The Bank of Star Valley celebrates 30 years of business on Friday, March 27.

All three branches, Alpine, Thayne and Afton, will host the anniversary celebration with  refreshments, door prizes, from 9 a.m. to 4 p.m. on the 27. Thirty people will have a chance to win $30.

Rod Jensen, Chairman of the Board for the Bank of Star Valley and Marcus Weber, president and CEO of BOSV reflected on the years of service leading up to Friday’s celebration.

“We just really want to thank Star Valley for the support,” Jensen said. “Kind of a little history lesson back in ‘93. There was one bank in Star Valley back in the dark ages, it was Star Valley State Bank, which I was employed and truly a great bank.”

He continued, “The family decided to sell it to First Security, which is now Wells Fargo, and the local community didn’t take the merger too well. They wanted a local bank.”

The creation of the local bank followed with the Bank of Star Valley, but the first years were filled with challenges.

“Over the next few years, we did make the efforts, we raised the money, we applied for a State of Wyoming charter application, we applied for Federal Reserve membership and for FDIC insurance, Jensen recalled. “And through rather a heated and contested fight with then First Security and First Bank, we did eventually win even though we were under appeal to the Supreme Court that we shouldn’t exist. But on March 27, 1996, we decided to open and we opened with seven employees.”

He noted, “And think about this, we opened with no deposits, no loans, some capital, a lot of hope and anticipation but losing money. And we realized if we didn’t do this right, and we didn’t serve Star Valley well, we wouldn’t be here in the long run. And I thank Star Valley because they showed up, they made a difference.”

Jensen added, “And here we are today. So going from zero deposits today, we’re a $400 million bank. We are strong, we are a five star rated bank.”

With all the changes in banking regulations both Jensen and Weber said the bank is moving forward.

“We still have the same passion and mission we had 30 years ago, which is to serve Star Valley,” Jensen said.  “It’s amazing the growth that the Bank of Star Valley has had in just the short 30 years and for you to see it from beginning to where it currently is now.”

Acknowledging the progress, Jensen questioned, “What has changed in the banking world in 30 years? And how is the Bank of Star Valley adapted to that to continue to serve the Star Valley area? A lot has changed.”

Jensen summarized, “Basically, what we did 30 years ago, would be impossible to do today due to regulation. Banks have become so much more sophisticated, with complex regulation. It takes so much of our time that it’s actually sad,  what we did 30 years ago, you couldn’t do it today.”

He added, “At the same time, Star Valley has grown. Around then there were probably 7-8,000 people. Today, we’re around 15,000.”

Jensen pointed out, “It’s been fun to watch Star Valley mature, grow, and build its foundation for what’s going to be an extremely bright future. Part of the success of Bank of Star Valley is the success of Star Valley. And it’s been fun to watch them go hand in hand as they marched through time. Basically, we were a young bank, trying to do things right.”

Jensen also noted, “We were the first financial institution, believe it or not, in Alpine by opening an ATM. We weren’t the first with the branch. But you know, by the time we branched into Thayne in a grocery store, and then built our own office, then moving into Alpine, it has been fun to reach out and better serve the people of Star Valley.”

Jensen asked, “But what has really changed in 30 years? Think, 30 years ago, there wasn’t an Apple phone. Honestly, the internet was not truly in existence yet. I’m talking dark ages here.”

He said, “Most of the banking today is actually done online at www.bosv.com and other internet sites. It is just the world has changed so dramatically in the last 30 years.”

Weber added, “As Rod stated, we’ve grown from that $2 million to $400 million. And today we have 36 employees who are doing the exact same things adhering to the same regulations that every other huge mega bank adheres to.”

Referencing the Bank of Star Valley staff, Weber emphasized, “Almost every day they’re creating miracles in being able to not only take care of our customers, but also satisfy all the regulatory requirements that are placed upon banks.”

Weber recalled his own family opening accounts with the Bank of Star Valley’s 1996 opening and he reiterated Jensen’s comments, “I want to highlight something that Rod said earlier. He said the Bank of Star Valley is focused on Star Valley and the success of Star Valley.”

He continued, “I’ve been with the bank for 15 years. and over that time, there have been proposals and we’ve looked at options outside of Star Valley. Should we expand? Should we grow and serve other communities? But the board has always come back to no, we’re here to serve Star Valley.”

Looking beyond the 30 year mark Weber spoke of future plans.

“We want to help people build their homes and see their dreams come to fruition with new businesses,” he said. “We want to see Star Valley thrive. And we want to thrive right along with Star Valley.”

The Bank of Star Valley will hold an additional celebration on June 25 with a barbecue and family activities.