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By Rosemary McCoy
A northwest Iowa bank is joining the Sioux Falls market.
Security Savings Bank will start construction this month on a branch at 2331 E. 10th St., the site of a former Godfather’s Pizza restaurant that most recently was a used-vehicle dealership. The building on the site has been razed to make room for the two-story, 9,300-square-foot bank.
“The Sioux Falls market has always been attractive to us,” said Nathan Engbers, who has been named market president of Sioux Falls. “Having the start of our Canton location go so well, as well as the overall growth within the bank, the timing of our move to Sioux Falls makes a lot of sense for us.”
The Larchwood-based bank expanded to South Dakota in 2011 with the Canton branch. While Security Savings Bank has been evaluating the Sioux Falls market for several years, planning for the move here “really picked up in the past couple of years,” Engbers said.
The bank expects to find a lot of opportunities here because of its history in the area, he added.
“We are a family-owned bank and have been providing banking services in the greater Sioux Falls area since 1920,” Engbers said. “Having a strong banking presence in the northwest Iowa area, our move to Sioux Falls will allow us to meet the banking needs of our existing customers who work and travel to Sioux Falls, as well as new customers we have already established relationships with. Relationship banking has been a key component to our success the past 97 years, and we see no reason to change that approach going forward.”
The new location will offer services such as consumer loans and deposits, commercial and small-business banking, cash management services and home mortgage lending. The building will include room “for future growth for other areas of Security Savings Bank,” said Engbers, who joined the staff in May.
“Having worked in the financial services industry for the past 20 years, I have gotten to know and work with many wonderful people in the Sioux Falls community,” he said. “I look forward to capitalizing on this experience and working with the team at Security Savings Bank to help our move to Sioux Falls be a successful one.”
Hoogendoorn Construction Inc. of Canton will serve as the general contractor for the $1.9 million project. Engbers said the bank expects the new location to open in the first half of 2018.
Security Savings Bank will start construction this month on a branch at 2331 E. 10th St., the site of a former Godfather’s Pizza restaurant that most recently was a used-vehicle dealership.