Peoples Savings Bank has its origins in both Cleves and Wellsburg, Iowa. The Cleves Savings Bank started January 25, 1912, and then later changed its name to Security Savings Bank. In July 1934, the board and the stockholders of the bank wanted to reorganize and have the main bank in Wellsburg while maintaining a bank in Cleves. Wellsburg originally had two banks in town, the Farmers State Bank and the Wellsburg Savings Bank which later merged to become the First State Bank. That bank was only open for a short time. That decision led to the opening of Peoples Savings Bank in Wellsburg on October 1, 1934. Originally Peoples Savings Bank started with only 56 stockholders. On December 3, 1960, the bank moved to its current location on the corner of 3rd and Adams. The bank was again remodeled in late 1971. In the early 1990’s the bank was remodeled once more. On October 1, 1984, the new bank building in Cleves was opened, exactly 50 years to the day of the opening of the original Peoples Savings Bank in Wellsburg. By the 50 year anniversary of Peoples Savings Bank, the community based stockholders had grown to 179.
The year of 1984 saw a lot of changes for Peoples Savings Bank. During 1984, Peoples Savings Bank founded the bank holding company called PSB Corporation. Its headquarters is based in Wellsburg and the corporation is the sole owner of Peoples Savings Bank. In 1992, PSB Corporation purchased 100% stock in First National Bank in Sumner, Iowa, later to be First State Bank. In January 1999, PSB Corporation purchased 100% stock in Denver Ban Corp which owned Denver Savings Bank making PSB Corporation 100% owner of Denver Savings Bank.
In 2008, Peoples Savings Bank broke ground on a new branch site in Dike, Iowa. It officially opened on June 9, 2008. Peoples Savings Bank continues to keep growing in the community and stay true to its values and mission statement which are stated below.
Vision – To create lasting relationships built on the foundation of trust.
Mission Statement – Peoples Savings Bank is committed to remaining a progressive and efficient independent community bank responsive to the needs of our customers and communities we serve. A productive and satisfied staff will deliver long term value to the shareholders by balancing growth and profits.