Sterling bank president retires: Local bank grew from three branches to 10 during his 21 years
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| Curt Dahlgren |
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STERLING – Curt Dahlgren, a 36-year veteran of Sterling Federal Bank, has retired after 21 years as its president.
Dahlgren handed the reins of the $500 million institution to Michael Shoger, a former CFO, treasurer and vice president of lending, on Tuesday, according to a statement issued Friday. Dahlgren could not be reached for comment Friday afternoon.
His tenure at Sterling Federal marked a period of rapid growth for the 124-year-old bank. During the 21 years between 1988 and 2009, Sterling Federal added five branches in the Sauk Valley and two in Clinton, Iowa.
Financial holdings at the bank also mushroomed during Dahlgen’s leadership. During his career, Sterling Federal grew from $105 million to nearly $500 million in assets, according to the statement.
“Curt was a good boss. He was probably one of the most intelligent people I ever worked for,” said Anne Kenney, a bank vice president and 26-year employee of Sterling Federal. “When he took the role as CEO is when we started to move forward.”
In addition to pushing brick and mortar, Dahlgren insisted on bringing cutting-edge banking technology to the Sauk Valley, Kenney said.
Sterling Federal put the first ATM in Sterling, and was the first area bank to offer totally free checking, an aptly named type of checking account that imposes no regular fees or minimum balances, Kenney said.
Sterling Federal is a mutual savings bank, which issues no capital stock and is owned and controlled solely by its savings depositors, who are called members. Members do not share in profits, but they exercise other ownership rights, such as electing the board of directors.
With just under $500 million in assets, Sterling Fed is the Sauk Valley’s largest locally owned bank, according to the Federal Deposit Insurance Corp.
Dahlgren is a native of Sterling and and joined Sterling Federal as a loan officer in 1973; he is a past member of the Sterling Township Board of Trustees, the Whiteside County Zoning Board of Appeals, the Sterling Chamber of Commerce board of directors, and the Board of the Illinois League of Savings Institutions, according to the statement.
He also has served as president of the Sterling Noon Rotary Club and board president of then-United Way of Sterling-Rock Falls, the statement said.
In 1995, the year Dahlgren was board president, United Way raised about $700,000, said Russ Siefken, executive director of the United Way of Whiteside County.
Dahlgren “was a good guy and a great president.”
Administration shift at Sterling Federal
Sterling Federal Bank President Curt Dahlgren has retired after 21 years at the helm, 36 years at the bank. With his departure, the bank has made the following administrative changes:
■ Michael Shoger, former CFO, treasurer and vice president of lending, is now president and CEO.
■ Sandra Ivey, 6-year senior loan officer with 12 years total as a Sterling Federal loan officer, is vice president of lending.
■ Dean Ahlers, former assistant treasurer who came to Sterling Federal in 2007 after 17 years with Northwestern Mutual Financial Network and W.F. Sellers and Associates, is now vice president of operations and assistant treasurer.
Source: Sterling Federal Bank
About the bank
Sterling Federal Bank’s main office is at 110 E. Fourth St. It also has branches in Morrison and Rock Falls, and under Curt Dahlgren’s leadership, opened branches in Dixon, Byron, Mount Morris and Clinton, Iowa.
Learn more at www.sterlingfederal.com or 815-626-0614.
