Tightwad Bank
| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 1984 |
| Fate | Closed (July 2018) |
| Headquarters | Tightwad , United States |
| Products | Banking services |
Tightwad is a small village located in Henry County, within the state of Missouri, United States. According to the 2010 United States Census, its population was recorded at 64 residents. The village lies along Missouri Route 7.
History and name
Originally, Tightwad was known as Edgewood, a name inspired by the forested area near the town’s initial site.
The village’s distinctive name is said to have originated from an incident involving a storekeeper who charged a postman an extra 50 cents for a superior watermelon; alternative versions of the story suggest the item involved was a rooster. Growth in Tightwad remained limited beginning in the mid-1980s, largely due to its location near Truman Reservoir. By 2010, the local commercial area featured a bank (which closed in April 2019 and has since been converted for private use), a café, a tavern, and a convenience store.
Geography
Per data from the United States Census Bureau, Tightwad encompasses a total area of , consisting of land and water portions.
Demographics
The median income for households stood at $24,375, while families had a median income of $51,250. Median earnings were $35,417 for males compared to $30,625 for females. The per capita income was calculated at $18,981. No families were reported below the poverty threshold; however, 16.7% of individuals fell below this line, including 21.4% of those aged 65 and above.
2010 census
The 2010 census documented 69 inhabitants residing in 31 households and forming 18 families within the village. Population density was , with 36 housing units averaging . The racial composition was predominantly 98.6% White, with 1.4% identifying as two or more races.
Among the 31 households, 19.4% included children under 18 years old; married couples accounted for 48.4%, female householders without husbands were 3.2%, and male householders without wives made up 6.5%. Non-family households represented 41.9%. Individuals living alone comprised 32.3% of all households, with 9.7% being individuals aged 65 or older. The average household size measured 2.23 persons, while average family size was slightly larger at 2.72.
The median age was calculated at 53.5 years: youth under 18 years composed 21.7%, those aged 18-24 were 2.8%, ages 25-44 made up 15.8%, ages 45-64 represented 30.4%, and seniors aged 65 or older accounted for 29%. Gender distribution was nearly balanced with males at 50.7% and females at 49.3%.
2020 census
The census conducted in 2020 reported a population of 58 people living in 35 households: among these were thirteen married couples, thirteen cohabiting couples, six male householders without spouses (five being age 65 or older), and three female householders without spouses (one over age 65). Three households included minors under eighteen; twenty-two had occupants aged sixty-five or above. Four children attended school—three enrolled in elementary education and one pursuing college or graduate studies.
Tightwad Bank
Established in 1984 as an extension of Citizens Bank of Windsor (Windsor, Missouri), the original Tightwad Bank began operations in a portable trailer before relocating to a permanent brick building that remains today (though it has since closed). The bank’s quirky name attracted significant attention, helping deposits surpass $2 million; however, expected expansion linked to nearby Truman Reservoir did not materialize. During the 1990s, the bank endured two armed robberies and was eventually shut down by its owner UMB in November 2006, with customer accounts transferred to UMB branches located in Warsaw and Clinton, Missouri.
In May 2008, under new ownership, Tightwad Bank resumed operations as an FDIC-insured institution functioning as a full-service branch of the former Reading State Bank based in Reading, Kansas. To capitalize on the brand’s notoriety, the Reading branch also adopted the Tightwad Bank name. Co-owner Donald Higdon explained in a Washington Post interview that their marketing targeted customers “with a sense of humor.” By the year 2010, combined deposits between both branches exceeded $20 million (US). As of July 2018, the Tightwad Bank location in Tightwad, Missouri has ceased operations.