For Immediate Release: April 15, 2008
Commerce Department Issues State Charter to Minnesota Bank & Trust
(St. Paul, MN…) Minnesota Commerce Commissioner Glenn Wilson announced today the issuance of a state bank charter to Minnesota Bank & Trust, Edina, Minnesota. The charter is effective April 15, 2008, when the bank will open for business to the public. The Federal Deposit Insurance Corporation will insure the bank's deposits.
Minnesota Bank & Trust, state charter 1876, will be located at 7701 France Avenue South, Edina, Hennepin County, Minnesota 55435. The bank can be contacted at (952) 841-9300.
Minnesota Bank & Trust plans to be a full service bank with trust powers. The bank's initial capital is $16,500,000. The bank will be majority owned by Heartland Financial USA, Inc., located in Dubuque, Iowa, with the bank board of directors including Catherine T. Kelly, Lynn B. Fuller, Bruce Humphrey, Susan E. Lester, Blake R. Nelson, John C. Scholz, Steven M. Thul, and Craig Weinstock. The bank's executive officers include Chief Executive Office, President and Trust Office Catherine T. Kelly, Chairperson of the Board Steven M. Thul, and Vice Chairperson of the Board Lynn B. Fuller.
Minnesota Bank & Trust is the first new state bank to open in Minnesota in 2008.
Besides state chartered banks, the Division of Financial Examination of the Department of Commerce is also responsible for the regulation of state chartered credit unions, mortgage companies, premium finance companies, accelerated mortgage payment companies, motor vehicle finance companies, consumer small loan companies and regulated loan companies, currency exchanges, money transmitters, automatic teller machines, and electronic funds transfer. The Division is also responsible for the licensing and financial regulation of insurance companies operating in Minnesota.