March 7, 2011
University National Bank, a certified Community Development Financial Institution (CDFI) based in Saint Paul, has acquired the Rosemount National Bank branch at 1351 Arcade Street on the east side of St. Paul.
On March 5, 2011, University National Bank began to transform the Arcade Street bank branch into a CDFI with the mission of being “The Leader in Improving the Urban Community” focused on the East Side of St. Paul. The 4,000-square-foot bank facility will under go some physical updating in the months ahead which is a reflection of University Bank’s commitment to the East Side of St. Paul.
“We’re excited to add this new bank location as a demonstration of our ongoing commitment to urban banking in the heart of St. Paul.” says Jim Conrad, president of University National Bank. “This new branch will build upon our existing relationships throughout the East Side, including with not-for-profit groups such as Dayton’s Bluff Neighborhood Housing Services and East Side Neighborhood Development Center. The East Side is rich in history and culture, and our bank sees tremendous opportunities for small business development and commercial real estate revitalization.”
Leading the new bank’s staff will be home-grown “East Sider” Tammy Klinkhamer, University Bank’s Vice President for Retail Banking, who is familiar to community members from having worked at that Rosemount Arcade Street location for many years.
The new East Side branch will augment University Bank’s headquarters located at 200 University Avenue, W. in St. Paul. This will be the eighth Sunrise Community Bank (Park Midway Bank, Franklin Bank and University Bank) location in the Twin Cities. Sunrise Community Banks is a locally owned family of three nationally chartered banks totaling over $600 million in assets. To learn more about Sunrise Community Banks please visit us at www.sunrisebanks.com.
University Bank’s new branch is especially significant in light of a February 2011 New York Times analysis of data provided by SNL Financial, which determined that “even as banks shut branches in poorer areas, they continued to expand in wealthier ones, despite decades of government regulations requiring financial institutions to meet the credit needs of poor and middle-class neighborhoods.” The Times found that in low and medium-income areas across the U.S. the number of bank branches dropped by 396 since 2008, while in neighborhoods with higher-income households, the number of branches soared by 82. Thanks to actions taken by University Bank, this trend is beginning to reverse in the Twin Cities.
About Sunrise Banks: Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and people thrive by empowering them to achieve financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Member FDIC.
About University Bank
University Bank is a certified Community Development Financial Institution (CDFI) with a mission to be the “Leader in Improving Our Urban Community”. The bank focuses its lending in the urban core of Minneapolis and Saint Paul and offers deposit customers a Socially Responsible Deposit Fund (SRDF) option. When customers choose to participate in the SRDF, it offers them the chance to be an agent of change in our community. These deposits help fuel University Bank’s support of affordable housing, small business development and community services offered through not-for-profit organizations.