Montezuma’s Peoples Savings Bank is now Capra Bank. The long-time Montezuma banking institution was sold to Lynn Tut Fuller of Dubuque in mid-September 2022. The bank will continue to operate in Montezuma with the same staff and personalized service customers have come to trust.
By J.O. Parker
A long-time Montezuma bank has new owners and a new name with a goal to continue to operate with the same local and personalized service customers have come to trust.
Peoples Savings Bank at 106 S. 2nd St. is now Capra Bank.
Brothers Mike and David Arendt, who both retired, along with the now late Bill Bolen, sold the bank to Lynn Tut Fuller of Dubuque.
The Iowa Division of Banking accepted the application in July 2022 with Tut taking control of the bank in Mid-September 2022. The name change became official on Feb. 20. The new sign was installed on Feb. 25.
The bank is retaining its current staff, drive thru and ATM, with plans to add new banking offerings on the horizon. Dave Arendt will remain on the board.
Arendt and Arendt Insurance, which formerly operated out of the bank, has been purchased by Curtis Bolen and Heather (Arendt) Snook and has relocated to 401 E. Main St., directly behind Mainstreet Hair Designers. Craig Arendt will manage the insurance business.
Tut’s involvement in the banking industry dates back four generations to his great-grandfather, who founded Dubuque Bank and Trust in July 1935.
“We are committed to community banking,” said Tut. “We chose Peoples Savings Bank, which is also a fourth generation bank, as a platform to build the next great community bank.”
Tut serves as the new bank President, while Dan Walsh, who is based in Dubuque, serves as Senior Vice President. Jen Hanson, who operates remotely, is Senior Vice President of Operations and Technology.
Locally, Curtis Bolen, Heather Snook and Nicole Arendt remain at the bank and serve as Vice Presidents. Other staff remaining are Robin Bolen, Patty Powell and Peggy Watts.
Peoples Savings Bank was founded on Jan. 2, 1946 by Melvin Arendt, father of the late Dick Arendt, Shirley Bolen and Jim Arendt. The bank operated from the building on the northeast corner of 4th and Main streets (now home of Mainstreet Hair Designers) for 27 years. The bank then built and moved into its current location in January 1973. This year marks the bank’s 50th year in that location.
Since purchasing the bank, Tut said he spent a good deal of time in Montezuma getting to know the employees, customers and community.
“I will spend more time in Montezuma as needed,” he said.
Tut added that Montezuma is a great community and that the bank has great employees and a great customer base. He said the bank prides itself on being involved in the local community.
“The Montezuma bank already has a great technical system in place to build from, making new offerings and upgrades (possible) very quickly,” he said.
Tut said the name change was necessary to allow the bank to expand, due in part to Peoples Savings Bank sharing its name with other banking institutions, making it hard to execute a growth strategy that involves expansion into new markets.
“Because our bank would need a different name in new markets, we felt it was important for this name change to take effect at the Montezuma branch,” noted Tut.
Bank officials noted that customers bank account(s) and routing numbers will stay the same under the new ownership.
“Montezuma will still be here to serve you, and will undergo some renovations and updates,” Tut said. “And you will continue to see many familiar faces. With the exception of the three employees who recently retired, all other staff members have remained at Peoples Savings Bank.”
Tut said he encourages current and future bank customers to check out the bank’s many online offerings at https://caprabank.com.
“I think people from Montezuma and Poweshiek County when they see our online offerings and what we can do, they will be proud,” noted Tut. “It’s community banking done right.”
“We are pleased the bank is going to continue,” said David Arendt. “Our family ran the bank for 76 years with four generations and we are very pleased all of the employees have been retained. We look forward to watching the bank continue to grow and support the community.”
Capra Bank hours are: 8 a.m. – 3 p.m., Monday – Thursday; and 8 a.m. – 4:30 p.m., Fridays with the drive thru remaining open until 6 p.m. on that day.
The Montezuma location can be reached at 888-332-2772 or via email at: Support@CapraBank.com.