About Farmers & Merchants Savings Bank

Farmers & Merchants Savings Bank was established in Lone Tree on August 24, 1901 with initial capital of $20,000. The first meeting of the stockholders was held on September 7, 1901 in the office of Attorney H. E. Porter. John A. Goetz was elected President, W. H. Younkin was elected Secretary of the Board and Charles Fernstom was appointed the first Cashier. A State of Iowa Bank Charter was granted to F&M Bank on October 7, 1901.

Farmers & Merchants Savings Bank is the oldest Bank in Johnson County, Iowa. During the Depression, the Bank stayed open with the exception of the National Bank Holiday from January 29, 1933 to February 10, 1933, when all banks were required to close. The Bank did not have to reorganize as most banks did, therefore retaining continuity from the original charter date of October 7, 1901.

Notable Dates in History

• An office was opened in Nichols in 1934
• The Bank merged with Lone Tree Savings Bank in 1971
• An office was opened in Iowa City in 2000
• The Bank merged with Peoples Trust and Savings Bank in 2023

Many banks today call themselves a community bank but don’t act like one. People want a bank where they are known by name and made to feel welcome as soon as they walk in the door. Our mission is to develop long-term relationships with our customers by earning your trust and respect through hard work and personal attention. Our promise is to provide personal, friendly service, the way banks used to, and competitive financial products. Our local ownership and oversight, local contacts and community involvement are the keys to making our bank a real community bank. Simply put, we live in the communities we serve so we want to see those communities thrive. 

We invite you to stop by and see us. You will like the way we do business.