The Free Press, Mankato, MN


January 6, 2014

Half a century: From Valley National to Frandsen: A bank on Belgrade


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Michaletz still remembers the first loan he got: “Four-hundred dollars, from Ferd Buscher [then at Bank of Commerce] just for living expenses.” Jerry says he got the loan simply on the basis that “Ferd knew my Dad was a banker!” Boleen quickly notes, today, you’d do that sort of financing with a credit card.

Beyond Valley National, Michaletz would go on to help start several other banks around the state. But his business remained insurance, and despite an obvious passion for banking, he served only as a director — “I didn’t want to own the bank!” In fact, he notes, the only time he was ever involved in day-to-day banking operations “was when I mopped the floors in Green Isle.”



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