Heard on the Street: Minnwest Bank files to change structure
Minnwest Bank has filed to bring all of its 24 locations, including ones in Rochester and Hammond, under one charter.
Customers shouldn't see any direct changes from the organizational shift, says Troy Rosenbrook, the president of Minnwest Bank Metro based in Eagan.
The Minnwest Bank Metro charter, one of six Minnwest charters in Minnesota and South Dakota, includes Rochester, Hammond,Minnetonka and Eagan.
Minnwest Bank recently filed with state and federal regulators to merge all six charters. He estimates the change should be approved in spring 2014, possibly as soon as May.
If the merger is approved, Rosenbrook will become a regional president in charge of the same six locations. Sue Reinke will remain the president of Rochester's location at 331 16th Ave. N.W., near the Miracle Mile Shopping. The rest of the staff also will remain unchanged, says Rosenbrook.
Rosenbrook says Minnwest's splintered charter structure was not common many years ago, but now it's in the minority among the state's banks.
"This change will eliminate a lot of duplicate paperwork and filings for Minnwest," he says. "From an account holder standpoint, it will make it easier to use all 24 Minnwest locations."
As of June 30, the four Minnwest Bank Metro locations reported a combined total of $184.5 million deposits, according to Federal Deposit Insurance Corp. records. Rochester accounted for $42 million of those deposits.
Minnwest entered this market in 2006, when it acquired Rochester Bank and its Hammond branch.
That bank originally was founded as the Rochester Bank and Trust Co. in 1958. It changed its name to Rochester Bank in 1994. — Jeff Kiger
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