By Chris Bavender
Logansport-based Security Federal Savings Bank plans to open a branch – the seventh for the company – in Carmel. The bank was founded in 1934 and has two branches in Kokomo and one each in Logansport, Delphi, Lafayette and West Lafayette.
“It is a move that makes strategic sense for the bank with Hamilton County growing and developing so rapidly,” said Michael Rush, vice president of business development. “There are products and loan structures on the business and consumer lending side that Security Federal has the ability to offer that larger banks cannot.”
Security Federal is a mutual community bank, meaning it is owned by those who bank there. Everyone with a deposit in an account at Security Federal is a part-owner.
The bank also provides the markets it serves with 10 percent of its earnings – more than $160,000 annually – in sponsorships, donations and charitable contributions.
“In the first stage of this expansion, we are mainly focused on consumer and business lending as we grow our customer base,” Rush said.
The bank is originating lending services out of Rush’s home office in Carmel near 106th Street and Keystone Avenue.
“We encourage our team members to lead and make decisions based on the best interest of the customer and the bank,” Rush said. “They can also expect us to act as a partner and to go above and beyond to look for reasons to say, ‘yes,’ when a financial need arises.”
The location of the Carmel branch of Security Federal is under negotiation and an opening date will be announced at a later time.
Learn more at secfed.bank.