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Iowa: Banks’ Economic Impact

Banks support Iowa’s economy with consumer, business and other loans, and by providing more than 39,000 people with a rewarding place to work.

Find State-by-State Data #
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Jobs

Jobs

  • 39,512Employees

  • $4 BTotal Annual Compensation & Benefits

  • $100,585Average Total Compensation & Benefits

  • 265Banks 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 (2020), estimates based on ABA 2020/2021 survey data

Lending

Lending

  • $11.8 BNew Home Loans Booked in 2020

  • 58,880Number of New Home Loans in 2020

  • $155,000Median New Home Loan Size in 2020

  • $5 Bin Paycheck Protection Program (PPP) Loans Facilitated

  • 57,068PPP Loans

  • $20,021Median PPP Loan

  • 571.3 KJobs Supported by PPP

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: Estimates based on ABA 2020/2021 survey data, HMDA, SBA PPP Loans

Customers

Customers

  • 4.4 MCustomers

  • $101 BDeposits

  • 297Banks Operating Branches

  • 1,494Branches & Offices

  • 175Branches 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 #

Source: Estimates based on ABA 2020/2021 survey data, FDIC branch deposit data, CFE Fund and S&P Global Market Intelligence

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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