Minnesota bank buys land in Brandon for future branch

A Minnesota-chartered bank recently bought land in Brandon for a future branch.

Exchange State Bank owns the land just north of Risen Savior Catholic Church along Highway 11 but likely won’t build there until 2019, said Tim Plimpton, bank president.

“We’re currently in the middle of major remodeling in Hills,” Plimpton said. Tax benefits from other renovation and construction projects will carry the bank through next year, so 2019 appears to be the target date for expanding to Brandon, with 2020 at the latest, he said.

The bank, which has total assets of $174.4 million, has locations in Hills, Ellsworth and Luverne, Minn. It’s owned by the holding company Larch Bancorporation Inc., which is based in Larchwood, Iowa. The family-owned operation also has South Dakota-chartered Security Savings Bank, which also expanded into South Dakota in the past six years with a branch in Canton and one under construction on East 10th Street in Sioux Falls.

Exchange State Bank was drawn to Brandon because it’s a growing community that can help increase deposits, Plimpton said. It has a successful school district and a healthy amount of manufacturing and other businesses that help make it a strong community, too, he said. Those areas provide avenues for growth and diversification.

“Right now, we’re really heavy into ag,” the bank president said.

The motto for Exchange will be “a bank for Brandon” because it will be the first one in the town that doesn’t have a branch in Sioux Falls, Plimpton said. That will give it a “different attitude” from the competition.

“Exchange State Bank will have management that is local and will cater to Brandon and not Sioux Falls.”

The branch will be a full-service bank and likely will open with five or six staff members.

Editor’s note: This story was updated to correct the location of the charter for Security Savings Bank.

Northwest Iowa bank to enter Sioux Falls market

Minnesota bank buys land in Brandon for future branch

Exchange State Bank owns the land just north of Risen Savior Catholic Church along Highway 11 but likely won’t build there until 2019, said Tim Plimpton, bank president.

News Tip

Have a business news item to share with us?

Scroll to top