We are excited to announce a new leadership role developed to enhance our Commercial lending support. Angie Trocke, VP Commercial Banker, will now oversee our Commercial Banking Associates.
With prior experience leading this group, Angie brings valuable insight, strong relationships, and a deep understanding of their work. In addition to supporting business owners across the Twin Cities, her leadership will be instrumental in guiding continued growth and success for the team.
Join us in congratulating Angie on this well-deserved opportunity!
In a forward-thinking move toward sustainability and operational efficiency, Highland Bank partnered with Cedar Creek Energy to install a rooftop solar energy system at its St. Michael location. The initiative reflects the bank’s broader commitment to responsible business practices and demonstrates how financial institutions can lead by example in the transition to clean energy.
A Natural Partnership: Highland Bank and Cedar Creek Energy
The idea to explore solar energy took shape during the construction of Highland Bank’s new St. Michael office. When Cedar Creek Energy presented a customized, financially sound proposal, the opportunity aligned perfectly with the bank’s goals.
“Between the ground-up construction, advancements in solar technology, and new financial incentives, the St. Michael project became the perfect opportunity,” said Rick Wall, CEO of Highland Bank. “It made sense both environmentally and financially.”
Cedar Creek’s team—including Project Manager Charlie Stenstrom and Senior Development Engineer Rick Tisdale—worked closely with Highland Bank to design the system, manage grant applications, and outline the long-term value of clean energy.
About Cedar Creek Energy
Founded in 2007 and based in Blaine, Minnesota, Cedar Creek Energy delivers turnkey solar solutions for commercial, municipal, and multifamily projects across the region. The company stands out in the industry for its focus on mid-sized commercial projects—those that are often too small for national developers but too large for many local firms.
They handle as much of the process in-house as possible, employing seasoned teams for design, engineering, and installation. The company actively supports workforce development through an apprenticeship program that helps young tradespeople advance toward journeyman certification. This approach ensures clients receive a seamless, start-to-finish experience backed by local expertise.
Financial and Environmental Benefits of Solar
While sustainability was a key motivator for the project, the financial case for solar was just as strong. The St. Michael installation qualified for a USDA REAP (Rural Energy for America Program) grant and benefited from federal tax credits and accelerated depreciation—creating a highly favorable return on investment.
“I think most business owners have a preconceived notion that solar is expensive,” said Rick Tisdale, Senior Development Engineer at Cedar Creek Energy. “When I sit down with them and show them the numbers, their opinion changes. I’ve seen double-digit IRRs and paybacks of less than three years on seven-figure projects. That is a great business investment.”
The system will significantly reduce the branch’s carbon footprint and is expected to offset a substantial portion of energy usage, especially during high-demand summer months—reducing operational costs and long-term exposure to utility rate increases.
Financing Solar Through PACE: A Win-Win for Businesses
A key factor in making commercial solar projects feasible is PACE (Property Assessed Clean Energy) financing. PACE allows businesses to fund clean energy upgrades through long-term loans repaid via property tax assessments—preserving capital for other investments.
“PACE financing has been used to finance over $9 billion of projects in the United States,” said Tisdale. “The great part about PACE is that we can do solar projects for companies and it doesn’t compete with their capital for other projects. Having a partner like Highland Bank to assist our clients is a great asset.”
Cedar Creek works together with Highland Bank’s VP, Commercial Banker, Michael Linder to structure solar financing using PACE loans to align with client goals. This collaboration helps eliminate the upfront cost barrier many business owners face when considering solar, making clean energy more accessible and financially practical.
Thinking About Solar? Here’s What You Should Know
Solar energy isn’t just about going green—it’s a smart business decision. Most commercial systems see a return on investment within four to six years. And with minimal maintenance required, solar offers long-term savings and energy independence with very little operational disruption.
For businesses considering solar energy, both Highland Bank and Cedar Creek Energy agree: now is the time. With tax incentives currently at their peak and policy changes coming 2026, waiting will reduce long-term benefits. “Cedar Creek aims to take the guesswork out of the solar process and make it easy for business owners to have a clear picture of their energy use and expenses,” said Erin Harvey, Sales Operations Director. “As Rick Wall outlined, there can be challenges and changes along the way, so it’s important to work with a company that knows how to navigate those and keep you in the driver’s seat.”
Interested in Solar Energy?
Interested in PACE Loans?
Highland Bank is proud to announce the promotion of Ben Hangge to Senior Vice President, Commercial Banking Manager.
Since joining Highland Bank eight years ago, Ben has made significant contributions to the Commercial Banking department—consistently performing as a top producer in M&A and Cash Flow Financing.
In his new role, Ben will lead a team of commercial bankers, providing day-to-day management and support. He will also oversee M&A and Cash Flow Lending efforts across the Commercial Banking team.
Please join us in congratulating Ben on this well-deserved promotion.
Highland Bank Announces Leadership Transition: Andrew Dahlen Named New President
July 2, 2025 – Highland Bank today announced a key leadership transition, effective July 1, 2025. Troy Rosenbrook has stepped down as President of Highland Bank after seven years of exemplary leadership, marking a significant milestone in the bank’s history. While Troy’s day-to-day role as President concluded on June 30, he will continue with the organization in a transitional capacity through December 31, 2025, to ensure a smooth leadership handoff and provide oversight on key initiatives.
Troy has been a cornerstone of Highland Bank’s success, guiding the organization through a period of remarkable growth and transformation. His strategic vision, collaborative spirit, and commitment to innovation have shaped the culture of Highland Bank and positioned it as a trusted financial partner in the communities we serve. We are grateful for Troy’s leadership and lasting contributions to the organization.
Looking ahead, we are pleased to announce that Andrew Dahlen has officially assumed the role of President, effective July 1. Andrew has been with Highland Bank for 22 years and has played a critical role in the bank’s success across a wide range of leadership positions. His deep industry expertise, dedication to our clients, and passion for our mission make him exceptionally well-suited to guide the bank into its next chapter.
“It’s an honor to step into this role and continue building on the strong foundation that Troy and our team have established,” said Dahlen. “Highland Bank has always been focused on creating meaningful relationships and delivering value to our clients and communities. I look forward to working alongside our talented team to advance that commitment and lead the bank into an exciting future.”
Please join us in thanking Troy Rosenbrook for his outstanding service and in congratulating Andrew Dahlen on his new role.
Highland Bank partners with Federal Home Loan Bank of Des Moines to award $90,000 to local organizations through the Member Impact Fund
Grant program supports affordable housing and community development
In partnership with Federal Home Loan Bank of Des Moines (FHLB Des Moines), Highland Bank is pleased to announce that nine local organizations will each receive a $10,000 grant from the Member Impact Fund. This matching grant program will result in FHLB Des Moines awarding $20 million in funding to support affordable housing, education, health services, and community development in Minnesota.
Highland Bank is proud to support these organizations as they play a vital role in building stronger, more inclusive communities across Minnesota:
American Indian Community Development Corporation – Advances housing, health, and economic development initiatives that strengthen Native American communities.
Bloom Early Learning & Child Care – Provides high-quality, inclusive early childhood education and support for families of all income levels.
CEAP (Community Emergency Assistance Programs) – Mobilizes resources to nourish neighbors, reduce hunger, and strengthen community connections.
Emerge Mothers Academy – Empowers single mothers through personal development, parenting support, job readiness, and financial education.
Hired – Connects job seekers to employment training and career support, helping people build long-term success and economic stability.
Minnesota Assistance Council for Veterans (MACV) – Supports veterans and their families with housing, employment, and legal services to prevent homelessness.
Native American Community Clinic – Offers culturally grounded health care and wellness services to meet the needs of the Native American community.
Rebuilding Together Minnesota – Repairs homes and revitalizes neighborhoods to ensure safe, healthy housing for all.
Twin Cities Habitat for Humanity, Inc. – Creates and preserves affordable homeownership opportunities to build stability and equity for families.
FHLB Des Moines provides funding solutions to more than 1,200 members to support mortgage lending, economic development and affordable housing in the communities they serve. The Member Impact Fund provides FHLB Des Moines members up to $3 for every $1 in matching grant donations to strengthen the ability of not-for-profits or government entities to support the needs of their communities.
“The Member Impact Fund continues to be a powerful resource in supporting our members as they expand access to affordable housing and drive community development,” says Kris Williams, president and CEO of FHLB Des Moines. “It’s inspiring to see the partnerships centered around improving local communities in such a variety of ways.”
Recipient organizations were selected based on the needs for grant funding to support capacity-building or working capital necessary to strengthen their ability to serve affordable housing or community development needs including job training, affordable housing, financial literacy, food banks and youth programs.
This member matching grant program is part of FHLB Des Moines’ ongoing mission to offer a variety of funding options through its members.
Since its founding in 2023, the Member Impact Fund has supported affordable housing and community development with nearly $70 million in grants awarded by FHLB Des Moines. Member institutions apply and receive Member Impact Fund matching grants to be distributed to eligible organizations alongside their own grant contribution.
Highland Bank is pleased to announce the appointment of Christine Battist to its Board of Directors, as of the March 2025 Board meeting.
Christine brings over two decades of leadership in financial services and corporate governance. Her impressive background spans roles as a board member and with deep expertise in publicly traded and regulated companies. Her diverse experience and strategic insight make her a strong addition to our board.
Throughout her career, Christine has guided organizations through complex financial landscapes, offering thoughtful oversight and a steady hand in both growth and transformation phases. Her extensive expertise in strategic leadership and risk management in financial services companies aligns seamlessly with Highland Bank’s commitment to excellence and integrity.
“We are fortunate to have Christine on our board”, said Rick Wall, CEO and Chairman of the Board. “She brings a lot of experience in the finance area, and her work with public and regulated companies will expand our perspectives on governance and best practices.”
Please join us in congratulating Joe Veliz on his well-deserved promotion to Commercial Banker! Joe joined the bank as a Small Business Banker in 2016 and has successfully managed a majority of the bank’s small business portfolio. He is a proven business relationship manager, who will now serve larger business clients with greater credit needs, helping them achieve financial success. Congratulations Joe!
ST. MICHAEL, MN, August 11, 2022 – Highland Bank, a locally- and independently-owned community business-focused bank, announced today that its St. Michael branch, located at 701 Central Avenue East, will relocate to a new building. This project integrates with the city of St. Michael’s long-term redevelopment strategy that focuses on revitalizing the downtown area, supporting the growth of its community.
The new 5,000 square-foot facility is just a mile west of the current location, and will provide better access, customer parking, and an interior design that modernizes bank visits for customers. The new office, located at 113 Central Avenue East, is projected to open in spring 2023.
“Highland Bank has been an integral part of the St. Michael community for almost 80 years, so our team is thrilled to stay so close to our current location while upgrading the amenities and technologies for customers,” said Rick Wall, Chief Executive Officer, Highland Bank.
The new building is a part of a larger initiative to invest in the communities and customers Highland Bank serves. The new bank will feature the following elements:
“Highland Bank will continue to serve its customers at the current branch until the construction process at the new building is complete,” said Wall. “We are excited about this opportunity for our customers in the St. Michael community and we are committed to providing exceptional service during the building move.”
Updates on the new building development will be posted to the Highland Bank website and on its social media channels as they become available. The website address is www.highland.bank.
Highland Bank, a locally and independently owned community business-focused bank, signed a definitive agreement on August 17, 2022 to purchase Boundary Waters Bank, pending regulatory approval. Boundary Waters Bank has branches located in Woodbury, Blaine and Ely Minnesota, which hold approximately $100 million in deposits. The acquisition is expected to be complete by the end of year 2022.
The agreement to purchase all outstanding shares of Boundary Waters Bank sets forth a plan for future consolidation under Highland Bank in 2023. Rick Wall, Chief Executive Officer of Highland Bank shared, “This merger presented an ideal opportunity to expand our organization, blending our individual strengths to provide even greater value to our communities and shareholders alike.” Boundary Waters Bank President and CEO Sarah Kolek added, “We are pleased to announce we have entered into a merger agreement with Highland Bank. They have a long history of demonstrating a strong commitment to their customers and communities they serve. Joining forces will extend our reach by providing customers access to a larger banking network and expanded services. Culturally, the union is a natural fit.”
Highland Bank President Troy Rosenbrook is excited about the future. “Highland continues to look for ways to expand on the relationship-based approach that has served us so well. We are confident that this merged organization will further that mission within our shared business model.”
Preceding the 2023 conversion, both banks will be communicating details to impacted customers to provide for a smooth transition. Until that time, daily transactions and account access will continue as usual.
About Highland Bank
As of June 30, 2022 Highland Bank reported nearly $630 million in assets. With the addition of the three branches, Highland will operate eight locations in Minnesota and hold approximately $750 million in assets. Founded in 1943, Highland Bank is an independent, privately held bank serving the communities of St Michael, Maple Grove, Minnetonka, Bloomington and St Paul. Highland proudly brings value to its customers as trusted advisors. Highland Bank’s expertise is business lending, with an emphasis in real estate lending, commercial/industrial loans, and government-backed loan solutions. Learn more about Highland Bank at www.Highland.bank
About Boundary Waters Bank
Boundary Waters Bank was chartered in 1999 in Ely, Minnesota and has been a locally owned, independent community bank since that time. Boundary Waters Bank proudly serves the communities of Ely, in northeastern Minnesota, and the Twin Cities metro communities of Blaine and Woodbury. Boundary Waters Bank reported approximately $115 million in assets as of June 30, 2022.
Highland Bank celebrated the ground breaking of its St Michael branch, the latest in its commitment to modernize facilities and invest in the communities it supports. Representatives from Highland Bank, the City of St Michael, Wall Companies, Larson Building and Mohagen Hansen Architecture attended the ceremony to break ground on the project. The new facility is approximately 5,000 square feet of office space, and is expected to be complete in first quarter 2023.
Highland Bank Chief Executive Officer Rick Wall opened the ceremony by restating Highland Bank’s commitment to St Michael. ”We opened the bank in St Michael over 75 years ago, and are so very pleased to be able to continue the vision for the downtown corridor with this project.”
The new building is located at 113 Central Avenue East in St Michael, just under one mile from the location Highland Bank currently occupies. The location improves access points to the bank by better aligning with traffic patterns, and provides amenities including wider drive through lanes and updated servicing areas designed for modern banking requirements.
Holly Mork will continue to serve the St Michael area as Branch Manager. “Our team is excited to see this planning process now coming to fruition. We are busy planning for our open house, and have both old and new aspects of our community that will be showcased in our new office. It will be fun to bring it all together.”
Follow the progress of this project and other important happenings at Highland Bank on Highland’s website www.highland.bank as well as the bank social media pages.
