BY PCC STAFF
WEST BURLINGTON – Pilot Grove Savings Bank received approval letters from both the Iowa Division of Banking (IDOB) and Federal Deposit Insurance Corporation (FDIC) to expand their operations to West Burlington.
The bank will be located in Becker Plaza, south of Shottenkirk, west of Becker’s Jewelers, and off of South Gear Avenue in West Burlington. A ribbon cutting and grand opening event will be announced at a later date, to give the public the opportunity to meet staff at the new location.
Pilot Grove Savings Bank’s first branch was founded in 1911 in the community of Pilot Grove. Starting in 1980 the bank opened a branch in Houghton followed later by Donnellson and West Point. In December 2000 the bank acquired Mount Pleasant and Packwood followed by acquisitions in Winfield, Fort Madison, and Keokuk. Most recently the bank opened a branch in Fairfield in 2014.
As their slogan says, employees have been “Working for Southeast Iowa” since the bank grew from approximately $12.9 million in total assets in 1976 to over $600 million in third quarter of 2019. With now more than 100 employees in Southeast Iowa and some of the most technologically advanced banking systems available, the institution’s main goal remains as it was in 1911- to serve the customer well.
Ted Vonderhaar, President & CEO of Pilot Grove Savings Bank explained, “Pilot Grove Savings Bank has been waiting for the right time to expand our operations to the greater Burlington area and when the space at Becker Plaza came available our board decided the location was right.”
“Pilot Grove Savings Bank has a long history of serving Southeast Iowa,” said Greater Burlington Partnership President Della Schmidt. “Congratulations to the bank on their growth into the greater Burlington marketplace. We are looking forward to celebrating with you at the opening of the branch office in West Burlington.”
Ted Vonderhaar continued, “We look forward to getting to know new customers. Our people are really what set us apart from the others. The banks largest shareholder is our Employee Stock Ownership Plan. When you meet with one of our staff members, you’re also meeting with one of our owners. We make quick decisions on loans and welcome new deposit customers. When you deposit with us the dollars stay local and are loaned out right back in your home towns. Let us demonstrate our unique approach to community banking.”