|Key figures Impact story Impact story|
Sunrise Banks’ mission is to be 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: compassion is the bank’s motivation, its mission is to empower, its spirit is to achieve. Sunrise Banks is located in the urban core of Minneapolis and St. Paul and the majority of Sunrise Banks’ branches are located in low to moderate income communities. Sunrise’s innovative spirit launches the organization into national initiatives, such as under-banked prepaid card programs, that hold tremendous promise for meeting financial needs in underserved markets.
Until 2013 Sunrise Banks operated as three separately chartered banks; Franklin Bank, Park Midway Bank and University Bank. In April of 2013, the organization’s family ownership made a strategic decision to consolidate the banks and form Sunrise Banks. There are six branch locations in Minneapolis and St. Paul, Minnesota and a Prepaid Card office in Sioux Falls, South Dakota.
Sunrise Banks is one of the largest Small Business Administration (SBA) lenders in the state of Minnesota. Sunrise was also the first Community Development Financial Institution (CDFI) certified bank, the first certified B Corporation, and one of the first Public Benefit Corporations in the state of Minnesota.
Sunrise Banks is a family owned, nationally chartered community bank. The unique corporate structure of Sunrise Banks embeds the organization in the local urban community it serves. Sunrise is governed through an Advisory Committee and Board of Directors comprised of local business owners, community representatives, and local ownership.
Board of Management
- David Reiling, Chief Executive Officer
- Nichol Beckstrand, President, Bank & Holding Company
- Mike Porcello, Chief Credit Officer
- Melodie Carlson, Chief Operating Officer
- Scott Dressler, Chief Information Officer
- Mark Lucke, Chief Sales Officer
- Rick Beeson, Executive Vice President/Director of Business Development & Government Relations
- Rebecca Hoeft, Senior Vice President/Director of Communications & Marketing
Market Focus, Products and Services
Sunrise Banks strives to serve and revitalize the most distressed communities in Minneapolis and Saint Paul. Year after year, Sunrise commits 60% of its lending activity to these communities (totaling over $96 million in 2016 alone). Sunrise Banks’ lending supports local small businesses, promotes economic development, and supports affordable housing development in communities hit hard by long-term poverty.
The bank’s Impact Deposit Fund (IDF) allows depositors the option to designate their funds to revitalize the urban landscape. The IDF deposits support loans for affordable housing, small business development, and not-for-profit entities.
Sunrise has assets of about $850 million and approximately 200 employees focused on financial inclusion, innovation, positive social impact, and sustainability. Sunrise’s innovative spirit also launches the bank nationally through various initiatives in its primary business lines: Commercial Lending & Leasing, Relationship Banking, Government Lending focused on New Markets Tax Credits and Small Business Administration Lending and National Products including a growing Prepaid Card division and a small dollar loan product.