Palo Savings Bank Moving to Higher, Drier Ground

posted by WMT News / KCRG - 

PALO, Iowa (KCRG-TV9) -- After two major floods in the last ten years, a small bank in Palo is moving to higher ground.

After two major floods in the last ten years, the Palo Savings Bank is moving to higher ground in Palo. Photo date: May 1, 2018. (Randy Dircks/KCRG-TV9)

The Palo Savings Bank had to move everything out of its current location in 2008 and 2016. The bank took on about three feet of water in 2008, and water came close to the building in 2016.

So now the bank has broken ground on a new building. It will be on Hollenbeck Road, which is close to Covington Road in Palo.

The bank's president says the flood threat in 2016 was the push the bank needed to move.

"That was the final straw. This is it. It was too much of a burden on our employees moving everything in and out and to our customers that had to go to a re-located area," said Terry Meyer. Palo.

Meyer expects the new bank to be open by Thanksgiving. He says the bank will try to sell the old building.

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