To help you plan ahead – we will be closed on Thursday, November 27th to celebrate Thanksgiving with family and friends.

More than Your Traditional Bank

About Decorah Bank & Trust

Our Philosophy

Because we are not owned by outside investors who are typically interested in next quarters’ earnings, we are able to think differently. Decorah Bank & Trust is owned by the Grimstad family and its employees through an Employee Stock Ownership Plan so the decisions we make are long term in nature. There is no need to focus on short term earnings because the bank is not for sale. We believe that by treating our customers and employees fairly and with respect they deserve, the bank will prosper in the long run. Banking, like all other industries, has become competitive. We understand that we must provide excellent service, convenience, competitive pricing and services to maintain customer relationships. We make every effort to do this, while also doing our part to help the community prosper. Our bank, directors, officers, and employees are committed to giving back to the community by offering their time, talent, and resources to many worthy causes. Our goal is to add value to our client relationships by identifying their needs and then helping them reach their goals.

Our History

Joseph and Ben Grimstad

Joseph and Ben Grimstad

Chartered by the State of Iowa in 1935, Decorah Bank & Trust Company was started by a group of Decorah citizens as Security Trust and Savings Bank. During this time, the bank found itself struggling to survive in its first year and eventually was sold to a bank liquidator named Ray Kaster. Mr. Kaster saved the bank from closing and successfully managed it for the next 24 years. In 1960, Harold Grimstad purchased the bank and moved his family from Minnesota to Decorah. He changed the bank’s name to Security Bank & Trust Company and managed to grow the bank for 18 years while providing necessary credit to the Decorah area. Larry Grimstad, Harold’s son, managed the bank for the next 24 years, continuing on the tradition of community banking until 2002. To better reflect its purpose of serving the Decorah area, In 2000, the bank changed its name to Decorah Bank & Trust Company. In 2000 and 2002, Ben and Joseph Grimstad joined the organization and became the third generation of Grimstads to manage the bank. The Grimstad family is committed to serving the financial needs of the Decorah area for years to come.

Sustainability Commitment

We believe that one responsibility of running a strong business is finding ways to reduce its impact on the environment.  Providing eco-friendly products and facilities; and using practices such as recycling and energy conservation is a part of who we are. We’re excited about what we’ve achieved, but recognize there’s much more work ahead to reduce the footprint we leave on the environment.  Our customers expect – and deserve nothing less, and we promise to keep you informed of our progress.

Decorah Bank & Trust is not your typical bank. Contact us directly at (563) 382-9661 to see how we can make a difference for you.