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175 posts categorized "Bank/credit union news"

February 15, 2016

Altura State Bank to merge with Plainview bank

Altura State Bank has signed a deal to merge with the People State Bank of Plainview.

"We are pleased to announce the combination of these two quality banks," said Dick Zabel, board chairman of Peoples State Bank. "Our banks are both family owned and share a similar culture and approach for customers and employees."

LogoThe merger is expected to be completed in the third quarter of 2016.

Altura has one branch at 411 Main Street NW in Altura. The bank was founded by the Kramer family in 1910. It now has more than $50 million in assets. That branch will operate under the name of Peoples State Bank.

"The merger will provide our customers with more products and services, while maintaining the small community banking experience they have come to expect," said President and CEO Peter Kramer of Altura State Bank.

0logoPeoples State Bank of Plainview has approximately $200 million in assets and five branches, in Plainview, Elgin and Millville in Minnesota, as well as Boyceville and Menomonie in Wisconsin.

The combined bank, operating as Peoples State Bank of Plainview, expects to have assets of more than $250 million

"We welcome Altura State Bank employees and look forward to working with them as partners in serving the Altura customers," Plainview CEO and President Gary Timm.

Timm took over as president of the bank in January 2014. He took over from Zabel, who became the chairman or the board.

 

January 05, 2016

Credit union buys land for new branch

A Wisconsin credit union with plans to build a second Rochester branch recently bought a parcel of land for $1.25 million.

Altra Federal Credit Union bought land on Dec. 14 in the Chateau Circle commercial development at 55th Street Northwest and Chateau Road. That means the new branch will be located near the Walgreens drug store planned for that area.

O"We've been looking for a new spot to build a new full-service branch for quite a while," said Cheryl Dutton, vice president of marketing of the La Crosse, Wis.-based credit union. "The Rochester market is a very important market to us."

While the land is acquired, Dutton said the project still is in the initial stages, so there's no timeline yet.

Altra opened its first Rochester branch in 2012 at 123 16th Ave. SW in the Shoppes on Second development. It now has five on staff.

"The growth has been exceptional. However, it's a very small office in a very busy strip mall. To service our members better, we'd like to build a larger branch, usually 4,000 to 5,000 square feet," she said.

The credit union is aware residents in the Chateau Circle area have voiced some concerns about the commercial development in their neighborhood.

"We plan to be very good neighbors," said Dutton. "We think it's going to be a great area for us."

Altra began in 1931 as the Trane Employees Credit Union with a history similar to that of the IBM Mid-America Credit Union, which became Think Federal Credit Union. It has Minnesota branches in La Crescent and Winona. Overall, it has 17 locations in eight states.

October 06, 2015

Rochester 'Who's Who' breaks ground for new bank

A "Who's Who" of Rochester used golden shovels to toss scoops of dirt Monday to officially launch the construction of a new $7 million bank complex.

While construction crews have already dug a huge hole for West Bank's new Rochester headquarters, the Iowa-based bank bought out its leadership team and its well-known local community board members for a groundbreaking ceremony.

05102015westbankgroundbreakingThe bank has operated a branch office in Rochester, since 2013. The new two-story, 15,000-square-foot complex is completed in late summer to early fall of 2016. It will stand on the hill overlooking West Circle Drive Northwest, next to Rooster's Bar & Grill and across from McDonald's. The bank expects to have a team of about 12 employees to staff the new location.

"This bank is different. We're not all things to all people. This is a community bank focused on business," West Bank CEO Dave Nelson.

Despite being a 122-year-old Iowa bank, West Bank has deep roots in Rochester. Nelson was the president of Wells-Fargo Rochester for many years, before he took the reins of West Bank in 2010. He has recruited many of his former co-workers to staff West Bank's Rochester location.

"We know Rochester. We have experienced bankers who know how to work with businesses," he said. "As a community bank, we make local decisions. We're what businesses are looking for - predictable, dependable and accessible."

In addition to the staff, Nelson has recruited what he calls "a Who's Who" list of Rochester's business leaders to serve on West Bank's local community board. The board includes Gus Chafoulias, Joe Powers, Pat Deutsch, Sandy Keith, Dave Pederson Jim McPeak Sr., Hal Henderson, Pete Schuller, Ed Stanley, Tim Weir, Greg Groves, Charlie Kuehn, Dick Kuehn and Norb Harrington.

"It really is an endorsement of West Bank to have them all on the board," said Nelson. 

It focus on business banking means the new building with not look like most bank branches. While it will have a drive-through, it will not have many teller lines for customers. The West Bank building will have a large roof-top plaza for events as well as a large conference center for meeting.

"It is unlike any other bank in Rochester," said local architect Hal Henderson of HGA. 

Builder Pete Schuller of AB Systems pointed out that the site allows for extensive landscaping.

"It will be like a new park here. It's a great addition to Rochester," he said.

Rochester has seen many new financial institutions - Bremer Bank, Alta Credit Union, Manufacturers Bank & Trust Co. and F&M Community Bank - come into the market in recent years. Driving much of that interest has been Mayo Clinic's Destination Medical Center initiative. However, Nelson says that's not the case with West Bank.

"DMC is not why we came to Rochester. We came because Rochester deserves a good community bank," he said.

August 18, 2015

Home Federal wraps up Kasson Bank buy

Rochester's Home Federal Savings Bank has officially wrapped up its purchase of Kasson State Bank.

6a00d83451cc8269e201b7c771ae58970b-250wiHome Federal announced the deal to acquire the bank and its two Kasson branches in April. HMN Financial, Home Federal's parent holding company, actually made the acquisition.

"We look forward to continuing on with the long established community banking tradition of Kasson State Bank in serving the individual and business banking needs of Kasson and surrounding communities in the years to come," stated HMN President Brad Krehbiel in the announcement of the closure of the deal.

Homefederal_logoThe Palmer family owned the Kasson State Bank. It has 19 employees on staff and assets of about $60 million. The two branches will now be operated under the Home Federal name.

Neither bank released financial details about the deal. Home Federal officials did say that the bank funded the acquisition with "internally available funds." 

Kasson State Bank has a 141-year history dating back to the 1874 founding of the First National Bank of Kasson. The bank has been owned by the Palmer family since 1924.

Home Federal now has nine Minnesota branches. It has offices in Albert Lea, Austin, Eagan, La Crescent, two in Rochester, Spring Valley and Winona; one full-service office in Marshalltown, Iowa; one loan-origination office in Sartell; and two private-banking offices in Rochester.

April 10, 2015

Bank is gearing up to open 2nd Rochester branch

Manufacturers Bank & Trust Co. expects to open its second Rochester branch soon.

Construction crew are busy working on revamping the former America's Mattress building at 4408 U.S. 52 N.W.

"We hope to be in there at least by the end of May, if not before," said Tom Heepke, the bank's community president.

MBTbranchMBT will lease the 2,800-square-foot building from Rochester developer Jeff Brown. Mike Haley of Braasch Commercial Real Estate handled the deal.

The Forest City, Iowa-based bank opened its first Rochester branch at 2020 Second St. S.W. in 2012. That branch will remain open. Heepke said MBT's Rochester business has just grown beyond the one branch.

"This new one will also be a full branch, but it will also have a drive-up window. We're pretty excited about that," he said.

Heepke estimates that the new branch could potentially have five on staff. It will be managed by Andy Mai.

America's Mattress moved out of the building earlier this year to join the Furniture Superstore Factory Outlet in the former Menards store building at 5150 U.S. 52 North.

April 03, 2015

Home Federal to purchase Kasson State Bank

Kasson State Bank has agreed to sell its business to Rochester's Home Federal Savings Bank.

Home Federal announced the deal to bank and its two Kasson branches late Thursday night. HMN Financial,Home Federal's parent holding company, is actually making the acquisition.

Kasson-state-bankThe purchase is subject to regulatory approval. The Palmer family currently owns the Kasson State Bank. It has 19 employees on staff. It lists assets of about $60 million.

"It was an opportunity that was in our backyard. It's a natural expansion of our existing franchise footprint," said Home Federal President Brad Krehbiel.

Neither bank elected to release financial details about deal. Home Federal officials did say that the bank is funding the acquisition with "internally available funds." The bank expects to complete the transaction late in the third quarter of 2015.

 "We look forward to the opportunity to continue on with the long established community banking tradition of Kasson State Bank, while at the same time expanding the banking products and services offered through these locations," stated Krehbiel in the announcement of purchase.

Kasson State Bank has a 141 year history dating back to the 1874 founding of the First National Bank of Kasson. The bank has been owned by the Palmer family, since 1924.

If approved, this deal will bring Home Federal's number of Minnesota branches to nine. It has offices in Albert Lea, Austin, Eagan, La Crescent, two in Rochester, Spring Valley and Winona; one full-service office in Marshalltown, Iowa; one loan-origination office in Sartell; and two private-banking offices in Rochester.

December 22, 2014

Iowa bank to open 2nd Rochester branch

Manufacturers Bank & Trust Co. is hoping to open a second branch in Rochester in early 2015.

The Forest City, Iowa-based bank first opened a location here at 2020 Second St. S.W. in 2012. Now MBT has outgrown that 2,000-square-foot space.

927db1376e1345f697086bcd204afe4d-1MBT is a full-service bank with particular expertise in agriculture and business loans.

Pending regulatory approval, MBT has lined up the former America's Mattress building at 4408 U.S. 52 N.W. to serve as a second branch, said Tom Heepke, the bank's community president. He says it is time to expand in this market.

"We've grown the business enough now to warrant a second location," he said.

Plus the Second Street location is becoming crowded with five on staff. If the second branch is approved as expected, MBT plans to add more staff and transfer current staffer Andy Mai to manage it, according to Heepke.

Bank regulators expect to rule on the branch by the end of January. If everything goes as planned, MBT could open in the new location by early February.

MBT will lease the 2,800-square-foot building at 4408 U.S. 52 N.W. from Rochester developer Jeff Brown. Mike Haley of Braasch Commercial Real Estate handled the deal.

America's Mattress moved out of the building earlier this year to join Furniture Superstore Factory Outlet in the former Menards store at 5150 U.S. 52 North. – Jeff Kiger

December 16, 2014

Mannino leaving Home Federal

After 14 years as the face of Rochester's Home Federal Savings Bank, Al Mannino is leaving to try something new.

Mannino, the well-known vice president of communications for the bank, is stepping down at the end of December to try his hand at business consulting.
Get_photo-1
"I've decided to leave the bank while I've still got enough energy to do something else," he said. "The bank and I are on great terms. I'm just looking for something more fun and challenging for the next segment of my career."

The 65-year-old Mannino joined Home Federal in 2000. He originally moved to the area to help with the launch of Stewartville-based Rochester Medical, which makes catheters. Prior to that, he had been working with a medical company in the Twin Cities.

"I was an executive in the health-care industry for many years with companies that made implantable medical devices and medical supplies," said Mannino. "Now it's time to try something new."

August 12, 2014

Bank breaks ground for new northwest Rochester branch

Green Bay, Wis.-based Associated Bank broke will break ground on Wednesday for its new 3,000-square-foot branch in northwest Rochester.

10581397_745970035444536_1595413071_nThe new building will replace the branch in the Hy-Vee North grocery on 37th Street Northwest, which closed on July 24. Associated's new site will be located at 1985 Commerce Drive N.W., which is in the Costco's commercial development at 19th Street and West Circle Drive. It will be near the 19th Street entrance to Costco.Associated Bank first filed plans for the branch in February.

EDITOR'S NOTE - Thanks once again to Josh Banks Photography for the pic.

If construction goes as planned, look for the new Associated branch to open in January. The Wisconsin bank has three other branches in Rochester.

The addition of this new branch re-confirms the growing commercial interest in that part of Rochester. Iowa-based West Bank is planning to build its own facility along West Circle Drive in 2015. Two Rochester-based banks, Home Federal Saving Bank and Think Mutual Bank, also have large branches in that area.

Associated's announcement about the new location stated that it will offer "an enhanced banking experience in a revitalized and spacious layout." That will include a full lobby with tellers, a drive-through window and staff to handle mortgages and investment services.

Associated Bank entered the Rochester area in 2004, when it acquired First Federal Capital Bank. First Federal was short-lived here. It picked up the holdings of the long-time Marquette Bank in 2002.

“We take pride in the relationships we have built in this community and we are thrilled to continue these relationships at our new location,” stated Tim Lau, Associated's head of community markets and executive vice president.

Re-locating the northwest branch is not the only Rochester move coming up for the bank.

New owners have acquired Associated Bank's downtown building at 206 South Broadway and the bank needs to move out by spring 2015. Executive Vice President David Stein previously stated that Associated is looking for "opportunities for a new downtown bank location."

Associated has more than 200 locations in Wisconsin, Minnesota and Illinois.

July 24, 2014

Bremer Bank to acquire Eastwood Bank

St. Paul-based bank Bremer Bank announced Thursday that it's expanding into southeastern Minnesota by acquiring Rochester's Eastwood Bank.

Photo_branch_318This move quickly ramps up Bremer's presence in this area by adding Eastwood's 13 locations. Bremer has 85 branches in Minnesota, Wisconsin and North Dakota. The nearest branch is in Owatonna, which opened in 2012. It recently broke ground to build a new bank in Eau Claire, Wis.

"This partnership is part of Bremer's overall expansion strategy of entering new markets, making acquisitions and recruiting top talent. We have been working on our expansion initiatives since 2011," said Greg Hilding, Bremer's midwest group president.

The deal is expected to close on Jan. 23, pending regulator approval. Eastwood and Bremer officials declined to discuss the financial terms of the purchase. Once it's approved, all of Eastwood's branches will change over to the Bremer name.

Brad Peters, Bremer's Southeast Minnesota region CEO, will take over the Eastwood Bank operations with Eastwood's current president Paul Tieskoetter reporting directly to Peters.

Acquiring Eastwood extends Bremer's coverage in Minnesota as well as strengthening its position as one of this region's largest financial institutions. Dave Talen, the president of Eastwood bank's holding company, described the deal as being about growth for Bremer.

"It's a great strategic fit and a great geographic fit, really with no overlap," added Hilding.

That lack of overlap with any of Bremer's locations appears to be positive for the future of Eastwood's more than 185 employees. During the next six months, Bremer will study Eastwood to determine if any adjustments are needed. However, dramatic changes don't seem likely.

"We have every intention to continue forward with these locations that Eastwood Bank has built," Hilding said while traveling to Eastwood's branches with Dave Talen to meet the staff. "It's a privalige to take over such a strong legacy. It's an opportunity and a responsibility we intend to uphold."

As of March 2014, Bremer listed assets of $8.8 billion, according to the Federal Deposit Insurance Corp. (FDIC). Rochester's Think Mutual Bank had assets of $1.5 billion, Winona's Merchants Bank had $1.39 billion.

Eastwood's roots extend back to 1903 to founding of the First State Bank of Dover. That bank was later acquired by Farmers State Bank in Eyota. In 1979, Farmers State opened a Rochester branch and called it Eastwood. First State, Farmers State and Eastwood were all combined under the name of Eastwood in 1982.

Considering the family's 75 year history with the bank and the community, the Talens say deciding to sell was took a lot of consideration.

"We have carefully considered what is best for our shareholders, customers, communities and employees," stated Eastwood Bank Chair James Talen. "And we believe the decision to become part of the Bremer organization is the right choice for meeting the best interests of all of these groups."

Dave Talen, James' son, echoed that sentiment. "We wanted someone who would carry on what we've built. Bremer is a good cultural fit with Eastwood," he said.

Both James and Dave Talen will remain with the organization through 2015 "to assist with the transition," according to Bremer Bank.