Tom Larson, Chairman, President and CEO of Iowa State Bank has announced his intention to retire as President. Iowa State Bank’s Board of Directors has named Tom Van Overbeke as President while Larson continues as Chairman and Chief Executive Officer. The appointment was made at a board of directors meeting of Iowa State Bank held on Tuesday, March 18, 2014.
Larson joined Iowa State Bank in 1991 and was elected President of Iowa State Bank in 2001. While under his tenure, the bank added offices in Ruthven, Corwith and Wesley, increasing the bank’s assets from $71 million to $289 million in 2013. Larson will continue his role as Chairman and Chief Executive Officer of Iowa State Bank and Mid-Iowa Bancshares Co.
Van Overbeke joined the bank in 2012 serving as Executive Vice President and Chief Credit Officer overseeing the lending activities of the bank. Van Overbeke brings over thirty years of banking experience in the areas of lending, trust, retail and operations. He has a long history of community banking experience ranging from Iowa banks in Carroll, Pocahontas and Webster City to community banks in Nevada and Arizona. A native of Sutherland, Iowa, Van Overbeke is a graduate of Buena Vista College, the Graduate School of Banking at Madison, Wisconsin, and numerous other banking schools.
“This transition assures our customers the continuity of leadership that has made Iowa State Bank successful. Tom Van Overbeke has strong roots in community banking,” remarked Larson.
In other business at the annual shareholders meeting of Iowa State Bank and Mid-Iowa Bancshares Co., shareholders received a message of strength from Chairman of the Board Tom Larson. The holding company of Iowa State Bank reported earnings of $3 million for 2013. Total assets of the bank stood at $289 million at year-end.
Chairman & CEO Tom Larson emphasized the bank’s successes including the 2013 Top Workplace Award from the Des Moines Register. Iowa State Bank was named to the list of Iowa’s best-workplaces in the small business category for the second year in a row.
Directors Mike Reynolds of Ruthven and Dr. Alan Klepper of Algona were re-elected to three-year terms. All other directors were re-elected. J.W. “Bill” Brown of Ruthven retired from the board’s service at the end of 2013.
The bank celebrated 85 years in business in 2013 and employs over 50 people in Kossuth, Hancock and Palo Alto counties. Mid-Iowa Bancshares Co. is the holding company for Iowa State Bank with branches in Algona, Corwith, Ruthven and Wesley.