IOWA CITY — MidWestOne Bank announced it is recognized in Newsweek Magazine’s 2022 America’s Best Banks rankings and named Best Small Bank in Iowa.
Newsweek partnered with Lending Tree, an online loan marketplace and comparison site for financial services, to compile the Best Banks list. Over 2,600 FDIC-insured institutions were assessed on 50 different factors to come up with a best-in-class option in 19 different categories, including the Best Small Bank in every state.
“We are honored to receive this prestigious recognition from Newsweek,” MidWestOne Bank CEO Charlie Funk said. “For more than 87 years, our mission has been to take care of our customers and those who should be. We appreciate our loyal customers and outstanding employees. Without them such awards would not be possible.”
Fair returns on savings accounts as well as remote banking options were a large part of the ranking process. Altogether, 50 separate factors were assessed, covering a wide variety of fees, current and historical interest rates, account terms, consumer service features, mobile app satisfaction, bank profile and more.
“Banks are focusing on digital tools that help customers improve their financial wellness,” Paul McAdam, senior director of banking intelligence at J.D. Power said. “A lot of this work began before the pandemic, but over the past year or so, the industry has accelerated their efforts. To keep online users happy, banks are improving apps and adding features, like budgeting tools, options to round up debit card transactions to the nearest dollar to boost balances, and advice to help customers reach financial goals like improving their credit score.”
MidWestOne Bank is no exception.
According to MidWestOne President and COO Len Devaisher, the client experience is a top priority. “To ensure a superior experience, MidWestOne practices five Operating Principles: take good care of our customers, hire and retain excellent employees, always conduct yourself with the utmost integrity, work as one team, learn constantly so we can continuously improve. We are grateful for our more than 800 employees who believe in our mission and model our core principles.”
MidWestOne has locations in Oskaloosa, Pella and Sigourney.