Journal Express, Knoxville, IA

Local News

June 23, 2014

Iowa State's east motor bank to close

Knoxville — Customer preferences toward technology has prompted the Iowa State Savings Bank to plan the closure of their drive-up bank at Fifth and Main Streets in Knoxville.  Closing the banking location known locally as “The East Motor Bank” ends nearly 40-years of teller services from that location as electronic methods become preferred by the bank’s customers.   The closure is scheduled for September 26, 2014.

“We continue to see a remarkable shift from in-person banking transactions toward electronic banking, payment and deposit systems” said Iowa State Savings Bank CEO Stuart Job.   “Automated payroll, debit cards, 24/7 mobile and internet banking have all made banking easier for today’s customers and diminished the need to have as many traditional branches.”  Job also said that this shift is not unique to the Iowa State Savings bank, but is a national trend.  

Bank-wide there has been remarkable growth in the number of Iowa State Savings Bank customers, however, drive through traffic at the East Branch is less than half what it was just a decade ago.  The East motor Bank opened in 1976 as a service to the bank’s customers, particularly those commuting to the new 3M plant, the new Hormel plant as well as Pella factories.  These customers needed a convenient location to make payroll deposits, a task that is now done with automated systems.  Job said, “In 1976 a drive-through bank was a fairly novel concept.  That was considered pretty high-tech back then.”

While Job praises new technologies for what they can offer, he quickly acknowledges they are not the end-all.  “Person-to-person banking is still critical to building and maintaining trusted relationships with our customers.   It is very important to our customers to know who they are dealing with and who is making decisions that affect them.”   The bank has three other “brick and mortar” locations in Knoxville and Melcher to serve its customers.

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Upon completion and reopening of Third Street, should the City of Knoxville wait to start the next stage of the Streetscape and Infrastructure project until 2015?

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