Our people are our strength

Ben Grimstad

President & CEO

Email Ben
(563) 387-5207

Ben Grimstad is the President and CEO of Decorah Bank, providing strategic leadership and serving as the driving visionary behind the organization's growth and innovation. Having grown up working in the bank, Ben returned to Decorah in 2000 after college and a short career in the Twin Cities, stepping into the role of President and CEO in 2002. 

A graduate of the Stonier Graduate School of Banking, Ben brings a deep understanding of banking leadership and a commitment to fostering economic growth. He serves as a director on the Decorah Jobs and Winneshiek County Development committees, contributing to local economic development initiatives. 

Ben’s leadership and passion for serving the community reflect Decorah Bank’s mission of empowering individuals and businesses to achieve their financial dreams.
 

Dawn Muhlbauer, CPA

CFO & Cashier, EVP

Email Dawn
(563) 382-1553

Dawn Muhlbauer is the Chief Financial Officer and Treasurer at Decorah Bank. A Certified Public Accountant and graduate of the Iowa School of Banking and the Graduate School of Banking at the University of Wisconsin, Madison, she provides strategic leadership in liquidity, asset/liability management, bond portfolio oversight, corporate governance and compensation administration. 

Since joining the bank in 2004, Dawn has made significant contributions, including founding the bank's internal leadership program and organizing events to celebrate its Employee Ownership culture. Her career spans over 30 years, with early experience in community banking and public accounting prior to stepping into her current role. 

Active in the community, Dawn supports local initiatives such as serving on the NICC Advisory Committee and performing financial reporting for the Nordic Dancers.

Andy Ludeking

Cresco Market President, Chief Lending Officer, EVP

Email Andy
(563) 203-8156

Andy Ludeking serves as Chief Lending Officer at Decorah and Cresco Bank, overseeing the lending and credit functions, including underwriting, loan approvals, financial analysis, and loan structuring. Since joining the bank in 2011, Andy has progressed through roles such as Ag & Business Banker and Chief Credit Officer before assuming his current leadership position in 2024. With a degree from the University of Northern Iowa and completion of programs like the Graduate School of Banking at Madison, Andy brings deep expertise in credit analysis, loan structuring, business development, and employee mentorship. His industry contributions include serving on advisory boards for the ABA National Ag Conference and Iowa School of Banking. 

Committed to community development, Andy is an active board member for Howard Winneshiek Community School District, Cresco Industrial Development Corporation, Howard County Business & Tourism, and Howard County Mutual Insurance.

Andrew Wood

COO, Security Officer, EVP

Email Andrew
563-382-1552

Andrew Wood is Chief Operations Officer, Executive Vice President, and Security Officer of Decorah Bank & Trust. A 2001 graduate of Luther College, Andrew got his first taste of banking as a loan department intern at Community First Bank in Decorah while still a student. Following graduation, he gained additional banking experience with Wells Fargo in Northern Michigan and Phoenix, Arizona, before working in his undergraduate degree field transitioning into education, where he spent five years teaching first grade and serving as a Technology Integration Specialist for a school district in the Phoenix metropolitan area. Andrew and his wife returned to Decorah in 2008, and he joined Decorah Bank in 2009 as the Bank's IT Administrator. 

Throughout his tenure at Decorah Bank, Andrew has leveraged his technology expertise to gain a deep understanding of all aspects of community banking. He earned his Certified Bank Information Technology Manager designation from the Graduate School of Banking at the University of Wisconsin-Madison in 2010 and graduated from the Iowa School of Banking in 2018. As chair of the bank's Information Technology Steering Committee and a member of its Employee Culture and Engagement Committee, Andrew has influenced both technological innovation and organizational development. In 2020, he was named Chief Information Officer and Security Officer, and in 2025 he was promoted to Chief Operations Officer.  

Beyond his professional responsibilities, Andrew is committed to community service and education, having served as President of the Decorah Community School District Foundation, where he helped strengthen opportunities for local students and foster connections between the school district and the broader community.  

Sara Thomas

Chief Banking Officer, EVP

Email Sara
(563) 387-5212

Since joining the bank in 2010, Sara has worked across functions to ensure the successful execution of strategic priorities, blending frontline insights with operational efficiency to achieve balance between customer satisfaction and internal processes. 

Sara began her banking career at Navy Federal Credit Union, progressing through roles as a teller, personal banker, and consumer lender. At Decorah Bank, she advanced from Teller Manager to Personal Banker, Operations Manager, and ultimately COO, where she facilitates cross-departmental collaboration to implement impactful projects that streamline operations and enhance outcomes. 

Active in the community, Sara serves on the Decorah Community School District Foundation Board, as well as the Decorah Area Chamber of Commerce Revolving Loan Committee and Business Resiliency Committee. Her past leadership includes serving as President of both the United Way of Winneshiek County Board and the Decorah Area Chamber of Commerce Board.  

Lori Drtina

Integrator & Executive Assistant, VP

Email Lori

Lori Drtina serves as Integrator and Culture Coordinator at Decorah Bank, aligning the bank’s organizational culture with strategic initiatives to drive collaboration, efficiency, and employee engagement. With nearly two decades at the bank, Lori plays a pivotal role in fostering transparent communication, accountability, and continuous improvement to support long-term success. 

Drawing from her extensive experience across various roles, Lori brings a deep understanding of banking operations and executive coordination. She works closely with senior leadership to integrate key initiatives and influence a cohesive work culture that enhances productivity. A Certified Dream Manager through Floyd Consulting, Lori also coaches employees to achieve their personal and professional goals, fostering growth across the organization. Lori’s commitment extends to the community as Treasurer of the Crestwood High School All Sports Booster Club, where she contributes to the success of local athletic programs.

Ben Grimstad

Board Member

Ben Grimstad is the President and CEO of Decorah Bank, providing strategic leadership and serving as the driving visionary behind the organization's growth and innovation. Having grown up working in the bank, Ben returned to Decorah in 2000 after college and a short career in the Twin Cities, stepping into the role of President and CEO in 2002. 

A graduate of the Stonier Graduate School of Banking, Ben brings a deep understanding of banking leadership and a commitment to fostering economic growth. He serves as a director on the Decorah Jobs and Winneshiek County Development committees, contributing to local economic development initiatives. 

Ben’s leadership and passion for serving the community reflect Decorah Bank’s mission of empowering individuals and businesses to achieve their financial dreams.

Joe Grimstad

Board Member
Director

Joe has been a valuable member of the Decorah Bank & Trust team for twenty years; spending time as a staff member before being elected to the Board. Joe is enthusiastic about sustainability, and his work was monumental in securing Decorah Bank's carbon neutral status. He and his wife, Ann, have a lovely family that includes two sons and two fur babies. When not working, Joe likes to stay active in the community and does so by volunteering with the Downtown Decorah Betterment Association and the Luther Development Committee.

Donna Thomas

Board Member

Donna was born and raised in Cresco and was an integral part of the Cresco Bank & Trust team for more than four decades. She cherished her time in banking and grew to treasure the customer relationships that over the years turned into dear friendships. 
Donna, and her husband Kelly, farm raising cattle and crops. They have 4 sons, Kyle, Trevor, Joel, and Colter; all are married. Donna has 9 beautiful grandchildren and is looking forward to more in the future. 
Now enjoying retirement, you’ll find Donna enjoying the outdoors, traveling with her husband Kelly or spending time with her precious grandchildren. She believes there’s never a dull day in Northeast Iowa – you can enjoy every season! 

Mike Huinker

Board Member

Mona Nelson

Board Member

Mona began her financial career as a certified public accountant (CPA). She used her skills to teach accounting at her alma mater, Luther College. Mona worked as an accounting professor for 28 years, until she retired in 2018. Mona is presently retired and volunteers with an income tax VITA organization, serves as the treasurer of her church, and participates in various civic activities in her area. 
In her free time, Mona spends time with her husband and high school sweetheart of 35 years, Cy. Mona and Cy have a beautiful, big family of three adult sons and eight grandchildren.
Mona has been serving the Board and community for 18 years. She enjoys being a part of the Board because they truly care about the community, not just in words but in action. She admires the Board’s progression in staff development and banking values—always moving forward.
 

Steve Holland

Board Member

Steve is a newer member of the Decorah Bank & Trust family, having joined the Board in 2018 and the bank’s Audit Committee in 2020. He is currently a Professor of Economics at Luther College and has had a successful career that includes teaching at many universities as well as time spent as an attorney. He and his wife, Krista, moved to Decorah in 2005 with their three daughters, Ava, Mara, and Leah, and they love the scenic views and small-town atmosphere the area has to offer.
Steve enjoys being a Board member for DB&T because it is a company that not only strives to be financially successful, but also places a high value on being a good neighbor to the community and its citizens. During his free time, Steve likes to give back to the community he serves by being an active member of the Good Shepherd Church and volunteering for various Decorah Public School events.
 

Jim Morrow

Board Member

Jim has been involved in the banking world for 45 years. With beginnings at Cornell University, he studied Ag Economics and Finance, which eventually led him to become a part of Decorah Bank & Trust. Jim has worn many hats at Decorah Bank, from Business Banker to Chief Credit Officer. Jim recently retired as of January 2022 and intends to stay in Decorah. He loves the area for its scenic wonders, warm atmosphere, and the closeness to his family. Jim is enjoying retirement with his wife, Diana, their three children, and two grandchildren. They have fun bonding over his interests, including music, playing the piano, biking, and gardening. He also helps out whenever he can with his family's farm operations. Jim is a family man and a man of the community. As a volunteer, he is active in Decorah's Seed Saver Exchange, Rotary Club, Decorah Covenant Church, and Sunflower Child Care Center. 

Jim was asked to join the Board upon his retirement and officially became a member in May 2022. He serves as a member of the Board's Credit Committee and the Asset Liability Committee. He also lends his expertise as co-teacher for Decorah Bank's Leadership Development Program and continues to provide continuity in Decorah Bank's credit culture. Jim enjoys staying in touch and contributing to the ongoing success of Decorah Bank. He is especially excited about the efforts of new renewable initiatives and the strong culture that helps Decorah Bank operate efficiently.