The State Savings Bank was granted a charter from the State Banking Department on the 24th day of December 1914, and began operating on January 1, 1915 in Sharpsburg, Iowa. In 1977, controlling interest in the bank was sold to Bedford Bancorp, owned by Tad (Skip) and Jill Hammond of Nebraska City, NE. In 1998, the bank charter was moved to Creston, Iowa. In 2011, Valley Bank & Trust in Cherokee, Iowa was merged into State Savings Bank.
After 46 years of continuous ownership, the Hammond family has made the difficult decision to sell their interest in the bank holding company (Bedford Bancorp) to a group of primarily local investors, subject to regulatory approval. The group consists of 30 investors that have ties to the communities that are served by State Savings Bank. The goal of the Hammond Family and the investor group is to allow State Savings Bank to continue to provide excellent community banking services to the areas they serve. All of the current employees and directors will remain with State Savings Bank under the new ownership. The sale is anticipated to close in the second quarter of 2023.
State Savings Bank ended the year in 1915 with roughly $33,000 in deposits. Today, the bank has grown to over $150 million in assets and operates five convenient locations for its customers to do their business in Bedford, Clearfield, Creston, Cherokee and Marcus.
Over the years of operation, the State Savings Bank has been a very progressive and community-minded business. Area projects have been backed with personal and financial support, and the betterment of any area project has been our goal. State Savings Bank has been, and will continue to be, vitally interested in the betterment of Iowa and its future.
Please contact David Henry at State Savings Bank, 612 Central Ave, Bedford, Iowa, or at 712-523-2131 if you have questions or concerns.