Iowa State Bank opened its doors for business on March 1, 1928, at 9:00 A.M. after securing their banking charter and the public’s confidence. Previously three other banks had failed in Algona and only one bank, the Kossuth County State Bank, remained in business. The first financial statement listed $62,500 on the resource side and $50,000 capital plus $12,500 surplus on the liability side.
As the only bank in Algona to survive the Great Depression, Iowa State Bank remained the only bank in town until 1936. Although many current citizens may not recall the Great Depression, the Iowa State Bank was the only bank in Algona on March 6, 1933, when newly-elected President F.D. Roosevelt ordered all the banks in the nation to be closed indefinitely while the government set up new rules to combat the Depression.
Iowa State Bank
Business in Algona, IA
- Town Algona, IA
- County Kossuth County, IA
- Region Northern IA
Kossuth County, IA
Visit our county page and you will find information about our town and county's points of interest, festivals/events and faith community. You also will find stories about the contributions made by farmers/ranchers located throughout our county and of course you will learn about the community organizations that have built and continue to build strong communities (chambers, community groups, and departments, etc) and much more when you visit the Kossuth County, IA page.