The Bennington State Bank Expands Salina Footprint by Opening LPO/DPO in Salina Downtown
July 13, 2023
Salina, Kansas-
The Bennington State Bank (BSB), a locally owned and operated community bank, added significantly to its Salina presence beginning July 3 as they opened a new loan production office (LPO) and deposit production office (DPO) at 201 E Iron Avenue.
“We are very excited about this opportunity for BSB to serve the financial needs in Salina. Expanding our footprint in Salina Downtown with the opening of this new location underscores our commitment to our customers and communities we serve,”
BSB has a shared space arrangement with Iron Insurance Partners (IIP). This arrangement encompasses joint property ownership. Each entity will operate independently within the shared premises.
Leaders from both organizations said a commitment to Salina and a desire to expand their presence in a revitalized downtown were the driving factors behind these strategic decisions of utilizing the existing location of IIP and creating a shared space with BSB. BSB will utilize the first floor and part of the 2nd floor and IIP will occupy the 2nd floor.
“In a variety of ways over the years, we’ve tried to be a strong partner to Salina by reinvesting in the community,” said Gragg. “This is another step in that direction, one more way for us to demonstrate that we’re here for the long haul. We’ve been looking for the right downtown space for a long time and the shared space with IIP is a great opportunity and investment in Salina Downtown. We are excited to be in the existing IIP building and sharing space with another business that is committed to serving our community.”
Shawn Myers, IIP’s CEO, and Partner, echoed those sentiments, saying IIP is proud to share space with a like-minded community stalwart.
“When Bennington State Bank needed space to grow, we looked at it as a win-win situation for both organizations to support our growth plans in a very collaborative way,” Myers said. “I believe when you have a community that you’re invested in, it’s important that you work with those great partners that are also in that community.”
Gragg said the downtown expansion allows the bank to accommodate staff growth and enhance its presence in the heart of Salina. The new location will become a center for the bank’s expanding Trust and Wealth Management division and will also house several executives and Treasury staff members. The LPO/DPO is not a full-service branch office and will not include depository operations or an ATM. The existing BSB locations at South Ohio Street and South 9th Street will continue to offer full services to customers.
Gragg said the growth allows the bank to better serve its customers through the personal connection that has been a hallmark of the institution throughout its 135-year history.
“When you focus on customer service, you can either do that through technology or people,” he said. “And we’ve always tried to do that by finding that mix between providing the technology that people want to use but with the human touch and that has created the need for additional staff.”
Myers said that IIP also views its expansion as a more efficient way to serve its clients. The insurance agency was born in January 2022 after the merger of Salina’s Assurance Partners and Keller Leopold Insurance of Garden City. It will continue to headquarters in Salina, now with its commercial insurance division operating out of 201 E. Iron Ave., while its personal division gains its own dedicated space with 15 to 18 employees moving to 116 W. Iron Ave.
Gragg said that the growth of both organizations adds to the ongoing momentum that downtown Salina has enjoyed. Above all, he said, it signifies long-term plans to remain as anchor business in Salina.
“I think the biggest thing is reinvestment,” Gragg said. “Our ownership is actively involved in the bank and our communities. We try to do everything we can to be a strong partner in the community. This is one more way to serve.”
