We’re so excited to be your new financial partner! Here’s everything you need to know about joining our banking family.
Security Bank & Trust Co., a locally owned and operated community bank, announces the successful completion of the Cambridge State Bank merger on February 9th, 2024.
“We are excited by the opportunity to extend our financial services to the Cambridge community and welcome the dedicated employees of Cambridge State Bank to our team,” said Andy Schornack, President of Security Bank & Trust Co. “This partnership allows us to continue growing together with our communities and employees, building on our long history of serving the unique financial needs of Minnesota residents.”
Kim Erickson, who has had the honor of being the 4th “President Erickson” of Cambridge State Bank since its founding 110 years ago, following in the footsteps of her father, George Erickson, her grandfather, Elmer Erickson, and her great-grandfather Erick Erickson, stated:
“CAMBRIDGE STATE BANK has always been a community and family bank, and I am so pleased to be able to say that we are merging with SECURITY BANK & TRUST CO., which like us, is a family bank led by Gale Hoese. I have known Gale for over 50 years. His parents and my parents were friends. He has been my banker. Gale and his team, including our bank’s new President, Andy Schornack, know how to be local, community bankers, and they are looking forward to welcoming all of our staff into their team. I am looking forward to a smooth transition for all of our customers, our staff, and for me as I move to my retirement years.”
Our team is working hard behind the scenes to ensure a smooth transition. Below, we have provided some answers to questions that you may have about the switch from Cambridge State Bank to Security Bank & Trust Co. As always, please reach out to us with any questions.
Will business hours change?
NO. There will be no change to posted lobby and drive-up hours; however, daily cutoff time will change from 4 P.M. to 3 P.M. Meaning any deposits made after 3 P.M. will post on the following day’s statement.
Business hours will remain the same:
Monday – Friday ……………….. 8:00 A.M. – 4:30 P.M.
ATM – available 24 hours a day
Monday – Friday …………………… 8:00 A.M. – 4:30 P.M.
Saturday ……………………………. 9:00 A.M. – 12:00 P.M.
Monday – Friday ………………… 8:00 A.M. – 4:30 P.M.
ATM – available 24 hours a day
Will I need a new debit card?
YES. You will receive a new Security Bank & Trust Co. MasterCard Debit Card. Please destroy your Cambridge State Bank debit card and begin using your new Security Bank & Trust Co. MasterCard Debit Card on February 10th.
Your NEW Security Bank & Trust Co. MasterCard Debit Card comes with default ATM and purchase limits. If you need to temporarily increase these limits, contact either your Cambridge branches or our Glencoe Operations Team at 320-864-3171, ext. 2234 during regular business hours.
Don’t forget to update any payment methods tied to your old Cambridge State Bank debit card with your new Security Bank & Trust Co. MasterCard Debit Card.
What are Security Bank’s interest rates?
You can find our most up-to-date interest rates on our website: SBTC Rates
If you’re looking for your current account rate, you can also call your local banker.
Can I continue to use my old checks?
YES. We allow the uninterrupted use of on-hand check blanks.
Will I need to change any automatic debits that come out of my account? What about direct deposits like social security and payroll?
NO. The automatic payments and direct deposits you currently have set up will post to your account at Security Bank & Trust Co. However, after February 9, 2024, you must use the Security Bank & Trust Co.’s routing and transit number when setting up NEW ACH payments, direct deposits, check orders, and wire transfers.
Security Bank & Trust Co.’s Routing and Transit Number is: 091916161
Will my account number change?
NO. Your account number(s) on your deposit account(s) including Checking, Savings, Certificates of Deposit, Individual Retirement Accounts, Health Savings Accounts, and Money Market Accounts will not change as a result of this conversion, unless previously disclosed in separate mailings.
The title of your account may change. Please see charts below:
Who is Security Bank & Trust Co.?
Security Bank & Trust Co. is a family-owned and operated community bank with 13 (soon to be 15) branch locations across McLeod, Carver, and Sibley counties. We are proud to offer a wide range of financial solutions for consumer and business customers including commercial lending, mortgages, cash management, ag services, and more.
Learn more about the bank:
What will happen with my safe deposit box?
You can continue to access your safe deposit box as usual during regular lobby hours. Your payment will remain the same, with annual billings beginning in February 2025, with payment due March 1st, 2025. You can sign up for safe deposit box autopay by contacting the Cambridge office.
Will I need to re-enroll in online banking?
YES. You can find more information about our online and mobile banking app here: Mobile and Online Banking at Security Bank & Trust Co.
Will my account statement day change?
You will receive a final statement from Cambridge State Bank with your activity through February 9th. All accrued interest will be credited to your account at that time.
Following conversion, your Security Bank & trust Co. statement cycle will be as follows:
- Cambridge State Bank consumer checking account cycle will be the 2nd Tuesday of each month at Security Bank & Trust Co.
- Cambridge State Bank business account cycle will remain month-end at Security Bank & Trust Co.
- Cambridge State Bank health savings account cycle will be the 4th Tuesday of each month at Security Bank & Trust Co.
- Cambridge State Bank savings account cycle will remain quarter-end at Security bank & Trust Co., or at month-end for those accounts in which an electronic funds transfer occurred.
Where can I find additional resources?