Like most of our loyal customers, you probably know the people at Highland Bank every bit as well as we know you.
But, do you know what the hard-earned dollars you deposit with us make possible right here in your community? The short answer: a lot—things that simply wouldn’t happen if you deposited those same dollars in a mega bank, where they’d be sent out of town or even out of the country.
See the chart below and read on to find out. We’re certain you’ll be pleased by the positive impact your decision to bank at Highland has on local businesses and your fellow residents every day!
How Your Deposits at Highland Bank Help Fund Community Development
“Our balance sheet and these figures reflect Highland Bank’s focus on providing a broad range of financial services to our community banking customers, both small businesses and retail customers,” said Harold Orcutt, Senior Vice President and Chief Financial Officer. “We currently have over 1,300 loans outstanding, which are primarily funded by our 16,000 deposit account relationships,” Orcutt stated with pride.
Let’s take a look at some of the many ways Highland Bank puts your deposits to work locally.
Businesses Loans: 43%
You may not realize that a large portion of your deposits provides vital capital to small businesses for operations and expansion here in your own community. What’s more, odds are you’re a regular customer or even an employee at some of these companies.
“The majority of our small business loans are to companies with less than 500 employees, noted Highland CFO, Harold Orcutt. “They typically use the funds to start a business, buy or build a new facility, purchase new equipment or help fund ongoing operations. According to the U.S Small Business Administration (SBA), small businesses create over 60% of new jobs and help boost local spending and tax revenues. So these loans pump a lot of money into the local economy,” he emphasized.
Mortgage Securities and Loans: 33%
Mortgage Securities are 26% of our assets. Sizable portions of these investments help finance the construction and purchase of local homes. So these funds help bring a steady stream of new residents and new money into the community, helping to keep it healthy and vibrant.
7% funds Mortgage and Home Improvement Loans. New mortgages that Highland Bank originates often bring new residents to the community. And those moving into new homes usually spend hundreds or even thousands of dollars purchasing goods and services in the first few months after move in, further stimulating the local economy.
“It’s amazing how many businesses directly or indirectly rely on homeowners for their livelihood,” emphasized Joy Morris, Mortgage Lending Manager at Highland Bank. “When new residents move into homes in the community, daycare facilities, financial institutions, furniture and home stores, pharmacies and more all benefit. And an active housing market also boosts business for service providers such as home contractors, lawn services, plumbers, even dog walkers,” observed Morris.
Investments and Loans to Municipalities: 17%
The majority of these funds are in the form of municipal bonds issued by local governments. These bonds help finance a wide variety of infrastructure improvements to streets and bridges, schools, parks and recreation facilities, public housing, sewer and water systems and other important projects. In short, many things you use every day but may take for granted which help make your community a great place to live.
Your Bank Puts Its Money Back into the Community, too.
As a Member of the Minnesota Keystone Program, Highland Bank Consistently Supports Local Nonprofits.
Fifteen years ago, Highland Bank joined a select group of Minnesota Keystone Program member companies devoted to enhancing the quality of life here by giving back at least 2% of pre-tax earnings to community organizations.
Through our Community Involvement Program (CIP), Highland Bank supports a number of local charities. Our Program gives highest priority to organizations that hold a 501 (c) (3) charitable status and promote the development of commerce, especially through program activities and scholarships, and charities that strengthen families. In addition, we support programs that strive to develop integrity, accountability, responsibility, and community growth. We’re proud of the difference our donations make in the lives of many, every day.
“The Twin Cities has been very good to Highland Bank and the Wall family, so we want to give back and help the community grow stronger,” said Rick Wall, Highland Bank CEO. “Each of us has received help and support from others to achieve the successes we have had to date. We enjoy returning the favor by investing in others so that they can improve and grow. Donating our time, talents and financial support benefits all involved,” he said with certainty.
“Highland Bank has a long tradition of supporting charities with which our customers, employees and directors are active,” continued Wall. “I believe that helping people to help themselves creates a lifetime of independence, and that’s why we focus on organizations that develop commerce and provide scholarships to local students. I also feel a healthy family life can help individuals lead a more fulfilling life, so we’re strong supporters of programs that strengthen families, too,” Wall emphasized.
Would you like more information about our Community Involvement Program? Please contact Teri Meagher at 952-858-4661.