On April 9, 1987 Deer Lodge Bank & Trust was closed by the Department of Financial Institutions, State of Montana, at 3 p.m. On April 9, 1987, it was announced by Federal Deposit Insurance Corporation (FDIC) and the State of Montana, that Peoples Bank of Deer Lodge was the successful bidder for the failed bank.
Peoples Bank of Deer Lodge’s senior management was led by Philip R. Sandquist, Chairman, and Kirk L. Sandquist, President of the bank. Beginning operations after the 3 p.m. on April 9, 1987, all assets were inventoried, loans and deposit accounts reviewed, all contracts with the prior bank were reviewed, and all employees were interviewed for a job with the new bank. This period of time was unsettling for both the customers and employees. All of the employees were offered a job with the new bank. Everyone was ready to open for work the next day. The following days and weeks were busy meeting with customers to assure them that their deposits were safe and secure.
No customers lost any money in their deposit accounts as the bank purchased the assets and assumed the liabilities, some loans and liabilities were removed from the bank by FDIC.
Since opening, the bank has seen steady growth. The bank focuses on traditional banking products and supporting events in our community which we have defined as Powell County. The officers and employees are involved in our community by serving on boards and taking part in local events.
Currently the board of Directors consist of the following people: Kirk Sandquist, Chairman; Ronald Scharf; John Hollenback; Sherman Anderson; and Amber Brown. The bank has a staff of five officers and four dedicated employees.
The mission of the bank is stated as:
The five P’s of Peoples Bank.