- Real Estate
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May 16, 2018
A northwest Iowa bank that built its business in agriculture has expanded to Sioux Falls with a mission to better serve its existing account holders and widen its customer base.
Security Savings Bank moved into its new building at 2331 E. 10th St. in April and will host a Sioux Falls Area Chamber of Commerce ribbon-cutting May 23.
The staff of eight provides consumer, commercial, mortgage and wealth management services, said Nathan Engbers, market president.
“This (new location) has been a good opportunity to serve existing customers – it’s a big reason we’re at the location we are at – and we’re meeting new customers and businesses in the area,” Engbers said. “People are stopping in who say, ‘My family banked with you in Iowa, and now we can use you.’ ”
The Larchwood-based bank also has branches in Inwood and George, Iowa. In 2011, it expanded to South Dakota with a Canton branch. Family-owned Security Savings, which is chartered in South Dakota, has $228 million in assets and $187 million in deposits.
The bank offers a full line of personal banking services, including debit cards, online bill pay and mobile banking.
“The model we have of community banking resonates with a certain segment of the Sioux Falls population,” Engbers said.
“We feel very confident that our products can meet the needs of the Sioux Falls market really, really well.”
The new two-story building has 9,300 square feet of finished space with room for growth. “We are filling it up quickly, though,” Engbers said. The staff includes vice president/commercial loan officer Dave Dancler, branch manager Alicyn Grenz, a two-member wealth management team and three customer service representatives.
Other locations in Sioux Falls are “definitely a possibility in the future.”
A northwest Iowa bank that built its business in agriculture has expanded to Sioux Falls with a mission to better serve its existing customers and widen its customer base.