Bank Iowa has named Jason Herrboldt as its next president and CEO, succeeding longtime leader Jim Plagge, who will retire after more than a decade in the role.

Herrboldt will start in his new role May 13. Plagge will stay on to support the transition and retire June 18.

Herrboldt brings more than 25 years of banking experience spanning commercial, retail, agriculture, mortgage and wealth management. He most recently served as chief banking officer at First Bank & Trust in South Dakota and has led teams in both rural and metropolitan markets.

“What stands out to me about Bank Iowa is its culture and the strong commitment to community, rooted in its family ownership and especially reflected in its support of farm families and businesses across Iowa,” Herrboldt said in a prepared statement.

Plagge said Herrboldt’s leadership style and values made him a natural fit to lead the organization.

“His commitment to earning trust, practicing accountability and applying a ‘one team’ mindset makes Jason the right leader to carry our purpose forward,” Plagge said. 

During Plagge’s tenure, Bank Iowa more than doubled its assets, growing from $1.1 billion in 2012 to more than $2.4 billion today. The bank also expanded its lending and deposit portfolios by more than $1 billion each, achieved record net income in 2025, modernized its core banking platform and expanded through new locations and acquisitions.

Plagge also led the launch of the Bank Iowa Foundation and helped build a culture of community engagement, with employees contributing a collective 12,000 volunteer hours annually. In 2025, he oversaw the acquisition of IPE 1031, which supports generational wealth transitions for farm families, landowners and business owners. After his retirement, Plagge will continue to support IPE 1031 as managing director.

“Jim’s impact goes far beyond financial growth,” Paige Duncan, family owner and board chair, said in a prepared statement. “He built a strong leadership team and a culture that will carry Bank Iowa forward for years to come. His commitment to our communities, team members and clients has shaped who we are, and his leadership has positioned the bank for a smooth and successful transition.” 

Bank Iowa, which has more than $2 billion in assets, operates more than 20 locations across the state and is among Iowa’s largest family-owned banks.