Midwest Heritage, A Hy-Vee Company

What Midwest Heritage, A Hy-Vee Company does

Midwest Heritage, A Hy-Vee Company (legal entity Midwest Heritage Bank, FSB) is a federally chartered savings bank founded in 1930 in Chariton, Iowa, and operating as a wholly-owned subsidiary of Hy-Vee, the Midwestern grocery retailer. It is a full-service community financial institution offering personal banking (checking, savings, money market, CDs), personal lending (mortgages, home equity, auto, RV, personal, debt consolidation), personal insurance (home, renters, auto, RV, pet, umbrella), investment and retirement planning, business banking (checking, savings, treasury management), commercial lending (business loans, ag financing, practice financing, commercial real estate, recreational land loans), commercial insurance, and trust/wealth services (estate planning, farm management, conservatorships, charitable trusts).

The underlying technology is a standard digital banking stack: the MHBank2Go mobile application on iOS and Android with remote deposit capture, plus a web-based online banking platform (secure.mhbank.com) for account management, transfers, and bill pay. A dedicated Hy-Vee employee portal (hy-vee.midwestheritage.com) with payroll cards operates as an embedded distribution channel into the parent company's workforce. No public APIs, developer SDKs, or AI/ML capabilities are evidenced.

The business model is a traditional spread-based community bank revenue stack: net interest income from deposits and lending, fee income from insurance commissions, investment advisory fees, trust/fiduciary services, treasury management, and interchange. Headcount sits in the 101-250 range. The company is FDIC-insured and Equal Housing Lender certified. As of 2026, Midwest Heritage is executing a merger with Iowa Savings Bank to expand its charter footprint within the Midwest.

Name

Midwest Heritage, A Hy-Vee Company

Legal name

Midwest Heritage Bank, FSB

Website

https://mhbank.com

Company type

Private

Founded year

1930

Operating status

Operating

Headcount range

101–250 employees

Short description

Midwest Heritage, a Hy-Vee subsidiary, is a federally chartered community savings bank founded in 1930 in Iowa, offering personal and business banking, lending, insurance, investment, and trust services across the Midwest, with a dedicated Hy-Vee employee channel and an active merger with Iowa Savings Bank.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221), Finance and Insurance (52)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro industry

PRIMARYFSABAEAD

Mutual Savings Banks & Mutual Thrifts

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Community & Cooperative Banking (Credit Unions, Mutuals)

Keywords

• Community banking services
• Consumer lending products
• Commercial banking solutions
• Agricultural financing
• Insurance and wealth management

Headquarters

HQ city

West Des Moines

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Distribution channels5 records

Marketing channels4 records

Core offering

Midwest Heritage is a federally chartered savings bank (FSB) providing personal and commercial banking, lending, insurance, investment, and trust services across the Midwest. Offerings span deposit products (checking, savings, CDs, money market), consumer and commercial loans (mortgages, home equity, auto, RV, ag, practice, commercial real estate, business lines of credit), personal and commercial insurance, retirement/investment advisory, and fiduciary/trust services. Digital access is provided through online banking and the MHBank2Go mobile app.

Product overview

Midwest Heritage is a full-service financial institution offering a comprehensive suite of banking, lending, insurance, and wealth management products. The company's core offerings span personal banking (checking, savings, CDs, online/mobile banking), personal lending (mortgages, home equity, auto/RV loans, personal loans), personal insurance (home, renters, auto, pet, umbrella), and investment/retirement services. For business customers, Midwest Heritage provides commercial banking, business lending including specialized Ag Financing and Practice Financing, commercial insurance, and Treasury Management services. The company also offers Trust and Wealth Management services including estate administration, farm management, and charitable trust services. Digital banking access is provided through online banking platforms and the MHBank2Go mobile app available on iOS and Android.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking account options with online banking access, debit cards, and overdraft protection for individual banking customers.
• Savings & Money Market Accounts Savings and money market deposit accounts for personal banking customers to grow their savings with competitive rates.
• Certificates of Deposit Time deposit accounts offering fixed interest rates for set terms, providing secure savings growth options for personal customers.
• Online & Mobile Banking Digital banking platform enabling customers to manage accounts, transfer funds, pay bills, and deposit checks remotely via web and the MHBank2Go mobile app.
• Home Loans (Mortgages) Residential mortgage lending including purchase and refinance options with pre-qualification available 7 days a week for individual homebuyers.
• Home Equity Loans Credit products allowing homeowners to borrow against their home equity for renovations, debt consolidation, or other financial needs.
• Auto & Motorcycle Loans Vehicle financing for personal automobiles and motorcycles with competitive rates and flexible terms.
• Recreational Vehicle Loans Financing options for RVs, campers, boats, and other recreational vehicles for personal customers.
• Personal Loans Unsecured personal credit for various purposes including debt consolidation, major purchases, and unexpected expenses.
• Debt Consolidation Loan services combining multiple debts into a single payment, potentially with lower interest rates for personal borrowers.
• Home Insurance Property insurance coverage for homeowners protecting against damage, loss, and liability.
• Renters Insurance Insurance coverage for tenants renting apartments or homes, covering personal property and liability.
• Auto Insurance Vehicle insurance coverage with bundling options to save on premiums when combined with home insurance.
• Recreational Vehicle Insurance Specialized insurance for RVs, campers, trailers, and other recreational vehicles.
• Pet Insurance Insurance coverage for veterinary expenses and pet health-related costs.
• Umbrella Insurance Excess liability coverage providing additional protection beyond standard auto and home insurance limits.
• Investment Services & Retirement Planning Financial advisory services offering personalized investment guidance and retirement planning to help customers achieve long-term financial goals.
• Business Checking Accounts Commercial checking accounts with features tailored for business banking needs including online management.
• Business Savings Accounts Savings accounts designed for businesses to deposit funds and earn interest.
• Treasury Management Cash management and treasury services for businesses including cash flow optimization and liquidity management.
• Business Loans & Lines of Credit Commercial lending products including term loans and revolving credit facilities for business growth and operations.
• Ag Financing Specialized agricultural lending for farmers and ranchers including operating loans and equipment financing.
• Practice Financing Financing solutions for medical, dental, and professional practices including startup and expansion capital.
• Commercial Real Estate Loans Loans for commercial property acquisition, development, and refinancing including multi-family and investment properties.
• Recreational Land Loans Financing for recreational and hunting land purchases by business and personal customers.
• Business Insurance Products Commercial insurance coverage for businesses including property, liability, and business interruption protection.
• Agribusiness & Farm Insurance Specialized insurance solutions for agricultural operations, farms, and agribusinesses.
• Employee Benefits Group benefits and employee benefit program administration for businesses.
• Trust Services Wealth management services including trust administration, investment management, and fiduciary services.
• Estate & Probate Trust officer services guiding clients through estate planning, administration, and probate processes.
• Farm Management Professional farm management services for landowners including tenant relations, crop management, and financial reporting.
• Conservatorships & Power of Attorney Legal fiduciary services for managing affairs of individuals who cannot do so themselves.
• Charitable Trusts & Foundations Services for establishing and managing charitable trusts, foundations, and 501(c)(3) organizations including grant administration.
• MHBank2Go Mobile App Mobile banking application for iOS and Android devices enabling account management, remote deposits, fund transfers, and bill payments on the go.

Quantifiable outcome

• Save $563/year on home and auto insurance by bundling

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• Hy-VeecoreStrategic or Co-development PartnerHy-Vee is the parent company of Midwest Heritage. As a subsidiary, Midwest Heritage leverages the Hy-Vee brand and retail presence for customer acquisition, particularly serving Hy-Vee employees with specialized payroll and banking products. The partnership provides strategic distribution through Hy-Vee's Midwest grocery retail footprint.

Scale indicators1 record

Recent moves4 records

Expansion highlights5 records

Direct peers

• Bankers Trust: Des Moines-headquartered regional bank offering personal, business, and wealth services across Iowa. Directly comparable to Midwest Heritage in target market (Iowa consumers and businesses), product breadth (deposits, lending, treasury), and community-bank positioning.
• West Bancorporation: Iowa-based bank holding company (West Bank) serving consumers and businesses with deposits, commercial lending, and treasury services. Closely comparable to Midwest Heritage in Iowa-centric geographic focus and full-service community banking model.
• QCR Holdings: Multi-charter community bank holding company operating Springfield Bank & Trust, Cedar Rapids Bank & Trust, and Community State Bank across the Midwest. Comparable community-bank scale, deposit/lending mix, and Midwest regional footprint.
• Heartland Financial USA (HTLF): Dubuque, Iowa-based community bank holding company operating multiple community bank charters across the Midwest and West. Highly comparable multi-charter community-banking model with similar consumer/business banking and wealth services.
• Hills Bank and Trust Company: Iowa-based community bank serving individuals, businesses, and ag customers with deposits, lending, and wealth services. Closely matches Midwest Heritage's Iowa focus, ag lending exposure, and integrated community-bank offering.

Broad incumbents

• Country Financial (Country Mutual Insurance Company): Large Midwest-based provider of insurance, banking, and investment products under the COUNTRY Financial brand. Overlaps Midwest Heritage on Midwest geography and the integrated banking+insurance+investments playbook, but at significantly larger scale.
• First National Bank of Omaha: Privately held regional bank headquartered in Omaha, Nebraska, offering consumer, business, and ag banking across the Midwest. Comparable geographic footprint and full-service community/regional bank model, but at materially larger scale than Midwest Heritage.
• UMB Financial Corporation: Kansas City-based diversified financial services holding company offering banking, asset management, and institutional services across the Midwest. Comparable Midwest regional presence and multi-product strategy including commercial and treasury services.

Emerging players

• Great Southern Bancorp: Mid-sized community bank holding company with strong commercial real estate and consumer banking operations across the Midwest and South. Comparable in scale and product breadth to Midwest Heritage, with similar community-bank DNA.

Regional players

• Lincoln Savings Bank: Iowa-headquartered community bank offering personal, business, and ag banking. Closely comparable Iowa footprint, agricultural lending focus, and community-bank charter profile.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/mhbank
• LinkedInlinkedin.com/company/midwest-heritage-bank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Midwest Heritage, A Hy-Vee Company