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Our History

Ohnward Through The Years

Timetable of Ohnward History

1966 | John W. Fagerland and Edward L. Tubbs purchased controlling interest in Maquoketa State Bank

1967 | Ohnward Bancshares Inc. is formed

               Maquoketa Insurance Agency formed (by John Fagerland)

1970 | Midwest Management Services opened (later renamed Ohnward Farm Management)

1972 l  First Central State Bank is acquired

1983 l  Ohnward acquires Peters Realty & Insurance (Realty becomes Central Realty)  (Insurance becomes an office of Ohnward Insurance Group)

1985 | Ohnward acquires McDonald Realty and McDonald Insurance.  (Realty later sold to Eastern Iowa Realty, Insurance became Maquoketa Insurance Agency, now an office of the Ohnward Insurance Group).

1992 l  Baldwin Savings Bank is acquired (now office of Ohnward Bank & Trust)

1998 l  Gateway State Bank is acquired (now offices of First Central State Bank)

2003 l  First Iowa Bank is acquired (now office of Ohnward Bank & Trust)

2005 | Ohnward Bancshares purchases the property directly east of Maquoketa State Bank to become the "world headquarters"

2006  l  United Security Savings Bank is acquired (now offices of Ohnward Bank & Trust)

2018  l  Ohnward “world headquarters” undergoes a major expansion incorporating a retail financial strip including Ohnward Wealth & Retirement, the Ohnward Insurance Group, and Ohnward Tax and Accounting Services.  Additional new offices include space for executive offices, HR, and IT staff.


History of Ohnward Bancshares Inc.

Ohnward Bancshares Inc. was formed in 1967 by John Fagerland and Edward Tubbs. After personally purchasing controlling interest in Maquoketa State Bank in 1966, they formed a bank holding company and transferred stock ownership into the new company.

The unusual spelling of “Ohnward” was decided on by combining the latter portions of each of their first names; John and Edward. Through the years, Ohnward has grown, but it has always maintained its local ownership and operation.

With strong family roots, the principal shareholders are members of the Tubbs and Fagerland families, along with participants of the Ohnward Bancshares Inc. Employee Stock Ownership Plan. The remaining 100 Ohnward stockholders reside in Eastern Iowa, primarily in Jackson, Clinton, Scott, Jones, and Linn counties. Family members Al Tubbs, Kendra (Fagerland) Beck, Brig Tubbs, and Abe Tubbs remain active in the management of Ohnward and its subsidiaries. Up until their passing, in 2006 and 2010 respectively, both John and Ed were active on the banks’ and holding company boards of directors.

Al Tubbs, Ed’s middle son, returned to Iowa in 1972 from life as an assistant professor of agricultural economics at Oklahoma State University, to take the leadership role of First Central State Bank when First Central was acquired and became the second bank under the Ohnward Bancshares holding company.  Al began to participate in MSB management in 1981 and assumed a larger role at MSB upon the untimely death of Mary Ann Trevathan in 1984.  Al served as MSB CEO for many years as well as CEO of Ohnward Bancshares until 2018.  He continues to serve as Chairman of Ohnward Bancshares, Inc. 

Krista Grant, John’s youngest daughter, joined Ohnward Bancshares in the early 1990s after several years as an FDIC bank examiner. She was instrumental in managing the holding company and helping the banks grow until her untimely death in 2010. Kendra Beck, John’s middle daughter joined Ohnward in 2002 following 17 years as a paralegal at the Lane & Waterman law firm in the Quad Cities. Kendra continues to serve as Chief Operating Officer for Ohnward Bancshares Inc.

Al’s sons, Brig and Abe, joined the company in 1998, after each having several years of experience in the financial services industry at larger financial organizations. Brig began as President of Gateway State Bank and Abe took over the President’s role at Tri County Bank & Trust.  Together they assumed senior management roles of First Central State Bank in 2000. Brig continues as CEO of First Central and Abe as CEO of Ohnward Bank & Trust, while both sharing the role of Co-CEO of Ohnward Bancshares. 

Today Ohnward is a billion-dollar plus holding company with 16 financial offices in Eastern Iowa including Maquoketa State Bank with offices in Maquoketa, Andrew, and Preston; Ohnward Bank & Trust with offices in Baldwin, Cascade, Monticello, Marion, Central City and Cedar Rapids; First Central State Bank with offices in DeWitt, LeClaire, Clinton, Goose Lake and Eldridge. Trust services are offered through all banking offices under the Ohnward banner, which includes Ohnward Insurance Group, Central Realty, Ohnward Financial Advisor Services, Ohnward Farm Management, Ohnward Tax, Accounting and Business Services, Vosler Investment Group and Ohnward Wealth & Retirement. Ohnward Bancshares, Inc., has assets of $1.4 Billion, capital of $180 Million and employs over 260 full and part time employees. Ohnward is locally owned by shareholders living primarily in Jackson, Clinton, Scott, Jones, and Linn Counties. Bank management’s focus continues to be helping clients and communities grow and prosper. The banks and ancillary businesses have a strong record of community and economic development, and educational and cultural support within the markets they serve.

Ohnward Affiliate History
Other than growing the bank brands, there has always been tremendous growth through creation and acquisition of professional services. This started early in the Ohnward footprint.

John Fagerland created the Maquoketa Insurance Agency in 1967. Having been an independent insurance agent for many years, this was his specialty. The agency originally operated out of the Maquoketa State Bank building and relocated various times as the bank continued to expand.

Another addition to the Ohnward family was Peters Realty and Insurance, a three-generation family business. It was acquired from Kim Peters in 1983. It was later renamed DeWitt Insurance Agency.

In 1985, Don and Connie McDonald, reached agreement with Ohnward to sell their agencies and affiliate to Ohnward Bancshares. Don became the supervising manager for all Ohnward’s property and casualty insurance business including Maquoketa Insurance Agency and DeWitt Insurance Agency (previously Peters Realty).

Diane Claeys joined the Ohnward family in October of 1994, as Lead Agent for the DeWitt Insurance Agency, the name later being changed to the Ohnward Insurance Group.

Midwest Management Services opened in 1970 under joint ownership of Ohnward and Harlan Tonderum, who served as Farm Manager. When Tonderum retired in 2003, Ohnward bought out Harlan’s ownership interest and Steve Tubbs became Senior Farm Manager, assisted in management by Dean Engel. Greg Bopes is now farm manager / assistant Trust Officer. Greg took over Steve’s duties and it is now AVP, Assistant Trust Officer & Farm Manager for the group, now known as Ohnward Farm Management Services.


History of Maquoketa State Bank

1958 | September of 1958, Maquoketa State Bank began operations on Platt Street

1961 | MSB moves to Main Street location

1966 | John W. Fagerland and Edward L. Tubbs purchased controlling interest in Maquoketa State Bank

1981 | Al Tubbs joins MSB brand after serving as President of First Central State Bank since 1972

1979 | Westside location opens near Highway 61

2000 | Maquoketa State Bank offers internet banking

               Andrew location opens

2002 | Preston location opens


In 1958, a group of local businessmen saw the need to establish a second bank in Maquoketa, Iowa. After approval was received from the Department of Banking in September of that year, Maquoketa State Bank began operations on Platt Street.

The Board of Directors for the new bank included:
Dr. M.A. Dalchow, President
Tom Myatt (father of long time director Harold (Bud) Myatt)
Earl Boyer
Bernie Rosenberg
Lynn Battles
Darrell Reichling
M.J. Pooler, Executive Vice President

In 1961, the bank moved from West Platt to a new building on North Main Street.

In 1966, two Vice Presidents employed at Jackson State Bank, Ed Tubbs and John Fagerland, bought the majority stock of Maquoketa State Bank (MSB). The total assets at that time were $3.2 million. The bank had four full-time employees and two part-time employees. On May 16, 1966 the transfer of ownership and management was complete, bringing many changes. The titles of the two executives were determined by a flip of a coin.

Being named President, Edward Tubbs had a rich history in farm management and the Executive Vice President, John Fagerland was well known for his success as bank manager and installment Loan officer. This joint and equal partnership was extraordinary. They complemented each other in all phases of banking and decision-making.

Al Tubbs joined the bank in 1981, further complementing the team. Al had been actively involved in Ohnward Bancshares, had served as President of First Central since 1972.

Management focused on building a customer-first, relationship oriented, progressive bank. The staff employed a philosophy of getting out of the bank, onto the streets, and into area businesses and farms to helping clients grow their businesses and achieve financial goals. This allowed for rapid bank growth, as new business came fast.

As the assets grew, so did the bank’s physical footprint. Various renovations and additions were made to the main bank, including a westside branch, in 1979.

In December of 2000, a branch opened in Andrew. With the new millennium, MSB moved into internet banking, and later mobile banking (2009).

The Preston location was added November 1, 2002.

Through all the changes, one thing has remained the same, the bank’s dedication to the communities it serves. MSB’s staff is known for their dedication of time and efforts to business development, volunteerism, and promotion of projects benefiting the surrounding area. MSB is proud to have been a major factor in the attraction and expansion of businesses and jobs in the Maquoketa area.

Throughout history, MSB has emerged as the largest bank in the Jackson County and continues to expand its market geographically.


History of First Central State Bank

1965 | First application for a bank charter

1967 | Approved state charter

               First Central State Bank opens doors June 12, 1967 in DeWitt, Iowa

1970 | First motor bank facility opens (Drive-thru banking)

1972 | Al Tubbs joins Ohnward Bancshares

Ohnward Bancshares purchases FCSB

1998 | Ohnward acquired Gateway State Bank

2000 | Brig and Abe Tubbs assumed the duties of managing officers of First Central

2002 | LeClaire location opens

2002 | Eldridge location opens

2018 | Merger with Gateway State Bank


Two years before opening its doors in 1967, First Central State Bank was simply an idea. Five men came together in 1965 and applied for a state bank charter after determining the need for a second bank in DeWitt.

They were Jack Crowley, a former banker; Ted George, owner of Mississippi Engineering; Elmer Ellingsen, manager of Iowa Electric, DeWitt; Rex Peters, owner of Peters Real Estate and Insurance; and Everett Rogers, a Welton farmer.

The group applied to State Superintendent of Banking, John Chrystal, for a state charter capitalized at $250,000. The other financial institutions in this area suggested DeWitt did not need another bank. Therefore, the charter was denied.

Jack Crowley continued to pursue the application for a National Bank charter through the Regional Comptroller of Currency, but the application again was turned down. Determined, the group flew to Kansas City to meet personally with the Regional Comptroller. At this meeting, he advised them to try to obtain three or four additional investors to join the group and re-apply for a state bank charter capitalized at $500,000. Peter McGinn, a local farmer; Dr. Frank Benson, a local dentist; and Andrew Hartmann, another local farmer, were contacted and invited to join the group.

After growing their initial team, the State Superintendent of Banking was re-contacted for a State Charter at the $500,000 capital level. They were informed that three conditions would need to be met before the state charter could be issued:
1. Name of the bank
2. Location of bank facility
3. A State approved Executive Manager

Doyle Butts, of Des Moines, Iowa, was selected to manage the bank. The group then purchased a facility at the bank's present location and selected the name, First Central State Bank. With these conditions being met, the state charter was issued.

First Central's doors opened for business on June 12, 1967, at 914 6th Avenue in DeWitt.

Ted George served as President, and Doyle Butts, Executive Vice President. The original Board of Directors was:  Dr. Benson, Doyle Butts, Elmer Ellingsen, Ted George, Andrew Hartmann, Peter McGinn, Rex Peters, and Everett Rogers. The bank's first employees were Jon Billhorn, Cashier; Donna Lacey, Wilma Schellhase, and Judy Birney.

It was agreed, the directors would own 52% of the stock, with each director owning the same percentage of shares and the other 48% to be sold to area individuals at $100 per share. The directors felt a definite need for First Central to be a community owned bank. In 1970, the directors decided to acquire additional property to build a motor bank facility. On August 13, 1970, the new motor bank opened for business at 915 6th Avenue, directly across the street from the main bank.

In September 1972, the board members met with Ed Tubbs and John Fagerland to discuss the possibility of them becoming involved in the management of First Central State Bank. Although John and Ed wanted to help, they felt it was important to become involved in the ownership of the bank before making a substantial investment of time and effort. At that time, First Central's total assets were slightly over $4 million dollars.

In contemplation of acquiring majority ownership, Ed and John asked Al, Ed's son, to consider moving back to the area to manage the bank. At the time, Al was a professor at Oklahoma State University, having received his doctorate degree from Cornell University, New York. On October 3, 1972, Ed, John, and Al acquired slightly over 50% of bank stock and reorganized the board to formally join the organization. Since First Central only had one loan officer, Ed and John alternated trips between First Central and Maquoketa to help wait on loan customers. When the transition was complete, the next several months were spent obtaining permission from the Federal Reserve to make First Central a part of the Ohnward Bancshares, Inc. holding company.

In November of 1991, First Central opened a Loan Production Office in Eldridge, Iowa and by May of 1992, made application to the State Department of Banking to open a full-service office in Long Grove. At that time, 15% of First Central's total loan portfolio was from Scott County. First Central received approval from the State Department of Banking and opened the facility directly north of the Post Office on February 22, 1993. The branch office was very well received by residents.

It was the fall of 2000 when Brig and Abe Tubbs assumed the duties of managing officers of First Central, sharing the title of President, Brig being President and CEO and Abe being President and CFO. Brig continued to share time and management responsibilities with Gateway State Bank and Abe at Tri County Bank & Trust.

On April 16, 2002, First Central opened a full-service branch in LeClaire. Thereafter, First Central continued its geographic expansion by opening a new in the community of Eldridge. This office opened on December 15, 2003.

Gateway State Bank, which was purchased by Ohnward Bancshares in 1998, with bank assets of $19 million, thrived as an independent brand until it merged with First Central State Bank in 2019. This brand has established a reputation as a professional and relationship-oriented financial player within the rural and metro Clinton market. Brig continues to oversee the management of the Clinton market while serving as CEO of First Central as well as serving as Chief Credit Officer for the holding company.


History of Ohnward Bank & Trust

1903 | Baldwin Savings Bank opens for business

1992 | Ohnward Bancshares Inc. purchased controlling interest of Baldwin Savings Bank

               Renamed Tri-County Bank & Trust

1995 | First ATM installed in Cascade

1999 | Abe Tubbs becomes President and CEO

2003 | First Iowa Bank acquisition

2006 | Ohnward merged with Tri-County Bank & Trust, name was changed to Ohnward Bank & Trust

Ohnward Bank & Trust’s history began as Baldwin Savings Bank. As with First Central State Bank, the idea of forming a local bank named the Baldwin Savings Bank was started by a group of local businessmen. In November 1902, 27 stockholders bought 100 shares of stock at $100 per share. The bank opened for business in 1903.

The original Board of Directors included:
C.K. Berg of Davenport
Geo. W. Tabor of Monmouth
Chas. B. Tozer of Baldwin
Frank Lubben of Baldwin
R.W. Brown of Baldwin

The initial officers were:
President – Geo. W. Tabor
Vice President – R.W. Brown
Cashier – C.K. Berg

C.A. Harding, better known as Charlie, worked for the bank for 57 years — from 1916 to 1973 — as Assistant Cashier, Cashier, and a board member. He was instrumental in the success of Baldwin Savings Bank and the lives of Baldwin residents.

Through the years, Baldwin Savings Bank was one of only two banks in Jackson County that survived the bank closings during the Depression of the 1930s.

Ohnward Bancshares Inc. purchased controlling interest of Baldwin Savings Bank on February 25, 1992. At that time, total assets were approximately $14.9 million and equity capital was approximately $1.58 million. In 1994, the bank’s charter was moved to Cascade.

Since the bank now served customers of multiple counties, the name Tri-County Bank & Trust was selected. The bank installed its first ATM machine in Cascade in 1995, followed by Internet Banking in 2000.

Abe Tubbs joined the Ohnward organization in 1998, becoming President and CEO in 1999. Abe continues to serve as CEO along with his other duties as President and CFO of First Central State Bank and his work at the Ohnward holding company level.

January 17, 2003 saw the addition of First Iowa Bank to the Tri-County Bank & Trust family. At the time of purchase, First Iowa Bank had $20 million in assets. This bank was immediately merged into Tri-County Bank & Trust at the time of purchase.

In 2006, Ohnward Bancshares purchased United Security Savings Bank with offices in Marion and Cedar Rapids. USSB was a Savings & Loan Association owned by Carl Schuettpelz.

Over the years, Carl Schuettpelz, an attorney instrumental in the reorganization, eventually became the controlling shareholder and CEO of USSB and grew the institution to $44 million while reducing the number of offices to just two, Marion and Cedar Rapids.

In 2006, Schuettpelz and Ohnward reached agreement for the transfer of ownership to Ohnward Bancshares. Ohnward merged with Tri-County Bank & Trust and the name was changed to Ohnward Bank & Trust. Ohnward offices retain a complete recorded history of USSB and of the names of those involved in its formation and early management.    

Ohnward Bank & Trust currently operates with six locations and has become a significant player in the Cascade, Monticello, Central City, Marion, and Cedar Rapids markets, while continuing to serve its original mission in Baldwin. The original Baldwin Savings Bank charter remains as the original charter of OBT. The bank emphasizes the building of personal relationships with its clients and volunteerism within the communities it serves.


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