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Community First Bank was originally organized as Farmers State Bank of Keosauqua and Birmingham in 1931. There were 70 original share-holders with controlling shares held by B.J. Howland of Pleasantville, Iowa. Most of the shareholders were local residents who invested $120 to $240 in the new bank. Local surnames of stockholders included DeHart, Hodges, Mechem, Rinaberger, Secor, and Syfert.
Assets of the bank during his 45-year tenure rose from $275,000 to $22,000,000 dollars. Fred Ovrom, the controlling stockholder, changed the philosophy of the bank by being a believer in making loans to local farmers and businessmen. He became a driving force in the community, serving as a city councilman, an organizer of the sale barn, the Keosauqua Light Plant, the Keosauqua Rotary Club, and the Keosauqua Business Club, just to name a few.
Under Fred Ovrom’s guidance, Farmers State Bank constructed a new building between 1957 and 1958 and with new additions; this building continues to be the home of Community First Bank in Keosauqua. The Birmingham office was renovated in 1971, transforming it into a showpiece building in downtown Birmingham. Farmers State and State Savings Bank merged into one bank in 1996, creating a Community First Bank. |
