Vogel Bancshares Inc. of Orange City, Iowa began in 1988 when Franklin Vogel, the chairman of Diamond Vogel Paints of Orange City, saw the need for a local community bank in Orange City. This simple concept has led to the Iowa State Bank that you know today, which includes the purchase of three bank charters in seven different communities.
The first purchase was the Sioux County State Bank of Orange City in September of 1988 from the original incorporators. The bank was incorporated on the 7th day of March 1973 by: John A. De Wild, Stanley G. Smith, Larry D. Peterson, Douglas T. Newman, and Kenneth H. Hulquist. The bank opened for its first day of business on April 14, 1973 with total assets of $500,000. At the time of the sale to Vogel Bancshares, Inc., the Sioux County State Bank had $17,000,000 in total assets.
The bank opened in 1973 in the 209 professional building until October, 1974 when it moved across the street into the new 9,300 square foot building where the bank is still located today. A new 12,000 square foot two story addition was added in 1998.
On April 29, 1996, the bank changed its name from Sioux County State Bank to Iowa State Bank.
The Orange City Bank opened a branch in Alton, Iowa in July of 1997 by remodeling the Alton drive-in on the south edge of Alton to increase the trade territory of the bank.
The second bank charter purchase by Vogel Bancshares, Inc., was on March 10, 1992 of the Iowa State Bank of Hull, Iowa. The bank originally opened under the name of Baumann Brothers Bank in 1879 in the growing young town of Pattersonville. They then formed a new bank to succeed it on January 1, 1889 named the Iowa State Bank with capital stock of $35,000. The original stockholders and incorporators were Henry J. Baumann, Heinrich Baumann, J.H.C. Baumann, President, Robert Schoeneman, Vice President, S.I. Clark, Cashier and Treasurer, E.H. Reimann, Assistant Cashier and Secretary. Vogel Bancshares purchased the bank from the Reimann family who had obtained the majority shares over the years on March 10, 1992 with approximately $19,000,000 in assets.
The bank closed during the Great Depression of the 1930s but was released from these restrictions on February 1, 1934 when it was allowed to reopen. The bank moved to its present location in 1934 where it still resides today.
The bank then opened a loan production office in the neighboring community of Sheldon on February 20, 1996, and made application with the state to move the charter to Sheldon to open up an office. Approval was given and the charter was moved on June 23, 1996, while making Hull bank an office. The Sheldon bank was opened in a 1,100 square foot building on Main Street, while a new 6,000 square foot building was built in 1998.
The third bank charter purchase was the Security Savings Bank of Ireton and Craig, Iowa. Security Savings Bank was organized on February 11, 1915 by G.E. Campbell, F.C. Danforth, W.R.Wood, R.H. Campbell and S. Snieder. They were also the first board of directors. The bank also closed during the Great Depression and then reopened in 1934 when sufficient capital was raised and is also the time when G.A. Juffer became President and Executive Officer in 1954, and then became Chairman of the bank until the sale of the Bank to Vogel Bancshares, Inc. on July 31, 1996.
At the time of reorganization of the bank in 1934, the bank had $18,000 in capital and $78,000 in deposits, and $42,200 in loans and had grown to $20,779,000 in deposits, $8,671,686 in loans, and $25,297,000 in total assets when the bank was sold to Vogel Bancshares, Inc.
On December 1, 1996, the bank changed its name from Security Savings Bank to Iowa State Bank.
The bank then merged with the Iowa State Bank of Orange City on December 31, 1997 to form one bank with $87,618,000 in assets and four separate locations in Alton, Craig, Ireton and Orange City.
On December 31, 2001, the Iowa State Bank, Orange City merged with the Iowa State Bank, Sheldon to form one bank with $196,790,000 in assets and six separate locations in Alton, Craig, Ireton, Orange City, Hull and Sheldon. The charter was then moved back to the Hull bank with an existing charter since 1879.
In April of 2000 Vogel Charities bought the De Koster Insurance Agency in Hull, Iowa from John De Koster. De Koster Insurance Agency was a family owned business for over 70 years. They changed the name to ISB insurance, inc. and sold auto, home and business insurance. On September 30, 2002 Iowa State Bank bought ISB insurance, inc from Vogel Charities to become a wholly-owned subsidiary which includes life, health, and crop insurance as well.
In 2004, Iowa State Bank celebrated its 125th anniversary as a bank with over $214,638,000 in assets. This is the original Hull Bank Charter originated by the Baumann Brothers in 1879.
On March 26, 2004, Iowa State Bank purchased the American Interstate Bank branch in Paullina, Iowa from the James family of Omaha. The bank began with its first meeting on March 31, 1886 as the Farmers State Bank of Paullina, Iowa with original stock of $25,000. The original stockholders split the stock evenly between Ralph Dodge, L.M. LaRue, W. W. Johnson, George Hakeman, and Stephen Harris, with Hakeman being elected President and Harris Cashier.
The bank changed charters, names and ownership over the years until 1984 when the Royce Corporation purchased the First National Bank along with the three other Iowa Banks. On March 26, 2004 Iowa State Bank purchased the loans of $3,442,000 and deposits of $12,513,000 from American Interstate Bank to add to the other six existing locations of Iowa State Bank which now totals $223,975,000 in total assets.
September 20, 2004 Iowa State Bank purchased two branches of First Federal Bank of Siouxland in Sheldon and Orange City, Iowa. These two offices were from the original First Federal Savings and Loan Association of Sioux City that was founded in 1923. The Orange City branch was opened in April 1974 and had a deposit base of $10,136,522 and loans of $6,229,542, while the Sheldon branch was opened in April 1976 and had a deposit base of $16,956,932 and loans of $10,799,788. In 1992 they converted from a mutual holding company to form a fully-converted stock form of ownership and came under the ownership of First Federal Bancshares, Inc.
This acquisition brought the Iowa State Bank total footings to the $250,000,000 mark and was spread to nine different locations in seven different Northwest Iowa communities.
In January 2005, Iowa State Bank purchased the Kooima Insurance Agency from John Kooima in Hull, Iowa. John Kooima started his agency in April of 1984 to be able to offer more to his customers. John operated out of his home and did business "door-to door" and "farm to farm". He was able to increase his book of business every year of operation for the Agency until the sale to ISB insurance, inc.
Due to the close proximity of the two First Federal offices in Orange City and the two in Sheldon the Board decided to consolidate the former First Federal Buildings. The Orange City office combined on March 1, 2005 and the Sheldon office on May 31, 2005 with both First Federal staffs moving to the Iowa State Bank offices.
In February 2005, Iowa State Bank opened a new branch office in Sanborn, Iowa. The Sanborn office was opened in a 960 square foot building on Main Street with three staff members. The office was opened to service existing Sanborn customers banking in our Sheldon office and at the former Sheldon First Federal Bank office which we acquired in 2004. During that time a new building was being built on the highway and on January 11, 2007 we opened its doors for buisiness.
The Bank's Board of Director's announced that on November 17, 2006 the Bank's Alton office would close. The services available at the nearby Orange City office had been servicing both communitites so a full service ATM was located at the Alton office and the facility closed.