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The History of Huron Community Bank

What is known as Huron Community Bank first opened its doors in 1927 at the corner of Newman and State Streets in East Tawas under the name Peoples State Bank. Mr. W.H. Wallace was President of the Bank. L.G. McKay Sr. was Vice President and Grant N. Shattuck was Cashier. Esther Look was the next person hired but not until 1930. She continued to work for the bank for the next 45 years. As a result of its careful and astute management policies, the Bank was one of the few banks in Michigan that was able to reopen immediately following the banking holiday of 1933.

The current bank site was acquired in 1949 and the new office was opened in 1951. In 1956 the adjacent building was purchased for bank operations based upon the growth of the bank and the need for additional space.

The first "drive-up" banking service in the area was provided in 1961 when the Tawas City branch bank opened. The Bank continued to grow in the 1970's. The main office was renovated and a portion of its operations was moved across the street. The Bank's third branch office opened in Oscoda in October, 1975.

In 1979 the Bank was purchased by Michigan National Bank. Unfortunately customers left in droves because of raised fees on deposit accounts and the lack of local decision making. Michigan National sold the Bank in 1987 to Alliance Financial Corporation of Dearborn, Michigan. That entity was acquired by Comerica and an opportunity arose for the local community to "buy back" its Bank. 500 people in the area raised $3.6 million, borrowed $2.5 million and successfully obtained the Bank. This group included current Board members Alan Stephenson, Robert Beneson, and Thomas Huck. The Bank was renamed Huron Community Bank.

The Bank continued to grow and prosper in the 1990's. During 1993 a Branch was established in Lincoln. In 1994 the renovation of the former Tawas Area Schools Administration Building was completed. The building domiciles the accounting and operational group plus provides drive-up banking services. In 1997 the AuGres branch was purchased from Citizens Bank and in 1998 the Lincoln and Harrisville offices were purchased from First of America.

Huron Community Bank has continued to grow and has survived a second banking melt down between 2008 and 2012. The Bank maintained an excellent capital ratio and other industry measures throughout this time period and is well positioned for the future. 2014 is our 25th year as a recaptured locally owned community bank. Our expectation is to be here a lot longer!

Huron Community Financial Services, Inc. has available an Automatic Dividend Reinvestment Plan for its shareholders. The Plan is administered by the Company and allows participating shareholders to automatically reinvest their cash dividends into shares of the Companys common stock. If you are not already a participant, and are interested in our Dividend Reinvestment Plan, please review the following documents.

Huron Community Financial Services, Inc. Dividend Reinvestment Plan
These products are not FDIC Insured. These products are subject to investment risk, including possible loss of the principal amount invested.

Huron Community Financial Services, Inc. Annual Reports

Huron Community Bank © 2014 • www.bankhcb.com
 
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