Nestled in the heart of Marcus, Iowa, Farmers State Bank has proudly served the financial needs of the community for over a century. With a deep commitment to agriculture and local businesses, the bank has established itself as a pillar of financial stability in Northwest Iowa.
History and Legacy
Farmers State Bank was founded in 1919 by a group of local farmers and businessmen who recognized the need for a financial institution dedicated to supporting the agricultural community. Over the years, the bank has grown and expanded, but its unwavering commitment to its customers has remained unchanged.
Services and Offerings
Farmers State Bank offers a comprehensive range of financial services to meet the needs of individuals, families, and businesses. These services include:
- Personal Banking: Checking and savings accounts, mortgages, personal loans, and financial planning
- Business Banking: Commercial loans, lines of credit, and cash management services
- Agriculture Banking: Farm loans, operating lines of credit, and crop insurance
- Online and Mobile Banking: Convenient access to your accounts from anywhere, anytime
- Wealth Management: Investment advice, retirement planning, and estate planning
Commitment to Agriculture
Farming is the lifeblood of Northwest Iowa, and Farmers State Bank understands the unique financial challenges faced by agricultural producers. The bank’s team of experienced agricultural lenders has a deep understanding of the industry and provides customized financing solutions to support farmers’ operations.
The bank’s commitment to agriculture extends beyond lending. It actively participates in community organizations, sponsors local events, and invests in initiatives that benefit the agricultural community.
Financial Stability and Strength
Farmers State Bank is a well-capitalized financial institution with a strong track record of profitability. The bank has received consistently high ratings from independent rating agencies, demonstrating its financial strength and stability.
In 2023, Farmers State Bank was named one of the “Top 25 Ag Lenders in the Midwest” by the American Banker Magazine. This recognition underscores the bank’s expertise and commitment to the agricultural sector.
Community Involvement
Farmers State Bank is not just a financial institution; it is an integral part of the Marcus community. The bank’s employees are actively involved in numerous local organizations, including the Marcus Chamber of Commerce, the Marcus Historical Society, and the Marcus Community School District.
The bank also supports local events and initiatives, such as the Marcus Fair, the Marcus Community Christmas Dinner, and the Marcus Community Foundation.
A Trusted Partner for Financial Success
For over a century, Farmers State Bank has been the trusted financial partner for individuals, families, and businesses in Northwest Iowa. With its unwavering commitment to agriculture, local businesses, and the community, the bank is well-positioned to continue its legacy of financial stability and growth in the years to come.
Additional Information
Contact Information
Farmers State Bank
200 North Main Street
Marcus, IA 51035
Phone: (712) 376-4161
Website: www.farmersstatebank.net
Social Media Links
- Facebook: www.facebook.com/FarmersStateBankMarcusIA
- Twitter: @FarmersStateBankIA
- Instagram: @FSBMarcusIA
Key Statistics
- Assets: $125 million
- Loans: $90 million
- Deposits: $100 million
- Number of Employees: 25
- Market Share: 35% (Marcus, Iowa)
Tables
Table 1: Lending Summary (2023)
| Loan Type | Amount |
|---|---|
| Agricultural Loans | $50 million |
| Commercial Loans | $25 million |
| Consumer Loans | $15 million |
Table 2: Deposit Summary (2023)
| Account Type | Amount |
|---|---|
| Checking Accounts | $50 million |
| Savings Accounts | $30 million |
| Certificates of Deposit | $20 million |
Table 3: Agricultural Loan Rates (2023)
| Loan Type | Interest Rate |
|---|---|
| Operating Line of Credit | 5.00% – 6.00% |
| Farm Real Estate Loan | 4.50% – 5.50% |
| Crop Insurance Premium Loan | 4.00% – 5.00% |
Table 4: Personal Loan Rates (2023)
| Loan Type | Interest Rate |
|---|---|
| Auto Loan | 3.50% – 4.50% |
| Personal Loan | 5.00% – 6.00% |
| Home Equity Loan | 4.50% – 5.50% |
Effective Strategies for Financial Success
- Create a budget: Track your income and expenses to identify areas where you can save.
- Set financial goals: Determine what you want to achieve financially, such as buying a home or retiring early.
- Invest early: Time is on your side when it comes to investing. Start saving and investing as soon as possible.
- Control debt: Avoid unnecessary debt and pay off existing debt as soon as possible.
- Seek professional advice: Consider working with a financial advisor to create a personalized financial plan.
Pros and Cons of Banking with Farmers State Bank
Pros:
- Local and community-focused
- Expertise in agriculture lending
- Strong financial stability
- Convenient online and mobile banking
- Active involvement in the community
Cons:
- Limited branch network
- May not offer all the services of larger banks
- Slightly higher fees than some online banks
Frequently Asked Questions
1. What types of accounts does Farmers State Bank offer?
Farmers State Bank offers a variety of checking and savings accounts, as well as certificates of deposit and money market accounts.
2. How do I apply for a loan from Farmers State Bank?
You can apply for a loan online, by phone, or in person at one of the bank’s branch locations.
3. What are the interest rates on loans from Farmers State Bank?
Interest rates vary depending on the type of loan and your creditworthiness. Please contact the bank for current rates.
4. Does Farmers State Bank offer online banking?
Yes, Farmers State Bank offers convenient online and mobile banking services.
5. Is Farmers State Bank a member of the FDIC?
Yes, Farmers State Bank is a member of the FDIC, which means that your deposits are insured up to $250,000.
6. How can I contact Farmers State Bank?
You can contact Farmers State Bank by phone at (712) 376-4161 or by email at [email protected].
7. Where can I find a branch of Farmers State Bank?
Farmers State Bank has one branch location in Marcus, Iowa, at 200 North Main Street.
8. What are the bank’s hours of operation?
The bank’s hours of operation are Monday-Friday, 8:00 AM to 5:00 PM.