In 1932, Kentland was without a bank. This bleak picture did not daunt two ex-school teachers, however. In the fall of 1932, Glen C. Tolin and Edgar Teague pooled their resources, put their faith in the abiding prosperity of Kentland and opened the Kentland Bank for business.
The initial capitalization of the bank was $10,000 with a surplus of $5,000. A year later in 1933, Mr. Tolin and Mr. Teague purchased the old Newton County Bank building and moved their enterprise there. That first year, total resources of the bank were $55,000. Net loans totaled $4,000 and total deposits $40,000.
The Kentland Bank was chartered as a private bank in 1932; it was the last private bank to be chartered in Indiana. Incorporation came in 1962. Then in 1982, shareholders approved the transfer of stock to a holding company, KenBancorp.
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