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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 organisation 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 organisation’s family ownership made a strategic decision to consolidate the banks and form Sunrise Banks. There are seven banks in Minneapolis and St. Paul, Minnesota and a Prepaid Card office in Sioux Falls, South Dakota.
Sunrise Banks is 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 and the first B Corporation in the state of Minnesota.
Sunrise Banks is a family owned, nationally chartered community bank. The unique corporate structure of Sunrise Banks embeds the organisation in the local inner cities it serves. Sunrise is governed through an Advisory Board and Board of Directors comprised of local business owners, community representatives, and local ownership.
Board of Management
• David Reiling, Chief Executive Officer
• Nichol Beckstrand, Chief Operating Officer
• Mike Porcello , Chief Credit Officer
• Rebecca Morris Yaklich, Senior Vice President/Director of Communications and Marketing
Market Focus, Products and Services
Sunrise Banks originates small business, commercial real estate, and community facility loans in the urban core of Minneapolis and Saint Paul. Over 70% of Sunrise’s loans are originated in low income communities year after year.
The bank’s Socially Responsible Deposit Fund (SRDF) allows depositors the option to designate their funds to revitalize the urban landscape. The SRDF deposits support loans for affordable housing, small business development, and not-for-profit entities.
The organization’s mission-focused approach, national charter, and innovative spirit, have catapulted Sunrise Banks onto national platforms. Its lending is local, but its community development scope is national. For example, the bank possesses an overt desire to incubate and test programs that serve the needs of unbanked and under-banked families. This mission centric goal led us to undertake a prepaid card programme to test its applicability in unbanked markets.
In 2011, Sunrise Banks launched an Underserved Empowerment Journey that aims to provide responsible and affordable financial products to one million traditionally underserved consumers. The bank’s Prepaid division helps bring this journey to a national level and puts its goals within reach by offering Prepaid Card programmes, which seek to serve the unbanked and under-banked.