The Bank of Star Valley celebrates 30 years of business on Friday, March 27.<\/p>\n
All three branches, Alpine, Thayne and Afton, will host the anniversary celebration with\u00a0 refreshments, door prizes, from 9 a.m. to 4 p.m. on the 27. Thirty people will have a chance to win $30.<\/p>\n
Rod Jensen, Chairman of the Board for the Bank of Star Valley and Marcus Weber, president and CEO of BOSV reflected on the years of service leading up to Friday\u2019s celebration.<\/p>\n
\u201cWe just really want to thank Star Valley for the support,\u201d Jensen said. \u201cKind of a little history lesson back in \u201893. There was one bank in Star Valley back in the dark ages, it was Star Valley State Bank, which I was employed and truly a great bank.\u201d<\/p>\n
He continued, \u201cThe family decided to sell it to First Security, which is now Wells Fargo, and the local community didn\u2019t take the merger too well. They wanted a local bank.\u201d<\/p>\n
The creation of the local bank followed with the Bank of Star Valley, but the first years were filled with challenges.<\/p>\n
\u201cOver the next few years, we did make the efforts, we raised the money, we applied for a State of Wyoming charter application, we applied for Federal Reserve membership and for FDIC insurance, Jensen recalled. \u201cAnd through rather a heated and contested fight with then First Security and First Bank, we did eventually win even though we were under appeal to the Supreme Court that we shouldn\u2019t exist. But on March 27, 1996, we decided to open and we opened with seven employees.\u201d<\/p>\n
He noted, \u201cAnd think about this, we opened with no deposits, no loans, some capital, a lot of hope and anticipation but losing money. And we realized if we didn\u2019t do this right, and we didn\u2019t serve Star\u00a0Valley well, we wouldn\u2019t be here in the long run. And I thank Star Valley because they showed up, they made a difference.\u201d<\/p>\n
Jensen added, \u201cAnd here we are today. So going from zero deposits today, we\u2019re a $400 million bank. We are strong, we are a five star rated bank.\u201d<\/p>\n
With all the changes in banking regulations both Jensen and Weber said the bank is moving forward.<\/p>\n
\u201cWe still have the same passion and mission we had 30 years ago, which is to serve Star Valley,\u201d Jensen said.\u00a0 \u201cIt\u2019s amazing the growth that the Bank of Star Valley has had in just the short 30 years and for you to see it from beginning to where it currently is now.\u201d<\/p>\n
Acknowledging the progress, Jensen questioned, \u201cWhat has changed in the banking world in 30 years? And how is the Bank of Star Valley adapted to that to continue to serve the Star Valley area? A lot has changed.\u201d<\/p>\n
Jensen summarized, \u201cBasically, what we did 30 years ago, would be impossible to do today due to regulation. Banks have become so much more sophisticated, with complex regulation. It takes so much of our time that it\u2019s actually sad,\u00a0 what we did 30 years ago, you couldn\u2019t do it today.\u201d<\/p>\n
He added, \u201cAt the same time, Star Valley has grown. Around then there were probably 7-8,000 people. Today, we\u2019re around 15,000.\u201d<\/p>\n
Jensen pointed out, \u201cIt\u2019s been fun to watch Star Valley mature, grow, and build its foundation for what\u2019s going to be an extremely bright future. Part of the success of Bank of Star Valley is the success of Star Valley. And it\u2019s been fun to watch them go hand in hand as they marched through time. Basically, we were a young bank, trying to do things right.\u201d<\/p>\n
Jensen also noted, \u201cWe were the first financial institution, believe it or not, in Alpine by opening an ATM. We weren\u2019t the first with the branch. But you know, by the time we branched into Thayne in a grocery store, and then built our own office, then moving into Alpine, it has been fun to reach out and better serve the people of Star Valley.\u201d<\/p>\n
Jensen asked, \u201cBut what has really changed in 30 years? Think, 30 years ago, there wasn\u2019t an Apple phone. Honestly, the internet was not truly in existence yet. I\u2019m talking dark ages here.\u201d<\/p>\n