Security Bank

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.

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

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

• Retail banking services
• Commercial lending products
• Community banking solutions
• Consumer loan products
• Small business banking

Headquarters

HQ city

Springfield

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. 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.
2. 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.
3. 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.
4. 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.
5. SBA and Government-Backed Loan Fees: Fees generated from SBA loans and other government-guaranteed lending programs, as well as commercial lending origination fees.
6. 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

Go-to-market motion1 record

Distribution channels6 records

Marketing channels12 records

Core 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

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Fiserv (Clover)coreTechnology or IntegrationSecurity 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.
• AutobookscoreTechnology or IntegrationSecurity 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)coreTechnology or IntegrationSecurity 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)coreStrategic or Co-development PartnerSecurity 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) NetworkcoreTechnology or IntegrationSecurity 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.
• VisacoreTechnology or IntegrationSecurity 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 LiveminorGTM or Marketing PartnerSecurity 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

Direct 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

• YouTubeyoutube.com/@securitybankIL
• Facebookfacebook.com/SecBankIL
• LinkedInlinkedin.com/company/security-bankspringfieldil
• Instagraminstagram.com/securitybankil

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Security Bank