Centier Bank celebrates its 120th anniversary
Item
Title
Centier Bank celebrates its 120th anniversary
Identifier
SN.01.149
Subject
120th Anniversary, Anniversaries
Text
Community involvement has kept independent bank going strong
Henry Schrage opened the Bank of Whiting on April 21, 1895, with $35,000 in capital and first day's deposits of $5,600.
Now, 120 years later, Indiana's largest private family owned bank, known as Centier, has $2.7 billion in assets, has received local and national recognition and remains committed to involvement in the communities it serves.
Through the years, Centier has expanded its operations to also include Porter, Allen, Elkhart, Hamilton, LaPorte, Marshall, Porter, St. Joseph and Tippecanoe counties.
Michael Schrage, current president, CEO and chairman of the board, has successfully sustained a business legacy that includes a "Not for Sale" Promise to remain independently owned and operation for generations to come.
Schrage, the fourth generation family member to manage Centier, is proud of his legacy and his team.
"The last nine years we have been voted one of the best places to work in Indiana," Schrage said. "We have been in the top 10 in the state of Indiana for all nine years. We have been ranked No. 1 of all businesses, not just banks, in Indiana in 2009."
Schrage said American Banker, the banking industry's main national publication, named Centier to the top 20 of the best banks to work for in the country.
Centier has 750 employees in Northern Indiana.
"When I came into the bank in 1962, it was about $32 million in size with about 40 people working here," Schrage said.
In 1917, the Bank of Whiting was incorporated and obtained a state banking charter with Henry Schrage as chairman of the board, and his son Walter E. Schrage Sr. as president.
Like his father, Walter Schrage Sr., was keenly interested in the progress of the Whiting community. He served in various civic positions, and for 16 years from 1914 to 1930, was Whiting's mayor. Walter E. Schrage Jr. succeeded his father as president of the bank in 1941, a position he held until 1977, when his son Michael took over. In 1960, the bank's name was changed to First Bank of Whiting.
In 1963, the bank opened its first branch in Highland followed by many local branches in Lake County. In 1982, the bank purchased First National Bank of Crown Point. In June 1987, First Bank of Whiting ventured into Porter County to establish a loan production office. Full banking services were added in the following year.
In 1991, First Bank of Whiting became Centier Bank. The new name was derived from the words: "Century" symbolizing the bank's 100-year anniversary in 1995; "center," as it was founded on Center Street in Whiting; and "premier," for its position as a premier client service and product provided in Northern Indiana.
Schrage sees his mission as preserving the independent community bank for future generations.
"We are seeing the merger acquisition of many of the small banks in communities that find it hard to complete in today's marketplace," Schrage said. "I had a goal many years ago to make sure the bank was positioned to compete in the 21st century. I felt in order to do what we needed to be at least a billion dollars in size in assets of the organization to be able to effectively compete with the regional and national competition that would infiltrate our marketplace."
Schrage said it is costly to stay abreast of technological advancements such as mobile banking, and smart video ATMs and to attract top talent to the organization.
Schrage is continuing Centier's legacy of community involvement.
"We have the 750 people people who work here involved in the community hopefully in active leadership positions," Schrage said. "It's not just telling your people 'you need to do this,' it starts from hiring."
Schrage said community involvement is one of the criteria Centier uses for hiring.
The family legacy is continuing, Schrage said, as most of his family are either bank officers or work at Centier.
Henry Schrage opened the Bank of Whiting on April 21, 1895, with $35,000 in capital and first day's deposits of $5,600.
Now, 120 years later, Indiana's largest private family owned bank, known as Centier, has $2.7 billion in assets, has received local and national recognition and remains committed to involvement in the communities it serves.
Through the years, Centier has expanded its operations to also include Porter, Allen, Elkhart, Hamilton, LaPorte, Marshall, Porter, St. Joseph and Tippecanoe counties.
Michael Schrage, current president, CEO and chairman of the board, has successfully sustained a business legacy that includes a "Not for Sale" Promise to remain independently owned and operation for generations to come.
Schrage, the fourth generation family member to manage Centier, is proud of his legacy and his team.
"The last nine years we have been voted one of the best places to work in Indiana," Schrage said. "We have been in the top 10 in the state of Indiana for all nine years. We have been ranked No. 1 of all businesses, not just banks, in Indiana in 2009."
Schrage said American Banker, the banking industry's main national publication, named Centier to the top 20 of the best banks to work for in the country.
Centier has 750 employees in Northern Indiana.
"When I came into the bank in 1962, it was about $32 million in size with about 40 people working here," Schrage said.
In 1917, the Bank of Whiting was incorporated and obtained a state banking charter with Henry Schrage as chairman of the board, and his son Walter E. Schrage Sr. as president.
Like his father, Walter Schrage Sr., was keenly interested in the progress of the Whiting community. He served in various civic positions, and for 16 years from 1914 to 1930, was Whiting's mayor. Walter E. Schrage Jr. succeeded his father as president of the bank in 1941, a position he held until 1977, when his son Michael took over. In 1960, the bank's name was changed to First Bank of Whiting.
In 1963, the bank opened its first branch in Highland followed by many local branches in Lake County. In 1982, the bank purchased First National Bank of Crown Point. In June 1987, First Bank of Whiting ventured into Porter County to establish a loan production office. Full banking services were added in the following year.
In 1991, First Bank of Whiting became Centier Bank. The new name was derived from the words: "Century" symbolizing the bank's 100-year anniversary in 1995; "center," as it was founded on Center Street in Whiting; and "premier," for its position as a premier client service and product provided in Northern Indiana.
Schrage sees his mission as preserving the independent community bank for future generations.
"We are seeing the merger acquisition of many of the small banks in communities that find it hard to complete in today's marketplace," Schrage said. "I had a goal many years ago to make sure the bank was positioned to compete in the 21st century. I felt in order to do what we needed to be at least a billion dollars in size in assets of the organization to be able to effectively compete with the regional and national competition that would infiltrate our marketplace."
Schrage said it is costly to stay abreast of technological advancements such as mobile banking, and smart video ATMs and to attract top talent to the organization.
Schrage is continuing Centier's legacy of community involvement.
"We have the 750 people people who work here involved in the community hopefully in active leadership positions," Schrage said. "It's not just telling your people 'you need to do this,' it starts from hiring."
Schrage said community involvement is one of the criteria Centier uses for hiring.
The family legacy is continuing, Schrage said, as most of his family are either bank officers or work at Centier.
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