Iowa State Bank celebrating 80 years -- 2014

EASTBURN

Posted By: Joey Stark
Date: 3/6/2014 at 13:33:09

"The Fairfield Ledger"
Monday, February 24, 2014
Page 3

Iowa State Bank celebrating 80 years

Note: Iowa State Bank and Trust Company will celebrate its 80th birthday May 19 and is looking back at its history in Fairfield.

Ralph EASTBURN, the president and CEO of Iowa State Bank and Trust Company, died suddenly in his home on Sunday, Jan. 23, 1966, just after returning from his office at the bank where he had been drafting a letter to his shareholders in preparation for the upcoming stockholders' meeting.

The bank had a good year and earnings were up; however, the institution immediately needed new leadership to step into the role and continue the bank's emphasis on local ownership and commitment to the community. On Feb. 14, 1966, the board of directors unanimously elected Ralph's son, Charles W. EASTBURN, to be the new president/CEO and board chairman heralding the arrival of the second generation of the EASTBURN family.

Charles W. EASTBURN was hired by the bank Feb. 1, 1954, after serving three years as a bank examiner with the Office of the Iowa Superintendent of Banking. Charles started as a teller, then worked as a bookkeeper and assistant cashier to learn all aspects of banking. He was elected to the board of directors on Dec. 22, 1958, and achieved vice president and full cashier status Feb, 2, 1959 (sic). Having been raised in Fairfield and being on the bank staff in many capacities, Charles's deep love and concern for his hometown allowed him to become a running history of Jefferson County which aided him in his investing in the people and businesses of the town.

Charles EASTBURN always believed that local banking was much more than being open for business each morning and he dedicated himself to Jefferson County and its growth. As early as 1961, he headed a team that preceded the current Fairfield Economic Development Association that was instrumental in bringing Rockwell International and more than 400 jobs, to Fairfield.

In 1965, as the president of the Fairfield Area Chamber of Commerce, Charles was active in the establishment of the municipal airport north of town which served both local businesses and Parsons College. He led the group which financed of the management and employee buyout of Philco-Ford in 1971, which later became The Dexter Company, and had significant involvement in the restructuring of Parsons College's finances in an attempt to save the institution. Finally, he served as the longtime treasurer of the Fairfield Community School District and was a founder of The Greater Jefferson County Foundation.

Charles EASTBURN retired from an active role in the bank Jan. 1, 1991, turning the bank over to the next generation of EASTBURNs, his son David. During his tenure, Iowa State Bank and Trust grew from a $5.3 million dollar bank (sic) into a $64.3 million organization which is a growth rate of 110 percent in 1990 dollars. Fairfield still enjoys the benefits of Charles EASTBURN's dedication to local, community banking activities and community outreach.

*Transcribed for genealogy purposes; I have no relation to the person(s) mentioned.

Jefferson Documents maintained by Joey Stark.
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