A Rural Ag Bank Dodges the Consolidation Trend

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Peg Scott is a family farmer who joined Union State Bank a couple years out of high school as a teller and went on to hold virtually every role in the bank. When the bank’s owners were looking to sell, she and her husband got a group of investors together, bought the bank and kept it local in Greenfield, Iowa. “People who have no money buy things all the time,” she recalls telling her husband jokingly. “Let’s see what we can do.”

On the latest episode of the ABA Banking Journal Podcast, Scott — who is also chairman of the Iowa Bankers Association — discusses how she teamed up with investors in her community to keep Union State Bank independent and provides advice for community bankers seeking to follow the same path. She also discusses:

  • The agricultural economy in Iowa and how trade tensions are affecting the ag sector
  • The Iowa Bankers Association’s effort — which almost succeeded in the state legislature — to equalize the tax treatment of Iowa banks and credit unions
  • Her continuing career as a family farmer and how banks are helping young and beginning farmers

93 episodes available. A new episode about every 5 days averaging 19 mins duration .