Our History


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In 1958, a group of local businessmen saw the need to establish a second bank in Maquoketa, Iowa. Approval was received from the Department of Banking, and in September of 1958, Maquoketa State Bank began operations on Platt Street.

The Board of Directors for this new bank included:

Dr. M.A. Dalchow, President
Tom Myatt
Earl Boyer
Bernie Rosenberg
Lynn Battles
Darrell Reichling
M.J. Pooler, Executive Vice President

In 1961, the bank moved from West Platt to a new building on North Main. In 1966 two Vice Presidents employed at Jackson State Bank bought the majority of stock of Maquoketa State Bank (MSB). The total assets at that time were $3,200,000. The bank had four full-time employees and two part-time employees. The May 16, 1966 transfer of management brought many changes to MSB. The titles of the two executives were determined by a flip of a coin. The new President, Edward Tubbs, had been very active in the Farm Department and the Executive Vice President, John Fagerland, was well known for the success he had as a bank manager and Installment Loan officer. This joint and equal partnership was extraordinary. They complemented each other in all phases of banking and decision-making. The addition of Al Tubbs' involvement in the operations of MSB in 1984 further complemented the team. Al had been actively involved in Ohnward and as CEO of First Central since 1972 and began more regular involvement at MSB at this time.

Over the years, new business came very fast. Management strived for a customer oriented, progressive bank. Employees had difficulty keeping up with the business and didn’t have time to train new personnel. Therefore, the bank was very fortunate to have several experienced employees from the competing bank, Jackson State Bank, join the MSB team.

Bank facilities grew along with bank assets. Various renovations and additions were made to the main bank. MSB added the Westside office, located beside Highway 61 on the west edge of Maquoketa in 1979. In December of 2000, a branch office located in the M&W Hardware store in Andrew, Iowa opened for business. MSB also has several ATMs, including ATMs in Maquoketa, Andrew and Preston and began offering internet banking in 2000. November 1, 2002 saw the opening of a new branch office located in Preston, Iowa. The Maquoketa State Bank-Preston branch is a full service branch offering a complete line of deposit and loan products. The branch is now located at 3 N. Elliot Street in the bank building vacated when Community Bank moved to a new facility. Through all of the changes, one thing has remained the same, the bank’s dedication to the communities it serves. MSB’s staff is known for their devotion of time and efforts to business development, volunteerism, and promotion of projects benefiting the surrounding area. MSB has been a major factor in the attraction and expansion of businesses and jobs in the Maquoketa area.

From this history, MSB has emerged as the dominant and largest bank in the Jackson County market and continues to expand its market geographically and through the building of stronger relationships and personal service with existing clients.


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Ohnward Bancshares, Inc. was formed in 1967 by John W. Fagerland and Edward L. Tubbs. John and Ed had personally purchased controlling interest in Maquoketa State Bank in 1966. A year later, for tax reasons, they formed a bank holding company and transferred their stock ownership of MSB into the new company.

They selected the unusual spelling of “Ohnward” by combining the latter portions of each of their first names. Through the years, Ohnward has grown, but it has always maintained its local ownership and operation.

The principal shareholders are members of the Tubbs and Fagerland families and participants of the Ohnward Bancshares, Inc. Employee Stock Ownership Plan. The remaining 200 Ohnward stockholders reside in Eastern Iowa, primarily in Jackson, Clinton, Scott and Jones counties.  Al Tubbs, Brig Tubbs, Abe Tubbs, and Kendra Beck, all members of the Tubbs and Fagerland families, are active participants in the management of Ohnward and its subsidiaries. Today Ohnward owns 100% of Maquoketa State Bank, First Central State Bank, Gateway State Bank, Ohnward Bank and Trust, and other financial offices including the Central Insurance Agency, Maquoketa Insurance Agency, and the Midwest Management Services. Other affiliated offices include LPL Financial offices in DeWitt and Maquoketa and the real estate agency of Central Realty.

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