Mike Underwood Named Fifth President in Guthrie County State Bank's 81-Year History

GUTHRIE CENTER AND PANORA, Iowa (September 26, 2012) — At this month’s board meeting of Guthrie County Bancshares, Inc., board members voted on a resolution that is an infrequent point of discussion in this organization. Mike Underwood, with almost 20 years of banking experience, was promoted and named president of Guthrie County State Bank.
Only five people have served in this role starting with G.M. Barnett Sr. who chartered Guthrie County State Bank in 1931 and served as president. His son, G.M. Barnett Jr. assumed the role in 1959 and remained until 1983. Roger Underwood served as president from 1983 – 2003, when Barry Monaghan took over in that role.
“I feel fortunate to be a part of a financial institution with a productive, stable history in Guthrie County,” said Mike Underwood. “Our focus will remain on continued managed growth within the bank, both as a business partner and employer in the communities we serve. We have a strong team of leaders and our customers can count on continuing to receive the excellent day-to-day service and support they have come to expect from us.”
Mike, who joined the bank in 2005, most recently served as chief financial officer and executive vice president. Previously, he was with Polk County Bank and Firstar Bank. Mike is a current board member of Community Banks of Iowa, president of the Guthrie Center Lions Club and past president of Midwest Partnership, a four-county economic development organization.
Mike earned a Bachelor of Arts degree from Simpson College, a Master of Business Administration degree from Drake University and recently completed the Graduate School of Banking program in Colorado. He and his wife, Cara, reside in Guthrie Center with their three children.
Barry Monaghan steps down from nine years in the president position and 28 years with the bank. GCSB saw major accomplishments in that time including adding Lake Panorama Realty, GCSB Investment Center and Guthrie County Abstract under the holding company umbrella. The bank also quadrupled in size from $30 million in assets in 1984 to $120 million today.
“I am very proud of the work that we have done at the bank during my time here and the efforts that will continue as we move forward into the future,” said Monaghan. “Mike has all of the knowledge and experience to serve as president, and I have no doubt that he will be a tremendous leader for the organization moving forward.”
Monaghan will remain in the organization as chief executive officer of Guthrie County State Bank, as well as, president and board member of Guthrie County Bancshares, Inc. Roger Underwood will continue to hold the position of chairperson of the board of Guthrie County State Bank. The holding company also owns Lake Panorama Realty, Guthrie County Abstract and GCSB Investment Center.
About Guthrie County State Bank  
Guthrie County State Bank is a locally owned, independent community bank serving individuals, businesses and agricultural customers with a wide variety of products and services including online banking. Chartered in 1931, Guthrie County State Bank serves customers from locations in Guthrie Center and Panora, Iowa, and is a subsidiary of holding company Guthrie County Bancshares, Inc. Other companies within the holding company include Lake Panorama Realty, Guthrie County Abstract Company and GCSB Investment Center. For more information, visit gcsbank.com