PSB Corporation

2023 Corp Presentation Button

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.

Holding Company Structure website

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.

Board of Directors

Ryan Sheridan
President | Chairman

Ryan Sheridan joined Denver Savings Bank as its President in July 2015 and became CEO in January 2017. Ryan has served as a Director for PSB Corp. since 2016 and as President of PSB Corp. since 2019. 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.

Eric Olson
Vice President | Secretary | Treasurer

Eric Olson has been with Peoples Savings Bank since 2013. His employment began as an Ag and Commercial lender in the Dike location and then in December of 2015 transitioned into President and CEO of the bank. Eric served on the Board of Peoples Savings Bank and PSB Corp. Board of Directors since December 2015. Eric also worked as a banker in the Cedar Valley for 12 years as a Commercial and Ag banker. He and his wife, Dani, have been married for over 18 years and have 3 children. His family resides in Wellsburg. He currently serves on the Butler–Grundy County Development Alliance Board of Directors as well as the Wellsburg Economic Development Committee Board of Directors.

Tony Doolaard

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.

Allen Jaspers

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

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 Schroeder

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

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.

Larry Stumme

Lawrence A. Stumme , Jr. has been a member of the Denver Savings Bank Board for over 30 years. He has served on the PSB Corp. Board of Directors since 2004. Larry graduated from Wartburg College and Wartburg Seminary. Later, he graduated from Capital University Law School. Larry recently retired as an Attorney from his private practice in Denver, IA. He is presently Pastor of St. Paul Lutheran Church, Cedar Falls, IA. He has been active in the community, having served on the Denver Community School Board, and is presently President of the Denver Sunset Home Board. Larry and his wife, Eleanor, currently reside in Waterloo, IA. They have three children and four grandchildren.

For more information on availability of PSB Corporation stock, contact Diane Babcock at (877) 508-2265. Stocks are not FDIC Insured.

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.