Security State Bank of Howard Lake was originally chartered
in 1915 as the McGregor State Bank (Aitkin County),
McGregor, Minnesota. The
original owners of the bank included members of
the Julius J. Reiter Sr. family. The total assets of the
McGregor State
Bank as of December
31, 1915 were $30,135.95.
The charter was relocated to Howard Lake October
15, 1934 because the bank of Howard Lake (EST. 1885) was closed
due to insolvency from the economic troubles of the great depression.
When the charter was relocated to Howard Lake, the bank was housed
in the former Bank of Howard Lake building (later known as Lakeside
Cleaners, now known as The Piece Makers Quilt Shop on US 12).
When the bank opened in Howard Lake, the FDIC Insurance Act insured
deposits to $2,500.00. Today, the FDIC insures accounts for $100,000.00
per depositor, $250,000.00 for IRA deposits. The total assets
of the bank today are approaching $93,000,000.00.
The Reiter family continued ownership of the
bank for many years. After the death of Julius J. Reiter Sr.,
August F. Reiter became President. Doctor Leonard Harriman became
the third President of the bank until January 1949. Albert G.
Reiter became the bank's fourth President from 1949 until June
16, 1964. Omar E. Glessing, married to Verna Reiter became the
bank's fifth President in 1965. Omar served as President and Verna
as Vice President until the sale of the bank in December 1982
to Forstrom Bancorporation Inc. At that time Philip R. Forstrom
was elected President and C.R. Forstrom as Chairman of the Board.
Forstrom Bancorporation Inc. is also the parent
company of the wholly owned subsidiaries of Citizens
State Bank of Clara City (Maynard, Echo, Granite Falls and Lake
Lillian) and First
Valley Bank of Seeley Lake, Montana. Total Consolidated assets
of the company are about $500 million.
The bank remains an independently owned and operated
community bank. On September 8, 2003 the Bank relocated to the
new business complex on Hwy 12. Completing the Business Complex,
the New Ridgeview
Medical Clinic opened their doors on September 15, 2003. The
bank also houses an office of Koepke
Law Group, P.A., Alliance
Title Company of Hutchinson, and Lakeland
Mortgage Company.
The significant changes of the 20th-century had a lasting impact
on Howard Lake and The Banking Industry. The 21st-century will be
no less profound. Security State Bank remains committed to anticipating
change and investing in people and the technologies necessary to deliver
bank products and services to an ever-changing customer demand.
We look forward to serving you whether in person,
through the telephone, ATM's, via the internet, or now our new
office in Watertown, Minnesota.
Sincerely,
