On Tuesday the distinctive State Bank of Lincoln signs were hung on
the recently acquired building on the corner of Chicago Street and
Broadway. Purchasing the addition was a natural for the bank, whose
main facilities at 508 Broadway St. are adjacent to the corner
State Bank President Steve Aughenbaugh, on a tour of new
addition, showed how just opening a large doorway between the two
buildings allowed the bank to seamlessly expand.
This expansion of the State Bank has a century-old history, all
within the same locale. The original bank building was located at
the corner of Pulaski and Chicago streets when the bank opened on
Jan. 16, 1904. In 1917 a new bank building was erected at 506
Broadway St. The existing main bank building, located at 508
Broadway, was then erected in 1963. The main bank further expanded
into an adjacent building in 1979 and once again now in 2009.
The new 7,200-square-foot addition is in the finishing stages of
remodeling by Roger Webster Construction. The furniture, equipment
and various office items are being set in place by Glenn Brunk
Stationers this week, with intentions that sometime next week the
state fire marshal can approve the building for use.
Aughenbaugh explained the thinking concerning the addition. "Our
expansion project is due to not only our overall growth, but
primarily growth in our residential real estate lending activity,"
he said. "Although some of the major lenders in the country have
gone by the wayside, our business has greatly increased. We have
stayed away from the risky subprime mortgage loan business and have
continued to concentrate on conventional real estate loans. Paul
Short, who heads up the department, and his staff have done an
outstanding job growing our business in conventional residential
real estate loans, as well as Rural Development, guaranteed loans."
The new area will be used primarily by the ever-growing mortgage
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Outside reports bear out Aughenbaugh's claims of the bank's success
and adhering to best business practices. The FDIC report for the
first quarter of 2009 shows State Bank of Lincoln holding a strong
31.5 percent of the market. As of Sept. 30, the bank's total assets
stood at almost $280,000,000 after the purchase of the John Warner
Bank in Clinton. With the Clinton acquisition, State Bank now has
five locations in Logan County and two in DeWitt County.
Bankrate, a ratings service for banks, said: "As of June 30,
2009, this bank exhibited a superior condition, characterized by
very solid overall, sustainable profitability, good asset quality,
very strong capitalization and ample liquidity." Further in the
report, Bankrate used phrases such as "stronger than peers," "solid"
and "exceeding the banking industry" in several other categories.
Bauer's, another bank rating company, gave the bank a five-star
rating, the highest available, for the 80th consecutive quarter.
Aughenbaugh and all the staff at the State Bank of Lincoln are
excited about the new addition to the parent location of the bank
and can't wait to open the building to the public. The expansion
further confirms that State Bank of Lincoln is aggressively
attempting to grow and expand to meet the needs of the community.
[Text from files received from
State Bank of Lincoln; LDN