Sunrise Banks is Minnesota’s Socially Responsible Bank©. Sunrise Banks and its three affiliates, Franklin Bank, Park Midway Bank and University Bank share a mission to be “The Leader in Improving Our Urban Community”. That mission translates into the following operating principles: Community Investment, Environmental Stewardship, Transparent Corporate Governance, Healthy Employee Relations, Product Integrity, and Stakeholder Engagement. All of the banks are located in the urban core of Minneapolis and St. Paul and 90% of Sunrise Banks’ branches are located in low income communities. Sunrise’s innovative spirit launches the organization into national initiatives, such as underbanked prepaid card programs, that hold tremendous promise for meeting financial needs in underserved markets.
The three Sunrise Banks were purchased in the 1980s and 1990s by the Reiling family. Franklin Bank, located in Minneapolis, has grown to four branches since the bank’s purchase in 1986. The bank serves many neighborhoods in Minneapolis and has unique programs targeted to their immigrant clientele. Park Midway Bank, located in Saint Paul, has two locations in urban neighborhoods and is one of the largest Small Business Administration (SBA) lenders in the state of Minnesota. Also in St. Paul, University Bank has two branches and was the first Community Development Financial Institution (CDFI) certified bank in the state of Minnesota. Currently, all three Sunrise Banks are designated as CDFI banks.
Sunrise Banks is a family owned, nationally chartered community bank. The unique corporate structure of Sunrise Banks embeds the organization in the local inner cities it serves and is governed through an advisory board and board of directors comprised of local business owners, community representatives, and local ownership.
• David Reiling, Chief Executive Officer
• Nichol Beckstrand, Chief Operating Officer
• Mike Porcello , Chief Credit Officer
• Nikki Foster, Chief Corporate Responsibility Officer
Sunrise Banks’ affiliate institutions originate small business, commercial real estate, and community facility loans in the urban core of Minneapolis and Saint Paul. Over 60% of Sunrise’s loans are originated in low income communities year after year.
Our Socially Responsible Deposit Fund (SRDF) allows bank depositors the option to designate their funds to revitalize our 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. Our lending is local, but our community development scope is national. For example, we possess an overt desire to incubate and test programs that serve the needs of unbanked and underbanked families. This mission centric goal led us to undertake a prepaid card program 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. Our Prepaid division helps us bring this journey to a national level and puts our goals within reach by offering Prepaid Card programs which seek to serve the unbanked and underbanked.