Farmers State Savings Bank (now known as BankIowa) was incorporated in Independence, Iowa, in February of 1921. The bank maintained steady growth in the years that followed and by 1991 had offices in Independence, Jesup, and Lamont. As a result of that growth, BankIowa became the largest financial institution in Buchanan County with total assets over $100,000,000.
The need for diversification and the presence of opportunity resulted in rapid expansion for the bank in the late 1990's. In March of 1997 two banking facilities were purchased in Black Hawk County growing the bank's assets to over $180,000,000. With the newly acquired offices in Waterloo and Cedar Falls, the bank now served five different communities.
In December of 1997 the Benton County Savings Bank in Norway, Iowa was purchased to facilitate expansion into Benton and Linn counties.
In June of 1998, Farmers State Savings Bank changed its name to BankIowa. The name change was a strategic decision to eliminate identity and marketing confusion with other "Farmers Banks" throughout Iowa.
BankIowa's first Cedar Rapids location was constructed in the spring of 1999 and a second facility followed in August of 2001.
BankIowa currently has facilities in Cedar Falls, Cedar Rapids, Independence, Jesup, Lamont, Waterloo, and Norway.
For over 90 years, BankIowa has provided its customers quality financial products and services and has proudly remained an independent and locally owned institution.