Security State Bank is now Starion Financial
Two long-standing community banks, Security State Bank of Dunseith and Starion Financial, headquartered in Bismarck-Mandan, have merged. Security State Bank will officially be called Starion Financial as of October 11, 2011.
With the merger, Starion Financial adds three former Security State Bank locations in Dunseith, Bottineau and Rolla. Starion Financial now has 13 banks in North Dakota and Middleton, Wis.
“We are very excited to be able to offer our expanded line of services to the people and businesses of Dunseith, Bottineau and Rolla, while maintaining the high level of customer service they have come to expect from their community bank,” said Craig Larson, president and chief executive officer of Starion Financial.
Starion Financial signed a purchase agreement in June and the N.D. Department of Financial Institutions and Federal Deposit Insurance Corp. (FDIC) approved the deal at a Sept. 8 meeting. Existing customers were converted to the Starion Financial bank system over the weekend Oct. 8 through 10.
Security State Bank had been owned by the Campbell family who wished for the bank to grow in its service offerings and ability to fuel economic growth in its communities.
The scale of Starion Financial promises new capabilities and new services for customers. The bank has higher lending limits that will allow for major financing projects to be kept within the communities.
New bank services will become available to bank customers, including mobile (cell phone) banking. Online banking is more sophisticated with financial management tools. Businesses now have payroll direct deposit and remote deposit of business checks.
Security State Bank was a financially healthy bank, making it an attractive expansion opportunity for Starion.
Former Security State Bank President Jeff Campbell will continue to provide leadership as market president, and the employees of Security State Bank will join with the 205 employees of Starion Financial.
“Security State Bank and Starion Financial are both family-owned banks driven by strong family and community values,” Larson said. “We’re fortunate to have Jeff and his staff join our team. They bring a wealth of banking knowledge and have helped make this a smooth transition.”
Starion Financial is an $850 million family-owned community bank and financial services organization. The company began in Oakes, N.D., in 1969 and has 13 locations throughout Bismarck-Mandan, Bottineau, Dunseith, Rolla, Oakes, Ellendale, and Fargo, N.D., and Middleton, Wis. For more information, visit www.starionfinancial.com.