By Jolene Farley
Security Savings Bank, Larchwood, moved into a new building Sept. 9. With approximately 7,200 square feet, the new building resolves space shortages in the former building on Main Street in Larchwood.
Construction began on the new building last fall. "The weather was cooperative," said Larch Bancorporation President Rod Bonander. "They were pretty much able to work over the entire winter."
Larch Bancorporation is the holding company for Security Savings Bank and its branch bank in Inwood, Iowa. It also owns the Exchange State Bank of Hills and its Steen branch bank.
According to management the new building will provide a better working environment for employees and better service for customers. It has six offices that circle the lobby for bank use.
"It's more accessible to customers," said Joel Klatt, vice president of Security Savings Bank. "Just by having more offices available in the lobby area."
In addition, legal firm Lachlan, Murphy and Bonander occupies the offices in the back of the building.
"We were desperately short on drive-up window space," said Bonander. Drive-up window traffic at the old location would, at times, back up onto Highway 9. The new location has two drive-up windows, with a drive that circles behind the bank.
The bank also needed additional operational space, according to Bonander. In the past, data processing was sent to a computer firm, but now it is done in house at the bank.
Security Savings Bank is a full-service banking facility with an emphasis on small business, farmers and consumers.
As the makeup of Larchwood and surrounding communities has changed over the years, more and more people live in town and commute to work in Sioux Falls 15 miles away.
"You have to provide better convenience for people who are commuting back and forth to work," he said. "We are seeing more in personal loans and single family dwelling type loans."
The bank currently employs 10 people and has no immediate plans to hire more, but the building is designed for expansion, should the need arise.
An open house is tentatively planned for the second or third week in October.