Grinnell State Bank

What Grinnell State Bank does

Grinnell State Bank is a state-chartered community bank founded in 1925 and headquartered in Grinnell, Iowa. The bank operates four branches across central Iowa (Grinnell, Johnston, Marengo, and Polk City) and serves both individual consumers and small-to-medium businesses in the surrounding region with a full-service offering that spans deposit products, lending, wealth management, and insurance distribution. Its deposit franchise includes Simply Checking, Preferred Checking, Simply Savings, and certificate of deposit products with bump-rate features; lending spans agricultural loans, commercial real estate mortgages, commercial loans, equipment loans, lines of credit, small business loans, auto loans, home equity lines of credit, recreational vehicle loans, and personal loans. Wealth management and trust services are delivered by advisors with 78+ years of combined experience, and insurance products (home/flood, automotive, life/health/disability, recreational vehicle, and farm & crop) are distributed through the Marengo and Grinnell branches.

The bank's technology platform is built on a Fiserv-powered online and mobile banking stack delivered through iOS and Android applications, supported by telebanking and 24/7 access to Shazam Privileged Status ATMs. Digital features include mobile deposit (with a $20,000 daily limit), bill pay, account-to-account ACH transfers between GSB and external institutions, transaction alerts, and GSB Card Control for debit card monitoring. Card issuance is on the Mastercard network with global acceptance, and Apple Pay, Samsung Pay, and Google Pay digital wallet support is enabled. Wealth clients access SIPC-protected investment accounts and FINRA-regulated brokerage services. Marketing and distribution rely on community presence, local branch density, Instagram organic social, SEO/content marketing through the website's banking safety and education center, and CRA-driven community investment programs.

Grinnell State Bank generates revenue primarily through net interest income on its loan portfolio and deposit balances, supplemented by transaction fees (overdraft, ATM, stop payment, return item, next-day transfer fees), wealth management advisory fees, and insurance distribution commissions. Pricing on deposit products is published (e.g., 33-month CD with Bump at 4.15% APY on $15,000+, 15-month CD with Bump at 4.00% APY on $15,000+, Simply Savings above FDIC national average on balances up to $25,000), while lending rates are not publicly disclosed. The bank operates as a privately held entity with no parent company, no external institutional investors, and no public market listing. Compliance posture spans FDIC insurance, CRA, SOX, Reg E, Reg CC, NACHA, SIPC, FINRA, CCPA, GDPR, HIPAA, and CMMC Level 1.

Name

Grinnell State Bank

Legal name

Grinnell State Bank

Website

https://grinnell.bank

Company type

Private

Founded year

1925

Operating status

Operating

Headcount range

11–50 employees

Short description

Grinnell State Bank is a privately held, Iowa-chartered community bank founded in 1925, operating four branches across central Iowa and serving local consumers, small-to-medium businesses, and agricultural operations with deposit products, lending, wealth management, and insurance services on a Fiserv digital banking platform.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

State Commercial Banks (6022), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), General Purpose Credit Cards (FSAKABAA)

Keywords

• Community banking services
• Retail and commercial lending
• Agricultural loan financing
• Wealth management advisory
• Personal deposit accounts

Headquarters

HQ city

Grinnell

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue stream from interest charged on agricultural loans, commercial real estate mortgages, commercial loans, equipment loans, lines of credit, small business loans, term loans, auto loans, home equity lines of credit, recreational vehicle loans, and personal loans
2. Interest Income from Deposits: Interest earned on customer deposits including checking, savings, and CD accounts. Simply Savings offers tiered rates higher than FDIC national average
3. Fee Income: Various banking fees including overdraft item charges, ATM fees (for non-GSB ATMs), monthly service fees on accounts, stop payment fees, and returned deposit item fees. Bill pay is free for basic services with potential fees for premium options
4. Wealth Management Services: Investment services, trust and estate planning, and business wealth services with advisors offering over 78 years of combined experience. Revenue from advisory fees and investment product distribution
5. Insurance Services: Insurance products offered through the bank including home/flood, automotive, life/health/disability, recreational vehicle, and farm & crop insurance

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Grinnell State Bank is a community bank providing personal and business banking products including checking accounts, savings accounts, certificates of deposit, debit and credit cards, and a full range of consumer and commercial loans. It complements these core banking services with wealth management (investments, trust and estate planning), insurance products (home, auto, life, recreational vehicle, farm/crop), and digital banking channels (online, mobile, telebanking).

Product overview

Grinnell State Bank is a community bank offering a comprehensive suite of personal and business banking products. The core banking services include checking accounts (Simply Checking, Preferred Checking), savings accounts (Simply Savings with high-yield rates), and CDs with competitive APY rates. For lending, the bank provides personal loans (auto, home equity, recreational vehicles), credit cards (Excursion Visa Signature, Platinum Secured Card), and comprehensive business lending (agriculture, commercial real estate, equipment, lines of credit, small business loans). The bank operates four physical branches in Iowa (Grinnell, Johnston, Marengo, Polk City) supported by digital banking platforms including online banking, mobile banking app with mobile deposit (up to $20,000 daily limit), telebanking, bill pay, and account-to-account transfers via ACH. Additional services include wealth management with 78+ years combined advisor experience, trust and estate services, and insurance products. The Simply Switch bundled account program combines Simply Checking and Simply Savings for simplified banking.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts
• Personal Savings Accounts
• Personal Certificates of Deposit (CDs)
• Mastercard Debit Cards
• Personal Loans
• Personal Credit Cards
• Simply Switch Account Bundle
• Business Checking Accounts
• Business Savings Accounts
• Business Certificates of Deposit (CDs)
• Business Loans
• Business Credit Cards
• Online Banking Platform
• Mobile Banking App
• Wealth Management Services
• Trust and Estate Services
• Insurance Products

Quantifiable outcome

• Accounts can be opened in approximately 15 minutes
• +2 more outcomes

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Fiserv, Inc.coreTechnology or IntegrationFiserv provides the core online and mobile banking platform powering Grinnell State Bank's digital banking services including account management, transfers, and bill payment
• ShazamcoreTechnology or IntegrationShazam operates the ATM network providing fee-free Privileged Status ATM access to Grinnell State Bank customers nationwide
• MastercardcoreTechnology or IntegrationMastercard provides debit card infrastructure for Grinnell State Bank's Mastercard debit cards with global acceptance and fraud protection benefits
• OnBoard AdvisorminorOthersBackground screening company that Grinnell State Bank notifies when accounts are closed due to improper handling

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• U.S. Bank: Major national commercial bank with significant Iowa retail and commercial presence. Competes for the same households and small businesses GSB serves, though from a far larger scale.
• Heartland Financial USA / HTLF: Multi-state community banking franchise (now part of United Bankers' Bank) with deep Midwest community-bank roots including Iowa. Larger and broader footprint but overlapping product set.
• Wells Fargo: National banking giant with established branch presence across Iowa. Direct competitor for consumer deposits, mortgages, and small business banking in GSB's footprint.

Direct peers

• Iowa State Bank: Iowa-based community bank offering full-service personal and business banking including ag lending. Highly comparable as another small Iowa state-chartered community bank.
• Bank Iowa: Iowa-headquartered community bank offering personal/business banking, agricultural lending, and wealth services across the state. Directly comparable in product mix, Iowa footprint, and community-bank positioning.
• Hills Bank: Iowa-based community bank serving individuals and businesses in the Iowa City/Coralville corridor with deposit, lending, and wealth products. Comparable scope and community-bank model.
• MidWestOne Bank: Iowa-based commercial bank with personal banking, ag lending, and wealth services across the state. Similar product breadth and Iowa community-bank positioning.
• Cedar Rapids Bank and Trust: Eastern Iowa community bank providing personal/business banking, lending, and wealth management. Directly comparable community-bank model with adjacent Iowa geography.
• GreenState Credit Union: Large Iowa-headquartered member-owned financial cooperative offering consumer and business banking, lending, and wealth services statewide. Overlaps heavily in retail deposit and consumer lending.

Others

• Shazam (SIC): Independent debit/ATM network whose infrastructure underpins GSB's debit card and Privileged Status ATM offering. Included as an enabling ecosystem partner rather than a competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/grinnellstatebank
• Xx.com/bankgrinnell
• Facebookfacebook.com/GrinnellBank

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

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 Grinnell State Bank