Question 1

What is Corydon State Bank?

Accepted Answer

Corydon State Bank is a community-focused financial institution serving Wayne County in south-central Iowa. With approximately $130 million in total assets and $99 million in deposits as of mid-2024, the bank operates as a state-chartered insured commercial bank.

Corydon State Bank specializes in traditional community banking services, maintaining a single office location in its hometown of Corydon. The bank is a member of the Federal Deposit Insurance Corporation (FDIC) and focuses on serving the financial needs of individuals, families, and local businesses in the surrounding rural communities.

Question 2

When was Corydon State Bank founded?

Accepted Answer

Corydon State Bank was established on January 1, 1926, under its original and current name. The bank has maintained its charter and identity for nearly a century, serving the Corydon community through multiple economic cycles including the Great Depression.

The institution underwent significant regulatory changes in its early decades. In June 1940, it changed from FDIC supervision to Federal Reserve Board oversight and became a state member bank of the Federal Reserve System. This status lasted for 25 years until March 1965, when the bank returned to FDIC supervision and became a state non-member bank, which remains its classification today.

Question 3

Where is Corydon State Bank headquartered?

Accepted Answer

Corydon State Bank is headquartered at 201 W Jackson Street in Corydon, Iowa. Corydon serves as the county seat of Wayne County and is located in south-central Iowa.

Question 4

Where does Corydon State Bank operate?

Accepted Answer

Corydon State Bank operates exclusively from its single office location in Corydon, Iowa, in Wayne County. The bank serves the residents and businesses of Corydon and the surrounding rural communities in Wayne County and neighboring areas of south-central Iowa.

As a traditional community bank with one branch, Corydon State Bank focuses its services on the local market where it has maintained deep roots since 1926.

Question 5

What services does Corydon State Bank offer?

Accepted Answer

Corydon State Bank provides a comprehensive range of traditional community banking services tailored to both personal and business customers. Personal banking services include checking accounts, savings accounts, certificates of deposit, individual retirement accounts, and various consumer lending products.

For businesses, the bank offers commercial checking and savings accounts, business lending solutions, and agricultural financing services to support the local farming community. The bank provides convenient digital banking tools including online banking, mobile banking through a dedicated app, online bill pay, and mobile check deposit capabilities.

Drive-thru banking services are also available for added customer convenience. The bank maintains a strong focus on privacy and security in all its banking operations.

Question 6

What makes Corydon State Bank unique?

Accepted Answer

Corydon State Bank's distinction lies in its nearly century-long commitment to serving a single community with personalized, relationship-based banking. Since 1926, the bank has remained independently focused on Wayne County, maintaining stability through a single location rather than pursuing expansion.

This longevity and local focus enable the bank to develop deep understanding of the community's needs, from supporting local agricultural operations to serving multi-generational family relationships. The bank's financial performance demonstrates this successful model, with a strong return on assets of 1.89% and return on equity of 8.23% as of mid-2024.

As a member of the Community Bankers of Iowa, Corydon State Bank embodies the principles of community banking while providing modern conveniences such as online and mobile banking services.

Question 7

What type of financial institution is Corydon State Bank?

Accepted Answer

Corydon State Bank is a State Non-Member Bank. This designation means it is chartered under Iowa state law and regulated by the Iowa Division of Banking and the FDIC, but is not a member of the Federal Reserve System.

State non-member banks combine state-level regulatory oversight with FDIC insurance protection, operating under state banking laws while meeting federal deposit insurance requirements. This structure allows Corydon State Bank to serve its local market with flexibility while maintaining the safety and soundness standards required by federal regulators. The bank carries FDIC certificate number 13616.

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