History of Our Bank

Our history and most of our staff’s biographies are defined among the small towns and beautiful countryside of southern Iowa’s rolling hills. Iowa State Savings Bank is and always has been locally owned and managed by people who are your neighbors and friends.

Ten investors formed Iowa State Savings Bank in Creston, Iowa in 1883. Except for the foresight of twenty-six business men and women, the Creston bank would have closed in 1940 when the then majority owners wanted to pay off depositors, collect the loans and retire. The twenty-six savvy, community-minded investors banded together, bought out the former majority owners and kept the bank locally owned and available to serve the community.

The Lenox branch of ISSB traces its roots to 1934 when new investors founded the First National Bank in Lenox after the First National Bank of Lenox failed. In 1971 the Lenox bank joined a South Dakota-based banking chain, and in 1978 an Iowa-based banking group. An individual bought the Lenox operation in 1978 and subsequently merged the Iowa bank into an Arizona bank charter. In 2007 ISSB acquired the Lenox and Corning, Iowa branches from Union Bank, N.A., reestablishing local management and ownership to these branches and communities.

Union Bank opened a Corning branch 1990. ISSB’s Corning branch is in a turn-of-the-century, historic building and features natural brick walls and a beautiful walnut teller counter with an antique brass teller cage salvaged from a 1920’s-era bank. The teller cage had been stored for decades in an upstairs store room in Lenox. The branch befits this award-winning, Main Street community.

Our staff in all three towns has decades of experience providing customers with safe and secure deposit and loan services, and as community and business counselors and leaders. With 2 full service locations (plus a motor bank facility) in Creston and full service locations in Lenox and Corning and the area’s most extensive ATM network, ISSB is positioned to provide unmatched convenience and unmatched ability to help customers achieve their goals and aspirations.

Many of our customers, our staff, management, directors and owners take considerable pride in the bank's history. Our heritage includes John Gibson as President and his more famous son-in-law, Frank Phillips, as a Vice President before Mr. Phillips found fame and fortune as the founder of Phillips Petroleum. Master builder S. Ray Emerson led the 1940 recapitalization of the bank after leading the Creston community through the depression as 5-term mayor, followed by a term in the State Senate. Later as Chairman of the Iowa Highway Commission he helped “pull Iowa out of the mud”.

From 1951 to 1993 Joe Knock led ISSB as President. He was also a founder and helped energize the Creston Development Company which answered the challenge as the CB&Q Railroad shrank its local workforce in the difficult years of the 1950’s and 1960’s. Creston Development’s efforts helped bring or grow many of the industries that have employed generations of area residents in subsequent decades. Six ISSB officers who worked with Joe Knock went on to become presidents of other banks, including Dave Driskell, who joined ISSB as a commercial lender in 1977 and succeeded as ISSB President in 1993. Dave has been a force for positive community adaptation and change through 3 challenging decades. Senior Vice President Gary Zabel’s father, Ralph Zabel, did very similar work as President of the bank in Lenox to ensure Lenox would be the best community it could be, as has Gary in a career-long role helping guide and assure Lenox’s success.

Many area century farms have had decades- or even century-long relationships with our agriculturally-centered bank. We count many multi-generational farm and area business families among our friends and customers. We take pride also in helping new and emerging families and individuals build and retain wealth, and enjoy successful living among the good people and beautiful hills of this industrious country.