Security Savings Bank’s nearly 100-year history is an advantage we bring that is driven by the dedication and commitment we have to our communities, customers and relationships. Four generations, eight presidents, eight branches and a long lasting family ownership brings experience and family culture to this ever changing financial service industry. April 22, 1920, that’s when the Bonander family and the Security Savings Bank story begins. Axel Bonander became a shareholder and member of the Granite Savings Bank Board of Directors, which became Security Savings Bank in 1934. Axel served as a board member for 45 consecutive years. Harold Bonander, the son of Axel Bonander, began his banking career with Security Savings Bank on December 15, 1934, a career that would span over 60 years. Harold eventually became president and chairman of the board for Security Savings Bank. In 1986, Harold passed the reins down to his son Rodney who then became president of Security Savings Bank and later chairman of the board in 1998. Currently today, the Bonander family is still very active in Security Savings Bank. Rodney and his wife Lachlan are both serving as board members as well as Rodney’s sister, Jessie Knievel. Rodney and Lachlan’s three children, Katie Morgan, Michael Bonander and Alec Bonander are all employed by the bank and are active board members. Security Savings Bank has been through many changes in the last 100 years with the Bonander family making a vast contribution to that success.
April 22, 1920, was the official beginning of Security Savings Bank. Security Savings Bank was originally chartered as the Granite Savings Bank of Granite, Iowa. The first president was Oscar E. Holly and the original board members were Axel Bonander, Oscar E. Holly, C. T. Swanson, William Grotewold, T. G. Bennett, Nels Martin, Lars C. Jensen and Ed Swanson. The original bank office was located in the Farmers Elevator Company building until the construction of the new bank building was complete.
In May, C. T. Swanson became the second president of Security Savings Bank.
The town of Larchwood consisted of two banks, Savings Bank of Larchwood and Farmers State Bank. During the depression, both of these banks had closed their doors. This left the town of Larchwood without a banking facility. Granite Savings Bank was the next closest bank to Larchwood. The people of Larchwood asked if they would be willing to move to the town of Larchwood.
That fall, Security Savings Bank moved from Granite to Larchwood. The bank building in Granite was moved at a cost of $850.00. It was located in what is now known today as the Larchwood Blood Run Bar.
During this transition, Harold Bonander, the son of Axel Bonander, began his 60 year career with Security Savings Bank.
In February, Russell W. Wyant became the third president of Security Savings Bank.
In March, an addition to the Larchwood bank was added making space available for customer service and additional offices.
In December, Harold Bonander became the fourth President of the bank and held that position until February 1986, when he turned the reins over to his son, Rodney Bonander.
Security Savings Bank was ready to expand their facility and a complete new structure was built at the corner of Broadway and Holder Street in Larchwood. It was located in what is now the Larchwood City Hall and Community Center. This new facility provided much needed space, a drive up window, additional safety deposit boxes, and a community room in its basement.
Once again, the Larchwood bank was expanding. This addition was added to the west end of the bank and provided rental space for Lachlan Bonander’s law office and Lee Rath’s tax service.
February 19, Security Savings Bank purchased the remaining assets of the Inwood State Bank which was closed by the FDIC. This became the first branch for Security Savings Bank of Larchwood. Our goal was to continue to provide high quality banking services to the Inwood community.
Security Savings Bank passes their leadership on to another generation of the Bonander family. Rodney Bonander, son of Harold Bonander takes over as the president. Harold retained his position as chairman of the board until July 1998.
In February, J. Mark Dominy was elected president of Security Savings Bank. Mark was president until his retirement on July 1, 2012. Rodney Bonander remains active with Security Savings Bank as chairman of the board and also continued to act as president of our sister bank, Exchange State Bank in Hills, MN.
The Larchwood office has outgrown their space and have decided to move their office off of main street. On October 1, work began on a new brick building on the west edge of Larchwood along Williams and Holder Streets. This new facility contains much needed space for day-to-day operations, additional vault space, parking, two drive-up lanes, better lighting both inside and outside, larger offices and lobby area. This new building provided space for Lachlan Bonander Law Office and Security Savings Agency. These are located in the southwest corner of the bank, which includes their own entrance on the South side of the building. Completion date was scheduled for September 2002.
April 15, Security Savings Bank purchased the George State Bank of George, IA. This will be the third branch of Security Savings Bank. The employees of George State Bank will remain with Security Savings Bank. This change brought along only minor operational adjustments to the staff while providing new and innovative services to George and the surrounding communities.
Security Savings Bank officially opened the doors of its new Canton branch on November 23 with eight employees. This new location was built along Highway 18 on the west edge of Canton. The move into Canton, SD marked the fourth location for Security Savings Bank.
July 1, President J. Mark Dominy retires as president of Security Savings Bank and Senior Vice President Joel E. Klatt became the seventh president. Mark Dominy remains on the Security Savings Bank Board of Directors.
Security Savings Bank in Larchwood once again is working on the expansion of their office. In September, the Larchwood office began an addition that included additional offices and meeting rooms. Completion date was scheduled for May 2014.
Security Savings Bank moved its charter from Iowa to South Dakota on January 2, making the Canton branch the main office. Services will continue as usual from all four locations with the operations being conducted from the Larchwood office.
Security Savings Bank purchased the former Godfather’s Pizza establishment at 2331 E. 10th Street in Sioux Falls on August 22. This lot was purchased with the intention of establishing a branch office in Sioux Falls.
Demolition of the existing building located on the Sioux Falls lot began in October. Applications were prepared and submitted to start the process for the establishment of a Sioux Falls office.
In May, the original George office building underwent a complete remodel to update the facility along with improving the functionality of offices and work space. The staff kept the branch functioning with normal banking operations during the remodel process.
Construction began on a new two story branch building located at 2331 E. 10th Street in Sioux Falls on July 12th. Completion date was scheduled for March 1.
Security Savings Bank officially opened the doors of its new Sioux Falls branch on April 9th with five employees and Market President Nate Engbers.
Rodney and Lachlan Bonander announced on June 5th that the Exchange State Bank of Luverne, MN will be merged into the Security Savings Bank of Canton, SD. This merger does not come as a surprise as Exchange State Bank and Security Savings Bank had been sister banks with shared ownership.
The merger of Exchange State Bank of Luverne, MN and Security Savings Bank, Canton, SD become official on January 1st with Tim Plimpton as the eighth president of Security Savings Bank.