How Mansfield Saved Its Bank
The little bank in Mansfield, S.D., suffered through tumultous times in the 1930s, and in our Sept/Oct 1992 issue we wrote about how the banker dealt with the crisis. Mansfield is a pretty little town with an old dance hall that — like most dance halls of its era — once hosted Lawrence Welk and his traveling band.In the great depression, an alarmist spread the news that the bank was broke; then he and others confronted the bank president who assured them that their money was in an Aberdeen bank for safe-keeping. He agreed to go to Aberdeen the very next day and return with some of the funds.
The locals were waiting when the banker returned. He had several large, heavy sacks with him and he promptly paid the rascal who started the rumor. He also told him he didn't want to do business with him ever again.
Then the banker reached in another sack, withdrew a handful of coins, and asked who else wanted to be paid. Nobody stepped forward. They were convinced that the bank was solid.
Months later, the Mansfield bank customers learned that their banker had visited a hardware store in Aberdeen and filled several money sacks with washers. But by then the banker had his finances under control ... and the townspeople were probably impressed by his ability to play such a good bluff.
However, he kept his bank open — no small feat in a South Dakota farm town in the 1930s. The last time I was in Mansfield, the Forsyth family was still running the bank. It is a modest wood frame building — nothing fancy. And the Forsyths said their customers are hard-working, conservative and honest. In fact, on the day I was there a customer had just brought back a $20 bill because she was quite sure the bank had given her too much when she cashed a check.









