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.
Finance & Commerce presented its prestigious Top Women in Finance Award to Angie Trocke for achievements in the finance industry and our community.
Andrew Dahlen, Director of Commercial Banking shared a bit about Angie, “I hired Angie in 2004 as a Commercial Banking Associate and have enjoyed watching her grow both personally and professionally, through her hard work and commitment. She is dedicated to her customers’ success and is a reliable resource for her peers. We are proud to have her on our team, and to acknowledge her contributions to others.” Bill Gaier, Publisher of Finance & Commerce elaborated on this special recognition, “Finance & Commerce Top Women in Finance award winners are the top achievers in the finance industry and community. We are proud to honor each of our nominees, finalists and our incredible winners, all of whom are committed to the profession, their clients and their communities.” Visit https://finance-commerce.com/top-women-in-Finance/ for additional information about the Finance & Commerce Top Women in Finance Awards.
About Finance & Commerce
For 134 years, Finance & Commerce has delivered economic development, commercial real estate and construction industry news to Minnesota’s regional business leaders, developers and housing and community advocates. We provide the business community with in-depth analysis in our Beyond the Skyline podcast, host thought leadership programs that provide industry insight on topics ranging from clean energy to affordable housing and offer the region’s only Development Trackers of real estate, apartment and hotel development. Our award programs center on the region’s construction and real estate business, bringing together the entire development community, and our Top Women in Finance program is one of the area’s largest events celebrating women in the industry.
Highland Bank is pleased to expand digital banking services to the business community with the addition of Autobooks. Autobooks is a payment solution that is both easy to use and affordable for small businesses. Features include digital payment acceptance and invoicing, accounting and reporting. Accessed through its digital banking platform, Highland introduced this new product in late September.
David Esposito, Director of Retail Banking is enthusiastic about the new offering, “With the continued high adoption of digital banking, services like this are a welcome and necessary tool to support our smaller business customers. We look forward to helping our customers get enrolled to access the new features.”
Learn more about the new product by visiting https://highland.bank/business/autobooks/
