History of the Security Savings Bank
Eagle Grove, Iowa
Security Savings Bank was originally located in a building which was torn down many years ago and where Ben Franklin is now located. Later, it was moved to the former Security Savings Bank Museum located on Broadway. The bank has been at the present location for 80 years. It was moved in 1936 and the site was purchased in 1939. The following is an article that appeared in the EAGLE on April 9, 1936:
“The Security Savings Bank will move about the first day of May to the former Citizen State and First Liberty Bank building on the corner of Broadway and Lucas Avenues. Additional room and better facilities for handling the business of the bank's customers made some change imperative. The bank took a five-year lease on the banking quarters and fixtures in the building with an option to purchase the entire building at the expiration of the lease. There will be much more space in the new location for the bank's files and records. Several hundred safety deposit boxes will become immediately available. Those in the present location are all in use and there is a large waiting list.”
The organizers of the bank were: J.H. Howell, J.P. Clarke, S.H. Williamson, J.J. Garland, George E. Howell, Sylvester Flynn, and T.J. O’Toole. All of these men were local residents and the original seven officers and stockholders who subscribed $15,000 to start the bank. J.H. Howell was the principal force in getting the bank organized and was named the first president. He held that office until his death in 1942.
S.H. Williamson was the first vice president and J.P. Clarke was the first cashier. Garland, Howell, Flynn and O’Toole were the first directors. S.A. Barnes became the second cashier, taking office in 1905. He served in that capacity until 1925. O.G. Uhr, joined the firm as a bookkeeper in 1916. He was named assistant cashier in 1921. On the resignation of Solon Barnes in 1925 Uhr was made cashier. Tolford G. Thompson entered the employment of the bank in 1925 and was made assistant cashier in 1926. Ed Lonning from Thor, Iowa was named assistant cashier at the same time, but remained with the bank for only a few years. Ben W. Olson came to Eagle Grove in 1935. He was made executive vice president and director. Mr. Howell’s health was failing and Olson and Uhr took over active management of the business. Dr. T.J. O’Toole served as a vice president during these years and was named president after Mr. Howell’s death. His own death came in 1943 and at that time Olson became president and chairman of the board. O.G. Uhr followed as president until his death in 1961. C.W. (Cec) Dunn was hired as cashier in 1958 and named president upon O. G. Uhr’s death. Cec was only the fifth president to serve the bank in its 100 years.
After the Dunn Family purchased controlling interest in Security Savings Bank in 1966, more changes were made. The Eagle Grove drive-up was built in 1967. When remodeling was contemplated, the bank purchased the adjoining building where Scudder’s Department Store was located. The bank had operated in the single front corner lot until the new counter area was opened and the old bank area was reworked in 1968. The exterior of the building is brick, which matches the color of the drive-up facility.
To further expand its business, Security Savings Bank purchased the Goldfield office in 1984. It is located on Main Street, downtown Goldfield. We have provided 32 years of service at this location. Security Bank opened the Clarion office on Central Avenue West in 1994. To continue expanding services to existing and new clients, Security Bank announced in 2001 the acquisition of the former Pizza Hut building. After a complete transformation, it has been the home of our Clarion office since May 5, 2002. Clarion is on its 22nd year of service.
In January 2015, Security Savings Bank merged with Farmers and Merchants Savings Bank. The Dunn Family has had controlling interest of F & M Bank since November of 1978. Security Savings Bank and F & M Bank have operated together for the past 36 years where F&M has played an important role in Security Savings Bank’s bookkeeping functions, IT support as well as many other supporting roles.
Security Savings Bank, a division of Farmers and Merchants Savings Bank, has been in business for 117 years. Security Savings Bank is the community’s oldest financial institution, has been proactive in supporting the community throughout its history. The Bank has experienced prudent and strategic growth with total assets in excess of $533 million. Security Savings Bank continues to serve its clients and communities in Eagle Grove, Goldfield and Clarion.
Page created October 2016