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Security First National Bank of Hugo

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Security First National Bank of Hugo

Overview:

Security First National Bank has proudly served the community for over 75 years and has been meeting the financial needs of families for many generations.

At Security First National Bank we are happy to serve our customers at our full service bank in downtown Hugo. Also, we have a new and exciting branch facility which can meet many of your needs. We can provide 24 hour service with our TeleBank and also our recently introduced online banking services. Our employees make every effort to ensure that each customer is satisfied with quality service and friendly hometown hospitality.

Vision: "Helping to Build a Better Community"

History:

The first stockholder's meeting of of Security State Bank was held on December 27, 1929 and the bank opened its doors for the first time on January 7, 1930. The first employees were as follows: J.M. Cecil - President, R.C. Newton - Vice President, Jake Cobb, Dale Eddleman, and Lucy Edinger. In 1933 R.C. Newton was elected bank president. At that time, the president was authorized to make loans up to $75.00 and any loans over that amount had to be approved by the discount committee or brought before the Board of Directors.

In 1933 the total budget expense was a mere $7,960.35. The president's annual salary was $1,800, which broke down to $150 a month. The remaining employees made anywhere from $420 to $1,680 a year. In the following year of 1934, Security State Bank declared and paid its first dividend at 3%.

In April 1937, bank deposits were first insured by the Federal Deposit Insurance Corporation (FDIC) to a maximum of $5,000. Ten years later, in 1947, Security State Bank was authorized to commence business by the National Banking Association, as Security First National Bank of Hugo, Oklahoma.

Toll Free: +1 888 326 9641

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