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| Additional information |
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| First Security Bank |
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Mission statement:
At First Security Bank our Mission is to:
Continue as an independently owned and controlled community bank.
Be the premier provider of financial products and services in our trade areas.
Deliver exceptional service that nurtures lasting customer relationships.
Promote and reward excellent employee job performance, integrity, civic participation and professionalism.
Invest in high quality loans and investments.
Enhance shareholder value. |
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Overview:
First Security Bank is the locally-owned community bank choice for Gallatin, Chouteau, and surrounding counties. Since the first branch opened in 1919 on Bozeman's Main Street, the bank has grown to be the market share leader and offers the most branch and ATM locations in the area. We're dedicated to providing exceptional service to anyone who walks through our doors, while offering the latest in online banking technology for when you're on the move. |
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History:
In the spring of 1919, local bankers A.G. Berthot, H.S. Buell and W.N. Purdy pooled their resources and abilities to charter a new bank in Bozeman, Montana. The location of the proposed bank was the John Kopp butcher shop located at 110 East Main Street. After extensive remodeling, the new bank opened for business on September 19, 1919 as Security Bank and Trust Company.
By the mid 1920's, Security Bank and Trust Company had grown large and financially sound enough to remain open as the country entered the Great Depression. One local bank, the National Bank of the Gallatin Valley, did fail and its loans and deposits were split between the three remaining banks, including Security Bank and Trust Company. Eventually, the depression impacted even the strong banks in the area. The minutes of the board of directors meeting on December 20, 1932 indicated that the State of Montana Banking Department was requiring the bank to raise an additional $40,000 in capital due to declining loan quality. The bank officers and shareholders used their personal assets to raise the required forty thousand dollars. This allowed the bank to continue to operate and succeed as the depression ended and the economy healed.
By 1957, it was obvious that the bank had outgrown its location at 110 East Main Street. A partnership was formed with Robert Bradford and George Dieruf, owners of the Powderhorn, to build a bank at the corner of Main and Black streets, and eventually build a drive through bank on the corner of Mendenhall and Black Streets. A second site at the corner of Bozeman and Main streets was also placed under purchase option by the board of directors as a potential bank location. The board of directors eventually elected to build the new building at 208 East Main Street (the corner of Bozeman and Main streets). The staff moved to the new location in September, 1960.
In 1966, directors and shareholders concerned about continued efforts by out-of-state banking corporations to gain control of the bank, formed a bank holding company to reduce the likelihood of an unfriendly takeover. The shareholders transferred their shares of stock in the bank to the new company, Bozeman Holding Company, and accepted shares in the holding company in exchange. The Bozeman Holding Company provided a market for the stock of shareholders who really wanted to sell, while at the same time, impeding the ability of outside entities to quietly gain control of the bank. The name of the holding company was changed to Inter-Mountain Bancorp, Inc., in 1993, and is now the sole shareholder of First Security Bank.
In 1973, the bank opened a drive through facility on the corner of Bozeman and Babcock streets. The grand opening of the motor bank facility included ice cream bars being sent to customers through the vacuum tubes and speeches given in the shade of the mushroom-like awnings located above the kiosks.
In 1974, the bank recognized that the business of handling trusts was minor when compared with loans and deposits. Bank shareholders agreed to change the name of the bank to First Security Bank of Bozeman on March 26, 1974.
By 1978, the bank was again out of room to physically service customer needs. The bank was remodeled, and expanded to the East almost doubling the floor space on all three floors. The bank assets and customer base continued to grow throughout the 1980's and 1990's. In 1994, the bank completed construction of a new seven lane drive-through branch on South 19th Avenue. The branch was well-received by residents, merchants and students on the west side of Bozeman.
Other expansion has followed. First Security Bank of Belgrade, an affiliate bank chartered by Inter-Mountain Bancorp, Inc., opened April 1, 1997 to serve those who live and work in Belgrade. It became a branch of First Security Bank in December 1998. In November 1997, First Security Bank opened a grocery store branch in the newly-remodeled County Market on North Seventh Avenue. In November 2000, we added a branch in Three Forks, formerly Security Bank of Three Forks. Our sixth branch came on board in May 2001, with the merger of First Security Bank of West Yellowstone. Our seventh branch was added in October 2002, with the merger of First State Bank of Fort Benton. The eighth branch in Big Sky opened in December 2005. The newest branch in Bozeman at the corner of Cottonwood and Huffine opened in May of 2006.
Over the years, First Security Bank has seen many changes and growth. The bank has provided a strong financial backbone for the community and continues to be locally owned and operated. In the span of ninety years, the bank has grown from four full-time employees in 1919, to over a hundred and fifty employees today. Assets of $328,533 in December of 1919 have grown to over $600 million today. First Security Bank's dedication to its customers and community contribute to the bank's growth and success. Today, First Security Bank is the largest locally owned bank in Gallatin County, with over 20% of all deposits in the area. The bank’s community involvement has consistently received high marks by the FDIC under the Community Reinvestment Act. |
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