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1009 People Square
Waterloo, IA 50702

Farmers State Bank is headquartered in Waterloo and is the 28th largest bank in the state of Iowa. It is also the 1,217st largest bank in the nation. It was established in 1903 and as of March of 2014, it had grown to 83 employees at 9 locations. Farmers State Bank's savings rates are 92% higher than the national average, and it has a A health rating.

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Reviews (4)

Potential Customer Beware!

Looks can be deceiving!  Potential Customer Beware.   I moved to Farmers State Bank because of their ads and promises.  They stated they offer personal customer care and they would be willing to see a person for who they are not the money they are worth.  For the first year it was ok…..when it came to asking for a loan they said “no”.  Then advised me to get there credit card….which I did.  I lost my job and ended up moved away and was looking at foreclosure on my home.  Did they care no? 

I asked them to reduce my interest on the $3k, they said “no”, I asked them to make my payments smaller they said “no”.  I then advised “if they are not going to work with me to pay off this debt it will have to go to bad debt and then collections because I could not make their required payments.”

Now here is where their true colors shine; and why they are a terrible institution to do business with.  They knew I lived two states away and was having trouble getting back on our feet again.  They took my credit card debt to court to gain their money back.  Now they knew my new address but they did not tell the courts.  So by the time I got my paper work it was a week from the court date.  I could not take time off after receiving a new job or pay for the cost to travel back to Iowa.  I also did not have the money to hire an attorney.  So they got me in a rock and a hard place. 

So I had to sign their forms to stop the judgment from happening. (Barbara from their credit card department)  Well they lied and they did not stop the judgment from happening even after agreeing to their terms of $200/month PLUS INTEREST.  She was also not going to charge me for the court cost and now they are on my credit card statement.

But it does not end there either……if my checking account with them did not have the $200 in the account they would charge me $25 return transaction fee on my credit card statement.  Get another $30 from my checking account and charge me a late fee.  But when their full $200 is there they take it out the same day.  The credit card department and banking are suppose to be to separate businesses…..but somehow they conveniently now when money hits my account….you judge for yourself.  I just realized this was happening after going over some statements and I called them (Barb) on it.  She must think her words of “we have a court order” scares me.  What they are doing is unethical and wrong.  Take advantage of the ones who won’t put up a fight.

Well what more can they do to me?  I’m almost done paying back and can’t wait to close my accounts but before I do I want to tell the real story about how Farmers State Bank does business.  So potential customer beware!  Would you want to be in business with Farmers State Bank if an unforeseen life event happens to you?  They are only out to get your money and don’t care about the average hard working individual.

Stay Away From This Bank.

We opened accounts and less than a week later they changed account types. They knew ahead of time but opened the accounts anyway. Now we are out all the $$ for our new checks much less the almost 1.5 hours it took to get each of the accounts set up. They have a nice small town feel but no morals. They will lie right to your face.

Must Live Within 50 Miles Of A Branch To Qualify

We live in Iowa and applied for an account, but were turned down because we lived more than 50 miles from the nearest branch.  It currently doesn't say this on their web site, so be warned....

Only For Residents Of Blackhawk And Buchanan Counties

Although their website makes no mention of it, I found out the hard way that effective 8/1/10 FSB's Loyalty Checking account is restricted to residents of Blackhawk and Buchanan counties.  I learned this after wasting an hour of my life.  Unbelieavably, this bank did not grandfather in existing account holders living outside these two counties but instead converted those people's accounts to regular checking accounts.


Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Farmers State Bank had $1.08 million in non-current loans and owned real-estate with $48.73 million in equity and loan loss allowances on hand to cover it. This gives Farmers State Bank a Texas Ratio of 2.22% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Farmers State Bank decreased dramatically from 4.32% as of March 31, 2013 to 2.22% as of March 31, 2014, resulting in a positive change of 48.57%.This indicates that the balance sheet and financial strength for Farmers State Bank has improved dramatically in recent periods.

Deposit Growth


In the past year, Farmers State Bank has increased its total deposits by $55.75 million, resulting in 13.6% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Farmers State Bank has shown is excellent.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Farmers State Bank has $553.14 million in assets with $48.73 million in equity, resulting in a capitalization level of 8.81%, which is average.

Institution Statistics

FDIC Certificate #12855
Year Established1903
Primary RegulatorFDIC
Assets and Liabilities
Assets$553.14 million
Loans$472.14 million
Deposits$465.59 million
Equity Capital$44.10 million
Loan Loss Allowance$4.63 million
Unbacked Noncurrent Loans$419,000
Real Estate Owned$664,000
Historic Data - March 2013
Assets$485.67 million
Equity Capital$39.05 million
Loan Loss Allowance$4.29 million
Unbacked Noncurrent Loans$419,000
Real Estate Owned$980,000
Profit Margin - Quarterly
Net Interest Margin4.01%
Return on Assets1.66%
Return on Equity21.01%
Interest Income$5.94 million

Always verify rates and promotions with the bank or credit union. We are not Farmers State Bank, we are a rate comparison website and can not provide official rates or promotions.

Farmers State Bank Savings Account Rates

1.00%-$5kKids Count Savings
0.50%$100-Business Earnings Rate
0.50%$50-Certificate Savings
0.10%$50-Savings Account

Farmers State Bank Money Market Rates

0.35%$1k-FSB Brokerage MMDA
0.30%$300k-FSB MMDA Account

Farmers State Bank Checking Account Rates

2.02%-$20kFSB Loyalty Checking - Qualifying
0.15%$100k-FSB Platinum NOW Checking Account
0.01%--FSB Loyalty Checking - Non Qualifying

Farmers State Bank CD Rates

1.49%$1k-60-67 Month CD Special
1.20%$1k-36 Month Bump Up CD Special
1.10%$1k-24 Month Loyalty CD Special
0.95%$1k-5 Year CD
0.81%$1k-4 Year CD
0.80%$1k-19 Month CD Special
0.61%$1k-3 Year CD
0.51%$1k-2 Year CD
0.41%$1k-1 Year CD
0.31%$1k-9 Month CD
0.28%$1k-6 Month CD
0.22%$1k-91 Day CD

Farmers State Bank IRA Rates

1.10%$1k-IRA Fixed 2 Year CD
0.70%$1k-IRA Variable 1 Year CD

Farmers State Bank Locations
Farmers State Bank1009 People SquareWaterloo, IA 50702
Farmers State Bank, Gilbertville1306 5th StreetGilbertville, IA 50634
Jesup Branch1310 6th StreetJesup, IA 50648
Cedar Falls Branch1710 1st Street, Suite ACedar Falls, IA 50613
Farmers State Bank224 West 6th StreetWaterloo, IA 50701
Raymond Branch300 South 3rd StreetRaymond, IA 50667
Farmers State Bank, LA Porte City508 Hwy 218 NLA Porte City, IA 50651
Downtown Cedar Falls515 Main StreetCedar Falls, IA 50613
Dunkerton Branch905 Jon RoadDunkerton, IA 50626