Question 1

What is State Savings Bank - Rake?

Accepted Answer

State Savings Bank - Rake is a community-focused state bank serving northern Iowa's Winnebago County region. With approximately $82 million in total assets, the bank operates as an independent, locally-owned financial institution providing traditional banking services to individuals, families, and businesses in the rural communities of north-central Iowa.

As a single-office bank headquartered in the small town of Rake, State Savings Bank exemplifies the community banking model with deep local roots and personalized customer relationships.

Question 2

When was State Savings Bank - Rake founded?

Accepted Answer

State Savings Bank was incorporated in the State of Iowa on March 20, 1914, with its first board meeting held on January 15, 1914. The bank was established when it acquired the Rake Banking Company from A. A. Rake, who became the bank's first president.

The initial capitalization totaled $83,000 in assets, with $15,000 in capital raised from 35 local investors who believed in supporting their community's financial infrastructure. The bank began operations in a modest frame building on the corner of Grace and Main Streets.

In 1916, just two years after founding, the bank constructed a new brick building on its present site, signaling its commitment to permanence and growth. Johnnie Rake was named cashier at this time and served the institution for 38 years.

Question 3

Where is State Savings Bank - Rake headquartered?

Accepted Answer

State Savings Bank is headquartered in Rake, Iowa, a small rural community in Winnebago County in the northern part of the state. The bank has maintained its physical presence on its original site since constructing its brick building in 1916.

The facility has been remodeled twice—in 1964 and again in 1978—to modernize operations while preserving its place at the heart of the Rake community.

Question 4

Where does State Savings Bank - Rake operate?

Accepted Answer

State Savings Bank operates exclusively from its single office location in Rake, Iowa, serving Winnebago County and the surrounding northern Iowa communities. The bank's service area includes nearby towns such as Buffalo Center and the broader rural agricultural region of north-central Iowa.

As a community bank with one physical branch, State Savings Bank focuses on providing personalized banking services to local residents, farmers, and small businesses within its immediate geographic market rather than pursuing broader regional expansion.

Question 5

What services does State Savings Bank - Rake offer?

Accepted Answer

State Savings Bank offers a comprehensive range of traditional banking products and services tailored to its rural community. Personal banking services include checking accounts, savings accounts, certificates of deposit, and various loan products including mortgage loans, personal loans, and agricultural loans.

For business customers, the bank provides business checking and savings accounts, commercial lending, and cash management services. The bank has modernized its service delivery with digital banking capabilities including online banking platforms and mobile banking applications.

Additional services include debit card programs, safe deposit boxes, wire transfers, and other essential banking conveniences expected by modern customers while maintaining the personalized service characteristic of community banks.

Question 6

What makes State Savings Bank - Rake unique?

Accepted Answer

State Savings Bank's defining characteristic is its remarkable continuity of local ownership and commitment to a single community. Since 1973, the bank has been owned by the Swenson family, when Gordon and Marlys Swenson purchased controlling interest from L. A. Wirtjes and O. H. Toft.

This family ownership has provided stability and ensured the bank remains deeply connected to Rake and its surrounding communities. When the Swensons acquired the bank in 1973, it had $3 million in assets; under their stewardship, it has grown to over $82 million while maintaining its community banking philosophy.

The bank's over 110-year history serving the same small town demonstrates an extraordinary commitment to local banking, particularly in an era of consolidation and merger activity in the banking industry. State Savings Bank has resisted growth through acquisition or branching, instead focusing on deepening relationships within its core market.

Question 7

What type of financial institution is State Savings Bank - Rake?

Accepted Answer

State Savings Bank is a state-chartered commercial bank operating under Iowa banking regulations and insured by the Federal Deposit Insurance Corporation (FDIC). As a community bank, it represents the traditional model of locally-owned and operated financial institutions that serve specific geographic areas.

The bank functions as both a retail bank, serving individual consumers and families, and a commercial bank, providing lending and deposit services to local businesses and agricultural operations. Its community bank designation reflects its small size, local ownership, relationship-based approach to banking, and focus on serving the financial needs of its immediate geographic area rather than pursuing growth through regional or national expansion.

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About State Savings Bank - Rake in the United States