History of Raccoon Valley Bank

Raccoon Valley Bank is a locally – owned community bank, with deep local roots. We work to provide excellent financial products and services to our customers, by investing in our employees and communities and by using local responsive decision making.

The bank has roots in two different early Dallas County banks. In 1914 Dallas County Savings Bank was founded in Minburn with N.P. Black as Chief Executive Officer and had assets of $65,000.

In 1927 Mr. Black left Dallas County Savings Bank to manage the newly organized Perry State Bank. The first published statement of condition of Perry State Bank dated December 31, 1927 showed total assets of $258,545.39.

In 1928 Dallas County Savings Bank merged with the Minburn Savings Bank with an office located in Minburn.

In 1934 Perry State Bank opened a new branch in Jamaica, Iowa. In December of 1993 the Jamaica Bank branch was closed.

In 1935 Perry State Bank opened a branch in Bagley, Iowa. In November of 2015 the Bagley Bank branch was closed.

In 1963 controlling interest in the Dallas County Savings Bank was purchased by Rex McCleary & George Armstrong, principal owners of Perry State Bank, thus bringing the two banks under the same ownership.

In January of 1968 controlling interest in both banks, Dallas County Savings Bank & Perry State Bank, was purchased by the Garst family of Coon Rapids, Iowa. Total assets of the Dallas County Savings Bank at that time were $2,650,000, and total assets of Perry State Bank were $12,149,868.34.

In September of 1974 the charter for the Minburn bank was moved to Adel and the name changed to Raccoon Valley State Bank. The Minburn bank became a branch.

In 1976 a new building for Raccoon Valley State Bank was constructed in Adel. The first commercial building to use solar energy for heating and cooling. Assets at that time were $14,412,000.

In 2001 a new branch was started in Dallas Center, Iowa and a new bank building was constructed along Hwy 44.

In the fall of 2003 a new beginning started for Raccoon Valley State Bank and Perry State Bank. The two banks merged charters and became Raccoon Valley Bank to reflect all of the communities it serves and common ownership of the two bank charters. Together, the bank has grown stronger and thrived.

In 2019 a new branch was started in Grimes, Iowa and a new bank building was constructed along Hwy 141 & Hwy 44.

Current assets of Raccoon Valley Bank as of October 31, 2020 are $339,256,959. We provide all kinds of loans, trust services, deposit products and significant community support in the communities we serve…. Adel, Dallas Center, Grimes, Minburn and Perry. We offer friendly and professional service, sophisticated technology, and local decision making.

The owners, the Garst Family, have deep roots in Iowa. Roswell Garst, grandfather of the current owners, was a founder of the hybrid seed corn industry and a great promoter of new innovations which resulted in exploding productivity in Midwest agriculture. Our state’s ability to produce corn and beans, and turn it into meat, milk and eggs caught the eye of Nikita Khruschev, premier of the Soviet Union during the worst of the cold war. Krushchev visited the Garst family farm in 1959, which put Iowa agriculture on the map. The family is still innovating today. In 2004 they funded Whiterock Conservacy, a 5,500 acre non-profit trust which is exploring how conventional agriculture can become more environmentally friendly. Whiterock Conservancy also offers outdoor recreation and learning opportunities for the public southeast of Coon Rapids. All of our bank’s owners still live and reside in Iowa, and the family is still involved in farming. The family also owns a “sister” bank in Jefferson - Home State Bank.

Once again, welcome to Raccoon Valley Bank. We hope your experience will be one of learning, pride and success for many years to come.