A Welcome from Our President
Whether you’re a new customer or a longtime friend, we’re here to help you succeed! Since 1928, we’ve been a financial leader in the communities we serve. We’re committed to modern banking with old-fashioned values. We pledge the following to you:
- Excellence in Customer & Community Service
- Integrity & Honesty Combined with Confidentiality
- Ownership that Provides for Local Decision Making
- Constant Corporate & Personal Improvement
See our 2023 Statement of Condition to learn about our financial strength. As your friends and neighbors, helping you succeed is our top priority. Thank you for your confidence in us.
Sincerely,
Laurie L. Vitzthum
Chairman, President & Chief Executive Officer
Customer Newsletter: December 2024
Get information you need to know in the semi-annual printed customer newsletter, the Hometown Teller.
Our Bankers
Use our staff directory to contact your friends and neighbors who work at Iowa State Bank for the financial answers you need. Sort by location or by the type of information and contact our staff directly.
Our History
Iowa State Bank opened its doors for business on March 1, 1928, at 9:00 A.M. after securing its banking charter and the public’s confidence. Previously three other banks had failed in Algona and only one bank, the Kossuth County State Bank, remained in business. The first financial statement listed $62,500 on the resource side and $50,000 capital plus a $12,500 surplus on the liability side.
Survives Great Depression
As the only bank in Algona to survive the Great Depression, Iowa State Bank remained the only bank in town until 1936. Although many current citizens may not recall the Great Depression, the Iowa State Bank was the only bank in Algona on March 6, 1933, when newly-elected President F.D. Roosevelt ordered all the banks in the nation to be closed indefinitely while the government set up new rules to combat the Depression.
25 Years and Growing
In 1953, the bank celebrated its 25th anniversary. By this time, deposits had grown to over $5,000,000. A few years later in 1957, the bank had outgrown its quarters. Rather than relocate, it was decided to rebuild in the same location at the corner of State and Dodge Streets. The second story was completely removed from the corner building and reconstruction did start “from the ground up.” The historic stone structure of the old bank was retained in the corner construction. This building still stands today. In 1954, Algona native Harold Gilmore served as bank president until his retirement in 1959, after which he continued to work as Cashier and Vice President.
“The One With the Pillars Out Front”
In 1978, as the bank celebrated 50 years in business, the new Iowa State Bank building was built at the corner of Call and Thorington Streets. The two-story colonial brick building is adorned with white pillars on the building’s south side. Our current President & CEO is Laurie L. Vitzthum.
Add Ruthven Office
On November 1, 2001, consumers in Ruthven, Iowa, joined the Iowa State Bank of Algona as the bank assumed the operations of the Ruthven State Bank as a result of the merger of the two banks.
Add Offices in Corwith & Wesley
In 2003, The Iowa State Bank of Algona announced the addition of two new banking offices in Corwith and Wesley, Iowa, after the purchase of the former Corwith State Bank. The purchase was made by Mid-Iowa Bancshares Co. of Algona, the holding company for the Iowa State Bank.
Note: The source of information for this historical feature was compiled by Elisabeth Johnson in the “The History of Iowa State Bank,” 1988. Ms. Johnson is the daughter of long-time, retired Chairman and CEO Paul H. Johnson, President 1976 - 2001.
