History of Maquoketa State Bank
1958 | September of 1958, Maquoketa State Bank began operations on Platt Street
1961 | MSB moves to Main Street location
1966 | John W. Fagerland and Edward L. Tubbs purchased controlling interest in Maquoketa State Bank
1981 | Al Tubbs joins MSB brand after serving as President of First Central State Bank since 1972
1979 | Westside location opens near Highway 61
2000 | Maquoketa State Bank offers internet banking
Andrew location opens
2002 | Preston location opens
In 1958, a group of local businessmen saw the need to establish a second bank in Maquoketa, Iowa. After approval was received from the Department of Banking in September of that year, Maquoketa State Bank began operations on Platt Street.
The Board of Directors for the new bank included:
Dr. M.A. Dalchow, President
Tom Myatt (father of long time director Harold (Bud) Myatt)
M.J. Pooler, Executive Vice President
In 1961, the bank moved from West Platt to a new building on North Main Street.
In 1966, two Vice Presidents employed at Jackson State Bank, Ed Tubbs and John Fagerland, bought the majority stock of Maquoketa State Bank (MSB). The total assets at that time were $3.2 million. The bank had four full-time employees and two part-time employees. On May 16, 1966 the transfer of ownership and management was complete, bringing many changes. The titles of the two executives were determined by a flip of a coin.
Being named President, Edward Tubbs had a rich history in farm management and the Executive Vice President, John Fagerland was well known for his success as bank manager and installment Loan officer. This joint and equal partnership was extraordinary. They complemented each other in all phases of banking and decision-making.
Al Tubbs joined the bank in 1981, further complementing the team. Al had been actively involved in Ohnward Bancshares, had served as President of First Central since 1972.
Management focused on building a customer-first, relationship oriented, progressive bank. The staff employed a philosophy of getting out of the bank, onto the streets, and into area businesses and farms to helping clients grow their businesses and achieve financial goals. This allowed for rapid bank growth, as new business came fast.
As the assets grew, so did the bank’s physical footprint. Various renovations and additions were made to the main bank, including a westside branch, in 1979.
In December of 2000, a branch opened in Andrew. With the new millennium, MSB moved into internet banking, and later mobile banking (2009).
The Preston location was added November 1, 2002.
Through all the changes, one thing has remained the same, the bank’s dedication to the communities it serves. MSB’s staff is known for their dedication of time and efforts to business development, volunteerism, and promotion of projects benefiting the surrounding area. MSB is proud to have been a major factor in the attraction and expansion of businesses and jobs in the Maquoketa area.
Throughout history, MSB has emerged as the largest bank in the Jackson County and continues to expand its market geographically.
Ohnward Bancshares, Inc.
Today Ohnward is a billion-dollar plus holding company with 18 financial offices in Eastern Iowa including Maquoketa State Bank with offices in Maquoketa, Andrew, and Preston; Ohnward Bank & Trust with offices in Baldwin, Cascade, Monticello, Marion, Central City and Cedar Rapids; First Central State Bank with offices in DeWitt, LeClaire, Clinton, Goose Lake and Eldridge. Trust services are offered through all banking offices under the Ohnward banner, which includes Ohnward Insurance Group, Central Realty, Ohnward Financial Advisor Services, Ohnward Farm Management, Ohnward Tax, Accounting and Business Services, Vosler Investment Group and Ohnward Wealth & Retirement. Ohnward Bancshares, Inc., has assets of $1.4 Billion, capital of $180 Million and employs over 260 full and part time employees. Ohnward is locally owned by shareholders living primarily in Jackson, Clinton, Scott, Jones, and Linn Counties. Bank management’s focus continues to be helping clients and communities grow and prosper. The banks and ancillary businesses have a strong record of community and economic development, and educational and cultural support within the markets they serve.