History

The Iowa Savings Bank started in 1902 in Coon Rapids, Iowa. The founders listed at the time of state chartering were: Warren and Edward Garst, Mrs. Charles (Laura) Garst, S.D. Henry, F.C. Jones and George Cretsinger.

Ownership of the bank has changed over the years but remains local today with Antonia Lee, and Bill and Karen Hess. Bill Hess has served as president of the bank since 1984 and Richard Fulton is CFO. The bank’s board of directors consists of Bill Hess, Tom Farner, Dierk Halverson, Gene Vincent and Dick Fulton.

In February 1991, Iowa Savings Bank acquired a $22 million deposit branch of American Federal Savings Bank located in Carroll, Iowa.

In June of 1994 the Farmers National Bank of Bayard, Iowa with assests of $9.4 million merged into Iowa Savings Bank.

In 1998 the Iowa Savings Bank established a new 4 lane drive-up facility on the East side of Carroll.

The Iowa Savings Bank purchased the $10 million deposit of Commercial Federal Bank of Lake City in July 2001.


Lake City Office

Iowa Savings Bank’s newest addition includes an office in Glidden, Iowa.


Glidden Office

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BOARD OF DIRECTORS

Back Row Left to Right:
Dierk Halverson, Richard Fulton, Tom Farner
Front Row Left to Right:
Gene Vincent and Bill Hess

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Statement of Condition

We are a bank. A bank functioning in different ways. We believe it is important first of all to serve the needs of our customers whether it be as a safe haven for their funds or as a source of funds for public, business, family and personal needs. Our history, our record, and our bank statement which follows are a reflection of our mission.

Condensed Statement of Condition
Iowa Savings Bank
June 30, 2014

ASSETS
  Cash and Due from Banks
$9,036,976.71
  Fed Funds Sold
-
  U.S. Treasury & Agency Securities
$11,336,918.07
  Other Bonds and Investments
$45,568,441.77
  Total Loans and Leases
$110,772,705.16
  Bank Premises and Fixtures
$3,886,464.78
  Other Assets
 
$1,358,430.60
      TOTAL ASSETS
$181,959,937.09
 
LIABILITIES
  Total Deposits
$159,946,718.49
  Other Liabilities
$4,323,273.44
      TOTAL LIABILITIES
 
$164,269,991.93
  Capital Stock
$1,567,000.00
  Surplus
$3,426,000.00
  Undivided Profits
$10,441,055.45
  Loan Loss Reserve
$2,021,176.35
  Unrealized Gain on Available for Sale Securities
$234,713.36
   
      TOTAL CAPITAL FUNDS
 
$17,689,945.16
      TOTAL LIABILITIES AND CAPITAL
$181,959,937.09

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