Since 1915, Lake Area Bank has been serving the financial needs of its customers, offering a safe and sound place for their hard-earned money. Chartered as Security State Bank of Lindstrom, the bank started as a wooden bank building and was located on the corner of Park Street and Lake Boulevard (now Highway 8). In 1932, a brick and sandstone building was constructed and claimed by the Chisago County Press to be “the most modern bank installation between the Twin Cities and Duluth”. The bank remained in this facility until it moved to its current location on First Avenue North in 1977.
The bank was bought by its current owner, the Erickson family, in 1985. At the time of purchase, the bank had an asset size of $25 million. A new culture of service and growth was implemented adding locations in White Bear Lake (1989), Forest Lake (1994) and Hugo (2001). Name changes of the bank occurred in 1988, when Lake Area Security Bank was adopted and then shortened to Lake Area Bank in 1992.
To meet the home financing needs of our communities, a new division, Lake Area Mortgage, opened in 2007 with offices in Shoreview. In 2008, Lake Area Bank completed its first acquisition, purchasing the Minnesota assets of S&C Bank with a location in Stillwater. With over 100 employees, and 6 bank locations, Lake Area Bank now offers customers a full range of financial products and services. By the start of 2015, the bank’s centennial year, its asset size has grown to over $268 million.
Lake Area Bank and its employees take pride in being a locally owned community bank, making a difference in our communities and being trusted financial advisors for our customers for more than 100 years.