When one door closes, another door opens

WINFIELD — After over 90 years of service to the community and their customers Wayland State Bank closed their doors in Wayland, Winfield, and Mt. Pleasant Friday and Pilot Grove Savings Bank opened their doors this week in their place.

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While Wayland State Bank has a long history in these Henry County communities, Pilot Grove Savings Bank (PGSB) has also served many areas of Southeast Iowa for more than 100 years itself.

“Pilot Grove Savings Bank has been proud to call Southeast Iowa home since opening its doors more than a century ago in the small town of Pilot Grove, Iowa,” Pilot Grove Savings Bank CEO Matt Morrison wrote to customers in a welcome packet. “Our deep roots in the region have allowed us to understand the unique needs of our communities, and year after year, we’ve committed ourselves to serving them better. With the acquisition of Wayland State Bank, we’re eager to extend our reach and connect even more with the members of our community.”

PGSB began May 12, 1911 in Pilot Grove with 23 investors pooling $10,000 to start their first bank, and it continued to grow from there. The originally building on the Western side of Pilot Grove grew in size and by 2007 construction began on a second building.

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While PGSB grew within Pilot Grove, it also expanded outside of the community starting branches in Houghton in 1980, Donnellson in 1983, West Point in 1992, Mt. Pleasant and Packwood in 2000, Winfield in 2004, Fort Madison in 2011, Keokuk in 2013, Fairfield in 2014, and West Burlington in 2020.

PGSB and Wayland State Bank announced the merger between the two banks in February of this year and now that the transition has occurred, some may wonder how things will change. As it turns out, not much will change.

According to the welcome packet, checking, savings, and loan accounts from Wayland State Bank will transfer to PGSB “exactly as they were at Wayland State Bank.”

All Automated Clearing House (ACH) transactions already in place will continue, however, the information to set up new ACH transactions has changed. Check for the new routing number and banking information before beginning a new ACH transaction. Examples of these types of transactions include direct deposits, automatic payroll deposits, and automatic payments.

Wayland State Bank debit cards will continue to work as normal until their expiration date, at which time a new one will be mailed to the customer. Those wanting PGSB debit cards before their cards expire can contact the bank to request one.

Customers may also continue to use their current Wayland State Bank checks, though they may contact PGSB to update them. Additionally, customers 55 years and older receive free checks from PGSB.

The transition should be relatively seamless for most Wayland State Bank customers as most things will remain the same including account numbers. In the instance of possible duplicate account numbers, PGSB will reach out to customers to communicate any specific changes.

As for the day to day, new customers can conduct their bank business at any of the Pilot Grove Savings Bank locations. Hours for the new PGSB locations are all the same: Monday-Friday 8 a.m.-5 p.m. Saturday 8 a.m.-noon.

Online banking will require some action from customers transitioning to PGSB. To learn how to set up a new online banking account visit www.pilotgrovesavingsbank.com and visit the New PGSB Customers tab. Additional information about the transition and the welcome packet are also available at this site.

Comments: AnnaMarie.Ward@southeastiowaunion.com