Sundance State Bank celebrates 125th anniversary

As the nineteenth century drew to a close, a local by the name of John Rogers decided this county needed its own bank, and that he was the man to make it happen. This week, Sundance State Bank invites the community to celebrate its 125th anniversary with a customer appreciation BBQ and street dance.

The bank that shares its name with this city first opened in 1895 and was chartered to the state in October, 1905. “The community was just forming and it was people like [Rogers] who came in and helped that growth continue through the years,” says Andy Miller, bank president.

From that starting point, says Miller, the bank has grown to hold approximately $270 million in assets today.

For most locals, of course, the name Sundance State Bank has always been synonymous with the last name of “Durfee.” Jay H. Durfee and Harry P. Ilsley became involved with the bank in the 1920s; by the time the next decade rolled around, they each owned about a 50% interest in it.

“Really, it continued that way with small changes until the Durfee family, under the leadership of James R. Durfee, bought out the Ilsleys in 1998,” says Miller.

Ownership still remains predominantly with the Durfee family and the bank’s staff today through an employee stock ownership plan (ESOP).

“It’s been held, one way or another, in that Durfee family since the 1920s,” Miller smiles.

A lot changes in 125 years, but Miller says one thing has always stayed the same.

“This has always been a bank that has been owned and operated by local people – people that live and work in this community. The Durfee family is at the core of that and the focus they’ve had is truly on the community,” he says.

How the bank can help the community is, and will always be, its core focus, according to Miller.

“We go as the community goes,” he says. “We’re making decisions locally, we’re making decisions from people that live here, that have a vested interest in how this county and all the communities in Crook County do.”

Miller says it’s this value, still at the heart of the bank’s business practices, that sets it apart from the other establishments he has worked with throughout his career.

“I’ve been involved in other community banks and I can certainly tell you that that focus on the community is stronger than any other I’ve been involved with,” he says.

It’s why, for example, the bank has a policy that customers will always be able to speak directly to a human being during opening hours. This focus, along with how much the board and shareholders care about and support the employees, is where Miller directs credit to for the bank’s continued success.

“It’s not always just a business decision for us, it’s a decision as to is this right for the community, is this right for our employees,” he nods.

All banks must abide by regulations, Miller says, but it’s also important to make sure the process is easy and understandable for customers.

“I think we’ve been able to do a pretty good job of balancing regulations with taking care of the customers, not letting the pendulum swing too far one way,” Miller says.

“There are things we have to do, but there are also things we are able to do because we have such a great customer base and we know our customers. These people are our friends and our neighbors and we get to know them better than your average bank knows their customers, and that allows us to bridge that gap.”

Wyoming had only been a state for five years when the bank first opened its doors.

“It certainly took a leap of faith on the part of the individuals who started the bank back then. I can only imagine the things that were taking place,” Miller says.

“This has always been an ag-dominated area, so you have the rural nature and cowboy culture out there and, while it was certainly different to how it is today in a lot of respects, it comes back to being able to take care of the community and have that community have trust in you and your ethics, integrity and honesty. I think those things were started early and it’s what’s served the bank well for a lot of years.”

Though the bank first opened in the small, red stone building still visible on Main Street, by 1979 expansion had become necessary and operations moved to the corner location where you’ll find the headquarters today. The need to expand cropped up again around a decade ago, when the bank constructed a new building across the street to house the post office and a community room.

“It’s been very beneficial for us, and I hope for the community, too,” Miller says. “It’s a nice post office location and the community room really does get a lot of use – almost every day of the week.”

A number of other financial establishments have come and gone during the bank’s lifetime – some have even been brought into Sundance State Bank through consolidation. There have been challenging times throughout the years, such as the Great Depression and the economic crisis of the 1980s in Wyoming, with the COVID-19 pandemic as the most recent and one of the toughest.

“We’ve never experienced anything like that, but I’m happy to say that we were able to stay open and continue our support of the community and I think, all things considered, come through it in very good shape,” Miller says.

“It was a tremendous effort last year from our employees. We asked a lot of them, but their efforts I think went a long way to help many, many businesses and people in our county.”

The bank currently has 27 employees, each of whom Miller commends for their investment in the community and the thousands of hours they have dedicated to organizations throughout the county.

“Our employees are vital to our success, and we have a great team of bankers we can’t thank enough for their continued support,” he says.

On June 26, Sundance State Bank will be hosting a customer appreciation BBQ from 5 to 7 p.m. with entertainment from Todd Kahler. This will be followed by a street dance with live music from Dirty Word from 7:30 to 11 p.m.

“We invite everybody to come out and have a little fun and celebrate that accomplishment with us,” says Miller.

“We’ll have lots of giveaways, some great food and a good time catching up with one.”