First State Bank History
January 2012
First State Bank was founded October 15, 1935, opening in the former First National Bank building which had been erected at the corner of Second and Seneca Streets in 1908.
The First National Bank was one of Webster City’s earliest banking institutions, going back to 1871. It was incorporated that year by Kendall Young, L.L. Estes, E.S. Wheeler, C.T. Fenton, A.D. Arthur, O.K. Eastman, W.W. Boak, and D.D. Chase with capital of $50,000.00. Kendall Young served as the first president and continued in that capacity until his death in 1896.
The original First National Bank was located in a two-story brick building on the east side of Seneca Street about two blocks south of Second. The bank moved into the new white brick building on the corner of Second and Seneca in 1908.
First State Bank was organized in 1935, and opened in what was previously the First National Bank of Webster City. Edward P. Prince, veteran Webster City attorney, served as president. Other officers included J.J. McGuire as vice-president and B.P. St. John, cashier.
When First State Bank first opened its doors in 1935 its resources consisted of $62,500 in capital stock. Assets have grown to $284,000,000, with capital in excess of $30 million. First State Bank currently employs fifty-four full and/or part-time employees between all locations.
First State Bank officials decided to erect a new home located just west of the original building at the corner of Second and Seneca Street. Construction of the new banking facility got underway with ground-breaking ceremonies at the site on October 30, 1969.
First State Bank held an open house of its new modern bank building on Saturday, October 17, 1970.
February 1976, Russell Johnson and Robert Van Diest jointly announced the pending sale of controlling interest in the First State Bank. March of that same year it was announced that the final approval of the sale of the controlling interest in the First State Bank had been received by the Federal Banking authorities and that the purchase had been completed.
First State Bank has been instrumental in bringing financial products and services to its customers. Among those significant additions:
July 1979 – Opened First State Bank Motor Bank at 1919 Superior, Webster City, with an automatic teller machine (ATM) installed. This was the first ATM in Webster City. A second ATM was installed at the main office in 1984. The Motor Bank office was closed in May of 1996. However, in August of 1997, a Drive-Up ATM was installed which allows the customer to use this ATM from the comforts of one’s vehicle.
1983 – Discount brokerage services were offered to bank customers through Bankers Systems Brokerage Service. In August of 1989, First State Bank began offering full brokerage service and that continues today under the name of First State Bank Investment Services, First State Bank offers these services through Financial Network Investment Corporation.
1984 – First State Bank purchased Stanhope Insurance Agency and Farmers State Bank in Stanhope. Complete insurance services were offered to customers through this location. 1988 – First Insurance Services opened in Webster City, now known as Town and Country Insurance. There have been a total of 18 acquisitions since 1984, including the Stanhope Insurance Agency. The following is a brief summary of the agencies that have been acquired, the date and the location of those agencies:
1984 Stanhope Insurance Agency Stanhope, Iowa
1992 Meade Insurance Services Webster City, Iowa
1995 Town & Country Agency, Inc. Webster City, Iowa
1996 Bibler Insurance Stanhope, Iowa
1998 Sweedler Insurance Williams, Iowa
1999 Insurance Center, Inc. Webster City, Iowa
2001 Nicklaus Insurance Center Eagle Grove, Iowa
2001 Roger Schultz Crop Insurance Eagle Grove, Iowa
2002 Nicholson Insurance Williams, Iowa
2003 Mechaelsen-Harrenstein Crop, Inc. Webster City, Iowa
2004 Nelsen-Nicklaus Insurance Services Clarion, Iowa
2004 T & C Insurance Services Clarion, Iowa
2004 Arthur-Meinders Insurance Clarion, Iowa
2007 Norsemen Insurance Story City, Iowa
2009 Keane Insurance Webster City, Iowa
2009 Bailey Financial Services Webster City, Iowa
2009 Anchor Insurance Fort Dodge, Iowa
2009 O’Connor Insurance Fort Dodge, Iowa
2011 Steve Opheim Insurance Agency Fort Dodge, Iowa
Town and Country Insurance is a professional independent agency that specializes in multiple lines of insurance including Home, Auto, Business, Group and Individual Health, Senior Products, Farm and Crop Insurance. With over forty insurance professionals providing coverage and expertise from locations in Webster City, Eagle Grove, Clarion, Story City, and Fort Dodge.
January 1987 – Farmers State Bank, Stanhope merged with First State Bank. Robert Van Diest had purchased Farmers State Bank of Stanhope from John Walker in 1984, but it wasn’t until 1987 that the merger with First State Bank took place and the Stanhope bank was officially a branch of First State Bank. Since that time First State Bank has acquired Liberty Savings Bank in Webster City and Farmers Savings Bank in Vincent and Badger.
In 2001 a branch office was opened in Eagle Grove, operating out of a mobile bank until December of 2002, when the new branch office opened. 323 S Commercial Ave, Eagle Grove, Iowa, is home to both the bank and Town & Country Insurance Agency.
In May of 2007, First State Bank opened a branch office in Fort Dodge, moving into existing office space at that time. A new facility was built at 3031 5th Ave S. Fort Dodge, Ia., August of 2009 that is shared with Town & Country Insurance Agency.
2011 brought about many changes in the appearances of both First State Bank and Town & Country Insurance Agency at their Webster City locations. Town & Country had an open house celebrating not only remodeling but a complete new addition to the existing office at 409 Second Street. The new and renovated office spaces at the main bank, 505 Second Street were completed in December of 2011. The Loan Department is now all located in the new east wing of the bank.
March of 2012, a new office opened in Clarion, Iowa. The 3200 square foot building houses a new full service bank as well as including drive-up lanes and an ATM inside. The Town & Country Insurance office moved into the new building.
On June 4, 2012, a branch office will open in Humboldt, Iowa. This location will operate out of a temporary location, renovating existing office space in the USDA building. A permanent site at 605 13th Street North, Humboldt, Iowa is under construction.
Over the years additional products and services have been added; debit cards, Christmas Club Saving Accounts, imaging of statements, a Kids Club for those 12 and under, telephone and on-line banking, on-line teller, remote capture, mobile banking and F.A.L.C.O.N. monitoring for debit card customers, just to name a few.
Current Board of Directors are; Robert Van Diest, Chairman, David Taylor, President and CEO of First State Bank, Douglas Follmann, Executive Vice-President and Agency Manager, Brian McLoughlin, CFO, John Van Diest, Arlo Van Diest and Ron Nagel.
