Security State Bank received its Certificate of Incorporation on January 17, 1911 and opened its doors for business on Third Avenue in North Hibbing on February 9, 1911.
The original bank was a unique institution. When entering the bank with its bullet-proof teller cages, one was reminded of the Wild West. The teller cages were turn-tables in which the customer placed his deposit. The teller would swing the turn-table around and handle the deposit so there was no opening at any time for the use of a gun in a robbery. These McClintock Bandit Barriers were just the first level of defense – each cage was equipped with a 38 caliber pistol as well!
In 1927, Security State Bank moved to new facilities at 401 E. Howard Street. In 1929, a young man named Norman Welo joined the organization. He came up from the ranks over time and was elected president in 1966. Norman then 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 at 701 E. Howard Street, with a grand opening in March of 1975. In preserving some of its own touch of history, the vault door of the original safe deposit area was moved from the old location to the new bank. This vault door weighs 9960 pounds and it took a total of 18 hours to move it to the new bank where it still resides.
In 1980,a new mezzanine area was built adding new office space. Another addition was completed in 1994, and included an insurance complex, investment center, boardrooms and additional office space.
In 1984, Security Financial Services, Inc. was formed, a one-bank holding company that owns 100% of Security State Bank. If you are a shareholder of SFS, Inc., you are an owner of the bank.
In 2000, Security State Bank was the largest financial institution serving the greater Hibbing area and received the Small Business Administration’s “Small Business Friendly” designation for several consecutive years. As its motto proudly proclaimed, Security State Bank was “Looking Forward, Reaching Higher.”
In 2006, Security State Bank had major renovations to the interior structure bringing it up to speed to meet current security and privacy issues. A new motto was adopted -- “There’s a Difference.”
In 2009, Security State Bank completed the renovation of the grounds and parking lot. This included additional light fixtures, new flower areas, replacement of the drive-thru canopy and the move of the time/temperature sign for easier viewing.
In 2011, Security State Bank celebrated its 100 year anniversary as Hibbing’s Community Bank with celebration events taking place throughout the year!