Decorah Bank & Trust Company

Location USA


Decorah Bank & Trust Company’s mission is to help its customers achieve their dreams.  The Bank is family and employee owned through an Employee Stock Ownership Plan (ESOP).  Employee-owners have a vested interest in the long-term viability of the Bank and the community it serves. Decorah Bank is a $500 million community bank serving a mix of agriculture, business, and individuals in Northeast Iowa.


The Bank was formed in 1935 and purchased by the Grimstad family in 1960. Today, the third generation of the Grimstad family is involved in leadership of the Bank. In 1987 a minority block of stock was sold to a newly formed ESOP so that employees could participate in the success of the Bank. This has served the Bank well in increasing employee engagement. The Bank has three locations in the cities of Decorah and Cresco (using the name Cresco Bank & Trust Co.) in rural Northeast Iowa. In addition to $500 million in bank assets, the Bank’s Wealth Management division manages approximately $400 million in assets for others.  The Bank was named among the top 1% community banks by the Institute for Extraordinary Banking the past three years recognizing employee culture, financial performance, philanthropy, and innovation.


Decorah Bank is governed by an eight member Board of Directors.  Five directors are independent members of the community and 3 are Bank employee-owners. Ben Grimstad is CEO and Board Chairman.

Market Focus, Products and Services

Decorah Bank is the leading provider of home mortgage in its market. The Bank offers both long-term fixed rate loans through Freddie Mac which it services, and portfolio loans for self-employed and non-traditional borrowers. The Bank also leads the way in small business lending to locally owned businesses.

Northeast Iowa is rich in fertile soils and agriculture is the leading industry in this landscape, so a third of bank business is in agriculture, including crop and livestock production. In 2000, the Bank started a Trust business since the next closest Trust office is 50 miles away; this addition has grown both Trust and Investment services.

Greenpenny, a virtual bank dedicated to financing a sustainable tomorrow

Greenpenny is powered by Decorah Bank & Trust and aspires to be a catalyst for positive change by inspiring individuals, businesses, and governments to support a more sustainable future. With greenpenny, we want to bring our proven experience in financing solar projects into new markets. Customers access easy-to-use, hi-tech online and mobile banking platforms with zero ATM fees worldwide-ever, and greenpenny bankers are available at 888-GPENNY0.

Doing Our Part

As a member of GABV, greenpenny partners with its independent networks of banks using finance to deliver sustainable economic, social and environmental development, with a focus on helping individuals fulfill their potential and build stronger communities. We’re proud to come from a community with over ten-times our state’s per capita solar average with one of the highest adoption rates in the nation. We have a proven ability to work together to do our part to develop real financial solutions that make economic sense and protect Mother Earth.

The Story Behind Greenpenny

It all began in 2000 when Decorah Bank leaders became more concerned with providing a healthier environment for its customers and employees. Decorah Bank made energy improvements and eventually added solar PV systems to all of its facilities. In 2019, as a result of further efficiency work, Decorah Bank achieved carbon neutrality. As the Bank evolved into an energy-responsible leader in the community, it found deeper purpose, and launched greenpenny in 2020.

With greenpenny, we serve a community of people across the nation concerned with climate change and wish to support a values-based bank that will use deposits to finance clean and renewable energy projects. Money deposited with greenpenny is secure, earns interest, and is only used to finance renewable energy projects – no fossil fuels.

Using Your Money As Your Voice

Increasingly, people are becoming aware of the interdependence of the real economy, social cohesion, and our natural eco-system, which is at the heart of the greenpenny business model. Knowing that people want to support positive change in their lives and society, we have an opportunity to be a reagent for positive change by helping people use their money as their voice.

Greenpenny is designed to be a type of crowdfunding for the advancement of clean and renewable energy. You can contribute by keeping your money in a bank with values that create a more breathable planet and a better banking world. We can do this together.

Benefits of being part of GABV

Decorah Bank has always put customers and community ahead of shareholders when making decisions. More recently the Bank has become a leader in NE Iowa in promoting clean renewable energy and practices to combat climate change. The Bank has financed over 100 solar projects, invested itself in solar, and in 2019 became carbon neutral. Decorah Bank is committed to finding more ways to use finance as a way to promote sustainable practices to create a healthier environment for all.  Understanding the Bank is only as strong as its community, it is heavily involved in community projects and non-profit leadership and consistently reinvests 5% of annual profits back into the community.