Security Bank
Security Bank is a Springfield, Illinois community bank operating three branches that serves retail consumers, small businesses, and nonprofits with deposit products, consumer and commercial lending, and digital banking services.
- Company typePublic
- Founded1906
- HeadquartersSpringfield, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Security Bank does
Security Bank is a community bank headquartered in Springfield, Illinois, operating three branches across Sangamon County. The institution traces its roots to 1874 and operates under a charter dating to 1906; it is now a subsidiary of Security Midwest Bancorp, which completed its mutual-to-stock conversion and began trading on the OTCQB market (ticker: SBMW) on July 31, 2025. The bank serves retail consumers, small businesses, nonprofits, and community organizations within its local market, with an employee base of 11-50.
The bank offers a full suite of deposit products, including Interest, Small Business, and High Volume Business checking accounts; business and personal savings; certificates of deposit; IRAs; HSAs; money market accounts; a Holiday Club account; and youth accounts. Lending products span mortgage, auto, consumer, commercial real estate, equipment, SBA, and small business loans. Digital channels include mobile and online banking, contactless Visa debit cards, eStatements, Auto-Pay, and integrated third-party services including Autobooks (small business accounting), Clover POS (merchant services), and upcoming Apple Pay support. The bank participates in the AlphaLink Alliance for ATM network reach beyond its branch footprint.
Revenue is generated primarily through net interest income on the loan portfolio, supplemented by deposit account and service charges, credit card interchange on Visa products, treasury management and business services fees, SBA and government-backed loan origination fees, and digital banking and bill pay fees. The business model is a conventional community banking model: gather deposits locally, lend into the surrounding consumer and small business market, and monetize the spread plus ancillary services. Go-to-market is relationship-driven through the three branches, community involvement, and increasingly through digital onboarding and SMB-focused integrations.
Security Bank firmographics
Firmographics- Name
- Security Bank
- Legal name
- Security Bank
- Website
- https://securitybk.com
- Company type
- Public
- Founded year
- 1906
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Security Bank is a Springfield, Illinois community bank operating three branches that serves retail consumers, small businesses, and nonprofits with deposit products, consumer and commercial lending, and digital banking services.
- Ownership category
- akta.pro rank
Security Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (52218)
- SIC
- Savings Institutions, Not Federally Chartered (6036)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industries
- Savings Banks (Public/State-Owned) (FSABAKAK), Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE)
Keywords
Where Security Bank is headquartered
LocationHeadquarters
- HQ city
- Springfield
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Security Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Interest Income from Lending: Security Bank earns interest income from its loan portfolio, including mortgage loans (FHA, VA, USDA Rural Housing, construction, bridge loans), auto loans, consumer loans, commercial real estate loans, SBA loans, equipment financing, and lines of credit.
- Deposit Account Fees and Service Charges: Monthly maintenance fees on certain accounts (e.g., $3 monthly fee on Business Savings Account, $5 monthly fee on SmartCheck Senior if balance falls below $1,000), overdraft fees, and other account service charges.
- Credit Card Interchange: Security Bank issues Visa contactless debit cards and credit cards, generating interchange fee revenue on card transactions processed through the Visa network.
- Treasury Management and Business Services: Revenue from business banking services including ACH capability, wire transfers, remote deposit capture, merchant payment solutions, cash management, and Clover POS solutions.
- SBA and Government-Backed Loan Fees: Fees generated from SBA loans and other government-guaranteed lending programs, as well as commercial lending origination fees.
- Digital Banking and Bill Pay Fees: Classic Bill Pay services charged at $3.95 per month. Mobile deposit fees and other digital banking service charges may apply.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | SmartCheck Rewards Checking - Interest-earning checking with ATM fee refunds up to $25 per cycle when qualifications are met |
| Subscription | Monthly | SmartCheck Senior Checking - Checking account for clients over 50 with perks |
| Subscription | Monthly | Interest Business Checking - Interest-bearing business checking |
| Subscription | Monthly | Small Business Checking - Basic business checking with no fees |
| Subscription | Monthly | High Volume Business Checking - Checking for high-volume business needs |
| Subscription | Monthly | Youth Savings Account - Savings for children under 18 |
| Subscription | Monthly | Youth Checking Account - Checking for individuals aged 13-17 |
| Subscription | Monthly | Community Advantage Account - Banking for community organizations |
| Subscription | Annual | Certificates of Deposit - Fixed-rate CD terms from 182 days to 5 years |
| Subscription | Monthly | Classic Bill Pay - Online bill payment service |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels12 records
Security Bank product offering
Product offeringCore offering
Security Bank is a community-focused bank headquartered in Springfield, Illinois, serving individual consumers and businesses across Springfield and Sangamon County. The bank provides personal checking and savings accounts, mortgage and consumer loans, commercial lending and SBA loans, treasury management, merchant services, and wealth management, delivered through three branch locations and digital channels including online and mobile banking.
Product overview
Security Bank is a community-focused regional bank offering a unified platform of personal, business, and digital banking products. The core offering spans checking accounts (SmartCheck Rewards, SmartCheck Senior, Youth Checking), savings accounts (Statement Savings, CDs, Health Savings Account, IRA, Money Market, Holiday Club), business banking (Interest Business Checking, Small Business Checking, High Volume Business Checking, Business Savings, CDARS), and lending (Mortgage, Auto, Consumer, Commercial Real Estate, SBA, Equipment Financing). Digital banking capabilities are accessible via Online Banking, Mobile Banking App, and 24-hour Telephone Banking. Add-on products include Security Cents (round-up savings), Auto-Pay, eStatements, Mobile Deposit, Online Bill Pay, and Merchant Services through Clover POS and AutoBooks integration. The bank also serves specialized segments through Community Advantage (nonprofits/associations) and Youth Accounts. The bank is headquartered in Springfield, Illinois, and operates three branch locations.
Differentiator
Problem solved
Functional benefit
Brands
- Security Cents: A round-up savings program that rounds debit card purchases to the nearest dollar and transfers the difference into a linked savings account.
- SB Financial
- Security Bank Visa Contactless Debit Card
Products and services
- Personal Checking Accounts Personal transaction accounts for individual consumers including rewards, senior, and youth variants with accompanying contactless debit cards.
- Personal Savings Accounts Deposit products for individual consumers including statement savings, money market, holiday club savings, and health savings accounts.
- Certificates of Deposit (CDs)
Quantifiable outcome
- 95% of Autobooks invoices are paid within 5 business days
- +2 more outcomes
Companies that use Security Bank
Customer profileSegments4 records
Ideal customer profiles5 records
Security Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature5 records
Security Bank partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- Fiserv (Clover)coreSecurity Bank partnered with Fiserv to offer Clover point-of-sale (POS) systems and payment processing to business customers. Clover POS solutions include hardware (Clover Go, Mini, Flex, Station, Kiosk) and software for restaurants, retail, and service businesses. Clover Capital provides working capital against future credit card sales. The partnership enables merchants to accept EMV chip cards, Apple Pay, Samsung Pay, and offers built-in security, inventory management, employee scheduling, payroll, loyalty programs, and market analytics.
- AutobookscoreSecurity Bank integrated Autobooks into its online banking platform, enabling small business and nonprofit customers to create and send invoices, accept credit/debit/ACH payments, track expenses, and generate automated financial reports. Autobooks is fully integrated with Security Bank's online and mobile banking, eliminating the need for separate accounting software. Approximately 95% of invoices are paid within 5 business days through the platform.
- Promontory Interfinancial Network (CDARS)coreSecurity Bank offers the CDARS (Certificate of Deposit Account Registry Service) program, enabling customers to invest larger amounts while maintaining full FDIC insurance coverage of up to $50 million. CDARS places deposits across multiple FDIC-insured banks, providing CD-level interest rates, one interest rate, one regular statement, and one year-end tax form. Funds support local community lending. Also includes Insured Cash Sweep (ICS) for excess deposits above $250,000.
- U.S. Small Business Administration (SBA)coreSecurity Bank is an SBA-approved lender, partnering with the U.S. Small Business Administration to offer government-guaranteed loans. SBA loans provide flexible terms, lower down payments, and competitive rates for starting a business, expanding operations, purchasing equipment, or refinancing debt. The bank provides local decision-making and personalized guidance through the SBA loan process.
- ICS (Insured Cash Sweep) NetworkcoreSecurity Bank offers the Insured Cash Sweep (ICS) service to protect deposits above the standard $250,000 FDIC limit. ICS places excess funds across multiple ICS network institutions, keeping all deposits fully FDIC-insured while maintaining liquidity and access. Customers receive beneficial interest rates and a single statement for all deposits placed through ICS.
- VisacoreSecurity Bank issues Visa-branded contactless debit cards (new 2025 tap-to-pay cards) and Visa credit cards. The Visa partnership enables card acceptance at contactless terminals, Apple Pay/Google Pay/Samsung Pay mobile wallet integration, and global payment network access. New contactless debit cards feature enhanced security with card details printed on the back.
- Downtown Springfield LiveminorSecurity Bank promotes the Downtown Springfield Live events calendar as a community resource, highlighting local events, festivals, concerts, theater, and community gatherings in downtown Springfield, Illinois. This positions the bank as an engaged community partner supporting local culture and events.
Scale indicators4 records
Recent moves7 records
Expansion highlights4 records
Security Bank competitors and assessment
Company assessmentDirect peers
- Marine Bank: Illinois community bank offering personal, business, mortgage, and wealth services with a relationship-banking model. Comparable customer-segment targeting and product breadth to Security Bank.
- INB (Illinois National Bank): Springfield, IL-based community bank offering consumer and commercial banking with local decision-making. Most direct geographic peer competing for the same Springfield/Sangamon County deposit and lending market.
- Carrollton Bank: Illinois-based community bank with Springfield-area presence offering personal, business, and wealth management banking. Comparable size, customer mix (community/relationship-based), and product breadth to Security Bank.
- Town & Country Bank (Illinois): Central Illinois community bank serving consumers, businesses, and agricultural clients with branch network across smaller Illinois markets. Closely comparable community-bank model and SMB lending focus.
- First Mid-Illinois Bank & Trust: Central Illinois-based community bank with full personal, business, and wealth management offerings across multiple Illinois counties. Comparable mid-sized community-bank peer with similar SBA, mortgage, and SMB lending emphasis.
- Peoples State Bank (Illinois): Illinois community bank serving Central Illinois consumers and small businesses with personal checking, savings, lending, and treasury management services. Directly comparable community-bank model.
- Heartland Bank (Illinois): Central Illinois community bank with personal and business banking products, including SBA lending, treasury management, and digital banking. Comparable community-bank positioning and Central Illinois footprint.
Broad incumbents
- Busey Bank: Larger Illinois-headquartered regional bank with significant Springfield-area presence (acquired Bank of Springfield). Broader geographic and product portfolio, but competes head-to-head for the same Springfield/Sangamon County customers and SMB relationships.
- Midland States Bank: Midwest regional bank with community-banking footprint across Illinois and adjacent states. Larger scale, broader product set, and wealth management capabilities while serving similar SMB and consumer segments.
- Commerce Bank (Kansas City): Large regional bank with Illinois commercial banking operations competing for Springfield-area SMB and treasury management relationships. Larger scale, broader product set, and broader geographic reach than Security Bank.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks7 records
Key highlights7 records
Customer concentration
Security Bank social profiles
Digital presenceSecurity Bank compliance and trust
Trust signalCompliance7 records
Security Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Security Bank leadership team
Management profileNumber of profiles
Profiles15 records
Security Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Security Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Security Bank
What does Security Bank do?
Security Bank is a community-focused bank headquartered in Springfield, Illinois, serving individual consumers and businesses across Springfield and Sangamon County. The bank provides personal checking and savings accounts, mortgage and consumer loans, commercial lending and SBA loans, treasury management, merchant services, and wealth management, delivered through three branch locations and digital channels including online and mobile banking.
Is Security Bank a public or private company?
Security Bank is a public company. It is classified as public and is currently operating.
When was Security Bank founded?
Security Bank was founded in 1906. It employs 11 to 50 people.
Where is Security Bank based?
Security Bank is headquartered in Springfield, United States, in the North America region.
How does Security Bank make money?
Six revenue lines are on record. Interest Income from Lending is the primary driver. The others are deposit Account Fees and Service Charges, credit Card Interchange, treasury Management and Business Services, SBA and Government-Backed Loan Fees and digital Banking and Bill Pay Fees.
Who are Security Bank's main competitors?
Direct peers on record are Marine Bank, INB (Illinois National Bank), Carrollton Bank, Town & Country Bank (Illinois), First Mid-Illinois Bank & Trust, Peoples State Bank (Illinois) and Heartland Bank (Illinois). Broad incumbents are Busey Bank, Midland States Bank and Commerce Bank (Kansas City).
Does Security Bank have an API?
No public API is recorded for Security Bank.
What industry is Security Bank in?
Security Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSABAKAK, Savings Banks (Public/State-Owned). Its NAICS code is 52218 and its SIC code is 6036.