Bank History

First State Bank History

January 2014

First State Bank was organized in 1935, and opened in what was previously the First National Bank of Webster City. Edward P. Prince, veteran WebsterCity 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 $325,000,000, with capital in excess of $37 million.  First State Bank currently employs one hundred thirteen full and/or part-time employees between all locations. 

 FirstState 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. FirstState 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.

FirstState 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, WebsterCity, with an automatic teller machine (ATM) installed.  This was the first ATM in WebsterCity. 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 Cetera Advisor Networks LLC.

 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 WebsterCity, now known as Town and Country Insurance.  There have been a total of 20 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                  WebsterCity, Iowa

1995    Town & Country Agency, Inc.           WebsterCity, Iowa

1996    Bibler Insurance                                  Stanhope, Iowa

1998    Sweedler Insurance                             Williams, Iowa

1999    Insurance Center, Inc.                         WebsterCity, Iowa

2001    NicklausInsuranceCenter                  Eagle Grove, Iowa

2001    Roger Schultz Crop Insurance            Eagle Grove, Iowa

2002    Nicholson Insurance                           Williams, Iowa

2003    Mechaelsen-Harrenstein Crop, Inc.    WebsterCity, Iowa

2004    Nelsen-Nicklaus Insurance Services   Clarion, Iowa

2004    T & C Insurance Services                   Clarion, Iowa

2004    Arthur-Meinders Insurance                 Clarion, Iowa

2007    Norsemen Insurance                           StoryCity, Iowa

2009    Keane Insurance                                 WebsterCity, Iowa

2009    Bailey Financial Services                    WebsterCity, Iowa

2009    Anchor Insurance                                Fort Dodge, Iowa

2009    O’Connor Insurance                           Fort Dodge, Iowa

2011    Steve Opheim Insurance Agency       Fort Dodge, Iowa

2013    Worthington Insurance Agency          Humboldt, 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 close to 50 insurance professionals providing coverage and expertise from locations in Webster City, Eagle Grove, Clarion, Story City, Fort Dodge and Humboldt.

 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 WebsterCity 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 the 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 constructed and opened in Clarion, Iowa.  The 3200 square foot building houses a new full service bank including drive-up lanes and an ATM inside as well as a Town & Country Insurance office.

 June 4, 2012, First State Bank opened a 6th branch office in Humboldt, Iowa and operated out of a temporary location in the USDA building until construction on the new building was completed in September of 2013 at 605 13th Street North, Humboldt.

 November of 2013, the 6th Town & Country Insurance branch office joined First State Bank in the newly constructed building at 605 13th Street North in Humboldt, IA.  With the new Town & Country Insurance branch came the acquisition of Worthington Insurance making this Town & County’s 20th agency acquisition. 

 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.