Question 1

What is Security Savings Bank (Monmouth, IL)?

Accepted Answer

Security Savings Bank is a community-focused savings bank serving Warren County in western Illinois. With approximately $243 million in total assets and $216 million in deposits, the institution operates two full-service branches in Monmouth and Stronghurst.

As a mutually-owned financial institution, Security Savings Bank is owned by its depositors rather than stockholders. This structure allows the bank to reinvest earnings back into the community and prioritize customer relationships over shareholder dividends. The bank provides comprehensive personal, business, and agricultural banking services to customers in the Monmouth and Stronghurst communities and surrounding areas.

Question 2

When was Security Savings Bank (Monmouth, IL) founded?

Accepted Answer

Security Savings Bank traces its origins to May 23, 1882, when the Monmouth Homestead and Loan Association of Monmouth petitioned the State of Illinois to establish a financial institution. The charter was officially granted and approved by the Illinois Secretary of State on June 30, 1882.

Throughout its history, the institution has evolved through several name changes and mergers. In 1972, the Monmouth Savings and Loan Association merged with the Stronghurst Building and Loan Association to form Security Savings and Loan Association. The institution adopted its current name in 1994 when it converted to a savings bank charter, becoming Security Savings Bank.

In 1999, the bank reorganized as part of Security Bancorp, MHC, a mutual holding company, while maintaining its independent, community-oriented focus. This structure has allowed the bank to preserve its local character while expanding services beyond traditional mortgage lending and deposit services.

Question 3

Where is Security Savings Bank (Monmouth, IL) headquartered?

Accepted Answer

Security Savings Bank is headquartered at 220 East Broadway in Monmouth, Illinois 61462. Monmouth is located in Warren County in western Illinois.

Question 4

Where does Security Savings Bank (Monmouth, IL) operate?

Accepted Answer

Security Savings Bank operates two full-service brick-and-mortar branches in Warren County, Illinois. The main office is located at 220 East Broadway in Monmouth, and the second branch is situated at 200 South Broadway in Stronghurst.

The bank primarily serves customers in the Monmouth and Stronghurst communities, as well as surrounding areas throughout Warren County and beyond county lines in western Illinois. Both branches have been serving their respective communities since the bank's founding in 1882.

Question 5

What services does Security Savings Bank (Monmouth, IL) offer?

Accepted Answer

Security Savings Bank offers a comprehensive range of financial services across personal, business, and agricultural banking sectors. Personal banking services include various checking accounts (including On-the-Go Checking designed for customers who prefer electronic banking), savings accounts, certificates of deposit, individual retirement accounts, and consumer loans.

The bank provides mortgage lending services for home purchases and refinancing, as well as auto loans with competitive rates. For businesses, the bank offers commercial checking accounts, business loans, and specialized business services. Agricultural customers have access to farm loans and agricultural banking services tailored to their operational needs.

Digital banking capabilities include online banking, mobile banking apps (available for both iOS and Android), mobile check deposit, bill pay services, account transfers, and card management features. The mobile app allows customers to check balances, view transaction history, locate branches and ATMs, and securely message the bank. The bank also provides ATM access and maintains a routing number of 271172644 for electronic transactions.

Question 6

What makes Security Savings Bank (Monmouth, IL) unique?

Accepted Answer

Security Savings Bank distinguishes itself through its mutual ownership structure, meaning it is owned by its depositors rather than stockholders. This allows the bank to retain earnings and reinvest them directly into the community, employees, and customer services without the pressure of paying dividends to external shareholders.

With over 140 years of continuous service since 1882, the bank has maintained deep roots in Warren County while evolving from traditional savings and loan operations to a full-service savings bank. Customer relations and community involvement are explicitly identified as cornerstones of the bank's mission.

The institution's tagline, "Part of your community, part of your life," reflects its commitment to being a true community bank focused solely on local customers and community needs. The bank has successfully balanced its historical foundation with modern banking technology, offering robust digital services while maintaining personalized, relationship-based banking.

Question 7

What type of financial institution is Security Savings Bank (Monmouth, IL)?

Accepted Answer

Security Savings Bank is a state-chartered mutual savings bank regulated by the FDIC and the State of Illinois. This classification positions it as a savings bank rather than a commercial bank, though it has operated with full commercial banking powers since the early 1990s following its charter conversion in 1994.

As a mutual savings bank, the institution is owned by its depositors rather than shareholders, which distinguishes it from stock-form banks. The bank is organized under a mutual holding company structure (Security Bancorp, MHC), established in 1999. This organizational form is relatively uncommon in modern American banking and reflects the bank's commitment to community-focused, depositor-owned operations while maintaining regulatory compliance and financial stability.

The savings bank designation historically emphasized mortgage lending and deposit services, though Security Savings Bank now provides comprehensive personal, commercial, and agricultural banking services comparable to traditional commercial banks.

Security Savings Bank (Monmouth, IL)

in the United States 🇺🇸

Crypto-Friendliness

All done!

About Security Savings Bank (Monmouth, IL) in the United States