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| Additional information |
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| Heartland Bank |
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Overview:
Mission at Heartland Bank is:
focused on exceeding the expectations of you, the
customer. Our priority is providing you with the most
current value-added products and services in a manner
characteristic of traditional values.
dedicated to providing an environment in which
employees can achieve and excel to their full potential.
They will be well-trained and enpowered professionals
provided with the incentives and resources to deliver to
our customers quality products and services in a timely
and accurate manner.
committed to remaining a strong, well-capitalized
independent community financial services provider.
This will allow us to provide leadership and resources
as a community citizen in addressing both the civic
and economic needs of the communities served. |
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History:
The Heartland Bank was started by A. R. Daughenbaugh in 1901 and, at that time, it was called the Somers Security Bank. Mr. Daughenbaugh's son-in-law, Fay Sperry, age 22, ran the Bank. In the fall of 1901, Frank A. Whitney, age 18, was hired as bookkeeper and at age 20, Whitney was named Cashier of the Bank and was said to be the youngest Cashier of any bank in the State of Iowa. He later was named President of the Bank in 1945 and served in the Bank until his death in 1959. During the period of 1901-1911, the Bank was operated as a private bank.
On July 8, 1911, a meeting was called to organize what was to be known as Somers Savings Bank. Total capital stock of the Bank was $15,000.00. By the end of 1924, total assets of the Bank reached $266,102.00. Total loans were $199,537.00 and the Board of Directors were still calling a meeting to approve each loan.
It became apparent in 1925 that troubled times were ahead. The Board ordered the Cashier to reduce certain loans. The interest rate on time certificates was lowered to 4%. In 1933, the Bank's assets had declined to $108,438.00 and in September of 1933, the Board discussed plans for reorganization. At a special meeting in August, 1934, the Board authorized membership in the Temporary Federal Deposit Insurance Fund and elected to act in accordance with the Banking Act of 1933.
On June 22, 1936, the Board of Directors approved the purchase of the Callender Savings Bank. In 1941, total assets reached $500,000.00. The Superintendent of Banking recommended the Bank lower certificate of deposit rates from 2% to 1%.
In 1951, total assets were $1,500,000.00 and steadily increased to over $30,000,000.00 in 1996.
On January 1, 1997, Somers Savings Bank acquired First State Bank of Gowrie. Approximate assets of First State Bank were $15,000,000.00. Combined assets of both banks were $48,000.000.00. On August 1, 2003, a fourth bank office was opened in a temporary facility in Manson. A move to the new bank building followed on May 10, 2004.
The Heartland Bank over the years has concentrated on providing exceptional service to it's loyal customers. Through efficiency and employee dedication, the Bank has earned a reputation for providing personal service as well as state of the art products to its customers.
Our mission at Heartland Bank is focused on exceeding the expectations of our customers. Our priority is providing our customers with the most current value-added products and services in a manner characteristic of traditional values.
Heartland Bank is dedicated to providing an environment in which employees can achieve and excel to their full potential. They will be well-trained and enpowered professionals provided with the incentives and resources to deliver to our customers quality products and services in a timely and accurate manner.
Heartland Bank is committed to remaining a strong, well-capitalized independent community financial services provider. This will allow us to provide leadership and resources as a community citizen in addressing both the civic and economic needs of the communities served. |
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