Security Savings Bank opens in Canton

Sioux Valley News Reporter

By Laura Heckmann

            Security Savings Bank, a full-service retail bank, has officially opened the doors of its new Canton location, on the west edge of Canton along Highway 18.  Wednesday, Nov. 23 was their first day of business, with seven employees and Market President Leon Eich at the helm.

            The move into Canton marked the third time Security Savings Bank has expanded its operations.  The history of the bank dates back to 1920, originally chartered as the Granite Savings Bank of Granite, Iowa. This bank building was moved in the fall of 1934 to Larchwood, Ia., where their headquarters sit today.



            The Security Savings Bank team is centered around relationship banking, Eich said, and “excellent, professional customer service.”  Their employees have been provided training opportunities and banking seminars to ensure they are providing quality service.  “It’s our goal to put professional, qualified personal bankers out there,” Eich said.



            This new Canton location will provide the community with another choice for their banking needs, as well as 40 years of experience between Eich and Randy Halverson.  The majority of the bank’s loans are to farmers and ag-related businesses, but they also offer home mortgages, consumer loans of all types, and a full range of deposit account options.  “We respect the work ethic and integrity of the people here and look forward to offering them our financial services,” Eich said.  



            Security Savings Bank will be benefitting as well, with a promising opportunity in a growing community.  “Canton presents an opportunity to expand our business into South Dakota and Lincoln County,” Eich said.  Eich said ownership of Security Savings Bank had been looking at Canton for quite a few years, feeling it was a solid community a county seat and a good opportunity for more farming and agricultural business.



            The various business expansions and economic development in Canton have also made it a prime location for business growth, as well as strong influences from the schools and hospital.

“There are South Dakota communities that are shrinking and losing people,” Eich said. “Canton is definitely not shrinking. We’re excited to be a part of the progress in the community.”

Canton is also within 20 miles of SSB’s corporate headquarters in Larchwood.



            The perks of a new location in Canton, so far, have presented few challenges, Eich said. Managing construction of the new building was an educational undertaking for Eich, run smoothly by a “great” contractor and architect, he said.   Hoogendoorn Construction, Inc. of Canton and VanDeWalle Associates, LLC of Sioux Falls completed construction on time, without complications, Eich said, and they were able to utilize the talents of local subcontractors and suppliers as well.



            Now, the challenges that lie ahead are continuing to find safe loans and good customers.

“You can be very aggressive or very conservative,” Eich said. “Our goal is to be conservatively aggressive. So that’s the challenge, to manage the growth.”  With the challenges come the rewards, which in this case come from the customers.  “That’s the most rewarding part,” Eich said, “the relationships you establish with the customers.”  Being able to see a dream turn into reality for customers, help them buy their first home, is exciting.  “Watching the relationships evolve, and the people become successful, it’s extremely rewarding.”  



            For Eich, a bit of a personal reward with the new Canton location was being able to work in his hometown, with people he has known most of his life.  After 20 years in the business, Eich has learned a thing or two about what makes a bank successful.  “Don’t overpromise and under-deliver,” he said. “I’ve always tried to under-promise and over-deliver. Treat people the way I would like to be treated.”



            So far so good. The Canton location has been open for just over a week,  and there has been traffic through the lobby and cars in the parking lot.  The brand new building sports a polished interior, with a spacious lobby and waiting area. A large Christmas tree in the center welcomes customers with a festive touch.  Those who have not already seen the new building first-hand can stop by during their Christmas Open House, Thursday, Dec. 8 from 9 a.m. - 4 p.m. A grand opening celebration is being planned for January.