Farmers State Bank

What Farmers State Bank does

Farmers State Bank (FSB) is an Iowa-based community bank founded in 1879, currently a wholly owned subsidiary of Commercial Bancorp, a Wyoming holding company. The bank operates four branches across Iowa — Waterloo (headquarters at 131 Tower Park Drive), Cedar Falls, Jesup, and West Des Moines — serving personal banking customers, small and medium-sized businesses (including agricultural operations in the Cedar Valley), and youth/teen segments. Its product portfolio spans consumer and business deposit accounts (checking, savings, money market, CDs, HSAs), lending products (home loans, auto loans, SBA-backed loans, construction loans, agricultural loans), Visa Business Rewards credit cards, and wealth management services offered through the FSB Premier sub-brand. FSB is a Federal Reserve member bank, FDIC-insured, and ranks as a Top 10 SBA lender in Iowa with nearly $9 million in SBA-backed lending assistance.

The bank's underlying technology layer is the I-Banking platform for online and mobile banking, supporting account management, mobile check deposit, bill pay, and a Personal Financial Management (PFM) tool with cross-institution account aggregation. Distribution is omnichannel, combining physical branches with 24-hour ATMs, a mobile application, online banking, call center support, and direct in-house lending teams (a commercial loan team of 11 officers and a dedicated home loan expert team). Revenue is generated primarily through traditional banking mechanics: net interest income from loan portfolios, deposit account fees, SBA lending fees, and credit card transaction fees. Treasury management packages (Silver at $20/month and Gold at $40/month) and rewards-based checking accounts introduce recurring subscription fee streams alongside transactional income. Additional ecosystem plays include The Hive coworking space in Waterloo and community reinvestment programs, positioning FSB as a community-embedded institution rather than a purely transactional banking provider.

In April 2026, FSB became the subject of a proposed acquisition: AtlasClear Holdings filed regulatory applications with the Federal Reserve Board and Wyoming Division of Banking to acquire 100% of Commercial Bancorp at a transaction value of approximately $36.91 million (approximately 73% in AtlasClear common stock, remainder in cash). Upon closing, FSB would become a wholly owned subsidiary of AtlasClear, providing the acquirer with regulated banking infrastructure including deposits, payment rails, and lending capability. Leadership is headed by Rod Duroe as CEO and President, and the bank received the Iowa Top Workplaces 2023 award from the Des Moines Register.

Name

Farmers State Bank

Legal name

Farmers State Bank

Website

https://fsb1879.com

Company type

Private

Founded year

1879

Operating status

Operating

Headcount range

101–250 employees

Short description

Farmers State Bank is an Iowa community bank founded in 1879, operating four branches (Waterloo HQ, Cedar Falls, Jesup, West Des Moines) and serving personal, small business, and agricultural customers with deposit accounts, consumer and commercial lending, SBA loans, credit cards, and wealth management services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Agricultural & Rural Cooperatives (Farm Credit/Co-op Banks) (FSABAEAG)

Keywords

• Community banking services
• Commercial lending
• Agricultural loans
• Personal banking products
• Small business lending

Headquarters

HQ city

Waterloo

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including home loans, auto loans, business loans, agricultural loans, and construction loans.
2. Deposit Account Fees: Monthly maintenance fees for certain account types, paper statement fees, and other account-related service charges.
3. SBA Lending Fees: Fees generated from SBA-backed small business loans; FSB frequently ranks in top 10 SBA lenders in Iowa.
4. Credit Card Fees: Revenue from Visa Business Rewards Credit Cards including transaction fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Farmers State Bank is a community bank offering personal and business deposit products (checking, savings, money market, CDs, HSAs), consumer and commercial loans (home, auto, business, SBA-backed, construction, agricultural), credit cards, and wealth management services. The bank operates physical branches across Iowa, online and mobile banking via its I-Banking platform, and provides treasury management services for businesses.

Product overview

Farmers State Bank (FSB) operates as a community bank offering a unified banking platform with personal, business, and lending products. Personal banking includes various checking accounts (Kickstart for teens, Rewards Checking, Platinum 50+, Loyalty Checking, Green Checking, High Interest Checking), savings accounts (FSB Savings, Smart Start Savings for youth), Money Market Deposit Accounts (Elite and Diamond tiers), Certificates of Deposit, and Health Savings Accounts. Business banking encompasses Free Business Checking, Business Commercial Checking, and Business Interest Checking alongside treasury management packages. Lending products span home loans, auto loans, business loans, SBA loans, construction loans, and agricultural loans. The bank also provides credit cards (Visa Business Rewards), wealth management through FSB Premier, mobile and online banking services, Personal Financial Management tools, and The Hive coworking space. Current promotional offerings include theme park passes for new accounts and competitive CD rates (4.00% APY).

Differentiator

Problem solved

Functional benefit

Brands

• FSB Premier: Wealth management services offered by Farmers State Bank
• The Hive Coworking Space
• I-Banking

Products and services

• Personal Checking Accounts Personal checking account options including Kickstart Checking (ages 0-24, no minimum deposit or maintenance fees) and Rewards Checking (high-yield with monthly activity requirements) for individual consumers across various life stages.
• Smart Start Savings Account Youth savings account for children ages 0-17 earning 0.50% APY on balances up to $10,000, with $100 minimum deposit and free mobile banking access.
• FSB Savings5 and Money Market Deposit Accounts Personal savings products including FSB Savings5 ($100 minimum), Elite MMDA ($1,000 minimum), and Diamond MMDA ($25,000 minimum) interest-bearing deposit accounts with I-Banking access.
• Certificate of Deposit (CD) Time deposit accounts with terms from 9 months to over 1 year, offering 4.00% APY for 9 and 17 month terms with various early withdrawal penalty structures.
• Health Savings Account (HSA) Tax-advantaged savings account for individuals enrolled in high-deductible health plans, allowing contributions up to IRS annual limits with online transfer capabilities through I-Banking.
• Home Loans Mortgage and home equity loan products including 15-year and 30-year fixed-rate mortgages with current rates starting at 5.625% and 6.000% respectively.
• Auto Loans Vehicle financing options for purchasing automobiles with competitive rates and flexible terms available through an online application process.
• Free Business Checking Basic business checking account with $25 opening deposit, no minimum balance, free eStatements, and I-Banking services for businesses with lower transaction volumes.
• Business Commercial Checking Analysis-based business checking account with earnings credit on collected balances, with optional Silver and Gold treasury management packages including ACH origination, remote deposit, and Positive Pay.
• Business Interest Checking Interest-bearing business checking account requiring $5,000 minimum balance to avoid a $10 monthly maintenance fee, with tiered interest rates and optional treasury management services.
• Business Silver and Gold Treasury Management Packages Treasury management service packages: Silver ($20/month with ACH Origination OR Remote Deposit, Internet Banking Administration) and Gold ($40/month with ACH Originations, Remote Deposit, Positive Pay, Sweep Services, and Internet Banking Administration).
• Business Loans Fixed-rate, fixed-term commercial financing for equipment purchases, office improvements, business expansion, and emergency repairs, with in-house servicing and tax-deductible interest payments.
• Small Business Administration (SBA) Loans SBA-backed loans with FSB providing 80% of the loan amount, frequently ranking in the top 10 SBA lenders in Iowa with nearly $9 million in assistance to businesses.
• Construction Loans Competitive-rate construction financing for commercial, residential, and agricultural projects with unlimited draws up to the loan amount and streamlined appraisal process.
• Agricultural Loans Specialized farming loans including operating loans for crops, equipment financing, real estate loans for farmland purchases, building construction, and Farm Service Agency guarantees.
• Visa Business Rewards Credit Card Business credit card offering points rewards on purchases with flexible redemption options including merchandise, airline miles, and gift cards, with individual credit lines available for employees.
• I-Banking Online Banking Platform Comprehensive online banking platform for account access, bill pay, fund transfers, Personal Financial Management tools, and secure messaging with customer support.
• FSB Mobile App Mobile banking application enabling account monitoring, mobile check deposit by snapping a photo, money transfers, and location services for finding nearby FSB branches and ATMs.
• Wealth Management (FSB Premier) Comprehensive wealth management services offered through the FSB Premier brand, including investment advice, retirement planning, and portfolio management.
• The Hive Coworking Space Shared workspace provided by FSB for community use, supporting local entrepreneurs and small businesses with flexible working arrangements.

Quantifiable outcome

• Top 10 SBA lender in Iowa providing nearly $9 million in assistance

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Scale indicators2 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Bank Iowa: Iowa-headquartered community bank offering personal and business banking, mortgages, and ag lending across the state. Direct overlap with FSB on Iowa geography, customer segments, and product suite.
• Hills Bank: Iowa community bank based in Hills, serving Cedar Rapids/Iowa City corridor with personal, business, and ag lending. Comparable community-bank model with branch network and SBA/mortgage lending.
• MidWestOne Financial Group: Iowa and Minnesota-based bank holding company with full retail and commercial banking, including ag and small business lending. Comparable regional community bank with similar product mix and Iowa footprint.
• West Bancorporation (West Bank): Iowa-chartered community bank holding company serving central Iowa including West Des Moines. Direct overlap with FSB's West Des Moines location and small business banking focus.
• Two Rivers Bank & Trust: Eastern Iowa community bank serving Burlington, Cedar Rapids, and Iowa City markets with personal, business, and ag lending. Comparable size and product mix to FSB.
• Iowa First Bancshares: Iowa bank holding company for First Bank and other community banks. Directly comparable community banking model with Iowa focus and small business/ag lending.
• Central Bank (Iowa): Iowa-based community bank serving the Des Moines metro with personal, business, and mortgage lending. Comparable community bank model in overlapping Iowa geography.

Broad incumbents

• Heartland Financial USA (Heartland Bank): Dubuque, Iowa-headquartered multi-state bank holding company operating community banks across the Midwest and Southwest. Operates in the same Iowa community banking space with broader geographic reach.
• FNBO (First National Bank of Omaha): Large Nebraska-based Midwestern bank with full consumer, business, and ag lending capabilities. Operates in adjacent Midwest geographies and competes for the same ag and small business customers in Iowa.

Others

• Shazam (SHAZAM Network): Iowa-based EFT network and core processing provider that FSB uses for debit card and ATM services. Adjacent infrastructure provider rather than a competitor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/fsb1879
• Facebookfacebook.com/fsb1879
• LinkedInlinkedin.com/company/farmers-state-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Farmers State Bank