History of the First National Bank of Wakefield
The history of the FNB of Wakefield is also a part of the history of Gogebic County and Michigan's beautiful Upper Peninsula.
Local businessmen organized the FNB of Wakefield in 1910 as a private bank. Organized with $2,500.00 in capital, the bank began operating out of the Hayward, Wescott, and Murray Dry goods store on the corner of Sunday Lake St. and Nunnemacher St. A new building was built in 1912 and has been our main office since that time. In February 1919 the FNB was chartered as a national bank by the United States Treasury Department. At that time national banks had the authority to print their own currency. In 1968 majority control was returned to local hands. By the late 1970s, due to rapid growth the original building was not adequate to serve the customers properly. A beautiful addition was built in 1980 to provide office space, a new drive thru window, and added convenience for our customers. Since that time the bank has experienced substantial growth in assets and capital.
The directors of the bank recognized that a branch bank in the City of Bessemer was needed to continue our growth and to provide the City of Bessemer with local financial products and services. The new branch was opened in April 2000 and continues to grow.
The FNB of Wakefield continues looking to keep its community updated with the best customer service and financial products and services available. The directors and shareholders live and work in Gogebic County and know the importance of a community bank that understands the needs of its customers!
The FNB of Wakefield is the only locally owned and operated bank in Gogebic County since 1910!