Grinnell State Bank celebrates 100th birthday
J.O. Parker
A long-time Grinnell bank with deep family ties celebrated 100-years in business with an open house and meal of pulled pork sandwiches and all the fixings on Friday, Oct. 3.
Founded in 1925 by John Evans and a group of Grinnell investors and community leaders, Grinnell State Bank was reorganized from the former Grinnell Savings Bank into an independent community bank.
Evans was the bank’s first president and is noted as the founder of Grinnell Mutual Reinsurance Company, IMT Insurance and Allied Insurance better known today as Nationwide Insurance.
Since its founding 100-years-ago, GSB has focused on community service and treating customers like family.
In 1954, Fred A. Jones bought a controlling interest in GSB from C.A. Frasier. He was joined at GSB by his son, F. Addison Jones, that same year.
“My grandfather, Fred A. Jones, was born in Iowa,” recalled F. Austin Jones, the Chairman of the Board, Chief Financial Officer and Chief Trust Officer at the bank. “His father homesteaded farms in Cody, Neb. and after graduating high school, Fred A. Jones, worked for the state department of banking.”
In the 1920s, there were a lot of banks that closed, said F. Austin Jones.
“He (my grandfather) was a bank examiner who went in and closed the banks,” recalled F. Austin Jones.
Fred A. Jones worked in Tama and reorganized the bank there and was president until the 1940s.
Fred A. and Alice Josephine Jones’ son, F. Addison Jones, was born in Tama in December 1928.
The Jones family moved to Grinnell in the summer of 1940 after Fred A. Jones bought a farm. F. Austin Jones said his grandfather farmed and worked at GMRC where he managed their investments.
- Addison Jones married Marion Austin Jones on Aug. 12, 1950 and the couple raised three boys, Stephen, David and F. Austin Jones.
Bank Timeline
1925 – Grinnell Businessmen re-organize Grinnell Savings Bank into Grinnell State Bank as an independent community bank.
1940 – GSB opens a location in Malcom.
1954 – Fred A. Jones purchased GSB from C.A. Frasier. He was joined at the bank by F. Addison Jones that same year.
1972 – GSB expands the Grinnell branch with a new, two-lane drive-up facility.
1972 – F. Addison Jones was named GSB President.
1976 – F. Addison is named GSB Chief Executive Officer and Chairman of the Board. He was known for giving support and guidance to many of the people who made GSB a success.
1990 – GSB consolidates the Grinnell and Malcom branches into the Grinnell branch.
1996 – GSB acquires the Marengo location – formerly Boatmen’s Bank.
1996 – GSB remodels Grinnell branch.
1999 – David Jones was named GSB President.
2001 – GSB purchased the book of business from Rohrer Insurance in Marengo.
2011 – GSB acquired banking locations in Johnston, Polk City and Urbandale – formerly Polk County Bank.
2013 – GSB remodels Marengo branch.
2015 – GSB acquires Hamilton Insurance Agency in Grinnell.
2016 – GSB consolidates the Johnston and Urbandale branches into the Johnston branch.
2017 – GSB purchases Augustine-Johnston Insurance Agency in Marengo.
2018 – F. Austin Jones is named GSB President.
2025 – Fitzpatrick A. “Rusty” Jones (F. Austin Jones’ nephew) was named GSB president.
2025 – Fifth generation of Jones family (Rusty’s oldest son, Finn) worked for the bank during his college break.
2025 – GSB celebrates 100 years in business.
When asked for the keys to the bank’s success, F. Austin Jones said, “We are committed to the community.”
“We treat our customers as family and we work to listen and solve customer problems.” He added.
- Austin Jones said a story the bank is most proud of occurred during the 1980s farm crisis.
“We didn’t close down a single farm during that time,” said F. Austin Jones. “We worked with them (farm families) and helped them transition.”
“We did business with GSB for our lumber yards and personal banking for years,” said Roger Schroeder, former owner of Malcom Lumber. “They have some good people working for them and that made a difference.”
“GSB is truly a family bank with their employees and customers,” said Fran Conn, bank customer and board member.
“I think GSB is one of the easiest to work with,” said Dale Lamb, a Grinnell lawyer. “They provide a lot of services and resolve issues locally.”
“And they have a great pulled pork sandwich,” added Lamb.
In addition, Lamb said he attended Grinnell High School with David Jones, who was named bank president in 1999.
“We appreciate the services and friendships that GSB has given us for the last 30 years,” said Ramona Mitchell, owner of Grinnell Eye Care.
“The service has always been very pleasant here at GSB from all the employees,” said Valerie Hammond, who has banked at GSB for forty years. “I have fond memories of being with Marion Austin Jones. She was a very dear lady and I miss her.”
Marion Austin Jones was a valued board of director at GSB from 1984 to 2011. She provided support and guidance to many of the people who have made the bank successful.
“GSB is a cornerstone for our community,” said Craig Cooper, a long-time customer and Grinnell business owner. “They have always provided solid banking advice and a warm and friendly atmosphere.”
“I worked at GSB in the 1970s for F.A. Jones and his son, F. Addison Jones, until being named the Poweshiek County Auditor in 1979,” said Jo Wray. “The service has always been great and the personnel very friendly and helpful. It’s a family owned bank, something that is hard to find these days.”
The birthday meal of pulled pork sandwiches was made from two hogs purchased by the bank from the Poweshiek County Fair Auction and prepared by Dayton Meats in Malcom. Customers were also treated to baked bean, chips, cold drinks and cookies with their meal, all served by banking staff.
GSB specializes in consumer and residential loans, business and agriculture loans, 24/7 telebanking, online and mobile banking, ATMs, online banking options, deposit options and CDs with great rates and other banking services.
For more information on GSB locations, visit them online at grinnell.bank.
The Grinnell location can be reached at 641-236-3174; Johnston location at 515-278-6300; Marengo location at 319-642-5511; and the Polk City location at 515-984-6211.
