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It's now Community Resource Bank
Submitted by Anne Bretts on Wed, 07/05/2006 - 3:26pm
Check out the new logo. You’ll be seeing it as the signs change in the next couple of weeks, but the paperwork already is done. Community National Bank now is Community Resource Bank.
The 128-year-old bank, which started as Citizen’s Bank and later became Northfield National, has been Community National Bank since a group of local investors headed by Don Kuehnast bought it in 1987. After nearly 20 years, it was time for a minor adjustment.
“One of the primary reasons is that we have an office in Roseville and that office is right next door to another Community National Bank,” said Bank President Don Keuhnast. “Customers were getting truly confused.”
The Northfield Bank bought its Roseville bank in 1999 and didn’t have any problems until Community National Bank of North Branch started adding operations in Vadnais Heights. While the northern suburbs are the definition of sprawl, the banks were finding it all a little too cozy.
The Northfield bank took advantage of the situation to change its name, and make the switch from a national to a state bank. The Federal Deposit Insurance Corporation notes that state and national regulations are nearly identical, but banks generally pay lower fees to be regulated by their home states. Kuehnast agreed, “The regulations are the same, there’s less expense, plus we figured we should be putting the money into the state coffers instead of the federal ones.”
Lower fees are nice, but Kuehnast hardly has to pinch pennies. The bank has shown spectacular growth in last three years, jumping from $150 million in assets in 2003 to $220 million today. “We have great people who have propelled our growth,” Kuehnast said, adding that the bank has had strong commercial lending and agricultural business combined with overall growth.
The details of the bank's success are in its call report. Banks submit call reports to the government each quarter. You can check any bank’s records by going to the FDIC website and typing in the name of the bank and the location of its headquarters. You can click here to find the most recent report on Community Resource Bank, still listed in the records as Community National.
The Minnesota Commerce Commission approved state bank charter to Community Resource Bank in Northfield, Minnesota, on June 27. The Federal Deposit Insurance Corporation will continue to insure the bank's deposits. Community Resource Bank is headquartered at 1605 Heritage Drive, with offices downtown and in Cannon Falls as well as Roseville. The board of directors includes Steven N. Sanderson, Chris B. Peterson, Gregory J. Langer, Donald F. Zibell, Robert L. Bradford, Dr. Bradley R. Wille, and F. Donavon Kuehnast, who also serves as president.
Editor's update (07/11/06).The bank's domain name will change to www.community-resourcebank.com.