Farmers State Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.81% | 18-month CD | 15 Month CD Special 1.45% - Synchrony Bank 18 Month CD |
| 0.95% | 5-year CD | 5 Year CD 2.35% - Synchrony Bank 60 Month CD |
| 0.41% | 1-year CD | 1 Year CD 1.40% - Synchrony Bank 12 Month CD |
Farmers State Bank is headquartered in Waterloo and is the 19th largest bank in the state of Iowa. It is also the 879th largest bank in the nation. It was established in 1903 and as of March of 2017, it had grown to 105 employees at 10 locations. Farmers State Bank's money market rates are 2X the national average, and it has an A health rating.
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| Featured Account Options | SPONSORED LISTINGS | ||||
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Must Live Within A 70 Mile Radius
Called 5/24/2016 and was told you had to live in a 70 mile radius of the bank in order to qualify to open an account although the website makes no mention of this!!!!
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.
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.
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....
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.
Data as of Q1 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 12855 |
| Year Established | 1903 |
| Employees | 105 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.41% |
| Return on Equity - YTD | 18.08% |
| Annual Interest Income | $8.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2017vs Q1 2016 | $862.4MM$731.1MM |
| Loans | Q1 2017vs Q1 2016 | $714.8MM$607.9MM |
| Deposits | Q1 2017vs Q1 2016 | $779.5MM$625.4MM |
| Equity Capital | Q1 2017vs Q1 2016 | $68.9MM$57.6MM |
| Loan Loss Allowance | Q1 2017vs Q1 2016 | $7.2MM$6.6MM |
| Unbacked Noncurrent Loans | Q1 2017vs Q1 2016 | $20.00K$195.00K |
| Real Estate Owned | Q1 2017vs Q1 2016 | $420.00K$385.00K |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
CD Specials at Farmers State Bank in Iowa
1.80% 28-month
2.02% 39-month
$5,000 minimum
https://www.fsb1879.com/rates/deposit-rates.aspx
Always verify rates and promotions with the bank or credit union. We are not Farmers State Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Farmers State Bank Savings Account Rates
Farmers State Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.02% | $10k | - | FSB Elite MMDA Account | |
| 0.35% | $1k | - | FSB Brokerage MMDA |
Farmers State Bank Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 3.05%* | - | $20k | FSB Loyalty Checking | ||
| OTHER TIERS: 0.15% → $20k+ | |||||
| 0.15%* | $100k* | - | FSB Gold NOW Checking Account | ||
| OTHER TIERS: 0.05% → $2k - $25k | 0.07% → $25k - $100k | |||||
Farmers State Bank CD Rates
Farmers State Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.10% | $2,500 | - | IRA Fixed 2 Year CD |
| Farmers State Bank Locations | ||
|---|---|---|
| Farmers State Bank | 131 Tower Park Drive | Waterloo, IA 50701 |
| Farmers State Bank, Gilbertville | 1306 5th Street | Gilbertville, IA 50634 |
| Jesup Branch | 1310 6th Street | Jesup, IA 50648 |
| Cedar Falls Branch | 1710 1st Street, Suite A | Cedar Falls, IA 50613 |
| Farmers State Bank | 224 West 6th Street | Waterloo, IA 50701 |
| Farmers State Bank, LA Porte City | 508 Hwy 218 N | La Porte City, IA 50651 |
| Downtown Cedar Falls | 515 Main Street | Cedar Falls, IA 50613 |
| Dunkerton Branch | 905 Jon Road | Dunkerton, IA 50626 |
| Waverly Branch | 2101 4th Street Sw | Waverly, IA 50677 |
| Farmers State Bank Independence, Ia | 2002 Enterprise Ct | Independence, IA 50644 |