Situated in the tiny town of Pilot Grove, Iowa, lies a seldom told success story. With origins in a tiny 30-foot by 30-foot structure, the Pilot Grove Savings Bank was established on May 12, 1911. Then, twenty-three investors pooled a total of $10,000 to start the bank and set up business in the small building on the western side of the only street in Pilot Grove, Iowa.
Since that day, the bank has continued to grow and prosper, serving customers in the bank’s Southeast Iowa locations as well as many across the country. In 1951, the original structure was expanded. The original vault used in the building was preserved and is still in use today. In 1962, the bank virtually doubled in size as an additional wing to the facility was added. The structure was presumably completed 21 years later in 1983, with a second additional wing on the opposite side of the building.
During the summer of 2006, construction once again began on the Pilot Grove building. Over 3,800 square feet of office space, a larger computer room, vault storage, and more was added to the northern portion of the building. While the actual bank building has more than quadrupled in size over the past 50-plus years, the institution itself has continued to grow with the addition of branch offices in seven neighboring towns.
A branch office in Houghton, Iowa was opened in 1980, and branches in Donnellson, Iowa and West Point, Iowa were added in 1983, and 1992, respectively. In January 2001, Pilot Grove Savings Bank acquired branches in Mount Pleasant, Iowa and Packwood, Iowa and in July 2004, an additional branch on the square in Mount Pleasant was acquired along with a branch in Winfield, Iowa. In October 2004, the Mount Pleasant branch on the square was closed. Less than two years later in August, 2006, Pilot Grove Savings Bank’s first supermarket branch opened in the County Market grocery store in Fort Madison, Iowa. All branches offer bank customers the same up-to-date products and services with increased convenience.
With customer loyalty on its side, the Pilot Grove Savings Bank has prospered throughout the years despite the depression during the 1930’s, countless recessions, and a rapidly fluctuating farm economy. Now, entering the 21st century, with more than 70 employees, over $240 million in assets, and some of the most technologically advanced banking systems available,the institution’s main goal remains as it was in 1911 - to serve the customer well!!!
