(Spencer)—A local financial institution is changing it’s name.
Effective May 15th, Northwest Federal Savings Bank, with locations in Algona, Belmond, Estherville, Ft. Dodge, Humboldt, Milford, Okoboji, Spencer, Spirit Lake and Storm Lake will change its name to Northwest Bank.
Officials say the change is being made to consolidate a network of 16 banking locations that currently carries three distinct names: Gateway Community Bank, with Nebraska locations in Omaha and LaVista; Northwest Federal Savings Bank with its previously mentioned locations; and Northwest Bank in Des Moines and Ankeny.
Effective May 15th, all locations will be called Northwest Bank and be rebranded with the same logo.
Northwest Bank CEO Neil Stanley says the benefit to the changes is that their full line of business and consumer banking services will be more accessible to customers across their entire network.
Northwest Bank, which has 230 employees and 16 locations, is held by Northwest Financial Corporation based in Spencer. With 1.2 billion dollars in assets, Northwesst Financial Corporation, owned by Dwight and Neal Conover, is the sixth largest banking company headquartered in Iowa.
In addition to the Northwest Bank charter, Northwest Financial Corporation owns two additional banking charters, First National Bank in Afton and Creston and First National Bank in Sioux City, Sioux Center and Le Mars. Those facilities will also experience graphic branding changes to tie them visually to Northwest Bank, but due to provisions of their separate charters, will continue to operate under the name First National Bank.
