On February 4, 1933, the bank opened for business in Spencer, Indiana. In the same year, the bank was temporarily closed by President Roosevelt's "Bank Holiday". Awarded an "A" rating, the bank reopened as strong as ever.
Also in 1933, The Citizens Bank of Freedom, Indiana was issued a new charter, reorganizing it from a private to a state bank. With this change, the name Owen County State Bank was adopted.
Recent years have brought branch location acquisitions and other additions to Owen County State Bank. The Main Office is now seated in Spencer Indiana. The Gosport State Bank was added as a branch in 1945.
In July 2008, the Bank opened its first Banking Center outside of Owen County, with a full-service branch in Monroe County, at the intersection of Arlington Road and State Road 46, east of Ellettsville. In November 2014, the Bank expanded its presence with the opening of another full-service branch on South Walnut Street just two blocks north of the Country Club Drive/Winslow Road intersection. The Linton Banking Center opened in January 2018, and soon after the Bloomfield Banking Center opened in 2019. In 2020, the Bank continued its expansion with a Branch on West 16th Street in Bedford.
Owen County State Bank employs over 80 employees and actively supports all the communities it serves.
The Bank has been an active partner with other community agencies to assess county needs in the areas of housing, health and safety, education and infrastructure improvement with joint programs, donations and discounted loans to address those needs.
Together with the Area 10 Agency on Aging, the Bank provided funds to purchase ground, construction loans and a long-term mortgage for a 24-unit low-income elderly housing facility. Along with the Community Action Program, Owen County State Bank financed, at a discount, 12 homes to be renovated for rent or purchase to low-income families.
In addition to financial assistance in housing programs, the Bank and its employees have made donations, served on volunteer committees and provided support to other projects including Emergency Rescue, EMS, local schools, utility needs and various civic endeavors and action coalitions.