101 Year Old Iola Bank Announces Closure

By: Joe Brown Email
By: Joe Brown Email

It's the end of an era in Iola. Since 1907, the city's bank has anchored the community's downtown area. But on December 29, what was once an Iola institution, is closing for good.

For decades, Iola State Bank was a gathering place where people met to conduct business and catch up on the latest news. It helped locals make it through the hard times and celebrated with them when times were good.

But after it was bought out a few years ago by Wells Fargo, the number of customers begin to fall. In a statement, the Wells Fargo said, "Our customers are visiting the Iola location less and less and we do not expect more growth in this area."

Iola resident Norma Russell fears what losing the bank will mean for Iola. "It'll kill Iola. I think Iola will just fade away without a bank."

But Iola Mayor Christina Stover is more optimistic about the city's resiliency. "It would be nice if another bank would be interested, but we'll be fine. Growth will happen and we'll make do."

After the bank closes, customers of Iola Wells Fargo will have their accounts transferred to the Navasota Wells Fargo.

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