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Iowa: Banks’ Economic Impact

Banks support Iowa's economy with consumer, business and other loans, and by providing more than 33,000 people with a rewarding place to work.

Find State-by-State Data #
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  • 33,469Employees

  • $3.1 BTotal Annual Compensation & Benefits

  • $91,831Average Total Compensation & Benefits

  • 266 Banks Headquartered in State

A Veteran Helping Veterans

Lincoln Savings Bank in Grinnell, Iowa has a leader who is committed to veterans. Mike Olson, the bank’s vice president, a retired lieutenant colonel in the Iowa Army National Guard, helps veterans build small businesses.

Source: FDIC branch deposit data (2021 Q2), FDIC Call Report 2Q2021, 2021 BLS/US Census Quarterly Census of Employment and Wages (QCEW) for Credit Intermediation and Related Activities, and ABA Analysis



  • $10.8 BNew Home Loans Booked in 2021

  • 52,209Number of New Home Loans in 2021

  • $155,000Median New Home Loan Size in 2021

  • $3.7 BSmall Business Loans

  • 267.1 KNumber of Small Business Loans

  • $13,991Average Small Business Loan

  • $2.5 BSmall Farm Loans

  • 34,152Number of Small Farm Loans

  • $86,130Average Small Farm Loan

People's Bank President Kevin Halterman

Bank Secures Funding to Save Businesses

People's Bank President Kevin Halterman

As soon as first and second rounds of PPP funding were approved, People’s Bank loan officers immediately reached out to their customers to guide them through the process. In total, People’s Bank helped 165 businesses secure $20 million to offset losses due to the effects of the COVID-19 pandemic. The average loan size was $115,137—spread across the small business, commercial, healthcare and agricultural sectors. “The program was a true blessing and lifeline for our small businesses and communities,” said People’s Bank President Kevin Halterman.

More stories on Lending #

Source: CFPB HMDA data, year-end 2021; FDIC Call Report 2Q2021 and Year-End 2021; 2021 USDA Quarterly Farm data and USDA/Census Data from 2017 State of Ag Survey; 2021 SBA/Census Data and ABA analysis



  • 15.1 MCustomers

  • $113.2 BDeposits

  • 295Banks Operating Branches

  • 1,462Branches & Offices

  • 224Branches Offering Low Fee Bank On-certified Accounts

Two people hold up a sign that got them $15 off a meal at a local restaurant

Supporting Local Restaurants

Two people hold up a sign that got them $15 off a meal at a local restaurant

Washington State Bank in Iowa hosted a virtual Cash Mob event to help support local businesses during the COVID-19 pandemic. The bank selected an area restaurant to “mob” by posting the announcement to social media, and members of the community were encouraged to call for carryout that evening. The first 15 customers at each restaurant were given “cash mob bucks” to put towards their order.

More stories on Serving Customers #

Sources: Estimates based on ABA 2020/2021 survey data; FDIC Summary of Deposit (SOD) 2021Q2 Data; Cities for Financial Empowerment Fund

Giving Back

Giving Back

  • 238.7 KVolunteer Hours

  • $50.4 MCommunity Donations

An Advocate for Home Buyers

Wells Fargo, in West Des Moines, Iowa, has made a major commitment to assisting that community with home buying.

Source: Estimates based on ABA 2020/2021 survey data

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