First National Bank History, In 1864 the Civil War was raging on, Abraham Lincoln was re-elected to the presidency of the United States; Bremer County’s first bank, Johnson & Leavit Bankers & Brokers, opened their doors in Waverly, Iowa. The town was growing, land was selling for $2-$4 per acre, the railroad had just arrived, and Civil War veterans were encouraged to come to Waverly, a growing trading center in the area.
The first building was a small, one-story building at 120 E. Bremer.
In 1876, the bank was renamed to Bank of Waverly, but in 1884 it was incorporated and became First National Bank of Waverly. It now resided at 98 E. Bremer, one of the first
two-story buildings in Waverly.
In 1949, First National Bank and Waverly Savings Bank merged. They kept the First National Bank name, and determined that unlike other banks, 75% of the bank’s stock was to be owned by local residents.
Nobody would have majority control of the bank.
A Waverly West branch opened in 1966, but by the 1970s, the 100 E. Bremer location no longer had enough room to house the bank. So in July 1980, ground was broken on a new location at 316 E. Bremer, the current main office location.Shortly after, in 1985, the West location moved to 921 West Bremer, its current location.
In 1998, First National Bank purchased Farmers State Bank of Plainfield, allowing FNB to expand outside of Waverly for the first time.
Shortly after, also in 1998, First National Bank opened a branch in Cedar Falls at First and Magnolia. Since then, FNB has moved its main Cedar Falls location to 602 Main St, and added another West Cedar Falls office at Whitetail Dr.
Today, in a financial world ruled by acquisitions and mergers; where bigger is often looked at as better; First National Bank has remained locally-owned and community focused. Over 150 years after Johnson & Leavit first opened their doors, First National Bank remains your community bank ~ Serving You First.