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A New Life for the Ladora Savings Bank
By Mitch Traphagen mitch@eiherald.com
Mar 14, 2008 - 11:19:35 PM

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The Ladora Savings Bank building will soon re-open with a new purpose yet maintaining the historic elegance. Mitch Traphagen Photo

LADORA – Without question the Ladora Savings Bank defines the small town for which it is named.  Loiter in the area for a short time and you will see that despite standing for nearly 90 years, it still attracts attention.  People driving along U.S. Hwy 6 stop, get out of their cars and cup their hands around their faces to peer through the glass.

It is a diamond and a monument from a different age.  In reality, by the time it was dedicated in 1920, the era for such things was already drawing to a close.  Today it stands seemingly as a reminder of what was – and what could have been.

But for those now stopping by, they will notice something else – a sign on the glass doors that says, “ladorabank.com.”

Banker’s hours – at least in a modified form – are about to resume for Ladora’s premier structure.  There is new life breathing into the Ladora Savings Bank – and that, in turn, will likely breathe new life into Ladora itself.

The building speaks of style and prosperity and although more than 1,000 people reportedly turned out for the dedication 88 years ago, its life as a bank was short.  Falling victim to the Great Depression, the citizens of Ladora were no doubt shocked to discover the doors of their jewel on the prairie were locked only 11 years and one day from the jubilant grand opening.
Over the years, the building served a number of purposes yet somehow remained largely intact.  Gaze through the glass doors and out of the corner of your eye – and with a little imagination – you can almost see the ghosts of the past and feel the hum and energy of the era.  Times were good – or so it seemed.

Today you can feel that energy again.  In 2004, Brad Erickson of Grinnell purchased the building.  Almost immediately the speculation began as to what would become of it.
“I've always been interested in early 20th Century history,” said Erickson.  “I own an old Victorian home in Grinnell and am continually working on that as well.  What can I say?  I love the charm and craftsmanship of that era.    I drove by the bank a few times on my motorcycle, en-route to Iowa City, and I was simply drawn to this magnificent structure!  I stopped on one occasion, peeked in through the cracked panes of glass, and became mesmerized by what I had seen.  One day, after an Iowa City trip, I called the Ladora City Hall and left a message inquiring about the bank.”

He ended up purchasing not only the Ladora Savings Bank building but also the Farmer’s Savings Bank building across the street.

In May, Erickson hopes to reopen the bank in all of it’s original splendor as The Bank in Ladora – a wine bar and shop.  Once work nears completion on the big building, work will then commence on the smaller bank across the street.  Current plans call for that to become a café.

Erickson is joined by his partner Colleen Klainert – a former wine and spirits representative from one of the nation’s largest wine distributors.  Together, they plan to bring back the grandeur of the bank – and help to lift the community in the process.

Now four years in the making, the process hasn’t necessarily been easy.  Erickson estimates the renovation costs will greatly exceed the original purchase price.  To the couple, however, the cost and time are well worth it – the rewards outweigh all else.

“This has been a tremendous undertaking, but I absolutely love it,” Erickson said.  “I own a wireless retail business in Waterloo, as well as a decorative concrete business, but I cannot think of any place I would rather be than working at the bank!  Whether I'm mowing the lot, or putting a sledgehammer to a crumbling wall, I just love it!  Colleen feels the same way.”

In the process they have both made a journey through time finding everything from blank checks and deposit slips from the 1920s to old photos, letters and ledger books filled in with names and deposit amounts.  There are the brass hooks upon which the teller’s would hang their visors, stately light fixtures of a construction no longer available today and a hand-painted inscription left on top of one of the columns by two contractors – their words having survived nearly a century.

Of course there has also been new wiring, a new furnace, the 96 panes of glass in need of replacement and a seemingly endless list of plaster repair, scraping and painting.
But for Erickson and Klainert, it is a labor of love.

“I feel so very fortunate to be able to renovate this great building.,” Erickson said.  “The Ladora residents have been very nice and encouraging throughout the process.  I hope they like what we've done!”

The current planned opening is in May.  For updates and more information visit www.ladorabank.com.



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