SFB Reports Record Year
Article By: Becky Seelen
EAU CLAIRE - At its Annual Meeting on Tuesday, Security Financial Services Corporation (SFSC), the holding company for Security Financial Bank (SFB), reported a record year for 2018.
SFSC reported net income of $5,958,000 for the year ending December 31, 2018, which was a 20 percent increase over the prior year. Earnings per share for the year of $522 were the highest ever for SFSC. In addition, SFB ended the year with $491,884,000 in total assets, which places it in the largest 50 banks headquartered in Wisconsin.
"Security Financial Bank continues to maintain a strong capital position, talent throughout the bank, stable deposits and strong credit quality," indicated Paul Rudersdorf, CEO and president of Security Financial Bank.
SFB saw both loan and deposit growth in 2018 with year-end deposits of $402,004,000 and loans of $350,356,000. In July 2018, SFB acquired 100 percent of the stock of Pioneer Bank of Wisconsin in Ladysmith, paying $9.1 million in cash. With this acquisition, SFB added $33 million in loans and $65 million in deposits from Pioneer Bank. The newly acquired location also contributed approximately $420,000 in earnings to SFB in 2018.
"With the guidance of the Board of Directors, led by Chairman Jerry Bauer, SFB is in an ideal position to continue its strategic growth," Rudersdorf said.
Also at the Annual Meeting, Board members re-elected to three-year terms included Bauer, Chuck Forster and Jim Mayo. In addition, Jack Kaiser was recognized for serving 10 years on the Board and Jim Price for serving five years. Additional Board members include Bob Komro, Steve Schultz and Rudersdorf.
Established in 1934, SFB is a locally-owned, community financial institution focused on business and agriculture with offices in Bloomer, Durand, Eau Claire, Ladysmith and River Falls. SFB strives to provide products and services that exceed its customers' needs and guidance that enable them to succeed.
