About Us South Ottumwa Savings Bank

Why bank with us?

South Ottumwa Savings Bank believes that each customer and business is unique and important.

We will give you personal attention, and continually build relationships.

Our staff is knowledgeable, and we take our customer service seriously.

Our experts have extensive experience in the financial services industry and are qualified to maximize and improve your financial situation.

We have the only full service Trust Department in the area helping you to build a legacy, a nest egg, a future for you and your family.

South Ottumwa Savings Bank provides consumer and business financial products, services, and personalized programs.

Our easy-to-use, free online banking services give you access to your accounts 24/7, giving you complete visibility at your convenience.

We have been in business over 100 years. We respect our past, we respect today and we will continue to respect our communities as we work towards our next 100 years of history.

1903

Bank established as a currency exchange on the site that is presently South Side Drug, Frank McIntire elected President
1910

South Ottumwa Savings Bank incorporated (2-18-10)
1911

C. D. Evans and brother, H. H. Evans, joins the Bank
1912

New building erected at the corner of Weller & Church, where presently located
1922

Ralph Watson joins the Bank
1955

Myron Ackley elected to the Board of Directors

Bank building remodeled
1956

Robert Ackley, son of Myron, joins the Bank
1957

C.D. Evans retires from the Bank and the Board of Directors
1958

H.H. Evans retires from the Bank and the Board of Directors
1959

Lot next to the Main Bank, which housed the Do Drop Inn, was purchased
1964

Original bank building removed and existing building constructed
1970

Robert Ackley elected President
1976

Ralph Watson retires from the Bank after 53 years

Penn-Elm Bank was opened
1980

Motor Bank was opened
1982

Two-story addition added to the Main Bank on the original bank building location
1985

M.L. Ackley retires from the Bank after 30 years
1986

Robert Ackley becomes Chairman of the Board

South Ottumwa Bancshares, Inc. becomes subsidiary
1987

Robert Ackley retires from the Bank after 31 years

Phil Drumm becomes President/CEO, Don Roemerman becomes Chairman of the Board
1990

Sunshine Club established
1992

Purchased Peoples Federal Savings Association’s assets
1994

Purchased parking lot behind Main Bank to expand customer parking
1995

New Addition added to relocate Loan Department, Ag Department and Sunshine Club
1996

Fatal plane accident involving Bank President, Phil Drumm and Board Director, Dave Carpenter

Don Roemerman becomes acting president
1997

Thomas M. Awtry becomes President/CEO

Don Roemerman retires from bank after 43 years
1998

Major remodeling at the Main Bank
1999

Remodeling at the Penn-Elm Bank
2000

Completion of the Penn-Elm Bank remodeling

South Ottumwa Bancshares, Inc. becomes Cornerstone Financial Services Group, Inc.
2001

Ground breaking for the North Court Bank
2002

Completion of the North Court Bank with grand opening April 1, 2002
2003

South Ottumwa Savings Bank celebrates 100 years
2008

South Ottumwa Savings Bank purchases Fareway property
2011

Purchased Hedrick Savings Bank
2012

Thomas M. Awtry retires from the bank after 15 years
2013

Teri Messerschmitt becomes President/CEO
2015

Merged with sister bank, West Liberty State Bank
2020

Purchased Peoples State Bank
2024

Teri Messerschmitt becomes Chairman of Board, CEO. Natalie Bolin named President

Teri L. Messerschmitt, CEO

Since its inception, South Ottumwa Savings Bank’s primary mission has been to serve the banking needs of Ottumwa and Wapello County. This mission continues to be the driving force behind the Bank today. We are proud that our territory expands to the City of Hedrick and Keokuk County with the acquisition of the Hedrick Savings Bank in 2011. In 2015 the growth continued into Muscatine County as well as surrounding counties with the merger of West Liberty State Bank, which was an affiliated bank. Most recently, in 2020 we were able to acquire Peoples State Bank of Albia. Having similar cultures with our commitment to serving our communities and customers, we are excited to be part of the strong, thriving community of Albia and Monroe County. Healthy competition between other financial institutions helps to ensure that customers receive fair deposit and loan rates and access to the newest technology, products and services. South Ottumwa Savings Bank is one of the oldest banks in Southeast Iowa and has built a reputation of conservative soundness that has provided safety, security, and quality service since 1903.

Being a locally owned and operated community bank is important to the employees of South Ottumwa Savings Bank. We live in our communities and we know the people who are banking with us. The knowledgeable and experienced staff at South Ottumwa Savings Bank care about our customers and are committed to delivering the highest level of customer service available. We take pride in being on a first name basis with our customers. We provide a hometown banking atmosphere while offering personal, business, agricultural, and real estate services. Trust services are immediately available through our dedicated trust officers. Loan financial decisions are made locally and we offer competitive rates

The challenges of the last year made it apparent that alternate ways of banking are necessary. Products that we already have available such as online and mobile banking, mobile deposit, person to person payments, cash management and eSignature are critical to serve our customers. A new business debit card was introduced that allows business customers to utilize online and hands free payments using their mobile wallet in addition to allowing authorized signers a preset daily limit. The Paycheck Protection Program was hugely successful. Our lenders processed over 950 loans totalling over $28.5 million. The Paycheck Protection Program (PPP) is a loan designed to provide direct incentive for small businesses to keep their workers on payroll, hire back employees that may have been laid off and cover applicable overhead expenses.

South Ottumwa Savings Bank is committed to serving every community in which we do business. This is evidenced by our long history of giving back with charitable donations and community sponsorships. With the economic conditions over the past several years we have taken the community needs to a higher level. Focus has been given on partnerships within the community to identify areas that will enrich the quality of life for our customers. We support the progress that is being made locally and look forward to the future. We are committed to being the best financial partner to meet the needs of individuals and businesses alike. Thank you for your continued support of South Ottumwa Savings Bank. We appreciate you.