Tipton has been served by several banks through
the years : the People's Bank, organized in the 1890's; the Bank of Tipton, organized
sometime prior to 1891, reorganized in 1904 as the Farmers Bank of Tipton the Trader's
Bank which ceased operation in 1923, and the Tipton Farmers Bank organized in 1933.
Commerce Bancshares, Inc., a Kansas
City-based bank holding company purchased the Tipton Farmers Bank in 1970. The name was
changed to Commerce Bank of Tipton. At that time the bank had assets of
$3,700,000 and loans of $1,500,000. In 1976 the assets are $12,000,000 and loans in the
Tipton community are $8,300,000.
The present bank building was built in 1955 on
the corner of Morgan Street and Osage Avenue. The bank has a drive-thru window, fire-proof safety
boxes and a night depository.
The Tipton Branch Office of First State
Savings Association was made possible by the purchase of the assets of the Tipton
Building and Loan Association. The first office was opened in June 1963 at 124 West
Moniteau Mr. J.E. Mitchell, Sedalia, Missouri was president at that time and Lillith
Leonard served as the first branch manager.
The Tipton office was moved to their new office
building at 445 South Moreau, one block north of Highways 5 and 50 junction on February
27,1976.
At the present time Dolores Jane Drake is
branch manager of the Tipton branch. She has served in that capacity for seven years. Reta
Spillars is secretary and teller.
First State Savings Association of Sedalia was
established under a State Charter, June 1913. Now 63 years later, with eight branch
offices, and the home office at Sedalia, the total assets are $80,000,000.
Two other savings and loan institutions have
agents in Tipton. Glen Dahl is the agent for City National Savings and Loan of
Jefferson City and Vernon Nau is the agent for Boonslick Savings and Loan
of Boonville.
Production Credit Association
service was first brought to the Tipton area in 1933 when the Versailles PCA was chartered
to include the territory of Morgan, Moniteau, Benton, Miller, and Cooper Counties. Tipton
was selected as the site of a field office to serve Moniteau County.
A year later, in 1934, the Versailles PCA
merged with PCAs at Marshall and Fulton to form the Jefferson City Production Credit
Association.
In October, 1970, a new PCA office on Highway
50 in Tipton was built and Tipton became headquarters of a field unit that includes
Morgan, Moniteau, and Cooper Counties.
Don Snorgrass will shortly begin duties as manager of the field unit.
Production Credit Association is an agricultural cooperative that provides short and intermediate-term credit to farmers for agricultural production.