History

Empowering Success, Generation After Generation

At FreedomBank, we’ve always believed in helping people succeed—and that belief guides everything we do. As a 100% employee-owned bank, our team is personally invested in the success of our customers and communities. For over a century, we’ve supported families, farmers, small businesses, and rural towns across northeast Iowa. Our story is built on strong relationships, local decision-making, and a commitment to the future. The timeline below highlights some of the key moments that have shaped who we are today.

1870s–1930s: Early Foundations

1872 – Hall Roberts, as President, and his brother W. Scott Roberts, as Cashier, opened The Postville Bank.

1888 – Monona Bank was organized. W. Scott Roberts took over management of The Postville Bank as Hall focused on his grain and livestock business.

1891 – The Postville Bank was incorporated as a state bank and renamed Postville State Bank.

1892 – Monona State Bank was officially chartered.

1903 – Farmersburg Savings Bank held its first annual meeting to establish board members and directors. The first share of bank stock was sold to W.F. Fuelling for $100.00.

1913 – Monona Bank merged with a new state-chartered bank, Citizens State Bank.

1919 – Citizens State Bank was sold to Farmers State Bank, a newly chartered institution.

1925 – Farmers & Merchants Savings Bank opened on December 8 in Waterville, Iowa. It was started by a group of progressive neighbors who provided $25,000 in capital.

1933 – During the Great Depression, Farmers State Bank and Monona State Bank merged to form Union State Bank.

1940s–1980s: Growth and Transition

1962 – Citizens in Waterville and Waukon raised an additional $100,000 in capital through stock sales, allowing the bank’s charter to be moved to Waukon. At the time, total assets were $1.6 million. The Arthur Jacobson family held a controlling interest in the bank from its move in 1962 until 2019.

1969 – The LeRoy C. Darby family, owners of Union State Bank in Monona, purchased controlling stock of Farmersburg Savings Bank (later renamed Peoples State Bank) from the F.A. Moser family. The two banks operated separately but were considered “sister banks” due to shared ownership.

1978 – The Farmersburg Savings Bank charter was moved to Elkader, and both offices operated under the Peoples State Bank name.

1985 – Farmers & Merchants Savings Bank constructed a new building on West Main Street in Waukon, featuring:

Two drive-up lanes
Expanded lobby and teller area
Several business offices
A community room on the lower level

1990s–2000s: Mergers and Expansion

2004 – A full-service branch office was opened in Decorah by Farmers & Merchants Savings Bank.

2005 – LeRoy C. Darby, Inc., a bank holding company, purchased Postville State Bank, making it the third “sister bank.”

2006 – Union State Bank, Postville State Bank, and Peoples State Bank merged into a single institution. The new, unified name: FreedomBank.

2007 – Longtime board members and owners LeRoy and Colleen Darby sold their FreedomBank stock to the Employee Stock Ownership Plan (ESOP). This transaction gave the employee retirement plan control of 91.3% of the bank.

2010s–Today: 100% Employee-Owned

2018 – The ESOP reached its goal of 100% employee ownership of FreedomBank.

2019 – FreedomBank acquired Farmers & Merchants Savings Bank, adding locations in Waukon and Decorah.

2024 – FreedomBank consolidated its Decorah branch operations into the Waukon office.