NBA player Harrison Barnes invests $25 million to become owner of Iowa community bank

The NBA veteran acquired Community State Bank in his home state, calling the move a long-term investment in local banking.

San Antonio Spurs veteran Harrison Barnes has turned part of his NBA fortune into ownership of an Iowa community bank, investing $25 million of his own money in Community State Bank in Paton.

Yahoo Sports reported that Barnes acquired the 70-year-old bank through Barnes Bancorp, Inc., a company he chiefly owns. Community State Bank is located less than an hour from Ames, Iowa, where Barnes grew up.

Local reporting confirms the transaction is complete. Community State Bank CEO Craig Marquardt told Raccoon Valley Radio that the bank’s name, staff and management will remain in place, with the major change being its ownership.

Barnes said the investment reflects a long-term interest in community banking rather than a short-term business play. He has previously served on bank boards and studied at the Iowa School of Banking while still competing in the NBA.

“This is not a vanity project,” Barnes said. “We want to be Iowa’s next great bank.”

Barnes’ bank purchase also follows years of preparation. Barnes has said his interest in community banking deepened during the COVID-19 pandemic, when he watched local financial institutions help small businesses and families access capital.

The former NBA champion is entering his 15th NBA season after agreeing in June to return to San Antonio on a one-year, $8 million deal announced by the Spurs July 8. Yahoo Sports reported that Barnes has earned over $224 million during his NBA career.

Barnes told Raccoon Valley Radio that he tries to keep his basketball, business and family responsibilities separate by being “100-percent” focused on whichever role he is occupying at the time.

For Community State Bank, Barnes’ ownership is designed to preserve rather than overhaul the institution. The bank is celebrating its 70th anniversary, and Barnes said he wants to build on the trust its existing leadership has established in the area.

The deal gives Barnes control of a regulated financial institution in his home state through Barnes Bancorp while he is still playing professionally, turning years of financial education and planning into one of the most unusual business moves by an active NBA player.