Feb. 23, 2023

This paid piece is sponsored by Central Bank.

They took the phone call based on curiosity – but it quickly led to bigger interest.

There was a bank for sale, the caller said. Branches were available in northwest Iowa and southeast South Dakota. Was Central Bank interested?

“At the time, we weren’t looking to grow,” said John Brown, the bank’s president. “We took the call because we were curious who was selling, and when we found out, we became really interested.”

The former MetaBank was on the other end of the line, with roots that intertwined well with Central’s own history.

“We knew the Haahr family well, so at that point we became very involved,” John said. “Through the years, we’ve hired several former employees and have always been impressed with their professionalism and expertise. That’s why we moved forward with Meta. We always looked at Sioux Falls and loved Sioux Falls but hadn’t yet expanded into the area. Meta made it possible in a big way.”

Three years later, Central Bank’s leaders say Sioux Falls has fulfilled and exceeded all expectations. Since the acquisition in 2020, the bank’s number of loan accounts in Sioux Falls has grown by 35 percent, and its overall loan growth is up 75 percent.

“On the deposit side, we’ve been successful in growing account balances, and that’s what we plan to continue to do going forward,” John said.

The bank has discovered “Sioux Falls is an attractive city, especially when it comes to talent,” chairman and CEO Tim Brown said. “We’ve been able to attract high-quality leadership here, and it’s because of the desirability of living in and raising a family in Sioux Falls.”

Central Bank’s roots go back to 1877. Brothers Tim and John Brown purchased the Storm Lake, Iowa-based bank in 1990 and lead with a family-focused philosophy that creates an outstanding client and employee experience.

Tim Brown, seated, and John Brown

“Anyone in the bank can call John or me,” Tim said. “While they have supervisors, they know, if needed, they can dial our extension.”

The brothers are hands-on leaders.

“We’re in our markets frequently,” John said. “We have 20 branches and visit them often. On any given day of the week, one or both of us are in Sioux Falls, Brookings, Sioux City or Des Moines.”

In Sioux Falls, “it’s very exciting to us,” Tim added. “The population and business growth are similar to what we see in the Des Moines suburbs, and we’re finding many customers in Sioux Falls also have a business interest in Des Moines.”

Since expanding to Sioux Falls, Central Bank has brought a broad offering of services to the market – everything from a full slate of insurance products to a large array of mortgage products.

“We have a strong mortgage lending team and are able to offer more options for first-time homebuyers, including grant funds, and FHA and VA loans,” John said. “Our focus is on families and small businesses. On the business side, we like to help with lines of credit, equipment and real estate purchases as well as commercial real estate financing.”

The addition of treasury management services for Sioux Falls also “goes right to the heart of working with small business,” he continued. “We’ve grown considerably as we help businesses improve cash flow and their use of funds. We work with their accounting operations to help them make money and become more efficient. We take them from a part of the organization that is usually a cost center to a revenue-generator division.”

Central invests in its own growth, with technology upgrades that now allow a retail banking account to be opened online in 90 seconds and continuing improvements around cybersecurity.

“We’ve also just formed an agreement with a credit card processing service that will allow our credit cards and purchasing cards to compete with the nation’s top 10 banks, so we’re really excited to roll that out in the coming months,” Tim said.

The leadership team in Sioux Falls also has grown in the past three years and now includes regional president Nick Brown, who is Tim’s son.

“It’s important to have a family presence in the market so Sioux Falls and Brookings know we’re committed to providing banking and insurance operations,” Tim said. “This isn’t just a branch of Central Bank but a big part of the family banking operation.”

The bank treats its team like family, he added.

“We want to make sure our staff gets to their kids’ games and concerts,” he said. “Family is first and foremost to John and I, and we want the same for our employees.”

Part of Nick’s role includes assessing the market for opportunities.

“We would like to grow the number of branches in Sioux Falls over the next few years,” John said. “The market warrants it. We like having bricks-and-mortar locations in communities and serving those needs without having too many miles between each branch.”

The bank’s IT department is headquartered in Sioux Falls, and the Browns anticipate expanding their team here.

“We also like to promote from within,” John said. “We’re growing people into roles such as commercial loan officers and retail branch managers, and we’ll also continue to hire.”

The bank is proud of its generous compensation and benefits package in addition to its family-friendly culture, Tim added.

“We’re taking care of our people through pay and benefits, retirement and flexibility,” he said. “Our staff is devoted, and they work hard. In return, we hope they feel we’re devoted to them as well.”

To learn more and connect with Central Bank, click here.

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