Keith Garms has been a vital FreedomBank Board of Directors member since 1977, totaling 47 years of service. He began his banking career at Farmersburg Savings Bank, managing all loans when it had just $2 million in assets, making it the second smallest in Iowa. This charter is now the original charter for FreedomBank in Elkader, Iowa, where Garms serves as Board Chairperson.
Playing a pivotal role in transitioning the Farmersburg charter to Elkader, Keith was instrumental in the mergers with banks in Monona and Postville in 2006, ultimately leading to the formation of FreedomBank. Following further expansion, the bank now operates locations in Elkader, Monona, Postville, and Waukon, with assets totaling $425 million.
In 2008, Elkader faced a severe flood that inundated FreedomBank with 42 inches of water, destroying the building. Operations were down for just three days, and for the next 15 months, the team operated from a trailer bank. Keith led the design and construction of a new building using local materials and labor to support the community. Under his leadership, FreedomBank became wholly owned by its Holding Company, which is entirely employee-owned through a KSOP/ESOP structure.
Keith is a US Army veteran and earned a degree from Luther College in business administration, sociology, and political science. He believes that community banks should prioritize serving the community over mere profitability. His philosophy on banking has always been: If you only work for the bank's profitability the bank might do well for a while, but the community will fail. If you work to better the community, running a prosperous bank in a prosperous community is a no-brainer.
Keith is actively involved in community service beyond his banking career. He has supported church and community groups, established Dollars for Scholars programs, and helped found the Elkader Hospital Foundation, Clayton County Foundation for the Future, and Elkader Future Fund. Additionally, he contributed to renovating the historic 1903 Elkader Opera House and serves on the Northeast Iowa Community College Foundation board.
Keith's influence extends beyond local initiatives. He volunteered twice in the former Soviet Union with USAID, focusing on rural agricultural finance. Additionally, he collaborates with his wife, who co-founded a nonprofit connecting Algeria with Elkader. Together, they travel to Algeria and host Algerian ambassadors and dignitaries in Elkader.
Keith reflects on his journey with gratitude for his family and the bank staff he considers family. He transitioned from a 4-H member showing pigs to a leader in banking, choosing a fulfilling career over law school. His commitment to FreedomBank and the community exemplifies successful, community-focused banking leadership.
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