Securities and Exchange Commission
                             Washington, D.C. 20579



                                    Form 8-K
                                 Current Report


                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported) - June 22, 2000

                           MAHASKA INVESTMENT COMPANY


             (Exact name of registrant as specified in its charter)


         Iowa                       0-24630                   42-1003699
     (State of other              (Commission               (IRS Employer
     jurisdiction of              File Number)              Identification No.)
     incorporation)


                  222 First Avenue East, Oskaloosa, Iowa 52577
               (Address of principal executive offices) (Zip Code)


       Registrant's telephone number, including area code: (515) 673-8448



Item 5.  Other Events.

On June 22, 2000,  the  directors of Mahaska  Investment  Company (the  Company)
elected James G. Wake,  Michael R. Welter,  and Edward C.  Whitham,  Jr. to fill
vacancies  on the  Company's  board  of  directors.  All  of  the  newly-elected
directors  currently  serve as outside  directors for the  Company's  subsidiary
banks.

James G. Wake is the general manager of an agricultural business from Oskaloosa,
Iowa. He has served on the Mahaska State Bank board of directors since 1987. Mr.
Wake was appointed to serve on the Company's board compensation committee.

Michael R. Welter is a self-employed  general  contractor from Sigourney,  Iowa.
Mr. Welter has served on the Central Valley Bank board of directors  since 1997.
He was appointed to the Company's board audit and compensation committees.

Edward C. Whitham,  Jr. has served on the board of directors of Midwest  Federal
Savings and Loan  Association  since 1974.  He is the president of an accounting
and tax consulting  firm in  Burlington,  Iowa. Mr. Whitham was appointed to the
Company's board audit committee.

The  newly-elected  directors fill vacancies on the Company's board of directors
created by the resignation of R. Spencer Howard effective February 29, 2000, the
death of James F. Mathew on March 28, 2000, and the death of Martin L. Bernstein
on April 28, 2000. The  newly-elected  directors will all be subject to election
by the Company's shareholders at the 2001 annual meeting.

The election of individuals to fill vacancies  increases the Company's  board of
directors to nine  members.  Other board  members  include:  Richard R. Donahue,
William D. Hassel,  Charles S. Howard, David A. Meinert,  John P. Pothoven,  and
John W. N.  Steddom.  Current  outside  directors  serving  on board  committees
include  Richard R. Donahue on the audit committee and John W. N. Steddom on the
compensation committee.


                                    SIGNATURE

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                          Mahaska Investment Company


                                       By: /s/ David A. Meinert
                                          -------------------------------------
                                          Name: David A. Meinert
                                          Title:   Executive Vice President
                                          and Chief Financial Officer
Date:  June 27, 2000