Heritage is Employee Owned
Our mission of helping people achieve financial success aligns with the core values of Heritage Bank and our Employee Stock Ownership Plan (ESOP). On January 1, 2014, Heritage Bank N.A. became an employee-owned company allowing us to invest in our own employees who help make this company successful.
The ESOP allows company ownership to transfer to our 130 employees under a qualified retirement plan. Currently, our ESOP controls about 18.5 percent of the company’s stock, a share that is expected to exceed 20 percent soon, positioning the employee-owners of Heritage Bank as the single largest shareholder. Four generations of the Geiger family own much of the remainder of the company’s stock.
Nationwide, ESOPs have demonstrated economic benefits and function as a promising tool for retaining businesses in smaller communities. Employee-owners at Heritage Bank also benefit from heightened job security and financial returns on their company ownership. An ESOP can also help businesses like Heritage Bank prosper in the marketplace by investing capital and earnings back into the business.
Heritage Bank has already seen a positive impact since the ESOP was introduced, and we will continue a strong pattern of growth for years to come. We are proud to place our employee-owners on a pathway to success and know that they believe in what Heritage Bank can achieve. When you interact with a Heritage employee-owner, you can trust that they have a vested interest in helping you achieve financial success.
As a family owned institution, Heritage Bank established roots in a small farming community in northwestern Iowa in 1969. Earl Geiger and his two sons, Gary and Tom Geiger, have operated Heritage Bank under the parent company Heritage Bancshares Group, Inc., and demonstrated a strong commitment to the local communities we serve. Over the past 50 years, Heritage Bank has grown to over $400 million in the midwest and customers nationwide. Thanks to the recent addition of our Employee Stock Ownership Plan, Heritage is investing in the employees who have helped make the company successful and that directly supports the local communities and customers we serve.