The Iowa Savings Bank started in 1902 in Coon Rapids, Iowa. The founders listed at the time of state chartering were: Warren and Edward Garst, Mrs. Charles (Laura) Garst, S.D. Henry, F.C. Jones and George Cretsinger.
 
Ownership of the bank has changed over the years but remains local today with Bill and Karen Hess, and Timothy Lee. Bill Hess has served as president of the bank since 1984. The bank’s board of directors consists of Bill Hess, Tom Farner, Dierk Halverson, Gene Vincent and Dick Fulton.
In February 1991, Iowa Savings Bank acquired a $22 million deposit branch of American Federal Savings Bank located in Carroll, Iowa.
In June of 1994 the Farmers National Bank of Bayard, Iowa with assests of $9.4 million merged into Iowa Savings Bank.