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Security Savings Bank, Exchange State Bank to merge

Canton, S.D.-based Security Savings Bank and Luverne, Minn.-based Exchange State Bank are merging, SiouxFalls.Business reported Dec. 31, 2018.

Exchange State Bank President Tim Plimpton will be president of the merged entity, according to the report. Exchange State Bank will take Security Savings Bank's name Jan. 1, and its accounts will become Security Savings Bank accounts March 12.

Security Savings Bank and Exchange State Bank are subsidiaries of Larchwood, Iowa-based Larch Bancorp Inc.