CorTrust banks on growth in Minnesota

Your Money Matters

SIOUX FALLS, S.D. (KELO) — A Mitchell-based bank is expanding into Minnesota. We told you on KELOLAND News Thursday that CorTrust Bank was acquiring First Minnesota Bank for 347 Million dollars.

CorTrust Bank CEO, Jack Hopkins, has been looking for ways to grow his business. When an offer came his way to take over several Minnesota branches, he jumped at the chance.

“We were approached by somebody that said the owner of their bank was looking to retire, and were we interested in expanding out footprint? It really fit in well with what we were trying to accomplish,” said Hopkins.

First Minnesota Bank has locations in 11 communities across the Minnesota border. Those will be transformed into CorTrust Bank branches, as long as regulators approve the acquisition.

For customers, the changes could be seen as soon as this Fall.

“We do have some more products we’ll be able to offer, and services. And some of the technology that they may not be getting now we’ll be able to offer to them,” said Hopkins.

Hopkins says First Minnesota customers should rest assured their new ownership has the same family values they’ve come to expect from a community bank. And for CorTrust employees, expansion is always a good sign.

“As we continue to grow, it creates opportunity for everyone. And we have to grow in our industry to survive. It’s a highly regulated industry and you have to have some economies to scale to make it work,” said Hopkins

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