Central State Bank is a community banking organization based in Muscatine, Iowa, and a subsidiary of Central Bancshares, Inc., a bank holding company also based in Muscatine. Total assets are over $500 million and it employs approximately 100 individuals. It traces its origins to 1865, and serves over 30,000 customers with a full range of banking and financial services through nine banking centers in Johnson, Muscatine and Washington Counties in Iowa and Rock Island County in Illinois.
History
The origins of Central State Bank date to the mid-nineteenth century, a time when "private banks"--those not open to the general public--were the norm. The private banking house of Isett and Brewster of Muscatine was one of the earliest of this type in Iowa and operated successfully for a number of years. On May 1, 1865, it was converted to a state-chartered institution, Merchants Exchange Bank, which was opened to the general public. Later that year, conversion to a national charter brought a change in name to Merchants National Exchange Bank.
In the early years, it was not unusual for banks to operate under two charters, one national and one state, with both institutions located in the same building and owned by the same stockholders. Nationally chartered banks traditionally catered to the needs of businesses and they could issue their own bank notes, which served as currency in the absence of today's Federal Reserve Notes. By contrast, state-chartered institutions emphasized serving individuals and families by accepting savings deposits and making loans for personal and home financing. In 1880, state-chartered Muscatine Savings Bank was organized for the purpose of serving the community in tandem with Merchants Exchange National Bank.
During the intervening years, this dual-bank organization continued to grow. There were a couple of name changes along the way: in 1886, Merchants National became the First National Bank of Muscatine (no relationship to the present-day entity of the same name), and in 1907, Muscatine Savings Bank changed its name to the First Trust and Savings Bank of Muscatine. The year 1933 brought a combining of banking interests into a single operating unit, a new state charter, and a change in name to Central State Bank, which is still in use today.
During the 1940s through the 1990s the bank operated primarily in the Muscatine trade area and developed a reputation for leadership. It was among the first banks in Iowa to offer a sidewalk/walkup teller with extended hours for customer convenience (1957); the first bank in Muscatine to offer drive-up banking; the first to open an office on the community's north side (Park Avenue Banking Center, 1971) and the first to branch into the south side (Grandview Avenue Banking Center, 1977). It launched the area's first banking affinity group, the Ambassador Club (1988), and it was the first to offer in-store banking (Econofoods, 1990). It was also among the first in the area to offer ATM services and debit cards.
In 2005, the bank branched beyond Muscatine for the first time, opening an office in Wilton, Iowa, its fifth location.
In July, 2013, two affiliate banks, Freedom Security Bank (Coralville, Iowa and Kalona, Iowa) and West Chester Saving Bank (Washington, Iowa) were merged into Central State Bank, bringing the number of locations to eight. They continue to operate under their former names/branding as offices of Central State Bank (see "Scope of Operations" below).
On April 1, 2015, the bank's parent company, Central Bancshares, Inc. (see below) acquired Buffalo Prairie State Bank, Buffalo Prairie, Illinois, and merged it into Central State Bank. The organization's ninth location, it continues to operate under its former name and branding as an office of Central State Bank.
Ownership
Central State Bank is a wholly owned subsidiary of Muscatine-based Central Bancshares, Inc., which also owns F&M Bank in Galesburg, Illinois. Collectively, the holding company has approximately $800 million in total assets and serves an estimated 39,000 consumer households and businesses through 13 full-service banking locations in east-central Iowa and west-central Illinois.
Scope of Operations
The bank's primary market area consists of Muscatine County, Iowa, Washington County, Iowa, Johnson County, Iowa and western Rock Island County, Illinois. It serves individuals, families and businesses in this trade area through nine full-service locations: four in Muscatine, Iowa, and one each in Coralville, Iowa, Kalona, Iowa, Washington, Iowa, Wilton, Iowa and Buffalo Prairie, Illinois. The Muscatine and Wilton locations operate under the Central State Bank name. Those in Coralville and Kalona operate under the name Freedom Security Bank, an Office of Central State Bank, Muscatine, Iowa; the Washington location uses the name West Chester Savings Bank, an Office of Central State Bank; and the Buffalo Prairie location operates as Buffalo Prairie State Bank, an Office of Central State Bank.
Over the years, Central State has consistently been one of the largest financial institutions in the Muscatine County market. Local deposit market share has traditionally been in the high 20% to low 30% range, with slight variations from year to year.
Products & Services
Central State offers a full range of banking products and services including checking, savings and money market accounts; CDs, IRAs and related investments; personal, auto, consumer and home equity loans; conventional, insured and first-time homebuyer mortgages; business, commercial and ag loans; commercial deposit and cash management products; remote deposit capture and merchant processing services; online banking, online bill pay, mobile and telephone banking services; ATM, debit, credit, HSA and gift cards; automated teller machines, drive up and night deposit services; stocks, mutual funds, annuities and investment advisory services (through its affiliate, Central State Investment Services); and trust services.
It hosts several bank clubs, most notably the Ambassador Club, open to customers age 50 and better with qualifying banking relationships.
Access to banking services is available Monday through Saturday at all nine of its locations. Seven-day-a-week service is provided via the Hy-Vee Super Bank, located in Muscatine's Hy-Vee Supermarket.
Community Involvement
The organization places a high priority on good corporate citizenship in the form of community involvement and philanthropic efforts. Bank officers serve in leadership capacities, on boards, and on committees for a wide range of organizations in its trade area. Employees are encouraged to volunteer their time and efforts to local civic and charitable causes.
Charitable giving is consistent, significant, and encompasses both traditional corporate donations as well as some unique approaches to funding. Nontraditional programs include Muskie Mania (over $80,000 to Muscatine High School since 1995), Beaver Nation (nearly $30,000 to Wilton High School since 2006), and Hometown Hundreds (over $40,000 in weekly $100 donations to a wide variety of local charities and programs, nominated by the general public).
Memberships and Affiliations
The bank's affiliation include membership in the American Bankers Association, the Iowa Bankers Association, the SHAZAM electronic funds transfer network, the National Automated Clearing House Association (NACHA), the Federal Deposit Insurance Corporation, the Federal Reserve System, and the Federal Home Loan Bank System.
Footnote: Similarly Named Institutions
Several other entities carry the same name as this financial institution, but they are not affiliated with this bank or with each other. They include Central State Bank in Calera, Alabama; Central State Bank in Clayton, Illinois; Central State Bank in Beulah, Michigan; Central State Bank in Elkader, Iowa; and Central State Bank in State Center, Iowa. External links are provided below.
External links
Subject of This Article:
- Central State Bank, Muscatine, IA
- Freedom Security Bank, an Office of Central State Bank, Muscatine, IA
- West Chester Savings Bank, an Office of Central State Bank, Muscatine, IA
Affiliated Central Bancshares, Inc. Banks:
- F&M Bank, Galesburg, IL
Non-Affiliated Similarly-Named Banks:
- Central State Bank, Calera, AL
- Central State Bank, Clayton, IL
- Central State Bank, Beulah, MI
- Central State Bank, Elkader, IA
- Central State Bank, State Center, IA
References
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