Midwest Heritage Bank, FSB provides financial planning, portfolio management for individuals and small businesses, estate planning, insurance, and tax planning. Financial planning was provided to 1–10 clients last fiscal year.
Midwest Heritage Bank, FSB reports 334 clients. They include 219 individual clients and 115 high-net-worth individuals. Of its assets, 100.0% ($399M across 647 accounts) are managed with discretion.
| Client type | Clients | Assets |
|---|---|---|
| Individuals (other than HNW) | 66% | 16% |
| High-net-worth individuals | 34% | 84% |
Client breakdown and activity details
| Client type | Clients | Regulatory AUM | AUM share | Avg. per client |
|---|---|---|---|---|
| Individuals (other than HNW) | 219 | $65.7M | 16.5% | $300K |
| High-net-worth individuals | 115 | $333M | 83.5% | $2.9M |
| Total | 334 | $399M | 100% | $1.19M |
- Clients
- 219
- Regulatory AUM
- $65.7M
- AUM share
- 16.5%
- Avg. per client
- $300K
- Clients
- 115
- Regulatory AUM
- $333M
- AUM share
- 83.5%
- Avg. per client
- $2.9M
Total
- Clients
- 334
- Regulatory AUM
- $399M
- AUM share
- 100%
- Avg. per client
- $1.19M
- Clients outside the U.S.
- 0%
- Clients advised without assets under management last fiscal year
- 0
- Private funds advised
- 0
- Financial planning clients last fiscal year
- 1–10
Midwest Heritage Bank, FSB charges 0.50%–1.20% a year for its Investment Management Fee for Individual Investors. The fee is billed in arrears and is negotiable. The brochure also prices 2 other services, listed under fee details.
Fee details and sources
Other fees
- Financial planning (hourly)
- Hourly fee of $100 to $300 per hour, negotiable depending on the level and scope of the services and the professional rendering them; prepayment is limited to $1,200 per client.
- Flat fee program
- A flat fee program is offered to certain clients who buy and sell only equities; the brochure gives no fee amount.
Midwest Heritage Bank, FSB owns 75% or more of Midwest Heritage Bank, FSB and is in turn owned by Hy-Vee Food Stores, Inc. (75% or more). The leadership team of Midwest Heritage Bank, FSB includes President Casey Malloy. It has 6 employees, 4 of them in advisory roles.
Leadership
- Casey MalloyVice President and Chief Compliance Officer
- Matthew WattersPresident
Investment adviser representatives
5 representatives listed in the SEC register as of 9 October 2026.
- Levi Cyphers
- Colby Lee Dotzler
- Casey Malloy
- Mark Daniel Vance
- Matthew Graham Watters
Staff
- 6 employees
- 4 in advisory functions
- 4 state-registered reps
- 4 broker-dealer reps
- 4 insurance agents
- Owns 75% or more of Midwest Heritage Bank, FSB
Hy-Vee Food Stores, Inc.
Control person · since November 2019
Midwest Heritage Bank, FSB’s regulatory assets grew 3.6× from $112M (January 2021) to $399M (January 2026); clients rose from 202 to 334 and employees from 2 to 6. In 2026, Iowa Savings Bank joined it.
Figures from each annual filing
| Filed | Regulatory AUM | Clients | Employees | Offices |
|---|---|---|---|---|
| January 2026 | $399M | 334 | 6 | 3 |
| January 2025 | $314M | 302 | 4 | 3 |
| March 2024 | $223M | 275 | 2 | 2 |
| August 2023 | $177M | 274 | 2 | 2 |
| July 2022 | $183M | 257 | 3 | 2 |
| January 2021 | $112M | 202 | 2 | 2 |
Firms that joined
20261 joined
- Iowa Savings BankNo filed AUM
Firms whose SEC withdrawal reports a sale to this firm, and deals reported in the press. Teams that moved without selling a registered firm may not appear.
Besides its headquarters, Midwest Heritage Bank, FSB has 2 offices, with 3 listed addresses in Iowa.
Iowa · 3 listed addresses
- 3580 EP True Parkway, West Des MoinesHQ
- 221 Ne Gateway DR, Grimes
- 1025 Braden Avenue, Chariton
Contact and registration details
- Legal name
- Midwest Heritage Bank, FSB
- Headquarters
- 3580 EP True Parkway, West Des Moines, IA 50265
- Website
- midwestheritage.com
- Phone
- 515-246-8378
- SEC file
- 801-119038
- Structure
- Iowa other (specify)
- Fiscal year end
- September
Midwest Heritage Bank, FSB uses Charles Schwab ($399M) as custodian for its separately managed accounts. Midwest Heritage Bank, FSB does not have custody of client assets.
- Charles SchwabCharles Schwab & Co., Inc. · San Francisco, CA · $399M100%
At year end, Midwest Heritage Bank, FSB’s separately managed accounts were mostly in funds (89%). Its reported 13F holdings for the quarter ended 30 June 2026 total $353M across 53 positions; the largest are Dimensional ETF Trust (16.1%), Capital Group Core Equity ET (13.6%) and Capital Group Dividend Value (10.1%).
What the accounts hold
- Stocks2%
- Funds89%
- Registered funds88%
- Pooled vehicles1%
- Bonds6%
- State and local bonds2%
- Investment grade corporate bonds2%
- U.S. government and agency bonds1%
- Sovereign bonds1%
- Cash5%
Reported 13F holdings
- $353M
- Reported 13F value
- 53
- Positions
- 76.9%
- In the 10 largest
- +13.2%
- Value vs. prior quarter
- Dimensional ETF Trust · US Cor Equ 2 ETF16.1%
- Capital Group Core Equity ET · Shs Creat Unit13.6%
- Capital Group Dividend Value · Shs Creat Unit10.1%
- Capital Grp Fixed Incm ETF T · Core Plus Incm8.7%
- Dimensional ETF Trust · US High Prof ETF6.3%
- Dimensional ETF Trust · Glob CO Plus ETF5.6%
- Dimensional ETF Trust · Intl Core EQT MK4.7%
- Dimensional ETF Trust · US Small Cap ETF4.7%
- Capital Group Growth ETF · Shs Creat Unit4.6%
- Dimensional ETF Trust · Emgr Cre EQT Mng2.6%
Together, the ten largest are 76.9% of reported value.
How many clients does Midwest Heritage Bank, FSB have?
Midwest Heritage Bank, FSB has 334 clients and manages $399 million for them, as of January 2026. They include 219 individual clients and 115 high-net-worth individuals.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 2 January 2026
What services does Midwest Heritage Bank, FSB offer?
Midwest Heritage Bank, FSB provides financial planning, portfolio management for individuals and small businesses, estate planning, insurance, and tax planning.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file; Part 2A brochure, Item 4
How much does Midwest Heritage Bank, FSB charge?
Midwest Heritage Bank, FSB charges 0.50%–1.20% a year for its Investment Management Fee for Individual Investors. The fee is billed in arrears and is negotiable.
Source: FORM ADV PART 2 AND 2B 101226, filed 12 October 2026
Which custodians does Midwest Heritage Bank, FSB use?
Midwest Heritage Bank, FSB’s separately managed account assets are held at Charles Schwab & Co., Inc. (San Francisco, CA), with $399M. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 2 January 2026
How many financial advisors does Midwest Heritage Bank, FSB have?
Midwest Heritage Bank, FSB has 4 investment adviser representatives registered with state securities authorities, out of 6 employees, and 4 perform investment advisory functions. 4 employees are registered representatives of a broker-dealer and 4 employees are licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Midwest Heritage Bank, FSB invest in?
At the end of its last fiscal year, Midwest Heritage Bank, FSB’s separately managed accounts held 88% registered funds (mutual funds, ETFs, BDCs), 5% cash and equivalents, 2% exchange-traded equities, 2% state and local bonds, 2% investment grade corporate bonds, 1% U.S. government and agency bonds, 1% sovereign bonds and 1% pooled vehicles (private funds and similar).
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Midwest Heritage Bank, FSB?
Midwest Heritage Bank, FSB is owned through a holding company by Hy-Vee Food Stores, Inc. Its direct owner is Midwest Heritage Bank, FSB (75% or more).
Source: Form ADV Part 1A, Schedules A and B, filed 2 January 2026
How does Midwest Heritage Bank, FSB get paid?
Midwest Heritage Bank, FSB is paid through a percentage of assets under management, hourly charges and fixed fees. Its Form ADV lists no commissions or performance-based fees among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
Is Midwest Heritage Bank, FSB registered with the SEC?
Yes, Midwest Heritage Bank, FSB has been registered with the SEC as an investment adviser since 10 July 2020. Its CRD number is 306308 and its SEC file number is 801-119038.
Source: Form ADV Part 1A, Item 1, filed 2 January 2026; IAPD firm record
How do I contact Midwest Heritage Bank, FSB?
Midwest Heritage Bank, FSB’s main office is at 3580 EP True Parkway, West Des Moines, IA 50265. Its phone number is 515-246-8378. Its website is midwestheritage.com.