Bank Iowa has a new CEO. South Dakota farm kid, Jason Herrboldt grew up 10 minutes from Iowa and the state finally captured him. He answers Bank Iowa’s crypto plans, and addresses rising competition from big National Banks saturating Iowa, stable coins and FinTech threats.
Herrboldt explains their investment mix, how they plan to stay competitive on rates, and how they’re being proactive on Ai-driven cybersecurity threats and what businesses need to do right now to ward off threats—like adding dual control to their accounts. He also clearly answers their plans on dealing with crypto currencies.
Meet Jason Herrboldt, CEO of Bank Iowa
Herrboldt discussed the evolving landscape of community banking, cybersecurity risks, and the future of cryptocurrency. Taking the helm as a self-described “farm kid” from South Dakota, Herrboldt emphasized that community banks remain uniquely positioned to support local economies despite the encroachment of national institutions.
The Local Deposit Advantage
Addressing the expansion of large national banks into Iowa, Herrboldt expressed confidence rather than concern, noting that competition elevates the industry. However, he underscored a structural difference in how money flows: deposits in community banks stay local. “The deposits that are getting deposited in our community banks in all of our communities are getting deployed in Iowa communities,” Herrboldt stated, highlighting how local funds directly support area businesses, agriculture, and home loans. He noted that Bank Iowa remains a heavily diversified leader in agricultural lending, and its local expertise provides businesses with tailored economic guidance.
Mitigating Sophisticated Fraud and Crypto Skepticism
As AI-driven fraud and sophisticated cyberattacks target businesses, Herrboldt urged leaders to implement rigorous internal checks, particularly dual control systems for electronic funds transfers. Fraudsters are increasingly spoofing executive emails and monitoring corporate patterns to exploit internal panic. “Bottom line, I think people need to be constantly aware of is pause,” Herrboldt advised regarding suspicious communications.
When questioned about digital assets, Herrboldt acknowledged the underlying value of blockchain technology but remained highly skeptical that cryptocurrency will disrupt traditional banking or displace the US dollar. Dismissing the immediate integration of digital currency at traditional branches, Herrboldt affirmed, “It would be totally premature for whether it’s me or Jamie Dimon of JPMorgan to, to proclaim that they’re gonna start managing Bitcoin at the at the teller line.”
Thanks to Dentons Davis Brown for collaborating with The Iowa Business Podcast to bring incredible value to our listeners!
