Peoples Savings Bank

What Peoples Savings Bank does

Peoples Savings Bank is a privately held, FDIC-insured community bank headquartered in Wellsburg, Iowa, operating three branches (Wellsburg, Cleves, Dike) and a Reinbeck contact point, serving individual consumers, small businesses, agricultural operations, and commercial enterprises in rural Iowa and the broader Midwest. The bank is the primary operating subsidiary of PSB Corporation, a holding company formed in 1984 in which no individual stockholder holds more than 5% of shares and the employees' retirement plan holds approximately 14%. The institution traces its origin to Cleves Savings Bank (1912), which became Security Savings Bank and was reorganized in 1934 with the launch of Peoples Savings Bank in Wellsburg. PSB Corporation acquired Denver Ban Corp / Denver Savings Bank in 1999 and divested First State Bank in Sumner in 2021, retaining Peoples Savings Bank and Denver Savings Bank as the current operating charters.

The product portfolio spans consumer and commercial banking. Consumer offerings include PSB Preferred Rewards Checking (3.41% APY tier on balances up to $25,000), PSB Plus Rewards Checking ($6 monthly cash back), NOW Checking, Regular Savings, Monster Saver Kids Savings, Christmas Club Savings, IRA Savings (2.48% APY), HSA (2.04% APY), Certificates of Deposit (6-month to 24-month specials at 3.67%–3.40% APY), Money Market Hi-Fi, and conventional mortgages, construction loans, home equity loans, auto loans, and personal loans. Business and ag offerings include Business Standard and Premier Checking, Business Savings, ag loans (operating lines, machinery, livestock, real estate, FSA/SBA programs), commercial loans (construction, real estate, SBA, equipment, lines of credit), Visa business credit cards, Remote Deposit Capture, ACH Processing, and Merchant Capture. Distribution is through three physical branches, phone banking with live answering (no automated system), a website with online account opening, and the PSB Mobile Connect app on iOS and Android, with card-acceptance partnerships via Mastercard, Apple Pay, Google Pay, and Samsung Pay. Affiliated subsidiaries — Wellsburg Insurance Agency and PSB Realty — extend the franchise into personal/commercial/crop insurance and residential realty under the same holding company, alongside a recurring ID TheftSmart identity-protection subscription.

Revenue mechanics combine net interest income from the loan book (ag, commercial, mortgage, auto, consumer) with deposit account fees, interchange on debit/credit cards (including the school-pride Cougar, Wolverine, and Rebel cards that donate 6 cents per swipe to local schools), safe deposit box rentals, third-party-subscribed ID TheftSmart revenue, and affiliate referral commissions from the insurance and realty subsidiaries. Marketing is community-led: Facebook, Instagram, school partnerships, community volunteering, and the Ventures Travel Club for customers aged 50+. Eric Olson has served as President & CEO since December 2015, assumed the Corporation President role in August 2024, and oversees a leadership team that includes senior ag and commercial lenders, a Chief Compliance Officer, and a VP/Controller. The bank holds a Bauer Financial 5-Star rating and is recognized as one of the strongest banks in the nation; PSB Corporation is widely held with no public market for its stock.

Name

Peoples Savings Bank

Legal name

Peoples Savings Bank

Website

https://bankpsb.com

Company type

Private

Founded year

1934

Operating status

Operating

Headcount range

11–50 employees

Short description

Peoples Savings Bank is a privately held, FDIC-insured community bank in rural Iowa operating three branches in Wellsburg, Cleves, and Dike, serving individual consumers, small businesses, agricultural operations, and commercial enterprises with deposit products, consumer and ag/commercial loans, and affiliated insurance and realty services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

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

akta.pro primary industry

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

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community banking services
• Personal banking products
• Agricultural lending
• Small business loans
• Consumer mortgages

Headquarters

HQ city

Wellsburg

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Interest earned on loans including agricultural loans, commercial loans, home mortgages, auto loans, and personal loans
2. Deposit Account Fees: Service charges, maintenance fees, and transaction fees on checking, savings, and money market accounts
3. Credit Card Transaction Fees: Interchange fees from credit card transactions
4. Safe Deposit Box Rental: Annual rental fees for safe deposit boxes ranging from $20-$75 per year
5. Travel Club Fees: Fees for Ventures Travel Club trips and tours for customers aged 50+
6. Insurance Agency Commissions: Commissions from Wellsburg Insurance Agency subsidiary offering personal and commercial insurance products
7. Realty Services: Real estate commissions through PSB Realty subsidiary serving Wellsburg and surrounding counties

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Peoples Savings Bank is an independent Iowa community bank that provides personal and business depository accounts, consumer and commercial loans, agricultural lending, mortgage financing, and ancillary services such as identity theft protection, safe deposit boxes, insurance, and realty through three branch locations and digital channels. The bank's lending portfolio covers personal, auto, home, agricultural, and commercial loans, while deposits span multiple checking, savings, money market, CD, HSA, and IRA account types.

Product overview

Peoples Savings Bank is an independent community bank offering a comprehensive suite of personal and business banking products across three Iowa locations (Wellsburg, Dike, and Cleves). The core banking platform includes multiple checking account variants (PSB Preferred Rewards Checking with up to 3.46% APY, PSB Plus Rewards Checking with $6 monthly cashback, NOW Checking, and HiFi Money Market) and savings products (Regular Savings, Monster Saver Kids Savings, Christmas Club Savings, Certificate of Deposit, IRA, and HSA). Lending offerings span personal loans, auto loans, home loans (conventional mortgages, construction loans, home equity products), and business/agricultural loans. The bank also provides a mobile banking app (PSB Mobile Connect), business services including ACH processing and merchant capture, identity protection (ID TheftSmart), financial calculators, a travel club (Ventures), and insurance/realty services through affiliated companies Wellsburg Insurance Agency and PSB Realty. Debit cards include branded school pride cards (Cougar Pride, Wolverine Pride, Rebel Pride) that donate 6 cents per swipe to local schools.

Differentiator

Problem solved

Functional benefit

Brands

• Ventures Travel Club: PSB's travel and events program designed for travelers age 50 and older, offering activities including informational meetings, concerts, day bus trips, overnight tours and extended trips.

Products and services

• PSB Preferred Rewards Checking

Quantifiable outcome

• 5-star rating from Bauer Financial as one of the strongest banks in the nation
• +2 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature2 records

Partnerships

Three partnerships are on record, tiered core.

• Wellsburg Insurance AgencycoreOthersAffiliated insurance agency under PSB Corporation offering personal and commercial insurance products including auto, home, life, health, crop, and business insurance. Located in Wellsburg and Dike, Iowa. Serves Grundy County and surrounding areas.
• PSB RealtycoreOthersRealty subsidiary under PSB Corporation serving Wellsburg and surrounding counties as member of Northeast Iowa Regional Board of Realtors. Offers home buying and selling services through licensed agents.
• Apple Pay, Google Pay, Samsung PayTechnology or IntegrationMobile wallet integration allowing customers to make payments using PSB debit cards through Apple Pay, Google Pay, and Samsung Pay

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Veridian Credit Union: Iowa-based member-owned financial cooperative serving the Cedar Falls/Waterloo region, including Grundy County where PSB operates. Direct competitor for retail deposits, consumer loans, and small-business banking in the same trade area.
• GreenState Credit Union: Iowa-headquartered credit union with a broad retail deposit, lending, and ag-adjacent product suite serving consumers and businesses across the state. Direct community-banking competitor in the same Iowa geography with overlapping checking, savings, mortgage, and consumer loan products.
• West Bancorporation / West Bank: Iowa-based community bank holding company providing deposit, lending, and treasury services to businesses and consumers in Iowa and Minnesota. Closely comparable business model centered on relationship banking in the Upper Midwest.
• TBK Bank, SSB / Triumph Financial: Community-oriented bank holding company serving rural and small-town markets with deposit, commercial, and ag lending products. Highly comparable business model focused on relationship banking in smaller markets.
• MidWestOne Financial Group / MidWestOne Bank: Iowa-based community-oriented bank holding company offering commercial, ag, mortgage, and retail banking services across Iowa and the Midwest. Comparable in product mix and customer segmentation, though larger in scale, and competes for the same ag and small-business lending relationships.
• Meta Financial / Stride Bank: Iowa-domiciled bank holding company (now operating as Stride Bank) with community banking, ag lending, and specialty finance operations. Comparable in Iowa footprint and lending focus, including agricultural and small-business credit.

Broad incumbents

• Heartland Financial USA / HTLF: Multi-state community bank holding company operating more than a dozen bank brands across the Midwest, Southwest, and Mountain West. Larger, broader-based competitor with overlapping community-banking capabilities but a wider portfolio and geographic reach than PSB.
• First National Bank of Omaha: Large Midwestern private bank offering consumer, business, ag, and commercial banking across multiple states. Broader incumbent with overlapping retail and commercial capabilities, but a far larger and more diversified franchise than PSB.

Others

• Wellsburg Insurance Agency (PSB affiliate) and peer independent insurance agencies: Adjacent ecosystem participant — PSB's own insurance and realty affiliates plus peer independent agencies in the region. Included because insurance/realty commission income is a meaningful revenue stream for PSB and competes for the same rural household wallet share.

Regional players

• Wellsburg-area local bank competitors (e.g., First State Bank of Ackley, Iowa Falls-area community banks): Small community banks operating in adjacent Grundy/Butler/Hardin county towns (e.g., Ackley, Eldora, Iowa Falls) that compete directly with PSB branches for household and ag deposits in the same rural Iowa geography.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/PeoplesSavings
• Instagraminstagram.com/peoples.savings.bank
• LinkedInlinkedin.com/company/peoples-savings-bank-wellsburg-ia-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Peoples Savings Bank