Farmers State Bank has been locally owned and operated with the same name for more than 130 years. The Farmers State Bank of Jesup was organized in 1879 as a private bank under the name of Farmers Bank of Jesup. Thomas Taylor was the first president with J.A. Laird as his vice president. In 1882 the Farmers Bank of Jesup was organized under a National Charter. Then, in 1886 the principal owner reorganized under the name Farmers Bank, Jesup, Iowa, with the same officers and directors it had previously but with James Dalton as the president.
The Farmers Bank changed its name in 1903 to Farmers State Bank, Jesup, Iowa—a corporation under the Laws of the State of Iowa, with $25,000 capital. In 1915 William W. Blasier was elected president. At his resignation, capital was $185,000 and deposits were $1,870,000. John B. Thompson was elected president in 1950 and served until 1952. Following him, David Toussaint was elected president in 1952 and served until 1955. Coll R. Duroe was elected president in 1955 and served until his death in 1978 when his son, Albert C. Duroe, was elected. Albert C. Duroe remained in the president position until turning it over to the current FSB president, Todd Rohlfsen. The current Board of Directors is made up of Albert Duroe, Sue Duroe, Rodney Duroe, Todd Rohlfsen, John White, Jerry Fratzke, Roger Hershberger and Mike Fereday.
Growth has always been a part of FSB’s vocabulary and is ever-present in the bank’s future. Today, the bank’s asset size has grown to more than $300 million — a significant increase from the asset size of $250,000 in 1886. FSB began to expand its locations in 1979 when the Jesup branch moved from its original location at the local court house to where it currently resides today. FSB’s Raymond branch was opened in June of 1976. In 1997, FSB opened the first office in Waterloo at the Crossroads Econofoods Grocery Store. October 1999 marked the opening of the location in Dunkerton, Iowa. In 2000, FSB opened the 1009 Peoples Square branch and consolidated the Waterloo operations into its location. Since then, FSB has remodeled and expanded the bank, almost tripling the size. In December of 2007, FSB opened the Cedar Falls location at the corner of Hudson Road and First Street. 2009 was an exciting year for FSB. The sixth location was opened in Gilbertville and FSB acquired a financial service company, Warner Financial, changing the name to FSB Warner Financial, Inc. This allows FSB to be a full service financial institution from deposits to loans, to trust, estates, and investing in stocks and bonds. 2009 was also the banks 130th anniversary of being a locally owned business with decisions that are made locally. In 2011, FSB opened its seventh branch in downtown Waterloo at the corner of 6th and Jefferson. In 2012 FSB started the year off with a bang, opening its eighth bank branch in La Porte City.
For several years Farmers State Bank has maintained a spot in the top ten lenders in the state of Iowa for Small Business Administration (SBA) lending by providing nearly $9 million in loans to local businesses. Most recently FSB has been recognized as the third largest depository bank in Black Hawk County. FSB has continued to maintain its primary goal of lending to the agriculture market and its continual growth among the Cedar Valley area. FSB is proud of the breadth of products and services that are now available to all of their customers.