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171 posts categorized "Bank/credit union news"

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.

May 07, 2014

Think changes direction on future of Greenview Drive sites

Think Mutual Bank is changing its thinking about the future of its presence on Rochester's Greenview Drive.

The Rochester bank had previously planned to sell its 21,000-square-foot branch at 1698 Greenview Drive S.W., and then build a replacement  at 1509 Greenview Drive S.W., near the Ramada hotel. The now-empty lot was previously home to a BP Pump N Munch convenience store, which closed in 2009. Think bought the site for $785,895 that same year and demolished the shuttered C-store.
Thinksexpumpmunchsite
At that time, the bank executives believed the 1698 Greenview branch was too large and inefficient.

However, Think's leaders have changed their minds about that. It has been decided to now sell the empty lot by the hotel and keep the current Greenview branch. While there has been serious interest in buying the branch building, others have also shown interest in buying the open lot.

Jenny Hosfeld, senior vice president of community banking, explained the change in strategy.

"We looked at our current facilities and decided to take the opportunity to make improvements to our current branch to make it better for our customers and our staff," she said. "It's a great location with great visibility, so why move when we can make it better?"

About 12 Think employees work at that location.

Think is putting a team of employees together to work on the plan to upgrade the Greenview building. Hosfeld said any construction work will be a 2015 project. She added that it's possible that the bank may incorporate some of the design of its most recently built branch at Shoppes on Maine in Rochester in the future look of the Greenview site.

Thinkgreenview"We're really proud of that design," Hosfeld said.

She declined to comment on whether the bank is currently in negotiations with any potential buyers of the empty Greenview plot, though all of the marketing signs on the site have been removed.

EDITORIAL COMMENT - The real estate rumor mill says that a prominient Rochester developer has designs on the site, but that's unconfirmed at this point.

While Think isn't planning on any construction in Rochester in the near future, it did just break ground on a new branch project in Edina on Monday.

"for a community bank of our size, our branches are still big part of how we do business," Hosfeld said.

April 10, 2014

Associated Bank working on new spots for Rochester branches

Associated Bank is planning to close its branch in the Hy-Vee North grocery  and then re-open it in a future northwest Rochester location.

Associateddrawing1The Green Bay, Wis. bank announced this week that it will close the grocery store branch at 500 37th St. N.W. at the end of July. Hy-Vee customers will then be served by Associated Bank's Rochester locations on South Broadway, First Avenue Southwest and 16th Street Southwest.

The five branch employees based at the Hy-Vee branch will work at Associated's three other Rochester branches until a new northwest facility "in the West Circle Drive corridor" is completed.

While bank officials wouldn't confirm the location of the to-be-constructed bank yet, Associated has submitted very early plans to the city to build a 3,683-square-foot branch in the 19th Street/West Circle Drive commercial development anchored by Costco.

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. There was speculation when the site development permit was filed for the West Circle Drive branch that it might serve as the new home for the downtown branch.

Not so, says the bank's spokesman. It's actively looking for a new location that will allow it to maintain its presence downtown.

“We are finalizing plans for an exciting new Associated Bank location in the West Circle Drive Corridor and continue to review opportunities for a new downtown bank location," stated Executive Vice President David Stein in this week's announcement.

Stein also commented that, "The greater Rochester area represents an important market for Associated Bank, and we are committed to serving our customers there with expanded operations and 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.

January 16, 2014

Downtown parking lot sells for $2.8M

Developers continue to jockey for position in downtown Rochester, with the latest move being Titan Development's $2.8 million purchUSbanklotase of a large parking lot.

Rochester's Titan, the organization spearheaded by Andy and Gus Chafoulias, bought the 1.4-acre lot at 402 First Ave. S.W. from U.S. Bank on Dec. 31. It's a large piece of open land next to US Bank's downtown branch.

"It's an important piece of real estate as it relates to the urban village development in that area, but we don't really have a plan for it at the moment," said John Beltz, Titan's vice president of brand management and development.

WordsplayerstheaterThis buy enhances Titan's position in that part of downtown. The local firm also bought the Words Players youth theater building, just around the corner at 12 Fourth St. S.W. Beltz described it as "a forward thinking investment," when it happened at last summer. The 63-year-old building cost $400,000.

"There's no question that it (the U.S. Bank lot combined with the Words Players building) assembles a very important piece of downtown that we want to do something constructive with and something complimentary to the downtown master plan as we go forward," said Beltz. "But what that looks like, we just don't know yet."

U.S. Bank's branch at 401 First Ave. S.W. sits at the center of that "very important piece of downtown." And the bank plans to remain there.

"The branch will continue to operate with parking and drive-through banking access," said Pat Swanson, U.S. Bank's spokesman in response to emailed questions.

In fact, U.S. Bank even has permit applications in the pipeline to renovate the 37-year old brick building. The branch has 15 employees based there.

Does being surrounded by possible future development cause U.S. Bank any concern about the future of its branch?

"We’re pleased to see growth and development in Rochester," responded Swanson by email.

October 16, 2013

First Alliance to open new Roch. branch on 55th Street

First Alliance Credit Union hopes to open a new Rochester branch at 3900 55th St. N.W. in early 2014.

The Rochester credit union is leasing the 700-square-foot space aNew1stalliancebranch10162013nd plans to have three employees based there. It shares the building with the local Veteran's Affairs clinic. 

This will be First Alliance's fourth Rochester branch, including a small one-person office in the Kemps' facility on North Broadway. First Alliance also has a branch in Byron.

"This is a great opportunity to get our footprint in the market on 55th Street," said Mark Hettinger, First Alliance's chief operations officer. "A sizable percentage of our members live in the northwest area."

First Alliance is moving into a space last leased by Home Federal Savings Bank, which moved out last spring. Home Federal originally built the 9,800-square-foot facility in 2002. The Rochester bank sold the building to Les Nelson, of Clear Lake, Iowa, in 2009 for more than $2 million.

With the rise in online banking and direct deposit, today's customers don't go to branches to deposit paychecks or make withdrawals like previous generations did. However, customers do still like to deal with a person for some transactions, particularly for things like loans and mortgages.

"Branches are smaller now and really need to be strategically positioned," he said. The branch manager for the new branch also will be a loan officer.

That's why First Alliance is opening this branch on 55th Street, while it also owns land on 41st Street Northwest. Hettinger plans to watch the 55th Street location to help First Alliance gauge how to best use the 41st Street property.

Meanwhile, on the other side of the city, the credit union also is building a new full-service ATM site just off of 48th Street Southeast in Rochester's Shoppes on Maine development. It's being built near the big monument sign at the entrance to the commercial area.

Grading and ground work has begun there and Hettinger hopes to have the ATM site up and running by the end of November.