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History of Iowa State Bank & Trust Company
It was the middle of the Great Depression, a time of want, hardship and economic turmoil. All five of the old banks in Iowa City had failed and closed, leaving only a single remaining bank in town. It seemed an unlikely time to start a new bank, but a group of citizens saw a need for another bank and some banking competition. They approached Ben S. Summerwill. Summerwill had moved from Iowa to South Dakota to pursue his dream of becoming a successful cattle rancher. When the Great Depression claimed his spread, Summerwill returned to Iowa to work for the Iowa State Department of Banking, liquidating failed banks.
As the examiner in charge of the failed banks in the Iowa City area, Summerwill took the unusual step of loaning money out of a closed bank to help people get going again. The experience of losing his own money had given him perspective on how to deal with people in the same situation; he could empathize. As a result, the group of citizens promoting the idea of a new bank in town decided that Ben S. Summerwill was just the man they were looking for. After a good deal of consideration, he agreed to open a bank in Iowa City.
On October 15, 1934, with deposits totaling more than $368,000, the Iowa State Bank & Trust Company opened for business at the corner of Clinton and Washington Streets in downtown Iowa City. More than 70 years later, ISB&T is one of the 20 largest out of 400 banks in Iowa.
Ben S. Summerwill, or "Grandpa Ben" as he later came to be known by bank employees and family alike, probably never would have imagined that ISB&T-a bank that arose from the depths of the Great Depression-would grow so much. It is no mere coincidence that Grandpa Ben's three basic principles for running the bank remain at the core of day-to-day operations today:
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Hire excellent employees
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Take care of your customers
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Conduct yourself and your business with the utmost integrity
ISB&T remains a community bank with deep family roots. The Summerwill family continues to be actively involved in the ownership and management of the bank. Ben S. served as Chief Executive Officer from 1934 to 1954. He was succeeded by his sons, William W. "Bill" Summerwill and Ben E. Summerwill, both of whom undertook the position of CEO during their careers at ISB&T. W. Richard "Dick" Summerwill, Bill's son, began working at the bank in 1963; he served as President and CEO from 1984 until his retirement in 2000. Dick continues his involvement as Chairman of the bank's Board of Directors and holding company. Additionally, family member John S. Koza retired in 2000 after 25 years at the bank, and continues to be active on several committees and as a bank Director.
Other family members from the next generation have been and continue to be active in the bank-including Kristin Summerwill, who was head of Marketing for the bank in the 1980s and continues to oversee the bank's art program; and Suzanne Summerwill, who retired at the end of 2007 as Senior Vice President of the Investment Division and continues to serve on the bank’s board of directors.
Current President and CEO Charles N. Funk, or "Charlie," joined the bank in October 2000 as the first non-family member to head the bank. Instilled with the tradition of community banking by his father, a community bank owner himself, Charlie believes that the secret to ISB&T's success is as simple as that which has guided the bank since 1934-a passion for your work and a commitment to doing things right. Grandpa Ben's spirit lives on.
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