80 years at Iowa State Bank: Third generation, revitalization
Note: Iowa State Bank and Trust Company will celebrate its 80th birthday May 19 and is looking back at its history in Fairfield.
Charles Eastburn, the second generation of family, bank management at Iowa State Bank and Trust, officially retired on Jan. 1, 1991, and the administration of the bank passed to the third generation, his son, David, which continues today. David’s roots are deep in Fairfield and Jefferson County having graduated from Fairfield High School in 1972 and Central College in Pella, Iowa in 1976. He learned banking from the very basics while working in all departments of the bank from operations to teller services to junior loan officer before attending and graduating from the Graduate School of Banking at the University of Wisconsin, Madison, and moving into senior management.
As David Eastburn took the helm, it became evident that Iowa State Bank’s infrastructure and facilities needed a severe upgrading. Bent on continuing the legacy of investing in the community, he began the task of revitalization by building a new, main bank on the corner of Fourth Street and West Burlington Avenue. This location was purchased in 1965 and supported one of the first drive-up banking branches in the area from 1967; however, Iowa State Bank needed to expand its offerings to its customers and the town. As such, a task force was formed in early 1995 to research a new building. The Board of Directors under Chairmanship of David Eastburn approved a budget and building plan in April of 1995 and construction was completed in time for a grand opening on April 16, 1996, of a new main bank facility that combined in a unique way convenient drive up lanes with lobby services and a large, motor bank ATM.
Economic development was the focal point of the first, two generations of Eastburns, and David readily took up this challenge in the 1990s and today. Iowa State Bank and Trust was the leading, local institution for the development, financing and direct capital infusion of the Fairfield Arts & Convention Center. Board members and bank officers were present on the committees to renovate Fairfield High School and upgrading the Fairfield Park and Recreation Department’s Roosevelt Community Recreation Center. Presently, David Eastburn and several board members, including Sarah Cochran and Joe Carr, are serving on the committee for the new outdoor swimming pool and gymnasium extension for the park and rec department.
The major revitalization program for the organization took place under David Eastburn’s direction in 2000 when a holding company was formed and a new bank was purchased in the Cedar Rapids market which diversifies the mix of assets. Iowa State Bank and Trust Company continues with revitalized, local ownership and management committed to Fairfield and Jefferson County.