Security State Bank
Security State Bank of Aitkin is a privately held, FDIC-insured community bank founded in 1914, operating four branches across rural Aitkin and Cook counties in Minnesota to serve consumers, small businesses, farmers, and homeowners with checking, savings, loans, credit cards, digital banking, and insurance.
- Company typePrivate
- Founded1914
- HeadquartersAitkin, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
What Security State Bank does
Security State Bank of Aitkin is a privately held community bank founded in 1914 and headquartered in Aitkin, Minnesota. The bank operates four physical branches across Aitkin, Garrison, Grand Marais, and Paulbeck's Market (Aitkin), serving consumers, small to medium-sized businesses, agricultural operators, and homeowners in Aitkin County and Cook County. It maintains a standard full-service retail banking charter backed by FDIC insurance, with products spanning personal and business checking (Basic, High Yield via Kasasa, Cash Back, Security 55, eBusiness, Basic Business), savings and money market accounts, CDs, mortgage/home equity/auto/construction/consumer/agriculture/commercial real estate loans, and consumer and business credit cards (Mastercard debit, VISA credit), plus insurance distribution through a partner agency.
The bank's revenue model combines traditional spread-based interest income on its lending portfolio with transaction and service fee income from deposit accounts (e.g., $25 overdraft fees), merchant card processing, wire transfers, remote deposit capture, and business bill pay. Distribution is multi-channel: four physical branches with traditional lobby and drive-through hours, plus digital delivery through online banking, the Mobiliti mobile banking application (iPhone and Android) with mobile check deposit (per-check daily limit of $2,500, same-day credit before 2:30pm), Zelle P2P payments, electronic statements, account alerts, and business digital tools. The technology layer is largely outsourced to a vendor ecosystem — Kasasa for branded consumer products, Fiserv for card processing, Deluxe for check ordering, AudioEye for WCAG 2.2 Level AA accessibility certification, and Zelle for real-time payments — rather than built in-house.
The bank sells through relationship-based local lenders who can underwrite and decide in-region, and supports community reinvestment through a published CRA file. Headcount is in the 51-100 range, the legal entity is Security State Bank of Aitkin, and the company is independent with no parent company or external capital backing referenced in the source materials. Revenue and asset figures are not publicly disclosed.
Security State Bank firmographics
Firmographics- Name
- Security State Bank
- Legal name
- Security State Bank of Aitkin
- Website
- https://ssbmn.com
- Company type
- Private
- Founded year
- 1914
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Security State Bank of Aitkin is a privately held, FDIC-insured community bank founded in 1914, operating four branches across rural Aitkin and Cook counties in Minnesota to serve consumers, small businesses, farmers, and homeowners with checking, savings, loans, credit cards, digital banking, and insurance.
- Ownership category
- akta.pro rank
Security State Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Public Sector Retail Banks (State-Owned Commercial Banks) (FSABAKAL)
- akta.pro secondary industry
- Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)
Keywords
Where Security State Bank is headquartered
LocationHeadquarters
- HQ city
- Aitkin
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Security State Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Interest Income: Traditional banking revenue from interest earned on loans including mortgages, home equity loans, auto loans, construction loans, personal loans, business loans, and agriculture loans
- Deposit Account Fees: Fees from deposit accounts including overdraft fees ($25 per item), ATM fees, and monthly maintenance fees for certain account types
- Business Service Fees: Revenue from business services including merchant card processing, remote deposit capture, wire transfers, and business bill pay
- Digital Banking Services: Revenue from digital banking services including online banking, mobile app services, and electronic delivery of statements
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Basic Checking - Low-cost personal checking account |
| Subscription | Monthly | Security High Yield Checking - Interest-bearing checking with ATM fee refunds |
| Subscription | Monthly | Security Cash Back Checking - Checking with cash back rewards |
| Subscription | Monthly | Security 55 - Checking for customers age 55+ |
| Subscription | Monthly | Personal Savings Products |
| Subscription | Monthly | Overdraft Protection |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels4 records
Security State Bank product offering
Product offeringCore offering
Security State Bank is a privately held community bank founded in 1914, providing personal and business deposit accounts, consumer and commercial loans, credit cards, insurance products, and digital banking services. The bank operates four branch locations across Aitkin, Garrison, Grand Marais, and Paulbeck's Market in Minnesota, supplemented by online and mobile banking platforms.
Product overview
Security State Bank offers a comprehensive banking platform with personal and business checking/savings accounts, loans (mortgage, home equity, auto, construction, consumer, agriculture, commercial real estate), credit cards, and insurance products. The digital services layer includes online banking, mobile banking (Mobiliti), mobile deposit, bill pay, account alerts, Zelle, and business services (Business Bill Pay, Merchant Card Processing, Funds Management, Remote Deposit Capture). The bank operates four physical locations in Minnesota (Aitkin, Garrison, Grand Marais, and Paulbeck's Market) providing community banking with digital integration.
Differentiator
Problem solved
Functional benefit
Products and services
- Basic Checking Low-cost personal checking account with unlimited check writing, no per-check fee, no minimum balance requirements, $25 minimum deposit to open, and optional overdraft protection.
- Security High Yield Checking Interest-bearing personal checking account with nationwide ATM fee refunds, no minimum balance, and no monthly maintenance fees.
- Security Cash Back Checking Personal checking account that pays cash back on debit card purchases.
- Security 55 Checking Checking account available to customers age 55 or better, with additional perks and digital services access.
- Personal Savings Accounts Saving vehicles including Statement Savings, Security Saver, Money Market Account, Investor Money Market Account, and Certificates of Deposit (CDs) with terms from 3 to 48 months.
- eBusiness Checking Business checking account designed for businesses with digital banking requirements.
- Basic Business Checking Standard business checking account with basic features for business operations.
- Business Savings & Money Market Business Savings Account, Business Money Market, and Investors Money Market, plus Business Certificates of Deposit (CDs) for commercial customers.
- Home Mortgage Loans First-time home buyer loans and refinancing options for purchasing or refinancing residential properties.
- Home Equity Loans Loans allowing customers to tap into their home equity for various financial needs.
- Auto Loans Financing options for purchasing new or used vehicles.
- Construction Loans Loans for residential or commercial construction and building projects.
- Consumer Loans General-purpose consumer loans for various personal financial needs.
- Business Lines of Credit Flexible revolving credit lines for business operational and working capital needs.
- Agriculture Loans Specialized loans for agricultural operations including operating loans, equipment financing, land purchases, and seasonal cash flow needs.
- Commercial Real Estate Loans
Companies that use Security State Bank
Customer profileSegments4 records
Ideal customer profiles2 records
Security State Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature4 records
Security State Bank partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- KasasacoreKasasa provides branded consumer banking products including Kasasa Cash checking rewards. The partnership enables Security State Bank to offer high-yield checking and cash back checking products with national ATM fee refunds.
- FiservcoreFiserv provides card processing services for debit cards. Handles after-hours lost/stolen card reporting (800-472-3272). Core payment processing infrastructure for card transactions.
- DeluxeminorDeluxe provides personal check ordering services through the bank's website. Customers can order personal checks through the bank's order checks page.
- VISAcoreVISA provides credit card network services. Bank offers VISA consumer and business credit cards. Links to external VISA credit card application page.
Scale indicators2 records
Recent moves6 records
Expansion highlights4 records
Security State Bank competitors and assessment
Company assessmentDirect peers
- Frandsen Bank & Trust: Minnesota-headquartered community banking group with personal/business banking, ag lending, and insurance cross-sell. Closely matches Security State Bank on size, multi-channel distribution, and insurance agency integration, with branches across rural Minnesota.
- Northern State Bank (Minnesota): Independent Minnesota community bank with consumer, business, and agricultural lending. Direct match on small rural Minnesota community bank model and product set.
- Heritage Bank (Minnesota): Independent Minnesota community bank offering personal and business banking, mortgage, and ag loans. Closely comparable to Security State Bank on rural Minnesota community banking model, branch network, and product mix.
- Pine River State Bank: Small Minnesota community bank with a similar rural footprint, deposit-funded lending model, and personal/business product mix. Highly comparable in size and operating model to Security State Bank of Aitkin.
- BlackRidgeBANK: Independent community bank headquartered in North Dakota with Minnesota presence, focused on ag, business, and consumer lending. Comparable on small-bank full-service community model and agricultural loan book.
- First National Bank of Deerwood: Minnesota community bank serving the Cuyuna Lakes region with consumer, mortgage, and small-business banking. Directly comparable on regional rural Minnesota footprint and community bank positioning.
Broad incumbents
- Bell Bank: Employee-owned community bank serving Minnesota, North Dakota, and surrounding states with personal, business, and agricultural lending. Direct overlap with Security State Bank on community-banking model, ag lending, and Minnesota footprint, but at much larger scale.
- Bremer Bank: A major Upper Midwest regional bank with deep Minnesota community presence across personal, business, and agricultural banking. Comparable to Security State Bank on full-service community banking in Minnesota, but at materially larger scale and broader geographic footprint.
Regional players
- Cuyuna Range Credit Union: Credit union serving the Cuyuna Range and broader north-central Minnesota region with personal, business, and mortgage products. Operates in the same geographic and customer-adjacent space as Security State Bank but as a member-owned cooperative rather than a stock-chartered bank.
- KleinBank (Klein Financial): Minnesota-headquartered community bank with personal/business banking, mortgage, and insurance. Comparable product set and community-bank ethos to Security State Bank, but primarily serving the western Twin Cities metro rather than rural northern Minnesota.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Security State Bank compliance and trust
Trust signalCompliance3 records
Security State Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Security State Bank leadership team
Management profileNumber of profiles
Profiles1 record
Security State Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Security State 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 State Bank
What does Security State Bank do?
Security State Bank is a privately held community bank founded in 1914, providing personal and business deposit accounts, consumer and commercial loans, credit cards, insurance products, and digital banking services. The bank operates four branch locations across Aitkin, Garrison, Grand Marais, and Paulbeck's Market in Minnesota, supplemented by online and mobile banking platforms.
Is Security State Bank a public or private company?
Security State Bank is a private company. It is classified as unknown and is currently operating.
When was Security State Bank founded?
Security State Bank was founded in 1914. It employs 51 to 100 people.
Where is Security State Bank based?
Security State Bank is headquartered in Aitkin, United States, in the North America region.
How does Security State Bank make money?
Four revenue lines are on record. Interest Income is the primary driver. The others are deposit Account Fees, business Service Fees and digital Banking Services.
Who are Security State Bank's main competitors?
Direct peers on record are Frandsen Bank & Trust, Northern State Bank (Minnesota), Heritage Bank (Minnesota), Pine River State Bank, BlackRidgeBANK and First National Bank of Deerwood. Broad incumbents are Bell Bank and Bremer Bank. Regional players are Cuyuna Range Credit Union and KleinBank (Klein Financial).
Does Security State Bank have an API?
No public API is recorded for Security State Bank.
What industry is Security State Bank in?
Security State Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAKAL, Public Sector Retail Banks (State-Owned Commercial Banks), with a secondary code of FSAKAAAL, Bank & Credit Union Personal Loans (Unsecured Installment). Its NAICS code is 52211 and its SIC code is 6022.