Located in the small Missouri village of Tightwad, the Tightwad Bank was able to capitalize on its cheeky name, and is now responsible for over $20 million dollars worth of deposits.
The one-mile-square village of Tightwad supposedly takes its name from an incident in which a shopkeeper demanded an additional 50¢ in a transaction involving watermelons. The bank was originally opened in the town opened in 1984 as an offshoot of a larger institution, realizing the draw its name could bring. However, after an initial period of success, a large deal fell through and the bank fell into decline, further suffering from multiple robberies in the 1990s. By 2006, the bank had shuttered its doors.
However, the opportunity was too good to let it disappear forever and in 2008 it was reopened as a private institution complete with FDIC insurance. The new owners welcomed customers with a sense of humor and vocally tried to draw attention to their speck of a village’s hilarious new bank. Their attitude worked and they were eventually even able to open a second Tightwad Bank outside of the village.
Thanks to notoriety from various media sources, the Tightwad Bank has now seen around $20 million in deposits across its two locations and that kind of money is no laughing matter.