Iowa State Bank in Algona was recently honored by the Iowa Bankers Association as a 2011 Community Betterment Award recipient. The award was presented to Iowa State Bank Vice President and Trust Officer Kristie Brown during the Association’s 125th Annual Convention on September 20 in Des Moines.
Iowa State Bank was honored for its numerous projects to further develop the healthcare delivery system in Kossuth County. In early 2011, Kossuth Regional Health Center completed a $13.5 million three-story addition to the hospital thanks to a $1.5 million fund drive. Of the $13.5 million, the bank provided lead financing of $10,500,000. Bank President Tom Larson found other banks to participate in the loan and served as co-chair for the $1.5 million fund drive. The bank pledged $100,000 over five years for the project and provided a matching funds program for its employees where they could pledge up to a threshold of $25,000 through payroll deduction. The delivery of high-quality health care is vital to the survivalof a community. This project positions the community as a viable, strong component in north central Iowa’s economy.
Iowa State Bank was one of six banks selected as 2011 IBA Community Betterment Award winners. Banks across the state had the opportunity to submit their community-based projects to be reviewed by a panel of judges. The winning banks were honored by the IBA for demonstrating a high level of commitment to the communities they serve.
“Banks across the state of Iowa are making a difference in their local communities every day,” said Iowa Bankers Association President and CEO John Sorensen. “Iowa State Bank’s partnership and support of healthcare in Kossuth County is a shining example of how Iowa banks are making a positive impact in the communities they serve.”