FARMERS AND MECHANICS MUTUAL BUILDING, LOAN AND SAVINGS ASSOCIATION was organized on April 14, 1892 in Bloomfield, Indiana by a number of civic-minded individuals interested in the betterment of Bloomfield, through thrift and homeownership.
The assets of the association in 1892 were $50,000.00. Assets grew at an exceptionally swift pace from 1892 to 1965. At the beginning of 1966 the association had assets of $8,225,000. In the 50 years since then, the association has continued to grow, now having assets of $70,000,000.
F.M. Dugger became the first president, and M.J. Timmons served as the first secretary. In 1936 the association converted from a state to a federally chartered institution under their new name, Farmers and Mechanics Federal Savings and Loan Association. Edward H. Stein served the newly chartered association as director and president, and J. Albert Jackson served as secretary treasurer and managing officer. After more than 50 years of service, Mr. Stein passed away in October 1965. J. Albert Jackson was then elected to serve as the association's president. In 1972 Mr. Jackson's son, Robert L. Jackson assumed the role of Chief Executive Officer and was eventually elected President of in 1976. He served as president for 33 years, retiring in 2009. Upon his retirement, the association promoted Nick M. Skinner to president and managing officer. Mr. Skinner served as president from 2009 till his retirement in 2014. The association's most recent president, W. Edward Cullison, has served as president since 2014. He is the sixth president and managing officer since 1892, and has been employed with Farmers and Mechanic Federal since 1985. On average our presidents have employed themselves at various levels within the association for 40 years.
The association occupied various locations around the town square in Bloomfield. In 1892, it commenced operation in the office of Marion J. Timmons, a local abstractor, who was the association's first Secretary. As it grew, so did the need for space. After the Elmora Hotel building was constructed in 1900-1901, on the northwest corner of the town square, the association was moved to a street level office and carried on its business there until 1916. The association then relocated across the street in the northwest corner office of the Richland Building located on West Main Street until 1923. In that year, it purchased a building at 123 South Franklin owned by George E. Kidd, who had originally built the building as a modern funeral home. In the year 2015, that building is owned and occupied by the Jordan-Vaught Insurance Agency. In 1940 the Association purchased the former Citizens Bank Building at 12 East Main Street on the north side of the town square where it continued operations until 1988. It then moved to its new home office built at 225 East Main Street. The office at 12 East Main Street was sold to the Town of Bloomfield in 1990 and is currently the Bloomfield Town Hall.
In the summer of 1973 mortgage loan demand increased substantially in Monroe and surrounding counties. The association began making plans to service the Monroe county area with a local presence. In September of 1978, a branch office of Farmers and Mechanics was built and opened for business at 3535 West Third Street for the convenience of our Monroe County customers.
Throughout our long history thousands of thrifty savers have placed their savings in this association, making it possible for thousands of persons to borrow money for their first mortgage, the purchasing of a new home, constructing their dream home, refinancing, and many other important financial purposes. Our depositors have received attractive dividends on their savings, and borrowers have been able to obtain loans on long-term borrowings at the lowest possible rate.
It is our goal at Farmers and Mechanics Federal to retain the confidence and esteem of our valued customers and community. We will continue to provide superior products and services for our customers by incorporating proven, modern technology with traditional, time-honored values that are never out-of-date.