Security State Bank of Wells was approved for charter in May of 1925 and opened its doors for business on August 31, 1925 in Wells, MN. It was incorporated for $25,000 with a surplus of $5,000. The Bank moved to its present location at 190 South Broadway in December of 1981. Designed in conjunction with the US Department of Energy, the facility was the first passive solar building erected in the United States under this program.

Vincent F. Hart and Thomas J. Hart purchased the Bank in 1958 when the Bank had approximately $2.5 million in assets. The Bank is now owned by Vincent Hart's descendants and is approximately $32 million in assets.

In July 2000, the Bank opened its first branch in Shakopee, MN, and changed its name to Paragon Bank.