FDIC-Insured - Backed by the full faith and credit of the U.S. Government FDIC-Insured - Backed by the full faith and credit of the U.S. Government
FDIC-Insured - Backed by the full faith and credit of the U.S. Government
The original directors were C. T. Coyne, J. J. Hofer, John Schwans, Val C. Keiper and J. W. Hofer.
On April 12th, 1964, the bank building was completely destroyed by fire. The vault and its contents remained intact and business was continued without any interruption the day following the fire in the American Legion Building located across Main Street from the bank building. On April 11, 1965, the new building built on the same location was ready for occupancy. Business has been carried on since that date in this building.
In 1967, application was made to establish a branch bank at Spencer, SD and in 1977 in Montrose, SD. On May 30th, 1998, catastrophe again struck the Security State Bank when a tornado passed through Spencer and tore apart the town. All that remained of the bank was the vault. A new bank was built around the original vault later that year.
The Security State Bank is a four generation family owned bank. C.T. Coyne was the original President of the bank, followed by L. N. Arend , his son in law. L. N. started in the bank in 1945 and continued working until his death in 2006. L. N.’s son, Kevin M. Arend has been with the bank since 1971 and is the current President. His sons Kelly and Michael, along with his daughter Susan Bridge also work at the bank.
The Security State Bank currently has 17 employees. Current directors are Kevin M. Arend, Mary E. Arend, Edward Henningsen, Kelly J. Arend and Michael L. Arend. The Arend family feels very fortunate to have served the community of Alexandria for four generations. Strong community ties have provided growth to the bank and have made this possible.