In 2011 Thomas S. Laird along with John J. Baumiller established Midwest Bancshares Inc., a bank holding company. Midwest Bancshares Inc. acquired Security State Bank, Tyndall SD, and purchased Dakota Heritage State Bank, Chancellor SD. Thomas S. Laird is CEO of Midwest Bancshares Inc. and John J. Baumiller serves as president of Midwest Bancshares Inc.
With the merging of these two banks brings the opportunity to service more customers in southeastern South Dakota with convenient services, friendly personal service and hometown pride. We look forward to exceeding your banking expectations at either one of our convenient locations.
Security State Bank – Tyndall
Security State Bank of Tyndall SD was granted its charter on November 1, 1932. The original officers were W.Z. Sharp, President; (Sioux Falls); Anton Chastka, Vice President (Tyndall); and Byron R. Laird, Cashier (Tyndall). The original board of directors was the listed officers and included F.H. Hollister (Sioux Falls); F.M. Scoblic (Tyndall); and M.F. Schmitt (Tyndall).
The original bank location was the former Security Bank building located north of the present location. In 1934, Security State Bank moved to the current location when it purchased the former First National Bank building located at 1600 Main St in Tyndall, South Dakota.
Security State Bank is a third generation, family owned bank. Byron R. Laird helped start the bank in 1932. Byron R. Laird and his son Donald B. Laird purchased controlling interest in Security State Bank in 1949 with Byron R. Laird serving as President and Donald B. Laird as Vice President & Cashier. Byron R. Laird served as president until his passing in 1952. Donald B. Laird was acting president from 1952 to 1994. Donald B. Laird’s son Thomas S. Laird began working at Security State Bank in 1972 and has served as president from 1994 to present time.
Security State Bank has seen many changes over the years and with these changes the bank has grown and expanded. In 1965 and again in 1992 the bank underwent a remodel that has the bank currently at 5600 square feet. The most recent remodel in 1992 brought the bank the opportunity to provide their customers convenient services such as drive-up, mail drop and handicap accessibility.
Security State Bank – Chancellor
Security State Bank has been serving the financial needs of the Chancellor community for over 100 years. The bank was organized on May 26, 1904, and was known as Chancellor State Bank.
In 1973, Roger McKellips, a banker and politician from Alcester South Dakota, and Merlyn Sommervold, Roger’s son-in-law, purchased the controlling interest in the bank. Merlyn became the managing officer.
In 1975, a new bank building was built on Main Street Chancellor. Growth at the new location took off at a phenomenal rate, as the community in this small town began to feel confident about the new changes taking place.
In 1984, Chancellor State Bank became Dakota Heritage State Bank. And in 1987, Dakota Heritage State Bank in Chancellor expanded its main office location with its first remodeling project at the bank. New office space was added, and additional staff hired to serve the community’s banking needs.
In 2000, the bank experience more growth, including another remodeling project which added 3 new offices, a drive up teller window, and a full time Independent Insurance Agent.
In 2012, Dakota Heritage State Bank changed its name to Security State Bank.