Farmers Savings Bank, which has been serving the financial needs of the Kalona community since 1899, is celebrating its 100th year in a rather unique way: by changing its name and opening a new banking location.

The latter initiative, the opening of a new banking center at the intersection of 1st Avenue and Holiday Road in Coralville, was announced several weeks ago. The name change, from “Farmers Savings Bank” to “Freedom Security Bank”, was made public today.

“Actually, the two issues are closely related,” said Tom Jepson, Chairman and CEO. “Our move into Coralville represents a significant expansion in the scope of our market. We felt that it was appropriate to make a corresponding change in our name to reflect this new, expanded horizon.”

“After a great deal of study and evaluation, we decided on ‘Freedom Security Bank’ for two very good reasons,” said Jepson. “First, the words ‘freedom’ and ‘security’ represent everything we stand for and plan to provide to our customers: the freedom of choice, the freedom to achieve one’s financial goals and the security and peace of mind that comes from doing business with a rock-solid organization. Second, and equally important, it enables us to retain the familiar abbreviation of ‘FSB’, a name that we’re referred to as and known by in Kalona and the surrounding area. It truly represents the best of the old and the new, of our past and our future.”

According to Jepson, the bank is excited about expanding its presence in the Coralville/Iowa City area. “It’s a dynamic market, and it represents an excellent opportunity for growth which will compliment our existing base of business in Kalona. This broader base will enable us to provide an even greater range of products and services, thereby benefiting customers in both markets.”

According to Jepson, both the new name and the new location are subject to regulatory review and approval. Establishing the new Coralville banking center will also entail the legal formality of moving the institution’s charter.

“We hope to have a temporary facility up and running in Coralville, and to change the name on our signs, statements and other materials before autumn,” Jepson said. “At the same time, we’ll be breaking ground for an expanded, permanent Coralville office which should be completed by the summer of 2000.”