CAPRA BANK

Photo Courtesy: Telegraph Herald

CAPRA BANK. In February 2023, officials familiar in the banking industry of the tri-states, announced the formation of Capra bank. Tut Fuller, a former executive at DUBUQUE BANK AND TRUST COMPANY which his family founded, was the CEO and chairman of the new bank. Thomas J. Fuller, Tut Fuller's brother was announced as a member of the board. One other name known locally was Dan Walsh who was announced as the new bank's senior vice president-commercial banking. Walsh had previously worked nineteen years in community banking including sixteen at AMERICAN TRUST AND SAVINGS BANK prior to its acquisition by MIDWESTONE FINANCIAL GROUP INC.

The Fullers had acquired Peoples Savings Bank in Montezuma, Iowa in 2022. The new full-service branch location in Dubuque was to be located at East Ninth and Washington STREETS. Both would be known as Capra Bank. The opening of the Dubuque branch was dependent upon the application to the Iowa Division of Banking and the Federal Deposit Insurance Corporation being approved. (1)

Following the hiring of fifteen former employees of DB&T and its holding company, Capra Bank officials announced that the new bank would open on April 3, 2023 in the former Dubuque Food Co-Op space. (2)

On September 22, 2023 bank officials announced that Capra's headquarters had been moved from Montezuma to Dubuque at 955 Washington St. The announcement continued that a branch of the bank would be opened the following week in Lubbock, Texas. This followed the formation of an alliance between the bank and Steele Capital Management. This allowed the bank to direct its customers to Steele Capital for wealth management and retirement plan services. Since the acquisition of the Montezuma Bank, Capra's assets nearly tripled to nearly $140 million. Additional branch locations in the future were possible with the focus being on opening new banks rather than entering into mergers or acquisitions. (3)

One year after opening, Capra had $300 million in assets and employed an estimated fifty people. The announcement was also made that the bank was looking to expand into the New Mexico market. (4)

Dubuque-based Capra Bank was the fastest-growing bank with assets under $3 billion in the country from 2023 to 2025, according to a recent analysis. The bank also passed $1 billion in assets two and a half years after launching. When the bank crossed $1 billion in assets, officials gave every employee a $10,000 check and covered the taxes on it, in addition to their incentive compensation bonuses. That totaled about 60 to 70 employees across the bank’s three branches.

In 2026, for the second consecutive year, Capra Bank was named the fastest-growing bank in the country with assets under $3 billion by financial services firm Raymond James. The bank’s assets grew 296% from 2023 to 2025, according to Raymond James. Its loans grew 411%, the fastest rate among banks with under $3 billion in assets. The bank’s deposits grew 305% over the two-year span.

The bank did not purchase any other banks to grow its assets. Growth through recruiting, hiring and motivating teams of bankers.

Capra Bank seeks to combine technology with high-quality bankers and build relationships, Fuller said. It also focuses on lending to local clients, meaning the bank will only lend money to someone with a tie to one of the bank’s three locations. (4)

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Source:

1. Reese, Kayli, "High Hopes Set For Capra Bank," Telegraph Herald, February 18, 2023, p. 1A

2. Reese, Kayli, "New Dubuque Bank Planning to Open Doors Next Week," Telegraph Herald, March 29, 2023, p. 1A

3. "Capra Moves Headquarters to City Ahead of Expansion," Telegraph Herald, September 22, 2023, p. 1

4. Nieland, Grace, "A Year After Dubuque Debut, Capra Bank Finds Success in Local-First Banking", April 14, 2024, TH Online: https://www.telegraphherald.com/news/tri-state/article_7b567468-f746-11ee-9ea3-e7744d56af57.html

5. Gleason, Thomas, "Capra Named Fastest-Growing Bank in U.S. with Under $3 billion in Assets, TH online, May 7, 2026