The bank was founded and chartered in 1936 at Cedar Rapids and is celebrating its 85th anniversary this year.
The Petersburg branch will be the second full service branch established by Cedar Rapids State Bank. The first branch was opened in 2018 at Spalding.
In addition, Cedar Rapids State Bank has two loan production offices (LPOs). One LPO was established in Bellevue in 2017, and the second was established in Daphne, Alabama, in 2018. Both of these loan production offices are involved primarily in financing residential mortgages.
John Morrow, bank president, said the bank’s strategic plan has included establishing an additional branch since November 2020. Ross Knott joined the Cedar Rapids State Bank management team as vice president several months ago, and Knott will serve as president of the Petersburg branch. In addition, the Petersburg branch bank will hire two to three staff positions locally.
Read more in the Petersburg Press and Albion News/Boone County Tribune, print and e-editions.