Peshtigo National Bank: The story of a bank, a city and the people who built both

PESHTIGO – When Peshtigo National Bank opened its doors in 1901, the City of Peshtigo was just 30 years removed from the deadliest wildfire in American history.

The Great Peshtigo Fire of 1871 had forever changed the community. Entire neighborhoods disappeared. Businesses were lost. Hundreds of lives were taken. Yet in the decades that followed, the people of Peshtigo did what they had always done — they rebuilt.

By the turn of the twentieth century, the city was experiencing a new era of growth and opportunity. The lumber industry that helped put Peshtigo on the map had matured. Railroads connected communities across Wisconsin. Businesses lined downtown streets. Families were establishing homes and looking toward the future rather than the past.

It was during this period of optimism that local leaders recognized a need. On Feb. 4, 1901, Peshtigo National Bank officially opened for business. As the first financial institution in Peshtigo, it would become part of the city’s story from the very beginning of the twentieth century. Today, 125 years later, it remains the oldest continuously operating business in the City of Peshtigo, having witnessed generations of growth, change, challenge and success.
The bank’s first year would look remarkably different from today. Capital stock totaled $25,000. Cash on hand amounted to $7,111. The original bank building at 101 French Street was constructed for $3,200. A new Diebold safe, advertised at the time as “anti-dynamite” protection, was purchased for $850 and shipped to Peshtigo in 1901.

Yet the history of Peshtigo National Bank is not simply a collection of buildings and balance sheets. It is a collection of stories.

One of the most dramatic chapters occurred in May 1956 when Peshtigo National Bank became the target of a robbery that shocked the community. Two-armed men entered the bank and stole more than $1,000 — a significant amount at the time. During the robbery, employee Yvonne Sielaff was shot in the jaw. Despite suffering a serious injury, she survived and would later carry the bullet for the remainder of her life.

The robbers were eventually captured, but the incident remained one of the most talked-about events in the bank’s history.

More than five decades later, that story resurfaced in an unexpected way.

In 2012, workers repairing a bridge over the Peshtigo River uncovered a .22-caliber handgun buried beneath the riverbed. Local officials believed the weapon was connected to the 1956 robbery. The discovery renewed interest in a piece of local history that had largely faded into memory and provided a tangible connection to one of the most remarkable events in the bank’s past.

Today, the firearm remains on display at the Peshtigo Fire Museum as a reminder of the robbery and the resilience of those affected by it.

While the recovered firearm connected the community to one chapter of the bank’s history, another discovery would bring residents even closer to the bank’s beginnings.

Earlier this year, as Peshtigo National Bank prepared to celebrate its 125th anniversary, attention turned to a former bank location at 240 French St., now occupied by State Farm Insurance. Although the building no longer serves as a bank, it still held a secret hidden behind a sealed vault wall.

Before retiring, local contractor Ed Langer accepted one final challenge — breaking through the heavily reinforced concrete vault. What began as a routine project quickly turned into a journey through time.

After a day and a half of drilling through concrete and steel rebar, the vault finally revealed what had been hidden for decades — the bank’s original 1901 Diebold safe.

Purchased for $850 and shipped to Peshtigo shortly after the bank opened its doors in 1901, the safe weighed nearly 2,000 pounds and stood as a powerful symbol of the vision and determination of the community leaders who founded the bank.

For bank employees, it was more than a historical artifact. It was a reminder that every generation leaves something behind for the next.

For 125 years, local families have walked into Peshtigo National Bank looking for guidance, support and partnership. Some came seeking financing for a farm. Others needed help purchasing a home, expanding a business or planning for retirement. Over time, those customers became neighbors and friends that stuck around over the generations.

Today, Peshtigo National Bank serves customers through six Wisconsin locations, but its philosophy remains remarkably similar to what it was in 1901 — local decisions, local relationships and a commitment to strengthening the communities it serves.

That commitment extends far beyond banking.

Employees volunteer throughout the year, support local nonprofits, invest in youth agricultural programs, participate in community improvement projects and partner with organizations working to make Northeast Wisconsin stronger.

In many ways, the bank’s 125th anniversary belongs as much to the community as it does to the institution itself. Every customer, employee, business owner, farmer, volunteer and community leader who has walked through the bank’s doors has contributed to its story.

To celebrate that shared history, Peshtigo National Bank is inviting the public to a cookout on Friday, July 24, from 11 a.m. to 2 p.m. at its headquarters, located at 250 French St., Peshtigo. Guests are invited to enjoy refreshments and fellowship as the bank celebrates this milestone with the people who made it possible. The event is free and open to the community.

A group of local citizens invested in the future of Peshtigo 125 years ago. Today, Peshtigo National Bank is proud to continue that investment — one customer, one family and one community at a time.