Iowa Savings Bank

What Iowa Savings Bank does

Iowa Savings Bank operates as a community bank under the Midwest Heritage Bank, FSB brand (a federally chartered savings bank headquartered in Chariton, Iowa), offering full-service personal and business financial services to consumers, small-to-mid-sized businesses, and agricultural operators across the Midwest. The product portfolio spans deposit products (checking, savings, money market, certificates of deposit), consumer and commercial lending (mortgages, home equity, auto, recreational vehicle, personal, commercial real estate, agricultural, and practice financing), personal and business insurance (home, auto, renters, recreational vehicle, pet, umbrella, agribusiness, and employee benefits), investment and retirement planning services, and trust/wealth administration (estate planning, farm management, conservatorships, charitable trusts).

The technology layer consists of a conventional digital banking platform: an online banking portal, the MHBank2Go mobile application (iOS and Android) supporting remote deposit capture and 24/7 account access, and two-way conversational SMS messaging for insurance quoting and policy support, operated through the Midwest Heritage Services LLC affiliate. The institution is FDIC-insured and designated as an Equal Housing Lender, with USA Patriot Act Customer Identification Program compliance.

The business model is traditional community banking: collecting deposits and originating loans to generate net interest income, supplemented by recurring fee streams from insurance brokerage (Midwest Heritage Insurance Services), investment and trust services, and treasury management for business clients. Distribution combines physical branches for relationship-based banking with self-serve digital channels and an employer partnership channel (notably a payroll card program for Hy-Vee employees via a co-branded portal). No external funding, revenue figures, or headcount beyond the 11-50 employee range are disclosed; in 2025 Iowa Savings Bank is being merged into Midwest Heritage Bank, FSB, with Midwest Heritage as the surviving entity.

Name

Iowa Savings Bank

Legal name

Midwest Heritage Bank, FSB

Website

https://iowasavingsbank.com

Company type

Private

Founded year

1930

Operating status

Operating

Headcount range

11–50 employees

Short description

Iowa Savings Bank (operating as Midwest Heritage Bank, FSB) is a federally chartered community bank offering personal and business banking, lending, insurance, investment, and trust services to consumers, small businesses, and agricultural operators across the Midwest.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

Keywords

• Community banking
• Consumer lending
• Commercial lending
• Insurance services
• Wealth management

Headquarters

HQ city

Carroll

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

Revenue model

1. Deposit-Taking and Lending: Traditional banking model collecting deposits (checking, savings, CDs) and originating loans (mortgages, home equity, auto, personal, agricultural, commercial real estate)
2. Insurance Services: Personal and business insurance products including home, renters, auto, recreational vehicle, pet, umbrella, and business insurance through Midwest Heritage Insurance Services
3. Investment and Wealth Management: Investment services, retirement planning, and trust services for personal and business clients
4. Treasury Management: Cash management and treasury services for business customers

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Iowa Savings Bank operates as a full-service community bank delivering deposit products, consumer and commercial loans, insurance coverage, and investment and trust services to individuals, businesses, and agricultural operations in the Midwest. Offerings are accessible through Iowa-based branch locations, digital banking platforms, mobile applications, and employer-sponsored payroll programs.

Product overview

Iowa Savings Bank (operating as Midwest Heritage) offers a unified, full-service financial institution platform. The portfolio includes personal and business banking, borrowing/lending, insurance products, and wealth/trust services. Personal Banking encompasses checking, savings, money market, and CD accounts with digital channels (online and mobile banking via MHBank2Go app). Borrowing includes mortgages, home equity, auto, RV, and personal loans for individuals plus commercial, agricultural, and practice financing for businesses. Insurance offerings span personal (home, auto, renters, pet, umbrella) and commercial lines. Trust and Wealth services cover estate administration, farm management, and charitable giving. All services operate as an integrated full-service institution rather than modular add-ons.

Differentiator

Problem solved

Functional benefit

Brands

• Midwest Heritage Insurance Services: Insurance services subsidiary operating under the Midwest Heritage umbrella

Products and services

• Personal Banking Full-service personal banking including checking accounts, savings accounts, money market accounts, certificates of deposit, and online and mobile banking services for individual consumers.
• Personal Borrowing Lending products for individuals including mortgage and home loans, home equity loans, auto and motorcycle loans, recreational vehicle loans, personal loans, and debt consolidation services.
• Personal Insurance Insurance products for individuals including home insurance, renters insurance, auto insurance, recreational vehicle insurance, pet insurance, and umbrella insurance.
• Investment Services and Retirement Planning Investment services and retirement planning offerings for personal customers, including investment resources and account access.
• Business Banking Business banking services including checking accounts, savings accounts, treasury management, and online and mobile business banking.
• Business Borrowing Commercial lending products including business loans and lines of credit, agricultural financing, practice financing, commercial real estate loans, and recreational land loans.
• Business Insurance Insurance products for businesses including business insurance products, industry specialties, agribusiness and farm coverage, and employee benefits.
• Trust Services Wealth management services including trust services, estate and probate administration, farm management, conservatorships and power of attorney, and charitable trusts and foundations.
• MHBank2Go Mobile Banking App Mobile banking application enabling customers to manage money, submit remote deposits, and access banking services on-the-go. Available for Apple and Android devices.

Named customers2 records

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

Three partnerships are on record, tiered core and minor.

• Hy-VeecoreGTM or Marketing PartnerEmployer payroll card partnership providing dedicated payroll card services and banking access for Hy-Vee employees through dedicated portal at hy-vee.midwestheritage.com
• Investment Companies (Joint Marketing Partners)minorGTM or Marketing PartnerFormal joint marketing agreements with investment companies to offer investment products and retirement planning services to bank customers
• Insurance PartnersminorChannel Partner/ Reseller/ DistributorVarious insurance carrier partnerships to provide home, auto, renters, and business insurance products through Midwest Heritage Insurance Services

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Bank Iowa: Iowa-headquartered community bank providing personal, business, and agricultural banking across the state; directly comparable as a privately held Iowa community bank with similar ag-finance orientation.
• Great Southern Bank: Midwest-headquartered community bank offering personal, business, ag, and mortgage lending across multiple Midwest states; comparable as a similarly sized community bank with strong ag and small-business lending orientation.
• Two Rivers Financial Group: Iowa-based community bank holding company (formerly Two Rivers Bancorp) operating community banks in eastern Iowa; directly comparable scale, Iowa footprint, and community-banking model.
• Hills Bank: Iowa-headquartered community bank offering full-service personal, business, and ag lending across eastern Iowa; directly comparable as a privately held, Iowa-rooted community savings/banking institution with similar product breadth.
• MidWestOne Financial Group: Iowa/Midwest community bank holding company with full-service banking, ag lending, and wealth management; directly comparable mid-sized community bank operating across Iowa and contiguous states.
• West Bank: Iowa-based community bank offering personal, business, mortgage, and wealth services across the state; directly comparable scale, geography, and full-service community banking model.

Broad incumbents

• First National Bank of Omaha: Large privately held Midwest regional bank offering full-service personal, business, ag, and wealth services; comparable as a larger regional incumbent competing for the same Midwest deposit and ag-finance relationships.
• UMB Financial Corporation: Midwest-headquartered diversified bank holding company with commercial, consumer, and wealth services; comparable as a larger Midwest banking incumbent competing for institutional, business, and ag-related deposits in the same region.
• Heartland Financial USA: Dubuque, Iowa-headquartered multi-bank holding company with community banks across the Midwest; comparable as a larger Midwest banking franchise competing in overlapping geographies with broader product scope.

Regional players

• GreenState Credit Union: Large Iowa-headquartered credit union offering full-service banking, mortgage, and wealth services across Iowa and the Midwest; comparable as a regional Iowa depository competing for the same household and SMB relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/iowasavingsbank
• LinkedInlinkedin.com/company/iowa-savings-bank

Compliance3 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 Iowa Savings Bank