Pilot Grove Savings Bank has been serving customers in Southeast Iowa and beyond for over a century. Established in 1911, this community bank has grown to manage over $800 million in assets across 14 branch locations. But how does Pilot Grove Savings Bank stack up in terms of products, services, and customer satisfaction? This comprehensive review will take an in-depth look at what Pilot Grove Savings Bank has to offer, analyze customer feedback, and help you determine if this financial institution is the right fit for your banking needs.
History and Background of Pilot Grove Savings Bank
Founded on May 12, 1911, Pilot Grove Savings Bank has deep roots in Southeast Iowa. Over its 113-year history, the bank has weathered economic ups and downs, including the Great Depression of the 1930s and numerous recessions. Today, Pilot Grove Savings Bank employs over 100 people and manages more than $600 million in assets.
The bank’s longevity speaks to its resilience and ability to adapt to changing financial landscapes. Pilot Grove Savings Bank has embraced modern banking technology while maintaining its commitment to personalized customer service – a balance that has helped it thrive in an increasingly digital banking world.
Products and Services Offered
Pilot Grove Savings Bank provides a full suite of personal and business banking products and services:
Personal Banking:
- Checking accounts
- Savings accounts
- Certificates of Deposit (CDs)
- Personal loans
- Mortgages
- Home equity loans
- Credit cards
- Online and mobile banking
Business Banking:
- Business checking and savings accounts
- Business loans
- Commercial real estate loans
- Treasury management services
- Merchant services
Additional Services:
- Investment services
- Insurance products
- Wealth management
This diverse product lineup allows Pilot Grove Savings Bank to serve as a one-stop financial shop for many of its customers. However, the availability and terms of specific products may vary, so it’s important to check with your local branch for the most up-to-date offerings.
Online and Mobile Banking Capabilities
In keeping with modern banking trends, Pilot Grove Savings Bank offers online and mobile banking platforms. These digital tools allow customers to:
- Check account balances
- Transfer funds between accounts
- Pay bills
- Deposit checks remotely
- Set up account alerts
- Access e-statements
While the bank provides these essential digital banking features, some customers have reported that the online and mobile platforms could be more user-friendly and offer more advanced features. This is an area where Pilot Grove Savings Bank may have room for improvement compared to larger national banks or online-only institutions.
Customer Service and Support
As a community bank, Pilot Grove Savings Bank prides itself on providing personalized customer service. Customers can reach out for support through multiple channels:
- In-person at branch locations
- Phone support
- Online contact forms
The bank’s website (pilotgrovesavingsbank.com) provides contact information for each branch location, making it easy for customers to connect with their local banking team. However, it’s worth noting that Pilot Grove Savings Bank does not offer 24/7 customer support, which may be a drawback for some customers accustomed to round-the-clock service from larger banks.
Financial Performance and Stability
As of March 31, 2024, Pilot Grove Savings Bank reported the following key financial metrics:
- Total Assets: $866,173,000
- Total Deposits: $756,900,000
- Total Equity Capital: $93,397,000
- Net Income: $3,573,000
- Return on Assets: 2%
- Return on Equity: 16%
These figures indicate that Pilot Grove Savings Bank is in a solid financial position. The bank’s return on assets and return on equity ratios are particularly strong, ranking in the top 25% of all U.S. banks. This financial stability should provide reassurance to customers concerned about the safety of their deposits.
Customer Reviews and Satisfaction
Customer reviews of Pilot Grove Savings Bank paint a mixed picture of satisfaction. The bank has an average rating of 3 out of 5 stars based on 4 reviews on Yelp, indicating that most customers are generally satisfied but there is room for improvement.
Positive feedback often highlights:
- Friendly and helpful staff at branch locations
- Community involvement and support
- Competitive rates on loans and deposit accounts
Common complaints include:
- Difficulties opening new accounts
- Stringent requirements for certain banking products
- Limited online and mobile banking features compared to larger banks
It’s important to note that with only a handful of online reviews available, these may not provide a comprehensive picture of overall customer satisfaction. The bank’s long history and continued growth suggest that many customers find value in its services.
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Comparison to Competitors
When comparing Pilot Grove Savings Bank to other financial institutions, it’s important to consider both local community banks and larger national banks. Here’s how Pilot Grove stacks up in a few key areas:
- Product Offerings: Pilot Grove Savings Bank offers a comprehensive range of banking products, comparable to many larger institutions. However, it may lag behind in terms of specialized or niche financial products.
- Interest Rates: As a smaller bank, Pilot Grove Savings Bank often offers competitive rates on deposits and loans. However, rates can vary, so it’s wise to compare with other local and online banks.
- Technology: While Pilot Grove provides essential online and mobile banking features, its digital offerings may not be as robust or user-friendly as those of larger banks or fintech companies.
- Personal Service: Pilot Grove Savings Bank likely excels in this area compared to larger banks, offering more personalized attention and local decision-making.
- Branch Network: With 14 branches, Pilot Grove has a strong presence in Southeast Iowa but may not be convenient for customers outside this region.
Pros and Cons of Banking with Pilot Grove Savings Bank
Pros:
- Long-standing history and community roots
- Comprehensive range of personal and business banking products
- Competitive rates on many products
- Personalized service and local decision-making
- Strong financial stability
Cons:
- Limited branch network outside of Southeast Iowa
- Online and mobile banking platforms may lack advanced features
- Mixed customer reviews, with some reporting difficulties opening accounts
- No 24/7 customer support
Who Should Consider Pilot Grove Savings Bank?
Pilot Grove Savings Bank may be a good fit for:
- Residents of Southeast Iowa looking for a local banking relationship
- Customers who value personalized service and face-to-face interactions
- Small business owners seeking a bank with local decision-making authority
- Individuals looking for competitive rates on loans or deposit accounts
However, Pilot Grove Savings Bank might not be the best choice for:
- Those living outside the bank’s service area who need regular branch access
- Tech-savvy customers seeking cutting-edge digital banking features
- Individuals who require 24/7 customer support
Tips for Banking with Pilot Grove Savings Bank
If you’re considering opening an account with Pilot Grove Savings Bank, keep these tips in mind:
- Visit a branch in person: Given some reported difficulties with account opening, it may be beneficial to visit a branch and speak with a representative directly.
- Compare rates: While Pilot Grove often offers competitive rates, it’s always wise to shop around and compare with other local and online banks.
- Understand requirements: Be clear on any minimum balance requirements or fees associated with accounts you’re interested in.
- Explore all product offerings: Pilot Grove Savings Bank offers a wide range of products beyond basic checking and savings accounts. Take time to understand all your options.
- Utilize online resources: Familiarize yourself with the bank’s online and mobile banking platforms to make the most of these tools.
Future Outlook for Pilot Grove Savings Bank
As a community bank with a long history, Pilot Grove Savings Bank has demonstrated its ability to adapt and thrive in changing economic conditions. Looking ahead, the bank will likely continue to focus on serving its core market in Southeast Iowa while potentially expanding its digital offerings to compete with larger banks and fintech companies.
Key areas to watch include:
- Investments in technology to enhance online and mobile banking experiences
- Expansion of product offerings to meet evolving customer needs
- Potential mergers or acquisitions to grow the bank’s footprint
Conclusion
Pilot Grove Savings Bank offers a solid range of banking products and services, backed by over a century of experience serving Southeast Iowa communities. Its strengths lie in personalized service, local decision-making, and competitive rates on many products. However, the bank may not be the best fit for those seeking cutting-edge digital banking features or requiring a wide branch network.
As with any financial decision, it’s important to carefully consider your individual needs and compare options before choosing a bank. While Pilot Grove Savings Bank has its strengths, particularly for those in its service area, it’s always wise to shop around and compare offerings from multiple institutions.
Ultimately, Pilot Grove Savings Bank’s longevity and financial stability suggest that it remains a viable option for many customers in Southeast Iowa. By understanding the bank’s offerings, strengths, and limitations, you can make an informed decision about whether Pilot Grove Savings Bank is the right financial partner for you.
FAQ Section
Is Pilot Grove Savings Bank FDIC insured?
Yes, Pilot Grove Savings Bank is FDIC-insured (Certificate #9100). This means that deposits are insured up to $250,000 per depositor, per insured bank, for each account ownership category.
How many branches does Pilot Grove Savings Bank have?
Pilot Grove Savings Bank operates 14 branch locations, primarily in Southeast Iowa.
Can I open an account with Pilot Grove Savings Bank if I don’t live in Iowa?
While it’s possible to open an account with Pilot Grove Savings Bank if you don’t live in Iowa, the lack of branches outside the state may make it inconvenient for non-local customers. It’s best to contact the bank directly to discuss your specific situation.
Does Pilot Grove Savings Bank offer online and mobile banking?
Yes, Pilot Grove Savings Bank provides online and mobile banking services, allowing customers to check balances, transfer funds, pay bills, and deposit checks remotely.
What types of loans does Pilot Grove Savings Bank offer?
Pilot Grove Savings Bank offers a variety of loans including personal loans, mortgages, home equity loans, auto loans, and business loans.
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