A history of independence, strength, and commitment.
R.L. Goodenow founded the Bank of Wall Lake in 1882 to provide financing resources to area cattlemen. In 1933, Goodenow added an independent insurance agency, and today the organization encompasses banking, investments, wealth management, trust and estate planning, insurance services and a national equipment financing division, OnePlace Capital.
In the 1880s, the bank creed read:
We believe in today and the work we are doing; in tomorrow, and the work we hope to do, and the sure reward of worthy service.
We believe in courtesy, in kindness, in generosity, in good cheer and friendship, in a fair and firm business policy that provides security and justifies confidence and combines integrity and resources in community strength.
More than 130 years later, the essence of that creed is alive and well in Bank Midwest. We’re still owned by the same Goodenow family, now in its 5th generation of leadership. And, we’re still devoted to helping the communities we serve, grow and prosper.
Goodenow Bancorp was formed in 1979 and served as the first step in the evolution from a rural banking company to a full-service provider of financial services. In the coming years, we expanded our presence in Iowa, and recognized market opportunity in southern Minnesota.
After acquiring banks in Fairmont and Jackson, Minnesota, and Armstrong, Iowa, we renamed ourselves Bank Midwest to acknowledge our growing regional presence.
In 1991, investment services were added to the Bank Midwest portfolio, and in 1993, a new bank in Okoboji, Iowa, was built. From 1999 to 2005, Bank Midwest continued to grow by acquiring three locations in Windom, Westbrook, and New Ulm, Minnesota, establishing an employee stock ownership plan, and opening a new location in Spirit Lake, Iowa.
Diversifying its portfolio, OnePlace Capital, a niche equipment financing firm was created to help medical, dental and veterinary practitioners in the U.S. stay competitive and grow though simple interest financing and an efficient online application process.
In 2015, the expansion continued with a branch opening in Sioux Falls, South Dakota.
Driven by local investors and employee owners, the company offers a wide variety of traditional and leading-edge financial products and services to meet the needs of its current customers, establish new relationships in the markets it serves, and expand its business opportunities.
Today, we are still dedicated to providing you a great banking, wealth management and insurance experience, all at One Place.
Bank Chairman Steve Goodenow is the 5th generation family member to lead the employee-owned organization that has an unyielding commitment to its customers – and its communities.