Danville State Savings Bank was incorporated on November 26, 1899. The bank opened for business earlier that year when a group of citizens recognized the financial needs of the growing community. On August 30, 2024, the bank celebrated 125 years of service to Danville and the surrounding community. A BBQ dinner was served in Danville City Park. President, staff and Bank Board all wore blue T-shirts as they served and visited with everyone attending.

When asked about the best and worst thing that had happened to banking in the last 125 years, President Joel Prottsman immediately responded “Technology!”

The bank has a fascinating and rich history. More importantly, the bank preserves good old-fashioned values while it offers the latest banking services. When looking over its website, one runs across such gems as “If it ain’t broke, don’t fix it.”

When the bank burned in 1921, the safe remained intact. It took several days for the safe to cool. It was opened. Bankers Irwin and Mix moved the bank to Irwin’s mother-in-law’s house. Every evening the books and the day’s transactions were taken back and placed in the safe which remained at the burned site. A safe was guarded overnight. The bank never stopped helping families and farmers thrive through this bit of adversity.

A new bank was built. It is a gorgeous old building and still in use. It is no longer a bank because it is too small. Also, retrofitting it to today’s technological needs would be extremely difficult.

It is a great testament to the Bank Directors. DSSB remained viable through the Great Depression. It changed the operation of the bank to change drastically to comply with the change in laws. After the passing of the Banking Act of 1933, all bank stock was called in and 1,000 shares of new stock was sold at $25 per share.

January 10, 1969, the bank was robbed at gunpoint in a daylight heist in which the robbers obtained $20,500. While visiting with Joel Prottsman, he revealed that there were a number of conspiracy theories. However, there were never any leads or solid facts to follow. The case remains unsolved. Joel noted that in today’s banking, this would never happen. $20,500 would not be out of the vault and available to robbers. Procedures have changed, tellers have less cash in the drawers. It also helps the economy is less cash based and customers request lesser amounts.

Danville State Savings Bank has not stopped growing. In November 1972, the bank moved into its newly constructed, current building across the street from the old bank. In 1998, Danville Bank moved their charter and built an office in New London, Iowa. Today opening a branch is a fairly straightforward process. In 1998, the bank had to issue a new charter. The old New London Journal office was torn down and the DSSB branch built on the southwest corner of Walnut and Main in New London.

The bank charter remains with New London. This creates some interesting issues. Out of area businessmen looking for the Main Bank check the Charters on the Internet and stop by New London thinking they will find the President and records there. To their surprise, they are referred to Danville. If you want to find current financial information about the bank, you must look up that information under New London as the law requires it to be published with the charter. President Prottsman wondered along with this writer why the charter had never changed back when the law was changed to make more sense.

Joel’s reference to technology being the best thing that has happened to banking in 125 years stems from the bank’s dedication to service. Not only has technology improved the customer’s access to his/her banking information, it allows transactions to occur beyond a bank’s open hours. It has also increased the bank’s access to its own assets and liabilities.

Technology has also been responsible for the worst things that have happened to banking. It is difficult to actually list them all. Joel gave a number of examples. Most astounding was the cost of cybersecurity to DSSB -- $30,000 a month. He expressed how important this expenditure is to the bank. The information that is required to be stored is crucial to all customers safety. “It seems for every person trying to do good things with technology, there are 100 trying to do harm.”

Consolidation is another factor. Competition is decreasing as companies buy each other and combine services. There are now only three management choices to choose from when banks want to offer on-line services to their customers.

Data collection has also become a major requirement. Recently, the government has begun requiring the collection of 81 data points around farming. This particular set of data is designed to make sure that discrimination is not taking place in making loans or foreclosing on loans. Joel emphasized that no accommodation is made for the community demographics. The makeup of the Danville and New London communities is not like Des Moines or Waterloo. Comparisons with other states makes even greater deviations. Expectations should not be the same. Expectations should fit the individual communities. No one will know until an example comes up.

Danville State Savings Bank has grown substantially since its inception 125 years ago but continues to serve its customers at the highest level. Current President, Joel Prottsman, oversees a staff of 43 full and part time employees. He likes to emphasize that some things never change. “Our customers are more than a credit score.” DSSB is designed to help in the tough times and make the good times even better.

125 years and just getting started. DSSB is here for the long haul.