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Security State Bank Holding Co. history
Security State Bank Holding Co. company history timeline
The bank originally opened under the name of Baumann Brothers Bank in 1879 in the growing young town of Pattersonville.
On July 1, 1884 the Bank of Radcliffe was the first Bank to be established in Radcliffe, Iowa.
The bank began with its first meeting on March 31, 1886 as the Farmers State Bank of Paullina, Iowa with original stock of $25,000.
They then formed a new bank to succeed it on January 1, 1889 named the Iowa State Bank with capital stock of $35,000.
The Bank Charter was formed in September of 1913 by their first President and Chairman Theo Sudtelgte; R.E. Courson, John Ludwig, Frank Ahmann, Joseph Ahmann, F.J. Klosterman and Fred C. Luttmann as the Board of Directors.
Security State Bank of Aitkin traces its beginnings back to August 5, 1914 when the Farmers and Merchants Bank was formed.
In 1914, the bank was incorporated and the name was changed to Security State Bank.
September 21, 1915 the bank changed to a National charter and became known as Farmers National Bank of Aitkin.
The Security State Bank was founded in 1917 by a group of local residents and businessmen.
Wheels were put in motion on June 2, 1919, that would gain momentum to create a unique and impactful financial institution – Forward Bank.
These two offices were from the original First Federal Savings and Loan Association of Sioux City that was founded in 1923.
At the time of reorganization of the bank in 1934, the bank had $18,000 in capital and $78,000 in deposits, and $42,200 in loans and had grown to $20,779,000 in deposits, $8,671,686 in loans, and $25,297,000 in total assets when the bank was sold to Vogel Bancshares, Inc.
January 1948 the bank changed to a State chartered bank and became Security State Bank of Aitkin.
In December of 1949, Marshfield Building & Loan Association was issued insurance from the FDIC, began offering savings products and became Marshfield Savings & Loan.
The bank was incorporated on the 7th day of March 1973 by: John A. De Wild, Stanley G. Smith, Larry D. Peterson, Douglas T. Newman, and Kenneth H. Hulquist.
The bank opened for its first day of business on April 14, 1973 with total assets of $500,000.
September 1, 1978 Security State Bank opened its second bank location in Garrison Minnesota.
In the late 1980’s, when other banks throughout Texas were experiencing difficulty and turmoil, Security State Bank & Trust maintained solid financial performance.
John Kooima started his agency in April of 1984 to be able to offer more to his customers.
The bank changed charters, names and ownership over the years until 1984 when the Royce Corporation purchased the First National Bank along with the three other Iowa Banks.
The first purchase was the Sioux County State Bank of Orange City in September of 1988 from the original incorporators.
A bank in Carrington is purchased and a charter to open a branch in Cooperstown is obtained on the same day in 1993.
In response to the ever-changing needs of the community and financial industry, Marshfield Savings & Loan became a mutual state-chartered savings bank named Marshfield Savings Bank in 1993.
Cook County State Bank was started by Security State Banks holding company November 1, 1994.
A branch in Jamestown is opened in 1995.
On April 29, 1996, the bank changed its name from Sioux County State Bank to Iowa State Bank.
Approval was given and the charter was moved on June 23, 1996, while making Hull bank an office.
The bank then merged with the Iowa State Bank of Orange City on December 31, 1997 to form one bank with $87,618,000 in assets and four separate locations in Alton, Craig, Ireton and Orange City.
A bank branch opens in Valley City in 1998.
In April of 2000 Vogel Charities bought the De Koster Insurance Agency in Hull, Iowa from John De Koster.
In 2000, ownership was expanded to employees through an Employee Stock Ownership Plan.
On its 75th anniversary in 2000, Security State Bank of North Dakota celebrates with 100 employees and $160 million in assets.
June 21, 2001 Security State Banks third bank location was formed when it merged with Cook County State Bank, Grand Marais Minnesota.
A branch in Buffalo Gap, Texas was established in July of 2001.
On September 30, 2002 Iowa State Bank bought ISB insurance, inc from Vogel Charities to become a wholly-owned subsidiary which includes life, health, and crop insurance as well.
In 2003, Mark becomes CEO and Tom Watson becomes President.
September 20, 2004 Iowa State Bank purchased two branches of First Federal Bank of Siouxland in Sheldon and Orange City, Iowa.
In 2004, Iowa State Bank celebrated its 125th anniversary as a bank with over $214,638,000 in assets.
January 1, 2005 Craig & Kristen Potts purchased the bank and insurance agency & are the current owners.
The Orange City office combined on March 1, 2005 and the Sheldon office on May 31, 2005 with both First Federal staffs moving to the Iowa State Bank offices.
Our vision changed again in 2005 to expand the outreach of the bank beyond traditional mortgage and consumer lending to help businesses and non-profits in our communities.
A new building was constructed at 700 South Main Street, Winters, Texas which has served as the bank’s headquarters since May of 2006.
The Bank’s Board of Director’s announced that on November 17, 2006 the Bank’s Alton office would close.
In 2006, a bank in Walker is acquired.
February 28, 2007 Security State Bank opened it’s fourth banking office at County Market Grocery Store in Aitkin.
In 2008, Tax Forward is established with the acquisition of Rene and Associates in Jamestown.
December 31, 2010 Vogel Bancshares purchased their fourth Bank Charter with the purchase of the Farmers Savings Bank of Remsen.
On August 1, 2011, the Bank changed its name from Farmers Savings Bank to Iowa State Bank to match its other holding company Bank from Hull.
On October 1, 2011, ISB Insurance, Inc purchased Reinking Insurance, Inc (formally the Byker-Reinking Agency) in Ireton, Iowa from Ken Reinking.
On December 31, 2013 the Iowa State Bank, Remsen merged with the Iowa State Bank, Hull to form one charter with over $493,000,000 in total assets and eight separate locations in Remsen, Hull, Sheldon, Sanborn, Orange City, Craig, Paullina and Ireton.
In 2013, an investment firm, Sundquist and Associates, Bagley, were acquired.
In 2014, Security State Bank of Radcliffe finalized the purchase of Security State Bank of Hubbard, which also had an existing branch location in Zearing, Iowa.
On December 31, 2015 Reinking Insurance, Inc. merged with ISB Insurance, Inc. to form one Insurance Company.
The building was remodeled and Iowa State Bank opened for business on October 17, 2016.
In 2016, Iowa State Bank purchased the former First Federal/Great Southern Bank building in Le Mars, Iowa.
A Loan Production Office in Abilene, Texas was established in February of 2018.
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Security State Bank Holding Co. competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Bank of Kirksville | 1913 | $20.0M | 90 | - |
| First Trust | 1991 | $57.6M | 200 | - |
| First State Community Bank | 1954 | $54.0M | 230 | 42 |
| The Farmers Bank | 1876 | $8.5M | 210 | 6 |
| Security Bank & Trust Co. | 1935 | $9.3M | 40 | 9 |
| Bank of Commerce Holdings | 1981 | $64.1M | 206 | 6 |
| Belmont Savings Bank | 2009 | $103.3M | 133 | - |
| Minnwest Bank | - | $110.0M | 356 | 8 |
| Western Bank | 1915 | $1.3M | 50 | 7 |
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