MidWestOne Bank, based in Iowa City, has been named Newsweek Magazine’s Best Small Bank in Iowa for the second consecutive year.
Selections were made based on evaluating 50 different factors including reward incentives and eliminating overdraft fees.
In May, MidWestOne introduced a new overdraft flex program to help customers avoid paying fees for small dollar overdrafts. As part of the program, qualified individuals now avoid a fee when they overdraft by $50 or less.
“We are gunning to be one of the first financial institutions to develop a program that can eliminate overdraft fees,” Executive Vice President Greg Turner said in an interview at the time.
Newsweek noted that many banks are reducing fees and offering higher savings account payouts to attract customers in a time when inflation is high and interest rates are rising.
MidWestOne Financial Group is the parent company of MidWestOne Bank, which operates 35 locations throughout Iowa, Colorado, Minnesota, Wisconsin and Florida.
“Taking care of our customers and those that should be continues to be our biggest priority,” said MidWestOne Bank CEO Chip Reeves in a press release. “We appreciate our loyal customers and outstanding employees.”
Mr. Reeves was named CEO starting Nov. 1, taking over from former CEO Charlie Funk, who will continue as a special advisor through April 2023.
Newsweek partnered with online loan marketplace website Lending Tree when compiling the list. The rankings can be found on Newsweek’s website.