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Home Federal: Community-Minded Banking

Home Federal is a full-service personal, commercial, and agricultural community bank. We caught up with Tom Klapperich, Senior Vice President / Regional President to tell us more about Home Federal.

For almost 90 years, Home Federal has served southern Minnesota.

“We’re definitely a fixture in the local community,” Tom explained. “We started as Home Federal Savings and Loan Association in Spring Valley in 1934. In 1937, Austin was the second branch we opened, right on Main Street in the Old Flaherty Paint Building.”

Since then, Home Federal has evolved and expanded their branch locations now to include 14 retail locations and 2 loan offices in Minnesota, Iowa, and Wisconsin. In Minnesota, Tom oversees the Austin, Albert Lea, and Spring Valley branches, and the Marshalltown branch in Iowa.

Community Roots Means Community Involvement

With those community roots in Austin, Tom said that Home Federal’s mission translates into community involvement for the Home Federal team.

“Our mission is to enhance the financial well-being of our clients and community one relationship at a time,” he said. “For us, that means we go beyond just being a great banking partner for our clients, and we invest in and get involved with the communities we serve.”

Home Federal donates time and financial resources through its Community Roots initiative.

“At the organizational level, we’ve donated more than a million dollars to more than a hundred community organizations in our region,” Tom stated.

He described last year’s Seed Money campaign in which community members nominated local individuals to receive $1,000.

“The Seed Money program is a way to recognize people who go above and beyond in the communities we serve. In 2022, we were pleased to recognize Nancy Schnable of Discover Austin as an outstanding example of someone who gives 110 percent to the Austin community.”

Home Federal’s commitment to the community goes beyond a dollar amount: they also give time. Tom explained that Home Federal gives employees the support and encouragement to volunteer. In fact, employees from across the branch locations log more than 4,000 volunteer hours each year.

“We get involved with a lot of great efforts for United Way and the Pay It Forward program,” Tom said. “We’ve packed backpacks for school kids, we’ve served meals and helped in remodeling projects for those in need. We aren’t afraid to get our hands dirty for the Austin community.

Tom said Home Federal’s community involvement isn’t always part of a structured charitable program.

“Sometimes it’s as simple as going to the Coffee House on Main and buying coffee for the first hundred people to come in the door. We want Austin to know that we’re an active part of the community. I think that sets us apart.”

Why Bank at Home Federal? BONUS CASH

With so many banking options in Austin, why would someone choose to do business with Home Federal? Building on their community-minded approach to service, Home Federal is offering new clients $200 to open a new checking account with its BONUS CASH program.

“That’s $200 that goes to the client,” Tom explained, “but it also triggers Home Federal to donate an additional $200 to a local charity.”

There’s fine print, of course; for example, the account must be set up with a direct deposit of at least $500 per month, but BONUS CASH also gives new and existing clients $25 by enrolling in online banking and eStatements, $25 for adding a debit card, and $50 for every referral they connect to Home Federal.”

Personal Banking & Customer Service Still Going Strong at Home Federal

Home Federal’s clients like doing business with good people doing good in the local community. With an average 4.8 rating on Google, local clients consistently call attention to the personal level of customer service they receive.

Customer service that is personal and exceeds any of my expectations. Highly recommend!

  • B. Google Review, Five Stars

Great service, I switched to Home Federal years ago and it's the only bank I use anymore. More of a small-town feel, I've received the same response and customer service regardless of whether high or low amounts are involved.

  • J, Google Review, Five Stars


Are you ready to “bring your banking home” to Home Federal?