PSB Corporation
Contact Diane Babcock at (877) 508-2265 if you need the password.
PSB Corporation is a bank holding company established in 1984 and is headquartered in Wellsburg, Iowa. Since its formation, the corporation has been the sole owner of Peoples Savings Bank, also located in Wellsburg. In late 1992, PSB Corporation purchased 100% of the stock of First State Bank (fka First National Bank of Sumner) in Sumner, Iowa. First State Bank was sold later on in 2021. In January 1999, PSB Corporation purchased Denver Ban Corp (a bank holding company) which owned 100% of Denver Savings Bank in Denver, Iowa. Later in 1999, Denver Ban Corp was dissolved resulting in PSB Corporation directly owning 100% of Denver Savings Bank.
PSB Corporation stock is widely held with no one individual holding more than 5%. However, our employee’s retirement plan holds approximately 14%. There is no general market for the stock, it is not listed on any stock exchange. To facilitate individuals wishing to buy or sell stock, the corporation maintains a list of potential buyers and a list of potential sellers. To learn more about our corporation or stock availability, contact Diane Babcock at (877) 508-2265.
PSB Corporation stock is not a deposit. Not FDIC insured. Not insurance by any Federal Government Agency. Not guaranteed by the bank. May go down in value.
Board of Directors
Eric Olson has been with Peoples Savings Bank since 2013, first as a lender out of the Dike location and then transitioning to the President & CEO role in December of 2015. Eric served on the Board of Peoples Savings Bank and PSB Corp. Board of Directors since 2015. In August of 2024 Eric took on the Corporation President role. Prior to Peoples Savings Bank he worked as a Commercial and Ag lender in the Cedar Valley for 12 years. He and his wife, Dani, have been married for over 20 years and have 3 children and they reside in Wellsburg. He currently serves on the BGCDA board of directors and the GCMH board of commissioners.
Ryan Sheridan joined Denver Savings Bank as its President, in July 2015 and became CEO in January 2017. Ryan served as a Director for PSB Corp. since 2016, and as President of PSB Corp. from 2019-2024. He currently serves on the Iowa Bankers Association board. Ryan has been in the financial services industry since 1997. Ryan is married to his wife, Diane, and they have four children: Elizabeth, Abigail, Connor and Boston. Ryan and his family have lived in Denver since 2004. He was born and raised in Lawler, IA. Ryan has a Management and Marketing degree from Mount Mercy College, an MBA from the University of Iowa and completed the Graduate School of Banking, Madison, WI.
Tony Doolaard has been a member of Peoples Savings Bank and PSB Corp. Board of Directors since 2000. He has served on the WSR School Board, Timothy Christian School Board, Hardin County Farm Bureau and Hardin County Extension Council. He is presently President of the “boat club” in Steamboat Rock and a member of the Iowa-Missouri Executive Committee of the Seventh-Day Adventist church. He and his family have farmed in the Steamboat Rock and Wellsburg areas since his great grandfather started farming here in the late 1800s.
Laura Folkerts is an attorney at Shuttleworth & Ingersoll, P.L.C. practicing primarily in the area of labor and employment law. She currently serves on the Iowa State Bar Association Board of Governors. Folkerts is also currently a board member for the nonprofit organization Compassion Educational Pursuits; a school board member for Nashua-Plainfield Community School District; and a Chickasaw County 4-H leader. Folkerts and her husband Nathan live near Nashua with their 3 kids. She joined the DSB and PSB Corp. boards in 2024.
Allen Jaspers graduated from Iowa State University in 1987 with a degree in Ag Studies-Farm Operation and a minor in Agronomy. He currently owns and operates Vance Ag LLC, a soybean facility, and farms with his son, Jay, near Cleves. Allen serves on the Pine Lake Ethanol Board of Directors and has served on the AGWSR School Board and the Innovative Ag Service Coop Board as an associate member. Allen’s dad, Alle Jaspers, was a founding member of the PSB Corporation Board. He has two sons, Austin and Jay, and a daughter, Anna. Allen is an Iowa State Cyclones fan.
Harris Reiter has been a member of Peoples Savings Bank’s Board since December 2007 and a PSB Corp. Board of Directors member since April 2008. He is a graduate of Iowa State University with a degree in Ag Business. Harris and his wife, Linda, live on the family farm and raised two daughters there. He has farmed in the Steamboat Rock and Wellsburg area since 1973. Harris is very active in the communities and with school and church activities.
Seth R. Schroeder joined the Peoples Savings Bank Board in 2019 and was later added to the PSB Corp. Board of Directors in 2019. He received his B.S. in Ag Business and Economics, with distinction, from Iowa State University and his J.D. from Drake University Law School with high honors. Seth also received his Certificate in Food and Agricultural Law from Drake University and was a staff member of the Drake Law Review. In addition to his private practice, Seth was appointed as an Assistant Grundy County Attorney. He is a member of the Grundy County Bar Association and the Iowa State Bar Association. Prior to entering the practice of law, Seth worked in Ag lending for over three years.
Jeff Schumacher has served on the Denver Savings Bank Board since 2016. He is the CEO and owner of Schumacher Elevator Company, founded in 1936. The company’s headquarters are based in Denver, IA, with branches expanding throughout the Midwest. Jeff, a CPA since 1989, earned an accounting degree from Wartburg College, a master’s degree in Industrial & Systems Engineering from the University of Iowa, and an MBA from the Tippie College of Business/University of Iowa. Jeff and Karen, his wife, reside in Denver and have three children, Sam, Mitchell, and Riley.
