The Bank of Steinauer was established in 1888, but was not expected to transact much business. However, it soon became an essential part of the community, and needed to be properly organized and equipped with experienced help. Because of his advanced age, Joseph put his son, John, in charge of the bank as cashier. John had obtained prior experience in the bank of W. C. Henry in Pawnee City, Nebraska. Joseph's other son, Nicholas, was appointed assistant cashier. Having been capitalized for $30,000 in 1893, The Bank of Steinauer was chartered on July 5, 1898, and has been continuously owned and operated by the Steinauer family and its descendents for five generations.
The first president, Joseph Steinauer, held his position until his death on October 12, 1907, at which time his son, John, took over the presidency until his death on June 10, 1910. Nicholas Steinauer remained as assistant cashier until he retired in 1940, with the exception of serving one term in the Nebraska State Legislature. In 1910, Frank Steinauer, another of Joseph's sons, became president and held the position until his retirement in 1942. The Board of Directors then elected Joseph's grandson, Bernard "Barney" J. Steinauer, who was serving as cashier, to fill the office of president. Bernard was granted a leave of absence to serve in World War II at which time William Steinauer, the youngest son of Joseph, and Bernard's father, took over the position of cashier and served as chairman of the Board of Directors until his death in 1958. Bernard continued to serve as president of The Bank of Steinauer until his death in 1964, when his brother, John C. Steinauer, assumed the presidency. John C. Steinauer remained president until his retirement in 1980.