Electronic signage at Peoples Savings Bank in Reinbeck heralds the location's grand opening on Thursday, Sept. 3. PHOTO BY RUBY F. MCALLISTER

REINBECK – With the snip of a ribbon last Thursday, the community of Reinbeck officially doubled its local banking options.

“A couple years ago … we thought, what’s another great community in Grundy County that we can go and be a part of?” Peoples Savings Bank President and CEO Eric Olson said as part of his remarks to a large group of community leaders, customers and employees gathered on the afternoon of Thursday, Sept. 3, to celebrate the opening of PSB’s newest location along Highway 175 in Reinbeck. “We are super excited to come to Reinbeck and bring some community banking back to the town and just share what it is that we do and hopefully be a blessing to the community.”

PSB was founded in 1934 in Wellsburg where its headquarters are still located. Fifty years later, in 1984, a second PSB location opened in Cleves.

More recently, PSB opened a branch office in Dike in 2008; Reinbeck is the bank’s current fourth location.

“We carry a lot of pride with how we come in and handle ourselves within the communities we’re in,” Olson further said Thursday afternoon. “So, thank you everybody for being here. We feel super welcome – that’s also been awesome. It doesn’t need to be that way, but we do (feel welcome).”

Peoples Savings Bank President and CEO Eric Olson provides brief remarks Thursday afternoon in Reinbeck ahead of the ribbon cutting ceremony for his bank’s fourth location. PHOTO BY RUBY F. MCALLISTER

Nearly a year ago this month, PSB announced its expansion into Reinbeck via a news release. “As a bank, we’ve always believed that when small towns succeed, we all succeed,” Olson was quoted as part of the release. “Reinbeck is a perfect fit for our values. They have hardworking people, a great school system, and strong local businesses. We’re committed long-term to support that in every way we can.”

Since the initial announcement, PSB has invested a great deal of capital in Reinbeck, donating tens of thousands of dollars to local causes, including the Reinbeck Public Library’s remodel project, the elementary school’s new playground, and the court improvement project in Elmwood Park.

When asked why the bank chose Reinbeck for its fourth location, PSB Vice President Jeremy Thesing, a resident of Reinbeck himself, said local staff played a big part.

“A main component of the Reinbeck expansion was pulling together the right staff at the right time,” Thesing wrote in an email exchange with the newspaper following the ribbon cutting ceremony. “We have four local Reinbeck residents that are excited and passionate about serving our community through volunteer efforts, community projects, and earning their trust as a financial partner by bringing a brick-and-mortar full-service bank to the community.”

Those four local employees include Thesing, who in addition to VP is also an ag and commercial lender; Ali Al-Rabie, a new account specialist; Kiya Larson, a front-line customer service representative; and Caleb Sieh, an insurance agent and risk management consultant.

Peoples Savings Bank President and CEO Eric Olson (front row, ninth from right) cuts the ribbon Thursday, Sept. 3, on his bank’s newest branch office in Reinbeck alongside community leaders – including Mayor Jamie Eiffler (back row, third from left) and Gladbrook-Reinbeck Superintendent Caleb Bonjour (back row, fourth from left ) – and PSB staff, including Vice President Jeremy Thesing (back row, fifth from left). PHOTO BY RUBY F. MCALLISTER

Before PSB’s grand opening on Monday, Aug. 31, Reinbeck was home to only one bank – the iconic Lincoln Savings Bank, established in 1902 in nearby Berlin, Iowa, now Lincoln. On Thursday morning prior to PSB’s ribbon cutting, it was announced that Lincoln was being merged with and into Equity Bank based in Wichita.

“We are not naïve to the fact that there has only been one financial institution in Reinbeck for a very long time. And one that has a history of having a very loyal following and customer base,” Thesing said when asked to comment on the potential difficulty of breaking into a new market. “So we recognize the challenge, but we look forward to building trust and earning opportunities to increase our market share in Reinbeck. Eric Olson, our CEO, always preaches ‘Do the right thing. Treat people fairly, and make them feel valued and seen. If you do that, good things will follow.’ So that’s what we are setting out to do.”

The bank’s new Reinbeck location on the corner of Center Street and Grundy Avenue is a welcoming, modern-looking space. The building was designed by CMBA Architects which traces its roots to Sioux City, Iowa, while Huff Contracting out of Waterloo was the general contractor.

“CMBA Architects did a fantastic job of casting some vision around the look and feel of our newest location,” Thesing explained. “Huff Contracting brought the vision to life along with a whole host of subcontractors. We wanted it to fit the neighborhood and provide some eye-catching curb appeal along heavily traveled Highway 175. The building is completely finished and ready for customers!”

For those in the market for a new banking home or financial lender, Thesing said PSB’s focus on service at the local level sets it apart.

Peoples Savings Bank’s Reinbeck branch office pictured Thursday, Sept. 3, 2026. The bank is located along Highway 175 at 103 Center Street. PHOTO BY RUBY F. MCALLISTER

“For anyone that values small town relationship-based lending, Peoples Savings Bank should be a consideration,” he said. “[We feature a] local board with (an) agricultural background; local decision making; and (we are) community minded. What sets us apart is our service – we can act fast, and we prioritize open and honest communication. We value building trust and partnering with our customers to help them achieve their financial goals.”

PSB’s Reinbeck branch is located at 103 Center Street and is open Monday through Friday from 8:30 a.m. to 4 p.m. (lobby and drive-up), as well as Saturday from 8:30 a.m. to 11:30 a.m. (drive-up only).

For more information, visit bankpsb.com.

PHOTO BY RUBY F. MCALLISTER

PHOTO BY RUBY F. MCALLISTER

PHOTO BY RUBY F. MCALLISTER

PHOTO BY RUBY F. MCALLISTER