Liberty Bank banks on area's progress

They settled on a site at 324 Dakota Dunes Blvd.

Good choice.

The bank, whose main charter is located on Singing Hills in Sioux City, opened in May at this site in Dakota Dunes. The company leases 5,600 square feet within a building that consists of 20,000 square feet.

The result?

“We’ve gone from nothing to $30 million in assets in the this branch now,” said Mike Patrick, president and CEO of Liberty National Bank and Liberty financial Services, Ind.

That’s progress when measured over a short seven-month span.

“We’re all pretty excited,” Patrick added. “What we’ve done with our staff is that we’ve found people with considerable banking experience. Even though we’re not a large bank, we’ve grown from $180 million to $220 million (2010) in total assets. Some of what’s making us successful is that we’ve been able to hire experienced bankers and add a quality level of attention to our customers.”

Patrick predicted the growth to continue. Having a convenient location in Dakota Dunes could give the institution the ability to attract core deposits (checking and savings accounts) in the future.

The bank didn’t just open the door and welcome a dozen employees. It also started a wealth management division that has trust and investment services.

That portion of the business alone has quadrupled in the past year.

Thinking small, according to Patrick, has also helped the bank think big. A commitment to customer service based on the old community bank model has allowed Liberty National Bank to reach higher.

“There’s been a nice transition from larger banks into a community bank model,” Patrick said. “Customers want someone to take an interest in their expansion opportunities and provide answers quickly. That’s just normal for a community bank.”

Liberty National Bank opened on Singing Hills Boulevard opened in 2003. Patrick joined the company two years later. In his fifth year, he directed the expansion to this site in Dakota Dunes.

“One of the reasons we’ve grown is we have 120 investors in Siouxland in our holding company,” he said. “And one-third of those investors live in this area, including me.”