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Melvin Savings Bank Merger Information

Home About Us Melvin Savings Bank Merger

Welcome to Iowa State Bank!

On June 30, 2021, Melvin Savings Bank will merge with Iowa State Bank!

 

What this means to you and your accounts...

This merger offers additional enhancements to the accounts you have, and more financial options to choose from to meet your needs. Product and services such as mobile banking and our great line of Kasasa checking and savings accounts, along with secondary market real estate loan options will become available to you on August 16, 2021. We encourage you to refer to this web page for current information about the merger. 

Iowa State Bank has a proud heritage...

of offering financial services with a level of personal service that is second-to-none. We're large enough to offer all the conveniences and specialized services you want, while preserving our local responsiveness and strong commitment to each bank's community. We're proud to have over 140 years of growth and success at Iowa State Bank, and welcome you to our family of customers!

Important Dates to Remember

  • June, 30: Melvin Savings Bank merges with/into Iowa State Bank
  • August 2:  Melvin Savings Bank credit cards will be closed. Begin using the new Iowa State Bank credit card
  • August 5-13:  Melvin Savings Bank account holders will receive their new Iowa State Bank debit cards by mail
  • August 13:  Melvin Savings Bank's online banking will be offline starting at 2:00pm
  • August 16:  Melvin Savings Bank accounts are fully integrated into Iowa State Bank. Your new Iowa State Bank debit card is now ready for use. You can now login to the Iowa State Bank online banking system.

About Your Account Number

For most customers your account number will remain the same. There are a small number of accounts that have been identified as duplicate account numbers with another Iowa State Bank account, as such we will need to change the account number on those accounts. Those customers will receive a separate letter with additional information.

PLEASE NOTE: The transit routing number will change. Iowa State Bank's transit routing number is 073922432.

Be sure to change any direct deposits you currently have set up through Melvin Savings Bank to utilize the new transit number (and new account number if your number is changing) effective August 16, 2021. This will prevent any unnecessary delays in crediting funds to your account. If you have any questions about your account number, just give us a call.

 

Merger Communications:

Welcome to Iowa State Bank Letter

Welcome Guide – Important Information about the Transfer of Your Accounts & Disclosures

 

Frequently Asked Questions

Q.  What is happening with my current bank location and employees? 
A.  After the merger becomes official on June 30, the Melvin Savings Bank locations in Melvin and Sibley will remain open, and you’ll continue to be served by many of the same employees you’ve come to count on, plus a few new employees. 

Q.  When will my accounts be transferred over to Iowa State Bank? 
A.   A systems integration will be completed over the weekend of August 13-15, at which point your accounts will be transferred to Iowa State Bank. Starting on August 16, you will begin using Iowa State Bank checks, debit cards, and credit cards, and able to access your accounts online through Iowa State Bank’s website. 

Q.  What is the Iowa State Bank website address?
A.  Iowa State Bank’s website is www.iowastatebank.net. After Friday, August 13, all Melvin Savings Bank website visits will be redirected to Iowa State Bank.

Q.  What is Iowa State Bank’s routing number?
A.  The routing number is 073922432

Q.  Do I have to change my accounts, sign new forms and so forth?
A.  Most account holders will not need to change their account number. The account type will be converted to an Iowa State Bank account type as outlined in the enclosed disclosures. With that said, we have found a small number of accounts that have a duplicate account number with an existing Iowa State Bank account. Those customers will receive a letter with further instructions.

Q.  What if I have deposits at both Melvin Savings Bank and Iowa State Bank? 
A.  If you have deposits at Melvin Savings Bank and Iowa State Bank you will still have two accounts. As a result of this transaction, your account(s) at Melvin Savings Bank will automatically become accounts at Iowa State Bank. As you may be aware, FDIC insurance generally covers a depositor’s account in any bank up to $250,000. Therefore, if, as a result of the transaction, you will have funds on deposit at Iowa State Bank in excess of $250,000, you should pay particular attention to this paragraph. In accordance with Section 8(q) of the Federal Deposit Insurance Act, in a transaction such as this, where the deposits of one financial institution are transferred to another financial institution, separate insurance on the transferred deposits will continue for six months.

 
FAQS ABOUT ONLINE BANKING

Q.  Will I use the same User ID to access my accounts at Iowa State Bank?
A.  Yes.

Q.  Will I use the same password that I use at Melvin Savings Bank to access my accounts online at Iowa State Bank?
A.   No. You will be given an initial password of isb + last 4 numbers of your ssn or tax id, (for example: isb1234). Upon first login on August 16, 2021 you will be asked to create a new unique password.

Q.  Will I have access to all my online banking history?
A.  No. You will need to download or record your online banking history from the old MSB system before 2:00pm on Friday,
August 13, 2021.

Q.  Will I still be able to pay my bills online using the Bill Payment feature? 
A.  Yes, Iowa State Bank offers a Bill Payment service.

Q.  Will I have access to my bill payment history? 
A.  No. You will need to download or record your bill payment history and current payees/payments prior to Monday, August 09, 2021.

Q.  How do I access Mobile Deposit? 
A.  You will have access to Mobile Deposit through the Iowa State Bank Mobile Banking app starting on August 16, 2021. Simply download the Iowa State Bank app from your phone’s app store and follow the instructions. Visit our Mobile Banking page for more information and instructional videos.

Q.  What are the limits for Mobile Deposit? 
A.  The limits for Mobile Deposit are as follows:

  • $2500 Daily Check Limit, $5000 Daily Mobile Deposit Limit
  • Checks must be endorsed “FOR MOBILE DEPOSIT ONLY” and signed
 
FAQS FOR DEBIT CARDS, CREDIT CARDS, AND SAFE DEPOSIT BOXES

Q.  When will I receive a new debit card? 
A.   You will receive a new Iowa State Bank debit card August 5 - August 13. You may begin using your new Iowa State Bank debit card on August 16.                     

VERY IMPORTANT: If you have automatic, recurring debits set up on your account, be sure to provide the new cardnumber and expiration date to every vendor that directly debits your account (merchants, auto bill payments, online wallets and/or merchant websites). 

Q.  What will happen to my Melvin Savings Bank credit card?
A.  You may continue to use your Melvin Savings Bank credit card until August 1, 2021. A new Iowa State Bank credit card will be issued to customers that currently have a Melvin Savings Bank credit card. On August 2, 2021 the Melvin Savings Bank credit card will be closed and the Iowa State Bank credit card will be active and ready to use. Please refer to the separate mailing to current Melvin Savings Bank credit card customers for more information about your new credit card.

Q.  What will happen to my safe deposit box at Melvin Savings Bank?
A.  Your Safe Deposit box will remain in the same location and will be accessible with the same key.

 
MISCELLANEOUS FAQS

Q.  What happens to my Certificate of Deposit or IRA? 
A.  There will be no change to the rates or terms that you currently have. Please see “Truth in Savings” for early withdrawal penalty details and auto renewal.

Q.  I currently have a loan with Melvin Savings Bank, how will it change? 
A.  All loans in force will continue as contracted, with no change in rates or terms.

Q.  My mortgage is with Melvin Savings Bank now.  What action must I take?
A.  The only change you will need to make is to make your payment payable to Iowa State Bank. Your mortgage terms will not change and Iowa State Bank will continue to service your mortgage locally.

Q.  Will I be able to continue to use my loan coupons when I submit my loan payment?
A.  Yes. You will continue to send your loan payments to your branch the same way, just made payable to Iowa State Bank.

Q.  Where do I mail my loan payments made on or after August 16, 2021?
A.  You can make your payments by mail or in person at any of the Iowa State Bank locations.

 

 

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