Security Financial Bank

What Security Financial Bank does

Security Financial Bank (SFB), founded in 1934 in Durand, Wisconsin by local farmers and business owners, is a privately held community bank operating under holding company Security Financial Services Corporation (SFSC). Headquartered in Eau Claire, Wisconsin, SFB serves consumers, small and mid-sized businesses, agricultural producers, and independent insurance agencies across western Wisconsin with seven branch locations and a motor bank. As of 2024 the bank reports approximately $850 million in total assets and around 140 employees, having completed a merger with Jackson County Bank in 2020.

SFB's product suite spans consumer deposits and mortgage lending (Security Checking, Interest Checking, Investor Account, Money Market, savings, HSA, CDs, IRAs, home mortgage, construction, remodel, FHA/USDA/VA, and Medical Professional mortgages); commercial and small business banking (Free Business Checking, Security Business Checking, treasury management including Positive Pay, ACH filtering, sweep services, Remote Deposit Capture, wire transfers, merchant services via Elavon, and a full SBA Preferred Lender suite); specialized agricultural lending (farm expansion, real estate, livestock, machinery, crop loans, FSA Preferred Lender status, FSA/SBA/WHEDA/USDA-guaranteed loans, plus crop and dairy revenue protection insurance); and a differentiated insurance agency lending vertical serving Wisconsin, Iowa, and Minnesota agencies with acquisition financing, partner buyouts, refinancing, producer loans, technology loans, and real estate/working capital lines. Distribution combines physical branches with a digital banking platform including iOS/Android mobile app, online banking, telephone banking, Zelle P2P, Apple Pay/Google Pay digital wallets, free Positive Pay, card management with real-time controls, and an Insights budgeting tool with external account aggregation.

The bank's revenue model is a traditional community bank net-interest-margin franchise supplemented by fee and commission income. Interest income on commercial, agricultural, mortgage, and consumer loans is the primary revenue driver, with deposit interest expense shaping net interest margin. Noninterest revenue streams include deposit account maintenance and transaction fees, debit/credit card interchange, merchant services residuals from Elavon, and insurance commissions on life, disability, crop, and dairy insurance products. The GTM motion is sales-led, relationship-driven, and locally decided, with dedicated relationship managers and market presidents for commercial, ag, insurance agency, and consumer segments and an in-person consultative approach anchored at branches. Marketing is community-focused (newsletters, YouTube "Bankers Who Believe" content, Facebook, Chippewa Valley Ag Conference sponsorship, community volunteer events, nonprofit donations) and the bank has earned an Outstanding CRA designation plus multiple United Way and Wisconsin Bankers Association recognitions.

Name

Security Financial Bank

Legal name

Security Financial Bank

Website

https://sfbank.com

Company type

Private

Founded year

1934

Operating status

Operating

Headcount range

101–250 employees

Short description

Security Financial Bank is a privately held western Wisconsin community bank offering consumer, business, agricultural, and insurance-agency banking services through seven branches, with $850M in assets.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Finance and Insurance (52)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking services
• Agricultural lending
• Commercial loans
• Insurance agency financing
• Treasury management

Headquarters

HQ city

Eau Claire

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Interest earned on loan portfolio including commercial loans, agricultural loans, home mortgages, and consumer loans. Primary revenue driver for the bank.
2. Deposit Interest Expense Savings: Interest paid to depositors on checking, savings, money market, and CD accounts. Net interest margin is key profitability driver.
3. Account and Transaction Fees: Monthly maintenance fees on certain accounts, per-transaction charges on business accounts exceeding limits, and various service charges
4. Card Interchange Fees: Interchange income from debit and credit card transactions processed through the network
5. Merchant Services: Fees from credit card processing services provided through Elavon partnership for business clients
6. Insurance Products: Commissions earned on sale of life insurance, disability insurance, crop insurance, and dairy insurance products

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels6 records

Core offering

Security Financial Bank is a community bank offering consumer checking and savings accounts, mortgage loans, commercial and small business lending, SBA and agricultural loans, insurance agency acquisition financing, treasury management services, crop and life insurance products, and digital banking channels. It serves individuals, businesses, agricultural producers, independent insurance agencies, and nonprofit organizations across western Wisconsin through seven branch locations and a mobile/online banking platform.

Product overview

Security Financial Bank (SFB) is a traditional community bank offering a comprehensive suite of banking products and services organized across consumer, business, agricultural, and insurance sectors. The core offerings include multiple checking and savings account types (Security Checking, Security Interest Checking, Investor Account, Money Market, and various retirement accounts including IRA and HSA), home mortgage and construction loans, commercial and SBA loans, agricultural loans, and insurance products (term life, whole life, crop insurance, and dairy insurance). Digital banking services include online and mobile banking with bill pay, Zelle, Insights budgeting tools, and card management. Treasury management services encompass Positive Pay fraud protection, ACH filtering, cash sweep services, and remote deposit capture. Business banking includes free checking, merchant services through Elavon, and specialized nonprofit banking. The bank serves Wisconsin communities through multiple branch locations with approximately $850 million in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking and Money Market Accounts Suite of consumer checking and money market deposit accounts including free Security Checking, interest-bearing Security Interest Checking, Investor Account, and Best Money Market for individuals and families in Wisconsin.
• Personal Savings and Retirement Accounts Savings, youth savings, certificates of deposit (CDs), Health Savings Accounts (HSA), and Individual Retirement Accounts (IRAs) for individual consumers.
• Business Banking Accounts Business checking, business interest checking, business money market, business investor, and business savings accounts for small and mid-sized businesses across Wisconsin.
• Nonprofit Banking Accounts Free Organization Checking and Organization Interest Checking accounts for nonprofit organizations, with unlimited transactions and free bill pay.
• Home Mortgage Loans Fixed-rate, adjustable-rate, construction, remodeling, home equity, FHA, USDA, VA, and Medical Professional Program mortgage loans for home purchase and refinancing.
• Commercial and SBA Loans Customized commercial loans, small business loans, working capital lines of credit, equipment loans, real estate financing, SBA 7(a), SBA Express, SBA CapLines, and SBA 504 loans for businesses.
• Agricultural Loans Farm expansion loans, agricultural real estate loans, livestock loans, machinery and equipment loans, crop loans, and SBA, FSA, WHEDA, and USDA guaranteed loans for farm operations.
• Insurance Agency Financing Acquisition financing, partner buyout financing, agency refinance, producer loans, technology loans, and real estate and lines of credit for independent insurance agencies in Wisconsin, Iowa, and Minnesota.
• Treasury Management Services Cash management services including multi-account management, ACH origination, wire transfers, Positive Pay fraud detection, ACH filtering, sweep services, Remote Deposit Capture, and Insured Cash Sweep (ICS/CDARS) for business clients.
• Personal Insurance Products Term life insurance (10/20/30-year), Return of Premium term life, and Whole Life insurance sold to individual consumers.
• Agricultural Insurance Products Multi-peril crop insurance, crop-hail insurance, Dairy Revenue Protection (DRP), and Livestock Gross Margin-Dairy (LGM) insurance sold through licensed agents to farm operators.
• Digital Banking Platform Online banking, mobile banking app for iPhone and Android, telephone banking, bill pay, Zelle person-to-person payments, Insights budgeting tools, card management, and remote deposit capture for consumer and business customers.
• Consumer Cards Platinum Debit Card, Mascot Debit Card, Credit Cards through Elan Financial Services, prepaid Access Cards, and Visa Gift Cards for consumer customers.
• Business Cards and Merchant Services Business credit cards with expense reporting and employee cards, and Point of Sale (POS) solutions plus merchant credit card processing through the Elavon partnership.
• Safe Deposit Boxes Various sizes of safe deposit boxes available at select branch locations for secure storage of valuables and documents.

Quantifiable outcome

• Bank grew from small beginnings in 1934 to over $850 million in assets
• +3 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Elan Financial ServicescoreTechnology or IntegrationCredit card issuer and servicer for SFB's credit card portfolio. Provides zero fraud liability protection, mobile purchasing capability, and 24/7 cardmember service. Also provides digital wallet services.
• Elavon Merchant ServicescoreTechnology or IntegrationMerchant services provider offering flexible payment gateway options, point of sale solutions, and processing services for business clients accepting card payments.
• MoneyPasscoreTechnology or IntegrationATM network providing SFB customers fee-free access to 18,000+ ATMs nationwide. Enables surcharge-free cash withdrawals for debit card holders.
• VisacoreTechnology or IntegrationCard network licensing for credit and debit cards enabling global acceptance at millions of merchant locations.
• ZellecoreTechnology or IntegrationPerson-to-person payment service integrated into SFB mobile banking allowing customers to send and receive money with friends, family, and trusted contacts using email or mobile number.
• Chippewa Valley Ag ConferencecoreStrategic or Co-development PartnerMajor sponsor and coordinator of annual agricultural conference providing education, networking, and trend information for ag producers and professionals.
• Graduate School of BankingminorOthersProfessional development institution for banking education at UW-Madison providing executive leadership and specialized banking training programs.
• GoVA FoundationminorGTM or Marketing PartnerPartnership to provide free financial education programs specifically designed for Wisconsin veterans.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Citizens Community Federal: Wisconsin-based community bank serving consumer and small business customers in western Wisconsin, overlapping with SFB's geographic footprint and customer mix.
• Fox River State Bank: Wisconsin community bank focused on commercial, ag, and consumer banking in southeast Wisconsin. Comparable to SFB in asset scale, full-service community banking model, and emphasis on business lending.
• Waukesha State Bank: Wisconsin community bank offering consumer, business, and mortgage banking. Comparable to SFB in privately held community banking model and SMB focus.
• Bank of Sun Prairie: Wisconsin-based community bank offering commercial, ag, mortgage, and consumer banking. Similar to SFB in size range, customer mix (SMB + ag), and locally owned private structure.
• State Bank of Cross Plains: Wisconsin-based community bank of comparable asset size serving consumer, business, and agricultural customers in southwestern Wisconsin. Closely comparable in business model, branch-led relationship banking, and SMB/ag lending focus.
• PremierBank: Wisconsin community bank providing commercial, ag, and consumer banking. Comparable to SFB as a privately held Wisconsin community bank with similar SMB, ag, and consumer lending focus.

Broad incumbents

• Nicolet National Bank: Wisconsin-headquartered regional bank substantially larger than SFB but serving overlapping customer segments (business, ag, consumer) across Wisconsin. Broader product suite and footprint make it a competitive overlap rather than direct comp.
• Johnson Financial Group: Wisconsin-based privately held banking and insurance group with overlapping commercial and consumer banking offerings. Larger and more diversified than SFB, serving similar Wisconsin SMB and consumer segments.
• First Business Financial Services: Wisconsin-based business bank focused on commercial banking, treasury management, and specialty lending. Comparable product set to SFB's commercial banking line but with larger asset base and broader geographic reach.
• Associated Bank: Largest Wisconsin-based bank with statewide branch network and full commercial, ag, mortgage, and treasury management capabilities. Significant competitor for SFB's deposit and SMB lending business in western Wisconsin.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/146714185686462
• LinkedInlinkedin.com/company/security-financial-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries2 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 Financial Bank