Jan Stroup, Wayne’s son, and majority owner, did something similar earlier this year.
He approached Jamie Nelson, a 40-year-old banker at Farmers Security Bank in Washburn and told her he wanted to sell her majority shares of the McLean Bank Holding Company, which owns banks in Garrison, Washburn and Turtle Lake.
The banks are Garrison State Bank and Trust, Farmers Security Bank of Washburn and Bank of Turtle Lake.
Jan has been considering his succession plan for a few years. Wayne died four years ago at 98. Jan drives 1,000 miles round trip from his home in Minneapolis to attend board meetings and check in with the banks.
Jan and his wife, Mary Jean, didn’t want to saddle their 22-year-old son Sam with the obligation of being a banker. Jan, a musician, knew how that felt, although he said, “It turned out to be a blessing in disguise.”
The sale could have gone to a mega bank, several which approached him over the years. Instead, Jan wanted to continue the legacy of being part of the communities, he said.
