Exchange State Bank received its state charter on June 27, 1901. The bank’s founder, David Crorey, Sr., and his wife, Jane, purchased the original building site on North Main Street in Carsonville for $ 1500.00.
The Croreys operated the bank as a private, family-owned financial institution until 1935, when 56 investors purchased the first 250 shares of bank stock. Despite several town fires and the Great Depression, Exchange State Bank remained a strong, independent institution.
In 1959, a new larger bank building was constructed at the present location on Chandler Street in Carsonville. Exchange State Bank continued to grow and expand, and in 1964, opened its first branch in Port Sanilac. Ten years later, in 1974, the Applegate office was established. The Sandusky office was added in 1987, followed by Deckerville in 1995. Most recently, in 2008 an office was added in Brown City. From its original capital of $ 20,000.00, Exchange State Bank has grown to assets that currently exceed 108 million.
The term “bank” used throughout this historical summary means much more than the type of business we operate or the building we occupy. Exchange State Bank is not an impersonal entity; it is people---investors who believe in what we do and employees who serve our customers.
Most importantly, the bank consists of customers who have placed their trust in us for over a century.