Luana Savings Bank is headquartered in LUANA and is the 11th largest bank in the state of Iowa. It is also the 566th largest bank in the nation. It was established in 1908 and as of December of 2023, it had grown to 93 employees at 6 locations. Luana Savings Bank's money market rates are 8X the national average, and it has an A health rating.
Slightly Frustrating To Join, But Not Bad
You can only open a CD with a wire. The wire goes to Bankers Bank, then Luana is the beneficiary bank. That was different for me, to go through two banks, though I think it's fairly common now. I went through Ally Bank and the first page for the wire instructions was self explanatory. You put your name and acct # in the special instructions box. However, the 2nd page of ally instructions asks for beneficiary. That would ordinarily be me, and that's what Ally thought I should put, but Luana said no, Luana Savings Bank is the proper thing to put in this spot. The person I spoke to at Luana was very patient and helpful. When the CD matures they will wire the money back to the bank the money came from, or send a check. I didn't ask about opening a savings account and letting Ally pull it from there. That may be an option.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 253 |
| Year Established | 1908 |
| Employees | 93 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.13% |
| Return on Equity - YTD | 13.16% |
| Annual Interest Income | $75MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $2.08B$2.04B |
| Loans | Q4 2023vs Q4 2022 | $1.6B$1.56B |
| Deposits | Q4 2023vs Q4 2022 | $1.84B$1.73B |
| Equity Capital | Q4 2023vs Q4 2022 | $184.7MM$171.9MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $16.3MM$15.9MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $176K$191K |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$41K |