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| Security State Bank of Kenyon |
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History:
The banking industry in the United States has gone through many economic cycles since its inception in the 1700's. These cycles included great opportunities and huge challenges. Since that time, numerous deposit protection programs and banking regulations have been developed.
As a result of the Great Depression, over 9,000 banks failed in the United States. At that time, President Franklin D. Roosevelt signed the Banking Act of 1933. This legislation enacted the Federal Deposit Insurance Corporation. Originally, individual deposits were insured to $2,500. Today, this insurance is $100,000.
Banking in Kenyon was greatly affected during the Great Depression. Prior to the Great Depression, Kenyon was the home of three independent banks -- Citizens State Bank, Farmers State Bank and the Kenyon State Bank, all of which failed.
Realizing the dire need for banking services in Kenyon, confident local individuals invested $31,250 to capitalize the new bank. On July 23, 1934, Security State Bank of Kenyon was chartered and began accepting deposits and procuring loans.
As the community of Kenyon, local businesses, and farmers continued to grow and prosper, the Security State Bank of Kenyon did also. Manual posting methods and calculating by hand evolved into electronic calculators and eventually computers. An example of some of this change is that in the mid-1950s the bank housed only one telephone and one telephone line. Today the bank maintains 26 telephones, 10 telephone lines and 26 computers. The new technology allows banks to calculate faster, relay information, and communicate much more effectively and accurately.
In 1965, the original Security State Bank of Kenyon, located at the corner of 2nd Street and Forest, expanded to the north with an addition. This addition provided increased work areas, improved accessibility and walk-up/drive-up teller facilities.
After nearly 30 years, the bank outgrew this space and the Board of Directors saw the need to expand further. The current Security State Bank of Kenyon facility, which is adjacent to the original building, opened in December of 1995. This building was designed to provide more space and allow for expansion in the years to come.
Today the Security State Bank of Kenyon remains dedicated to the financial needs of the area farmers, businesses, and individuals, just as in 1934. The bank continues to be your full-service bank and remains locally owned and operated. |
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