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business that feels personal

We understand the unique challenges of doing business in our community. We’re a local business, too! Security Bank is prepared to cut through the red tape that may slow you down at other banks. We love getting to know our customers and pride ourselves on offering personal service that helps your business thrive.

Whether you've been in business for years, or you're planning a new venture, we're here to help with whatever's next.

individual retirement account

Security Bank offers Individual Retirement Accounts (IRAs), including ROTH IRAs, to help you secure your future and possibly save on certain taxes. Individual Retirement Accounts are a wise investment, no matter your age. Contact our team to learn what type of account is best for your situation.

Many Americans can deduct all or part of their IRA contributions from current income taxes. The deductible amount depends on your income, age, marital status and whether you’re an active participant in an employer sponsored plan as defined by the Internal Revenue Service. If neither you or your spouse is covered by a work plan your deduction would be allowed in full.

With a Traditional Individual Retirement Account, you can contribute annually and defer income taxes on the contribution and earnings until the funds are withdrawn from the account.* You should consult your tax advisor to review the tax deductible status of a Traditional IRA. Regardless of the amount you may save now on taxes, an IRA is a smart way for you to save for a secure retirement.

ROTH Individual Retirement Accounts are also available. Annual contributions for ROTH IRA accounts are taxed prior to investment, so no tax is incurred upon withdrawal. Roth IRAs do not require distributions based on age. Earnings may be withdrawn tax & penalty free, pertinent to a seasoning period and age requirement.

Changing employers? Consider an IRA rollover.

If you are retiring or changing jobs and anticipate withdrawing money from your employer’s retirement plan, you can avoid withdrawal penalties by transferring your assets into an IRA or another qualified plan. You can ask your employer to arrange for a “direct rollover” of your money into a new IRA account with us, or you can do it yourself with an IRA-to-IRA rollover.

You must complete the rollover within 60 days from the date you receive the assets from your old IRA in order to qualify and not pay the mandatory 20% withholding and possibly other penalties as well.

Contact us for more information about IRA Rollovers or opening a new IRA.

* Substantial penalty for early withdrawal.