Farmers State Bank will be entering the Johnson County market next year with a branch in Tiffin.
The Marion-based bank has announced plans to build a full-service office on a one- to five-acre lot at 1600 N. Park Rd. in the Park Place and the Ders Group development. Construction will begin in spring of 2020, with a projected fall opening.
“Tiffin is one of the fastest-growing communities in Johnson County and probably all of Eastern Iowa,” said Gene Neighbor, president and CEO of Farmers State Bank. “We just feel this is going to be some opportunity for the future,”
Neighbor said the branch initially will employ about five people.
“We’re going to build it with the intention to expand and grow as our business grows,” he said. “For the benefit of the bank and the community, I would see most of the people coming from the Johnson County, Tiffin and North Liberty areas.”
The Ders Group is constructing the 450-acre Park Place and City Center developments west of the new Interstate 380 and Forevergreen Road exit.
Farmers State has six locations, including its main office in downtown Marion, as well as branches at Collins Road Square, Edgewood Plaza Mall, Van Buren Village, Hiawatha and Alburnett.
Neighbor said the bank will continue to look at other potential locations for new offices.
Farmers State is ahead of last year in net income, but has seen a slight slowdown in the commercial area of its business in terms of loan applications, he said.