Pilot Grove Savings Bank will open its doors for business at 9 a.m. Monday in Keokuk for the first time ever in its more than 100 years of existence.
Established in 1911 in Pilot Grove by a group of community leaders, the bank – with its recent acquisition of State Central Bank locations in Keokuk – now has 14 branch offices in nine Southeast Iowa communities.
Ted Vonderhaar, president and CEO of Pilot Grove Savings Bank, intends for the transition in Keokuk to be seamless.
“After the close of business Friday, Keokuk offices normally open on Saturday will be closed so we can work through technology issues,” Vonderhaar said.
A combination of new equipment and programming will be installed and temporary signage will go up on each branch office.
Familiar faces will be on hand to greet customers on Monday, and packets describing the Pilot Grove Savings Bank mission, way of doing business and general history will be available to customers.
“For the most part, Keokuk’s frontline service people will stay with us,” Vonderhaar said. “They are a great group of people and we’re happy to join them and continue the customer service they have maintained.”
Among the first questions Keokuk bank employees asked Vonderhaar’s team was “how will this affect customers?” he said adding, “when customers are a significant part of your world, you get protective.”
“Our rates on deposits will go into effect on Monday,” Vonderhaar said. “Rates will vary depending on the products and their terms. We feel our rates will be competitive.”
On Monday, permanent signage will be installed by Century Signs of Quincy, Ill., according to Carol Remick, marketing director.
However, pretty much everything else will stay the same, including hours and locations throughout Keokuk.
Vonderhaar describes Pilot Grove Savings Bank as a community institution that stays in a two-way relationship with its customers for their lifetime, their children’s lifetime and beyond.
“We have that family feel,” said Remick. “We go to the same church and sit at the same ball games. There’s nothing stuffy about us.”
The bank participates in all of the communities it serves, Vonderhaar said.
“Please contact us,” he said. “We believe it is very important to contribute to the different causes and activities in the community.”
“We do look forward to entering the Keokuk market,” Remick said. “We want to be there. We’ve met employees and believe they have the right customer focus. The people there deserve a lot of credit. This will be a partnership. It’s not just us coming in and it entirely being about us. We want to build on to and support the relationship.”
Through agreement and negotiation, Pilot Grove Savings Bank is buying specific loans and assuming ownership of specific assets as part of its acquisition of State Central Bank’s Keokuk holdings.
At present, Pilot Grove’s loan portfolio is made up of about 45 percent agricultural loans, 45 percent consumer and real estate loans, and the balance in commercial and other loans.
Bank employees are able to participate in a stock ownership plan with Pilot Grove. Through that, employees own 25 percent of the bank’s stock.
“They draw a wage and share in the benefits of ownership,” Vonderhaar said. “We have a loyal and committed staff.”
Other bank locations include Houghton, Donnellson, Mount Pleasant, West Point, Packwood, Fort Madison and Winfield. The bank will open its 15th branch office next year in Fairfield.
Bank customers can use any of the branch offices to conduct business.
Call Remick at 888-283-2265 or 319-469-3951 for more information.
Pilot Grove Savings Bank will maintain baking hours at the following locations in Keokuk:
Main bank, 601 Main St. – 9 a.m. to 3 p.m. lobby, Monday-Thursday; 9 a.m. to 5 p.m. Friday; and closed Saturday.
Motor bank, 200 Main St. and Drive up bank, 201 Boulevard Road – 9 a.m. to 5 p.m., drive-up and lobby, Monday-Friday; and 9 a.m. to noon lobby, Saturday.
County Market branch, 2122 Main St. – 9 a.m. to 5 p.m., Monday-Friday; 9 a.m. to 2 p.m., Saturday.