By Chris Bavender
Logansport-based Security Federal Savings Bank plans to open a branch — the company’s seventh — in Carmel. The bank was founded in 1934 and has two branches in Kokomo and one in Logansport, Delphi, Lafayette and West Lafayette.
“This is a strategic move for the bank, with Hamilton County experiencing such rapid growth and development,” said Michael Rush, vice president of business development. “There are products and lending structures on the business and consumer lending side that Federal Security has the ability to offer that the big banks cannot.”
Security Federal is a mutual community bank, meaning that it belongs to those who do business there. Anyone with a deposit in an account at Federal Security is a co-owner.
The bank also provides the markets it serves with 10% of its revenue – more than $160,000 a year – in the form of sponsorships, donations and charitable contributions.
“In the first stage of this expansion, we are primarily focused on consumer and business lending as we expand our customer base,” Rush said.
The bank offers loan services from Rush’s headquarters in Carmel, near 106th Street and Keystone Avenue.
“We encourage our team members to lead and make decisions based on the best interests of the client and the bank,” Rush said. “They can also expect us to act as a partner and go above and beyond to find reasons to say ‘yes’ when financial need arises.”
The location of Security Federal’s Carmel branch is under negotiation and an opening date will be announced at a later date.
For more information, visit secfed.bank.