Central State Bank

What Central State Bank does

Central State Bank is a family-owned community bank headquartered in State Center, Iowa, founded in 1942 by Wilfred "Bill" Haesemeyer through the merger of First National Bank and the original Central State Bank (established 1901). The bank operates three physical branch locations — State Center (headquarters), Ames (opened 2019 at Somerset Village), and West Des Moines (opened 2022) — serving central Iowa communities with personal, small-to-mid-size business, and agricultural banking customers. Ownership has remained within the Haesemeyer family across four generations, with no external institutional investors, and the bank is regulated as an FDIC-insured institution, Equal Housing Lender, and USA PATRIOT Act-compliant entity.

The bank's product portfolio spans core deposit accounts (free and interest-bearing checking, savings, money market, certificates of deposit), retirement accounts (Traditional, Roth, and SEP IRAs), consumer and commercial lending (auto, mortgage, home equity, agriculture, commercial, and personal loans), and business banking services (commercial checking, business analysis accounts, remote deposit capture, online cash management, and merchant services). Technology infrastructure is built primarily on third-party platforms: Banno powers the online and mobile banking experience with iOS and Android applications, SHAZAM provides the Privileged Status ATM network and Falcon fraud detection, and Elan Financial Services issues Visa and Mastercard credit cards. Digital wallet support (Apple Pay, Google Pay, Samsung Pay), mobile remote deposit capture, electronic signature disclosure, and a 24/7 telephone banking line round out the digital service layer.

Revenue is generated primarily through the net interest spread on loans and deposits, supplemented by deposit account fees (overdraft at $25, NSF at $25, wire transfers at $25 outgoing / $7.50 incoming, stop payment at $25), credit card interchange via the Elan partnership, safe deposit box rentals, and ancillary service charges. Deposit products are competitively priced — CDs range from 3.02% to 4.04% APY across terms from 6 months to 5 years, NOW Elite Checking offers 2.50% APY on balances up to $100,000, and money market products offer up to 3.25% APY at higher tiers. The go-to-market motion is relationship-based, driven by local loan officers with on-site decision authority, complemented by digital channels including the website, Facebook presence, and 24/7 telephone banking. No revenue figures, total assets, or financial performance metrics are publicly disclosed.

Name

Central State Bank

Legal name

Central State Bank

Website

https://centralstatebankia.com

Company type

Private

Founded year

1942

Operating status

Operating

Headcount range

11–50 employees

Short description

Central State Bank is a family-owned Iowa community bank, founded in 1942 and operated by the Haesemeyer family across four generations, providing personal, business, and agricultural banking services through three central Iowa branches in State Center, Ames, and West Des Moines.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro industry

PRIMARYFSABAAAA

Mass-Market Consumer Deposit Banking (Checking/Savings)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSAKAAAL

Bank & Credit Union Personal Loans (Unsecured Installment)

Financial & Insurance/Lending & Consumer Finance/Personal Loans (Unsecured Installment)

Keywords

• Community banking services
• Agricultural lending
• Consumer deposit accounts
• Commercial lending
• Digital retail banking

Headquarters

HQ city

State Center

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue stream from interest earned on loans including auto loans, mortgages, commercial loans, agriculture loans, home equity loans, and personal loans. Fixed and variable rate products with competitive pricing.
2. Deposit Account Fees: Fee income from overdraft charges ($25 per item), NSF fees ($25 per presentment), wire transfers ($25 outgoing, $7.50 incoming), stop payments ($25), and account research ($10 per hour).
3. Credit Card Interchange: Revenue from credit card transactions through partnership with Elan Financial Services. Cards issued under Visa and Mastercard licenses.
4. Deposit Interest Spread: Revenue from spread between interest paid on deposits (savings, NOW accounts, money market, CDs) and interest earned on loans. Interest rates vary by product type and balance tier.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Central State Bank is a family-owned community bank headquartered in State Center, Iowa, providing FDIC-insured personal and business banking products and lending services. Offerings span deposit accounts (checking, savings, money market, CDs, IRAs), consumer and commercial loans (auto, mortgage, home equity, agriculture, personal, commercial), business banking services (commercial checking, remote deposit capture, online cash management, merchant services), and digital banking channels (online and mobile banking with digital wallet support).

Product overview

Central State Bank is a family-owned Iowa community bank offering a comprehensive suite of personal and business banking products. The portfolio includes core deposit products (checking, savings, money market accounts, and CDs), retirement accounts (Traditional, Roth, and SEP IRAs), and lending services (auto, agriculture, home equity, mortgage, personal, and commercial loans). Business banking encompasses commercial checking, business analysis accounts, and merchant services. Digital banking features include online and mobile banking with bill pay, e-statements, remote deposit capture, and online cash management. The bank also offers specialized services like safe deposit boxes, wire and ACH services, night deposits, notary services, and fraud protection through SHAZAM/Brella. The bank operates three physical locations in Iowa (State Center, Ames, and West Des Moines) and has been serving the community since 1942.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Checking Account
• NOW Account
• NOW Elite Checking
• Regular Savings Account
• Youth Savings Account
• Lil Trojan Club
• CSB Money Market
• Senior Money Market
• Certificates of Deposit (CDs)
• Traditional IRA
• Roth IRA
• SEP IRA
• Commercial Checking Account
• Business Analysis Account
• Business Money Market Account
• Commercial Loans
• Agriculture Loans
• Auto Loans
• Mortgage Loans
• Home Equity Loans
• Personal Loans
• Debit Card
• Elan Personal Credit Cards
• Business Credit Cards
• Merchant Credit Card Services
• Safe Deposit Boxes

Quantifiable outcome

• Certificate of Deposit rates up to 4.04% APY for 15-month terms
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• Elan Financial ServicescoreTechnology or IntegrationPartnership for credit card issuance and processing. Elan Financial Services issues both Visa and Mastercard credit cards for Central State Bank customers. Provides zero fraud liability protection and 24/7 cardmember service. Supports personal and business credit card programs.
• SHAZAMcoreTechnology or IntegrationSHAZAM Privileged Status program membership enabling surcharge-free ATM withdrawals at thousands of locations throughout Iowa and the Midwest. Also provides Falcon Fraud Detection for debit card protection.
• BannocoreTechnology or IntegrationDigital banking platform provider powering Central State Bank's online and mobile banking infrastructure. Created by Banno, a digital banking solutions company.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• West Bank: Iowa-based community bank headquartered in West Des Moines — one of Central State Bank's existing branch markets — offering consumer, business, and mortgage lending. Directly comparable as a same-market community bank competitor with overlapping deposit and small-business banking products.
• Hills Bank and Trust Company: Family-owned Iowa community bank headquartered in Hills, Iowa, with a comparable branch network and full suite of personal, business, and ag lending products. Closely comparable to Central State Bank in ownership structure (family-owned), Iowa geography, and community-bank product mix.
• Pella State Bank: Small Iowa community bank offering personal, business, and ag banking in central/south-central Iowa. Comparable to Central State Bank in size, product mix, Iowa focus, and small-town community-banking positioning.
• Grinnell State Bank: Iowa-based community bank providing deposit, consumer, and ag lending products in central Iowa. Directly comparable to Central State Bank in market overlap, community-bank scale, and full-service personal/business/ag product suite.
• Bank Iowa: Iowa-headquartered community bank with a multi-branch network serving consumer, small business, and agricultural customers across the state. Closely comparable to Central State Bank in market (Iowa), product mix (deposits, ag loans, consumer lending), and relationship-driven community banking model.
• United Bank of Iowa: Iowa community bank serving consumer, agricultural, and small business customers across western and central Iowa. Closely comparable to Central State Bank in Iowa community-banking focus, agricultural lending expertise, and branch-based relationship model.

Emerging players

• GreenState Credit Union: Iowa-based large credit union serving consumer and business members throughout central Iowa, including the same markets Central State Bank operates in. Comparable as a deposit-and-lending competitor in overlapping central Iowa geographies, though organized as a credit union rather than a bank.
• First Bank (Iowa): Iowa- and community-focused bank offering personal, business, and ag lending across central Iowa markets. Comparable to Central State Bank in Iowa footprint and community-bank product offerings, with some overlap in target customers.

Broad incumbents

• MidWestOne Financial Group: Iowa-headquartered bank holding company with community bank charters across the Midwest, including commercial, ag, and consumer banking. Comparable to Central State Bank in core community-banking activities, but meaningfully larger and more geographically diversified.
• Heartland Bank (Heartland Financial USA): Midwest-headquartered bank holding company (now part of HTLF/UMB combined entity) operating community banks across the Midwest including Iowa. Overlaps with Central State Bank in ag lending, small business banking, and consumer deposits across central Iowa communities, but at significantly greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/CentralStateBankIA

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

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 Central State Bank