Bank History

Proudly serving our local community for over a century (founded in 1901)

History of the State Bank of Ceylon

Portage Bank, formerly known as The State Bank of Ceylon, was founded on August 29, 1901, with the State of Minnesota approving the Bank to begin operations on October 8, 1901. Seventeen stockholders were initially involved in the formation of the company. A committee quickly found the Bank’s building, and a second floor was added to the building in 1902.

Slowly, the Bank began operations, becoming a major focal point of Ceylon as a bustling but small Minnesota town. The Bank rented an office to the Fairmont Telephone company in 1905. It purchased an adding machine in 1910 for $294. The Bank building was remodeled in 1952.

In 1965, Marlen Bents joined the Bank as a cashier, working his way through the ranks up to President in 1992. As of 1982, J. W. Vollrath and Marlen E. Bents created the Ceylon Bancorporation as a bank holding company, purchasing all of the Bank shares.

In 2019, after nearly 117 years of operations, the Bank was purchased by a small group of investors, who intend to grow the institution, implement new technology, and ensure another 117 years of small-town operation for the Bank.

Past Presidents of the State Bank of Ceylon

H. W. Sinclair

1901 – 1913

A. G. T. Broun

1913 – 1925

Henry Saggau

1925 – 1943

Frank Dougherty

1943 – 1956

E. F. Vollrath

1956 – 1970

J. W. Vollrath

1970 – 1992

Marlen E. Bents

1992 – 2019

Matt Moran

2019 – Present