FreedomBank Exemplifies How Community Banks Are Making A Difference on Main Street

Bank Receives 2024 Community Banking Best of the Best Award

Pictured are: Iowa Lieutenant Governor Adam Gregg, Kathy Mueller and Sara Hertrampf, FreedomBank; Michael Gathman, Community Bankers of Iowa.

Each year Community Bankers of Iowa (CBI), the only statewide association advocating exclusively for Iowa's independent community banks, presents their Community Banking Best of the Best Award. This award honors the Iowa community bank that showed excellence in giving back to their local community. FreedomBank was named the 2024 recipient and was presented with the award at a ceremony during CBI's 53rd Annual Convention held in Arnolds Park, Iowa this July.

The work FreedomBank has done sends the clear message that community banks make a difference on Main Street. In 2023, the FreedomBank team volunteered over 1,757 hours to 58 community organizations and held many and varied events, including a shred day for community members to bring their documents and other materials for safe destruction. The bank also focused on financial literacy efforts, hosting field trips for second graders, involvement in Junior Achievement of the Heartland, and participation in a “Build Your Own Business Camp” – a Shark Tank-style experience for 4th-6th grade students to learn business concepts and pitch their ideas.

FreedomBank also sponsored community events like live music at the farmers' market in Postville and free “Popcorn Nights” for local sport events. They raised funds to benefit an Elkader boy battling his second bout of cancer, represented the bank with floats at community parades, and hosted a “Holiday Hop Photo Op”, where community members could have photos taken to use in their holiday greeting cards. When the bank celebrated its 120th anniversary in September 2023, over 800 people attended a complimentary celebration meal, with most food sourced locally.

As an ag-centered community bank, FreedomBank also sponsors and volunteers for events promoting the dairy and beef industry. In 2023 the bank co-sponsored the Allamakee Co. Cattlemen's Steak Sandwich Drive-Thru Meal, donated necklaces to the dairy royalty at the Clayton Co. Dairy Banquet and served 2,340 free milkshakes while raising awareness of the nutritional value of dairy products. FreedomBankers also donated their time at the Dairy Bars at the Allamakee and Clayton County fairs, and the bank pledged $50,000 over the next five years to kick-start fundraising for a new dairy barn at the Big Four Fair in Postville. The bank also sponsored a day at the Clayton County Fair, donating over 310 t-shirts to all 4-H kids showing livestock.

Among the most impressive of FreedomBank's projects has been their “Supplies for Success” Back-to-School Drive to collect supplies for educators. The project was inspired by the fact that over 90% of teachers spend their own money on supplies and other essential classroom items. FreedomBank wanted to alleviate some of the financial burden and launched the supply drive at five area school districts, which included ten schools. The bank received responses from 82 teachers requesting a total of 600 items. The bank collected school supplies at its Elkader, Monona, Postville, and Waukon locations, with customers and bank employees also donating a range of items. The bank also donated coffee and snacks to stock the teachers' lounges in each school building. The significant impact of the “Supplies for Success” Back-to-School Drive raised awareness of the needs of teachers and students and provided insight into how modern-day classrooms function. The bank's team is currently evaluating how to refine the initiative in 2024 to enhance communication, simplify collections, and generate more public interest.

“The role community banks play in stimulating local economies is essential to the survival of Main Street Iowa,” said Community Bankers of Iowa CEO Michael Gathman. “FreedomBank's heavily community-based mission and philanthropic actions demonstrate its deep commitment to the community it serves, and exemplifies the unique relationship community banks have with their customers.”

As the 2024 Best of the Best Award winner, FreedomBank was presented with a commemorative plaque and will be rewarded with a lunch party for all bank staff, compliments of CBI.