Regional bank operating in Iowa and South Dakota since 1913, offering checking, savings, mortgages, investments, and insurance through its parent company Ambank Company.
Editorially reviewed by Harvey Brooks
American State Bank was originally chartered as Hospers Savings Bank in 1913 and became FDIC-insured in 1934. Today it operates as part of Ambank Company, a financial services holding company that also includes American Bank, American Investment & Trust, and Perspective Insurance. The bank serves 12 communities and surrounding areas across Iowa and South Dakota, positioning itself as a regional community bank with a 50+ year commitment to customer service.
The bank offers a comprehensive suite of financial products including free checking accounts with interest-earning capability, home mortgage loans for purchases and refinances, online and mobile banking with bill pay and mobile check deposit, credit cards with online card management, and financial goal-setting tools. Through its investment and trust division, it provides wealth management services via platforms like Black Diamond and Adviceworks. Perspective Insurance offers insurance products, and the bank provides financial education resources including first-time homebuyer programs.
American State Bank differentiates itself through its emphasis on community involvement and local decision-making, with leadership explicitly stating that the bank charter is a privilege requiring service to stockholders, customers, and community alike. The company highlights digital convenience through mobile banking while maintaining a community-focused approach. It offers free access to credit scores and provides financial health guidance through advisory services.
The bank operates primarily in a limited geographic footprint (Iowa and South Dakota only) and shows characteristics typical of regional community banks. Their recent platform migration (as of 1/1/26) for investment services suggests ongoing technology updates. No specific information about APRs, fees beyond "no monthly fees" on checking, or detailed loan terms is available on the website, which limits transparency on pricing competitiveness.
Yes. American State Bank is a registered company headquartered in Sioux Center, IA, founded in 1913. They hold a rating with the Better Business Bureau.
Account opening typically takes 1-3 business days. Loan decisions vary by product.
CreditDoc Diagnosis
American State Bank is best for customers in its 12-community Iowa and South Dakota footprint who value community-focused banking, integrated financial services, and local decision-making. The main caveat is its strictly limited geographic service area and lack of transparent pricing information on rates and fees compared to larger regional or national banks.
Public data from the Consumer Financial Protection Bureau
Source: consumerfinance.gov | Last checked 2026-03-24
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