Sunrise Community Banks in St. Paul will combine Franklin National Bank, Park Midway Bank and University Bank next month, according to the Pioneer Press. The consolidated Twin Cities banks will operate under the Sunrise retail banner.
Sunrise Banks will have $750 million in assets and eight branches in the Twin Cities metro.
“Uniting our three community banks under the single brand of Sunrise Banks enables us to offer Twin Cities businesses and consumers more innovative products and services and more advanced technology,” Chief Executive Officer David Reiling said in statement. “At the core of our success, though, is our dedication to the mission of helping our urban community and the underserved succeed. This financial inclusion philosophy ignites social change and promotes access to financial services for all.”
The Star Tribune notes majority ownership of Sunrise Banks recently transferred from founder Bill Reiling to his son, CEO David Reiling. President of Franklin Bank, Frank Fuller, will become president of the combined Sunrise Banks.
Read the full news release below:
ST. PAUL, Minn. (March 11, 2013) –Franklin Bank, Park Midway Bank and University Bank will open for business as “Sunrise Banks” on April 1, 2013. The three banks’ success in achieving both solid financial performance and positive social impact drove the decision to consolidate the three bank charters to one. The combined bank will have assets in excess of $750 million, eight branch locations throughout the Twin Cities and a national products production office in Sioux Falls, South Dakota.
Sunrise Banks will continue to be owned by the St. Paul/Minneapolis, MN-based Reiling Family. Ownership of Sunrise Banks has recently passed from Chairman Bill Reiling to his son, Chief Executive Officer David Reiling through a long-established succession plan. “Over the years, we’ve grown from a small chain of Twin Cities’ banks to one with multiple branches, products with a national and international presence and combined assets approaching one billion dollars,” says Sunrise Banks’ CEO David Reiling. “Sunrise is a social enterprise that’s driven to innovate by its commitment to achieve a double bottom line of solid financial performance with positive social impact.”
“What’s remained constant throughout our history is our unique ability to innovate - it’s infused in our DNA ,” says Reiling. “From the development of our pre-paid card programs and New Markets Tax Credit loan program, to where our branches are located, we strive to provide convenient access to financial services.”
Sunrise Banks is now focused on growing as The Most Innovative Bank Empowering the Underserved to Achieve. The bank seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Simply stated, Reiling adds, compassion is the bank’s motivation, its mission is to empower, its spirit is to achieve.
The bank’s mission-focused approach has catapulted it onto the national stage. In recent years, the Sunrise Banks have been honored with a:
· First-ever Socially Responsible award in the Ernst & Young “Entrepreneur of the Year” Award program
· “Best Corporate Social Responsibility Program” from the American Business Awards.
· Corporate Citizenship Award from the U.S. Chamber of Commerce’s Center for Corporate Citizenship,
· A 2012 Community Reinvestment Award in the lending category at the National Interagency Community Reinvestment Conference
Sunrise Banks are certified as Community Development Financial Institutions (attesting to the banks’ focus on providing financial products and services in St. Paul and Minneapolis’ underserved communities) and as a B Corporation, which acknowledges the bank’s standards of social and environmental performance, accountability and transparency.
Sunrise has expanded its influence globally, recently becoming a member of the Global Alliance for Banking on Values, a network of 20 of the world’s leading sustainable banks from Asia, Africa, Latin America, Europe, and North America that use finance to deliver sustainable development for underserved people, communities and the environment.
“Uniting our three community banks under the single brand of Sunrise Banks enables us to offer Twin Cities businesses and consumers more innovative products and services and more advanced technology,” concludes Reiling. “At the core of our success, though, is our dedication to the mission of helping our urban community and the underserved succeed. This financial inclusion philosophy ignites social change and promotes access to financial services for all.”