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History
Chartered in 1908 we have operated continuously in Lake County. Our main office is located just blocks away from the original building.
We were founded by two men; E.L. Cole and C.W. McPhail. In 1911 Cole and McPhail transferred part of the ownership to Robert E. Smith. After the passing of Cole (1920) and McPhail (1939) the bank was left in the control of Smith. This one-time casher-janitor, now owner-president, was the first in a long line of the Smith family to successfully lead the bank.
Robert E. Smith had two sons; Robert S. Smith and Curtis L. Smith. Upon Robert E. Smith’s death in 1948, his eldest son Robert S. Smith succeeded him as president. Curtis remained an active leader within the bank and in 1979 he became president, while Robert held the positions of CEO and Chairman. In 1987 Curtis retired and his niece (Robert S. Smith’s daughter) Deborah Smith-Olson was appointed President-CEO. Robert S. Smith maintained his role as Chairman until his death in 2004 at which time Deborah was appointed Chairman, a position she still holds today along with her role as CEO.
For our first 55 years of existence we operated with only one office; Baldwin. In 1963 we purchased Luther, and Tustin. We operated with these three offices for 32 years until 1995 when we began to expand by purchasing and opening new offices. From 1995-2006 we added four branches, Irons, Wellston, Reed City, and Big Rapids. Currently we operate all seven of our original branches. We are in the process of opening a second branch in the Big Rapids Market.
We are still a privately held institution. The majority of our shares of stock are held by three families deeply rooted in our history and traditions. These three families are the Smith Family, the McPhail Family, and the Wenger Family.
Our rich history of involvement and family traditions truly make us a community bank.
©2010 Lake-Osceola State Bank | 790 Michigan Ave., Baldwin, MI 49304 | (231) 745-4601