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Security State Bank received its Certificate of Incorporation on January 17, 1911 and opened its doors for business on Third Avenue in old North Hibbing on February 9, 1911.
The bank has had a long journey since that time when "H.P. Reed owned a building in north Hibbing when he had a vault and tried to rent safety deposit boxes. It was determined that this was illegal so Mayor Wyrock suggested that they start a bank at that location. Mr. Reed therefore hired W.R. Spensley from the Merchants & Miners bank to run it as none of the other founders knew banking."
"The officers of the Security State Bank were not only men of large financial responsibility but leaders in Hibbing's business and social circles and include such names as H.C. Hansen, president; H.P. Reed, vice-president; W.R. Spensley, cashier; and E. Salminen, assistant cashier."
The original bank was a most unique institution. Not only were the teller cages bulletproof, but each cage - and cage is the proper word - was equipped with a long-barrel (about six inches) 38 pistol. These pistols hung alongside the teller.
When entering the Security State Bank with those bullet-proof teller cages, one was reminded of the so-called "wild west." Not only were the cages bullet proof and equipped with 38 caliber pistols, there were "turn-tables" in which the customer placed his deposit - cash or check - and the teller would swing the turntable around and handle the deposit. There was no opening at any time for a would-be holdup artist to put a gun into action.
The bulletproof and robbery-proof cages were called "McClintock Bandit Barriers."
In 1927, Security State Bank moved to new facilities at 401 E. Howard Street, and in 1929, a young man named Norman Welo joined the organization. "From the ranks," he was elected President in 1966, and served as Chairman of the Board until his passing in 1999. Norman's banking contribution spanned more than 70 years.
In 1974, ground was broken for the present location of the Security State Bank at 701 East Howard Street, and a grand opening took place in March 1975. At that time the facility included new "state of the art" banking equipment with its own touch of history - the vault door of the safe deposit area in the lower level was moved from the old location and it was "quite a job." The door weighs 9,960 pounds and it took from 8:30 a.m. one morning until 12:30 a.m. the next day - a total of 18 hours - to move it to the new bank.
In 1980 a new mezzanine area was built adding new office space including a large presidential area. Continuing to expand, the latest addition completed in 1994, encompasses an insurance complex, investment center, boardrooms and additional office space.
In 1984 Security Financial Services, Inc. was formed - which is a one-bank holding company - that owns 100% of Security State Bank. If you are a shareholder of Security Financial Services, Inc., you are an owner of the Bank.
In 2000, Security State Bank is the largest financial institution serving the greater Hibbing area and has received the Small Business Administration's "Small Business Friendly" designation for several consecutive years. Only thirteen other banks in the entire State of Minnesota can lay claim to this prestigious honor. As our motto proudly proclaims, Security State Bank is indeed "Celebrating the spirit of your hometown."
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