Photo was taken sometime in the 1940's

Same picture, zoomed to see the bank in its original surroundings.

The Ladora Saving Bank was dedicated on Monday night, July 26, 1920 to a jubilant crowd of over 1000 visitors and well-wishers.  At a cost of $50,000, this grand old building is one of only a handful of  “jewel box” style banks still in existence.  Listed on the National Register of Historic Places, the building epitomizes the optimism that followed in the wake of the early 20th century agricultural and railroad boom .

From the onset, however, bank officials began having doubts as to what they had accomplished by building this elaborate facility, as Iowa banks began to feel the financial squeeze from the wartime (WWI) export based prosperity that had all but dried-up by the summer of  1920.

Farmland values and crop prices plummeted and farmers, now in need of additional credit found the availability of money to see them through the “rough spots” virtually nonexistent.  The bank weathered the storm though, and remained open throughout the 1920’s constantly adjusting to the ebb and flow of  this volatile financial climate. 

On Monday, July 27, 1931, the Ladora citizens learned to their horror that their town’s banking institution failed to open its doors for business.  According to one newspaper editor, “heroic efforts had been made by the officers and directors to keep the bank solvent.”  (Ladora News).  Unfortunately, the Ladora Savings Bank met it demise like so many Iowa banks of that era.  As a result, many Ladora citizens lost all they had saved.  Yet the building remains . . .

Other Uses for the Bank

The following information was provided by Mrs. Mel Augustine and her daughter, Kay Morgan regarding the many functions and services the bank provided the Ladora community over the years.

• The basement of the bank building had been used as a community center prior to the construction of the American Legion building in Ladora.
• After the bank closed, Frank Doughtery used the building as an insurance office, and rented safety deposit boxes to local residents.
• During World War II, local Red Cross volunteers wrapped bandages in the board room.  These bandages were used on wounded servicemen.
• After World War II, the bank was used as a civil defense shelter.  The window wells were covered, and emergency food was stored in the basement.
• Over the years, the building was used as a voting station, and a large potbelly stove was placed behind the tellers’ cage to warm the building.
• Roscoe (Boots) Davis used the basement of the bank as a place for truckers to sleep, as U.S. Highway 6 was the main commerce artery prior to the completion of Interstate 80 in 1964. 
• Mr. Art Hatter, attorney had an office in the building.
• In 1970, Fred Fisher and Charles Cooling (of Cedar Rapids) purchased the bank and operated an antique shop there for a time.
• The building was then sold to Bill and Lois Randolph (1987?).  Lois operated a drapery business for several years from the basement, as well as entertained numerous visitors, including school groups, politicians, and tourists that would happen upon the bank in their travels.
• The building was purchased by Brad Erickson of Grinnell, Iowa in 2004, and is in the process of being renovated by Brad and Colleen Klainert (Grinnell) in hopes of opening the facility as a bistro.  Brad also owns the Farmers Savings Bank located directly across the street, and is restoring this facility as well.