State Bank & Trust to open inaugural Twin Cities location
State Bank & Trust has applied to open a banking location in the Twin Cities metro area. Pending regulatory approval, State Bank & Trust, headquartered in Fargo with over $2 billion in assets, will open its first full-service Twin Cities bank location this spring in The Colonnade, 5500 Wayzata Boulevard, near the intersection of I-394 and Highway 100 in Golden Valley.
"We are excited about further opportunities for continued growth in the Minneapolis-St. Paul metro area," said Michael Solberg, president and chief operating officer of State Bank & Trust. "With a good 20 percent of our balance sheet already originating out of the Twin Cities market, we've been able to earn both quality relationships and solid brand equity."
Chartered in Fargo, N.D., in 1966, State Bank & Trust is the largest independent bank in Minnesota, North Dakota and South Dakota, with more than 650 employees and assets totaling more than $2 billion. Last year, State Bank & Trust purchased Bell Mortgage, a 130-year-old mortgage company with 28 Twin Cities locations.
State Bank & Trust was named one of Minnesota's "Top 100 Workplaces" by the Minneapolis Star Tribune in 2011 and was a finalist for the Integrity Award given by the Better Business Bureau of North Dakota and Minnesota.
Most recently, Michael Solberg and his father, Richard, were named "Bankers of the Year" by Minneapolis-based NorthWestern Financial Review.