IOWA CITY

When you call Farmers & Merchants Savings Bank during business hours, something remarkable happens: a real human, based right here in our pocket of Iowa, answers the phone.

“We don’t have an automated system. We never will,” Steven Crane, President and CEO, says. “It’s always been that way, and we never want to change it. It’s the personal touch.”

In a fast-paced, efficiency-driven world, F&M Bank sticks to its roots as a community bank, unwilling to give up local decision-making and personal relationships for the sake of cutting costs. In fact, accessibility is so important, most lenders at F&M have their cell phone numbers on their business cards so that they can be reached even outside of business hours if necessary.

“We’re here because of our customers,” Crane says. “Without them we would not have a bank. Our mission is to develop long-term relationships with our customers by earning their trust and respect through hard work and personal attention. I think we’re good listeners here; we listen to the needs, and then we can come up with solutions. “

It’s that guiding principle, coupled with local ownership and community involvement that has kept F&M Bank stable for 125 years since its founding in Lone Tree in 1901. The oldest bank in Johnson County, it managed to weather the Great Depression -- a time when as many as half of banks failed -- without reorganizing.

In fact, the bank expanded in 1934, opening a branch in Nichols. F&M Bank later merged with Lone Tree Savings Bank in 1971; opened a branch in Iowa City in 2000; and most recently merged with Peoples Trust and Savings Bank in Riverside in 2023.

On this milestone anniversary year, F&M Bank looks forward to celebrating with the community during events at Lone Tree, Riverside, and Iowa City branches. Whether customer or not, all are invited to meet F&M’s staff and enjoy food and drinks under the tents.

The Lone Tree event takes place Thursday, June 18 from 4-7 p.m. at the bank; Riverside will celebrate Saturday, June 27 from 8:30 to 11 a.m.; and Iowa City will host Friday, July 10 from 11 a.m. to 2 p.m.

“All three events are to thank customers for their loyalty, friendship and trust in making F&M Bank the longest tenured bank in Johnson County,” Crane says.

When looking back at the bank’s history, of which he has been a part for the past 10 years, Crane is most proud of F&M’s ability to be a good community partner, both as a service provider and employer.

“We know our customers, we know their businesses, and I think we’re good advisors to our clients,” he says. “We have longevity and stability, and most of our employees have been here a long time. Due to our loyalty with customers, we get quite a few referrals. And we’re competitive too – we can compete with the bigger banks on rates and structure.”

F&M proved this in 2020 when Paycheck Protection Program (PPP) loans, backed by the U.S. Small Business Administration, were made available to help businesses, nonprofits, and self-employed individuals keep workers employed during the COVID-19 pandemic.

“We did several hundred,” Crane says – more than one would expect for a bank its size. Not every bank offered them, so even non-customers looked to F&M for help. “We helped a lot of small businesses get some money when they needed it,” he says.

Although the pandemic years are behind us, many of us still have a need for financial tools to help achieve our goals. As non-bankers, however, we may not know the best tool for the job. This is where the bankers at F&M can help us; with some 20-years’ experience on average, they are happy to put their knowledge to use on our behalf.

“It’s a good team,” Crane says of the employees at all four branches. They appreciate their employer’s willingness to work around life events, grant them autonomy to make decisions, and provide a positive workplace atmosphere. “It’s kind of a family atmosphere,” Crane says, describing the diverse group and the events they enjoy together.

Although F&M resists the nudge to depersonalize service, it remains tech-forward, integrating mobile banking and other conveniences desired by its customers. As AI tools become more integrated into our lives, the bankers stay on top of them, attending classes and learning like the rest of us.

“The biggest threat to any bank or financial institution is getting accounts hacked or fraud,” Crane says – something no customer wants to confront. “We’re really cognizant and putting efforts into all that. We’ve stayed very current on protection from an IT standpoint.”

Looking ahead, Crane hopes F&M Bank will “continue to grow, continue to bring on new customers,” and “to contribute with community involvement from the employees.”

As the only bank in Lone Tree, Nichols, and Riverside, it’s in a unique position to do just that.

“I see us being around for another 125 years,” Crane says.

Join Farmers & Merchants Savings Bank in celebrating their 125th anniversary at the Lone Tree branch, 200 N. Devoe St., Thursday, June 18, from 4-7 p.m.; at the Riverside branch, 90 Railroad St., Saturday, June 27 from 8:30 -11 a.m.; and at the Iowa City branch, 2235 Mormon Trek Blvd., Friday, July 10 from 11 a.m. to 2 p.m.