Two regional banks to merge

Dec. 31, 2018

Security Savings Bank of Canton and Exchange State Bank of Luverne, Minn., are merging.

Exchange State Bank will take Security’s name Jan. 1, and the bank accounts will become Security accounts March 12.

Tim Plimpton, current president of Exchange State Bank, will become president of the merged banks.

“We are blessed with great customers in the great communities we currently serve,” he said. “It is exciting for Security Savings Bank and Exchange State Bank to come together to better serve these communities.  This merger will give our customers the opportunity to use eight offices in Minnesota, Iowa and South Dakota.”

Exchange State Bank has branches in Hills, Ellsworth and Luverne, Minn. In addition to Canton, Security Savings Bank has branches in Larchwood, Inwood and George, Iowa, and Sioux Falls, where it opened a branch in May 2018.

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

Both banks are owned by the holding company Larch Bancorporation Inc., a family-owned operation based in Larchwood.

“I am extremely proud of our talented staff and exceptional customer base. We have served our local tri-state area for almost 100 years, and we are dedicated to serving it for another 100 years,” board chairman Ron Bonander said.

“This merger will better position our organizations to promote economic growth in our communities for years into the future.”

Security Savings Bank and Exchange State Bank both offer commercial banking, agriculture banking, consumer banking, mortgage banking, trust services, wealth management and insurance solutions.

Security Savings Bank starts to serve Sioux Falls

Two regional banks to merge

Security Savings Bank of Canton and Exchange State Bank of Luverne, Minn., are merging.

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