Our History

Joseph and Ben Grimstad

Chartered by the State of Iowa in 1935, Decorah Bank & Trust Company was started by a group of Decorah citizens as Security Trust and Savings Bank. During this time, the bank found itself struggling to survive in its first year and eventually was sold to a bank liquidator named Ray Kaster. Mr. Kaster saved the bank from closing and successfully managed it for the next 24 years. In 1960, Harold Grimstad purchased the bank and moved his family from Minnesota to Decorah. He changed the bank’s name to Security Bank & Trust Company and managed to grow the bank for 18 years while providing necessary credit to the Decorah area. Larry Grimstad, Harold’s son, managed the bank for the next 24 years, continuing on the tradition of community banking until 2002. To better reflect its purpose of serving the Decorah area, In 2000, the bank changed its name to Decorah Bank & Trust Company. In 2000 and 2002, Ben and Joseph Grimstad joined the organization and became the third generation of Grimstads to manage the bank. The Grimstad family is committed to serving the financial needs of the Decorah area for years to come.

Sustainability Commitment

We believe that one responsibility of running a strong business is finding ways to reduce its impact on the environment.  Providing eco-friendly products and facilities; and using practices such as recycling and energy conservation is a part of who we are. We’re excited about what we’ve achieved, but recognize there’s much more work ahead to reduce the footprint we leave on the environment.  Our customers expect – and deserve nothing less, and we promise to keep you informed of our progress.