News

Stearns Bank Acquires Majority of Contract Capital Corporation

Stearns Bank — Wed, 13 Sep 2023 19:54:04 GMT

St. Cloud, Minn. (September 13, 2023) – Stearns Bank N.A., a financial institution in Minnesota, has acquired a majority stake in Contract Capital Corporation (CCC).

CCC provides specialized financing services to Managed Service Providers (MSPs). In addition to Stearns Bank acquiring a majority interest in CCC, Stearns Bank is well-positioned to provide additional capital for CCC to take advantage of the extensive market opportunities for growth and diversification in the Information and Communications Technology (ICT) industry.

CCC has developed specialized expertise in the fast-evolving ICT landscape as middle market and growth companies opt to deploy their capital in growth investments and acquisitions rather than investing their hard-earned capital into owning and self-managing their technology assets. With the increasing dependency on the most up-to-date technology and high-security data centers, CCC carved out a financing niche for MSPs offering the most evolved technology-as-a-service model. This financing allows MSPs to install, service and manage the mission-critical technology equipment, communication systems, and secure data centers for middle-market and growth companies as they move away from committing capital to own and self-manage their technology to the technology-as-a-service model.

As ICT undergoes this shift in client preferences and these companies continue to preserve their capital for growth opportunities – MSPs with maturing “as-a-service” models will look to the unique financing that CCC provides to maximize their market share given the ever-increasing dependency on the most up-to-date and secure ICT.

CCC’s specialty financing services add depth and diversification to Stearns Bank’s already strong nationwide financing capabilities, pairing particularly well with Stearns Bank’s nationwide equipment financing division.

“We see this venture as an opportunity to propel CCC’s growth and build upon our current expertise, further diversifying our nationwide commercial lending and equipment financing capabilities,” said Kelly Skalicky, President & CEO of Stearns Bank N.A. “Our growth strategies include a focus on partnering well with like-minded, visionary entrepreneurial leaders like Chris Kerr and Rob Howe who developed decades of specialized expertise in the ICT industry and strong MSP relationships and were ahead of their time and the industry in discovering CCC’s financing niche and the explosive growth opportunities in ‘as-a-service’ models for technology suppliers and providers, like MSPs.”

While conventional capital sources are an option for MSPs, often these choices are not effectively scalable which frequently leads to a cash crunch, or the need to dilute ownership through an equity raise. CCC seized upon that gap and opportunity to provide much-needed niche financing for MSPs well-positioned to scale and grow.

“Through our prior experience in conventional asset financing for the ICT industry, we have seen the challenge MSPs have when sourcing capital for an as-a-service practice,” said Chris Kerr, CEO of the Contract Capital Corporation. “With the stable backing of Stearns Bank, and their willingness to innovate, together we can help more MSPs to scale their business.”

In this ever-evolving technological landscape, where the cloud-based industry and managed services are flourishing, technology system updates and cutting-edge cybersecurity are essential for most every business, rather than a nice-to-have luxury for only the largest businesses.

“The secret to achieving success lies in collaboration and partnering smart with experts in the field, which we are confident we have done with Chris and Rob and their CCC team,” Skalicky said.

“We are thrilled to embark on this exciting venture with Contract Capital, as it perfectly complements our passion for innovation and our core value to continuously evolve, adding another niche financing specialization to our national lending program that repeatedly yields strong, industry-leading earnings for Stearns Bank year after year,” added Skalicky.

CCC was advised by Hovde Group, LLC and the law firm of CP LLP. Stearns Bank was advised by the law firm of Stinson LLP.

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide affordable housing, workforce and multifamily housing, commercial construction lending, build-to-suit and CRE-repositioning lending, family office and lender financing, USDA and SBA lending, and small business and equipment financing. As a national leader for nonprofits, Stearns Bank offers its customized suite of Nonprofit Banking Solutions specially designed to empower nonprofit organizations across the country. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

About Contract Capital Corporation

Established in 2019 as a wholly-owned U.S. subsidiary of Contract Capital Inc., Contract Capital Corporation provides contract-based financing services to cloud-based and managed service providers (MSPs). Contract Capital is purpose-built to address the challenges MSPs face while scaling a services-led recurring revenue model. With a mission to be a growth partner, delivering on the terms of a modern ICT marketplace, Contract Capital Corporation advances the capital needed to drive more client success through outcome-driven, subscription-based services.

Financial Fraud Prevention: What Your Bank Will Never Ask

Stearns Bank — Fri, 18 Aug 2023 15:27:11 GMT

Fraud is an ever-evolving challenge affecting every scope of life. It can be frustrating to be on constant alert, but it is a necessary step to avoid becoming a victim. Scams are increasing at an alarming rate. In fact, according to the Federal Trade Commission, consumers reported losing nearly $8.8 billion to scams in 2022 alone.

Scammers employ various types of fraudulent schemes and target a wide range of individuals regardless of age, race, geographical location, education level, financial situation, etc. Fraudsters relentlessly pursue their victims through phone, email, physical mail, text messages, and more.

Stearns Bank has always made safeguarding consumer information a top priority. Through a variety of extensive monitoring and reporting programs in place, we work diligently to recognize and reduce instances of fraud. Regardless of any financial institution’s efforts, customers are reminded to stay on high alert to protect their personal identifying and financial information.

All consumers should be aware that Stearns Bank, and any other financial institution, will NEVER ask:

For your Online Banking username OR password
For your Online Banking Secure Access Code, sent to your cell phone or email to log in or transmit money via ACH or Wire
To take control of your computer or phone
For your computer’s IP Address

DO NOT share your personal identifying or your financial information should you receive an unexpected call, text, email, or other method requesting this information. Call us immediately at 800-320-7262 if someone claiming to be Stearns Bank contacts you and asks for the above information.

Fraud schemes are constantly changing – Stearns Bank can help you stay up to date with the latest tactics and schemes used to defraud victims. Review fraud notices, report fraud incidents, and hear tips from our fraud experts at https://www.stearnsbank.com/business-banking/fraud.

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

Stearns Bank N.A. Board of Directors Member Honored On ‘Latinos on Boards’ Annual List

Stearns Bank — Thu, 17 Aug 2023 22:13:48 GMT

St. Cloud, Minn. (August 17, 2023) – Stearns Bank N.A. congratulates Board of Directors member and Latina executive, Isaura Gaeta, who has been named to the 2023 Latinos on Boards list by Latino Leaders Magazine.

The Latinos on Boards list spotlights influential and inspiring talent making significant impact through board leadership across America. These exceptional leaders demonstrate perseverance, wisdom, and innovation in leadership.

Recognized as a trailblazer in her field of engineering and technology and as a global thought leader on gender and diversity in technology and business, Gaeta joined the Stearns Bank N.A. Board of Directors in June 2022. Gaeta is the Vice President and General Manager of Security Research with Intel Product Assurance and Security Group in Santa Clara, California; she is also the Board Chair of the Hispanic Foundation of Silicon Valley and an executive member of the Latino Corporate Directors Association, certified by the National Association of Corporate Directors in Risk Oversight and Management and Compliance and Ethics.

As she leads enterprise-wide security research across all Intel product lines and drives research to anticipate fast-moving global cybersecurity threats, Gaeta puts her three decades of leadership and technology experience at Intel Corporation into action as a Stearns Bank Board member. Through strong strategic leadership and tactical guidance on continuous innovation, Gaeta is assisting Stearns Bank in expanding partnerships with innovators, diversifying product development and delivery, along with increasing inclusiveness and access to banking services and capital.

Gaeta sees tremendous opportunity for banks to reach demographics that have historically been underbanked and underserved. She shares this passion with Stearns Bank, with its many initiatives to increase access to capital and banking services for women- and minority-owned businesses.

“Isaura is driving positive change through her Board leadership here at Stearns Bank and through her trailblazing career and impactful community service,” said Stearns Bank President & CEO Kelly Skalicky. “We are grateful for Isaura’s insight and expertise. Her contributions to Stearns Bank, to our customers, and communities nationwide are so impactful already, and Isaura’s joined our Board just over one year ago! Isaura is inspiring and a joy to work with. Personally, I am learning so much from Isaura and feel very fortunate that I have the opportunity to know and work with her.”

“We congratulate and celebrate Isaura for the distinct and much-deserved honor of being selected to the 2023 Latinos on Boards list,” added Skalicky. “As a preeminent national leader and true champion of innovation, diversity, and inclusion, Isaura is changing what business, technology and our future looks like!”

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide affordable housing, workforce and multifamily housing, commercial construction lending, build-to-suit and CRE-repositioning lending, family office and lender financing, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

Stearns Bank Announces Nonprofit Banking Solutions

Stearns Bank — Tue, 15 Aug 2023 17:28:00 GMT

New suite of banking services specifically designed for nonprofits

St. Cloud, Minn. (August 15, 2023) – Stearns Bank N.A. recently launched its Nonprofit Banking Solutions, a suite of customized banking services and financing options designed specifically to meet the unique needs of nonprofits.

Stearns Bank’s Nonprofit Banking Solutions was developed to benefit its fast-growing, diverse nonprofit customer base across the nation, inspired in collaboration with its third-party nonprofit fintech partner. Stearns Bank’s experienced team of Nonprofit Banking Specialists delivers high-touch personalized service, custom-designed nonprofit banking services, and creative financing options for nonprofits. With this new launch, Stearns Bank is transforming banking services and financing for nonprofits nationwide.

Additionally, to further its commitment and support of nonprofits, Stearns Bank will donate $1,000 to each nonprofit organization that maintains one or more active Nonprofit Banking Solutions accounts for a full 12 months, with recurring donations following each active 12-month period.

“At Stearns Bank, we have extensive experience with nonprofits and a keen understanding of the vast diversity among nonprofits across the country – each has a distinctive mission and goal along with differing operational demands, varying capital capacity and financing needs, and evolving donation and revenue streams,” said Kelly Skalicky, President and CEO of Stearns Bank.

Skalicky explains that customizing banking services and financing options for nonprofits requires a paradigm shift and the fundamental understanding that one size does not fit all.

“With a wholehearted commitment to answering the call of each nonprofit – large or small – and tailoring our banking services and financing options to meet the needs of our nonprofits on an individualized basis, Stearns Bank is putting our money where our mouth is,” Skalicky said. “We’re thrilled to deliver a unique suite of banking services and financing options through our Nonprofit Banking Solutions, while also contributing an annual cash donation to support the work and mission of these customers.”

Among the many features offered with Stearns Bank’s Nonprofit Banking Solutions are unique financing options, customized credit cards, and high-yield interest-bearing deposit accounts. With a wide range of free services, nonprofits achieve substantial savings and can customize their debit cards with the nonprofit name and logo. Stearns Bank’s special nonprofit accounts also feature free unlimited mobile deposits, free checks, unlimited same-day and next-day ACH origination, free unlimited incoming wires, free outgoing wires (one fee wire per day), free international wires (five free international wires per month) and more! There are also no minimum balance requirements, no hidden fees, no maintenance fees and no inactivity fees.

With the convenience of online and mobile banking, plus account access and management available 24/7, nonprofits across the country finally have a suite of specially designed Nonprofit Banking Solutions they deserve to empower their nonprofit, boost their bottom line, and fuel their financial growth.

To learn more, please call Jane Litchy or Haley Thell at (800) 320-7262 today. Or visit stearnsbank.com/nonprofitbankingsolutions.

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide affordable housing, workforce and multifamily housing, commercial construction lending, build-to-suit and CRE-repositioning lending, family office and lender financing, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

Stearns Bank Donates $275,000 to the Mother of Mercy Senior Living Facility Updates

Stearns Bank — Mon, 10 Jul 2023 12:48:15 GMT

The donation will help fund renovations and updates to the facility in Albany, MN

St. Cloud, Minn. (July 10, 2023) – Stearns Bank N.A. has committed $275,000 to support renovations at the Mother Of Mercy Senior Living. The donation will be used to help fund the ongoing updates to the assisted living apartments and main campus.

Since opening its doors in 1959, Mother of Mercy has provided health and residential care and services for older adults in a modern and comfortable environment. Mother of Mercy has grown over the years and currently serves approximately 200 seniors in the Stearns County region.

Mother of Mercy is in the process of renovating and updating the facility. The changes include a completely updated lobby with new handicapped bathrooms.

“This generous gift from Stearns Bank will make a tremendous impact on the lives of the residents and tenants who live on our campus,” said Renee Anderson, Mother of Mercy Foundation Executive Director. “We are honored to receive this donation and are grateful for the support from Stearns Bank to carry on our mission of providing the best quality of life possible to those entrusted to our care.”

The renovation also includes updates to common areas, including a completely renovated Fireside Lounge family gathering area, a new deck, and expanded public bathrooms. Added features will provide greater access to the facility, such as a new entry for the assisted living area, new office space, and updates to brighten the hallways. Along with these improvements, many areas are getting new furniture and individual apartments will receive updates.

“This is our home town and Mother of Mercy has been a bedrock in our community for decades. We are extraordinarily grateful for Mother of Mercy’s services and the care and comfort they provide families in our communities, and we are honored to be able to support their mission,” said Kelly Skalicky, President and Chief Executive Officer of Stearns Bank. “My family has supported Mother of Mercy since we moved to Albany in the early 1960s, and Stearns Bank will continue to support Mother of Mercy and its vital mission.”

Skalicky added, “This is about our roots, and our families, friends and neighbors. We encourage our fellow community members to continue to support Mother of Mercy with gifts of time, financial contributions, or otherwise.”

To contribute to this vital campaign, Mother of Mercy is seeking tax-deductible gifts from individuals, corporations, and community organizations. Donations of any amount are welcome, and all contributions will go directly toward the renovations of the Mother of Mercy campus.

“With a building this old, there are so many more updates needed in the near future, including new siding and decks” added Anderson.

For more information about Mother of Mercy, please visit https://motherofmercymn.org/.

About Stearns Bank N.A.

About Mother of Mercy

Mother of Mercy provides health and residential care and services for older adults in a modern, yet comfortable and home-like, environment. Since 1959, Mother of Mercy has maintained the highest standards of care and has regularly achieved A+ ratings from the Minnesota Department of Health. The Mother of Mercy mission is to provide the best quality of life possible to those entrusted to their care. The organization includes the Care Center (nursing home), assisted or autonomous living residences, Memory Lane, or rent-assisted apartments. For more information, visit MotherofMercyMN.org.

Stearns Bank Announces Retirement for Two Distinguished, Longstanding Directors

Stearns Bank — Fri, 02 Jun 2023 19:00:50 GMT

St. Cloud, Minn. (May 30, 2023) – Stearns Bank has announced the retirement of two distinguished, longtime members of its Board of Directors. Thomas “Tom” Williams will retire from the Stearns Bank N.A. Board of Directors, while Roger Voit has been named Stearns Bank Upsala N.A. Board Director Emeritus.

Tom Williams, retired CEO of Williams Dingmann Family Funeral Homes, joined the Stearns Bank N.A. Board of Directors more than 20 years ago, providing valuable insight and expert guidance and oversight for the bank.

“Tom’s business expertise and personal dedication to Stearns Bank over the years has been vital to our success,” said Stearns Bank President & CEO Kelly Skalicky. “Tom has been instrumental in Stearns Bank attaining industry-leading high performance over the decades and the driving force of Stearns Bank’s increasing contributions to achieve significant, lasting community impact. We so appreciate Tom and he will be greatly missed by our Board and management team, but his contributions live on and will continue to contribute to our success tomorrow.”

Roger Voit joined Stearns Bank while finishing high school, 66 years ago, at the time when the bank was state-chartered and called First State Bank of Albany. Roger did it all, over his career – going from cleaning the bank to becoming Executive Vice President and manager of Stearns Bank’s Albany branch. Roger served at every level of the banks, and on the bank boards as well as the bank holding company Board. Roger’s leadership, work ethic, and determination to be the best is second to none. Roger lives by and embodies Stearns Bank’s core values, and he has been greatly admired as a revered role model for his entire career.

With hard work and a determination to maintain his learning journey, Roger has continued serving Stearns Bank, even past his retirement in 2014, after an impressive 57-year career. Along with enjoying extra time with family and friends, he has remained connected with the bank, serving as a Board member of the Holdingford and Upsala N.A. bank charters. The impact and contributions Roger has made to the local communities are second to none.

In honor of Roger’s nearly 67 years of service to Stearns Bank and his unparalleled contributions to our communities, Roger will retire and receive the designation of Director Emeritus as a member of the Board of Directors for Stearns Bank Upsala National Association. Roger will continue to serve on the Board of Directors for Stearns Bank Holdingford National Association.

“The level of loyalty and commitment Roger has had for Stearns Bank, its customers, and employee-owners, is astonishing,” Skalicky said. “He has been a part of our Stearns Bank journey from the very beginning – as a young cowboy-boot wearing, whipper snapper who got to know our customers like family to the seasoned banker who found a way to navigate the most challenging economic times, from the oil crisis in the ’70s and the farm crisis in the ’80s to, most recently, the Great Recession – Roger taught us all that the secret to success is simple but not many are willing to do it. Roger teaches us that you’ve got to roll up your sleeves, work around the clock if that’s what it takes to get the job done and use a whole lot of common sense to make sure you keep your priorities straight. Our Stearns Bank culture of success is built on Roger’s work ethic and determination.”

Skalicky added, “The Stearns Bank team is eternally grateful for Roger, and I deeply appreciate the wisdom and guidance he continues to provide me personally to this day.”

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked fourth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s 2023 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank is a fortress of strength specializing in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

Stearns Bank Commits $500,000 to Anna Marie’s Alliance

Stearns Bank — Mon, 22 May 2023 22:05:00 GMT

The donation will help fund additions and renovations to the living units at the
St. Cloud facility

St. Cloud, Minn. (May 22, 2023) – The years-long partnership between Stearns Bank and Anna Marie’s Alliance is continuing with Stearns Bank announcing a second commitment of $500,000 to Anna Marie’s Alliance’s Building Hope Capital Campaign.

Anna Marie’s Alliance is currently in the final phase of its Building Hope Capital Campaign. The campaign started in 2017, when Anna Marie’s Alliance kicked off a huge fundraising undertaking appealing to the community, local businesses, and other resources, with the goal of remodeling and adding on to their facilities to provide the best possible spaces for healing, hope and an expanded footprint for advocacy and education.

The final phase of the capital campaign aims to raise a total of $2.5 million by December 31, 2023, and so far, has raised over 65% of that goal. The campaign will fund the expansion and renovation of AMA’s facilities with a focus on converting shared dormitory living into private apartment-style living to better accommodate healing for clients, especially children.

The campaign consists of three total phases. Phase 1 included the creation of the Center for Family Peace, which serves as the hub of Anna Marie Alliance’s non-residential and prevention education services. Phase 2 was comprised of renovations to portions of the existing shelter facilities and offices to improve access, security, and provide space for best practices for a trauma-based facility.

The public launch of the capital campaign will take place on Thursday, May 25, 2023, with a special event to be held at AMA’s headquarters at 505 10th Avenue North in St. Cloud. The event will be open to the public and will feature keynote speakers including lead corporate donor, Stearns Bank President Kelly Skalicky, and an opportunity to learn more about this exciting vision.

The $500,000 donation from Stearns Bank will be dedicated to “Coming Home” the final phase of the Building Hope Capital Campaign, which is focused on the addition and renovations of the current facility to transform the housing into new apartment-style living arrangements.

Stearns Bank and Anna Marie’s Alliance’s partnership first began in 2019 when Stearns Bank dedicated $500,000 to support Phase 2 of the Capital Campaign.

“At Stearns Bank, a strong tradition of supporting community causes keeps us committed to social responsibility,” said Kelly Skalicky, President and Chief Executive Officer of Stearns Bank. “We believe that we only succeed when everyone succeeds, and this partnership with Anna Marie’s Alliance allows us to support the work they are doing to make a positive impact throughout Central Minnesota.”

“The donation is a part of Stearns Bank’s ongoing commitment to investing in and supporting the communities it serves,” said Pam Bjerke, Chief Human Resources Officer of Stearns Bank and Chair of the Steering Committee for Anna Marie’s Alliance. “Our mission aligns with the local giving, volunteerism and programs of Anna Marie’s Alliance that work towards their goal of providing those who are experiencing domestic abuse with a safe place to stay and the resources they need.”

Since opening its doors in 1979, Anna Marie's Alliance has served as a safe shelter for more than 21,000 women and children experiencing relationship abuse. Anna Marie's Alliance is now a leader and innovator in the state of Minnesota in the field of domestic violence intervention, education, prevention and advocacy for a non-violent community.

"We are excited to officially launch the final phase of this capital campaign to take our mission to the next level," said Charles Hempeck, Executive Director of Anna Marie's Alliance. "Our goal is to ensure that we can provide a safe haven for all survivors of domestic abuse and violence in our community. With the support of our donors and community partners, we make a difference in the lives of those affected by relationship violence.”

To support this vital campaign, Anna Marie's Alliance is seeking tax-deductible gifts from individuals, corporations, and community organizations. Donations of any amount are welcome, and all contributions will go directly toward the expansion and renovation of the AMA campus.

For more information about Anna Marie's Alliance and the capital campaign, please visit annamaries.org or contact Campaign Director Lori Eich at lorie@annamaries.org or (320) 251-7203.

About Stearns Bank N.A.

About Anna Marie’s Alliance

Anna Marie's Alliance is a nonprofit organization based in St. Cloud, MN, dedicated to providing education, intervention, and advocacy to those affected by relationship abuse with a holistic approach and anti-oppression focus. Since 1978, Anna Marie's Alliance has helped thousands of survivors and their families through its emergency shelter, legal advocacy, counseling, and outreach programs. The organization's vision is a world free of relationship abuse. For more information, visit AnnaMaries.org.

Stearns Bank and Sardine Transform Fintech Compliance

Stearns Bank — Mon, 15 May 2023 13:09:05 GMT

St. Cloud, Minn. (May 15, 2023) – Stearns Bank N.A. has partnered with Sardine, a leading provider of risk management and compliance solutions, to enhance Stearns Bank’s fintech program. This collaboration marks a first-of-its-kind approach in community banking to provide an all-in-one risk management and compliance platform for sponsored programs to address evolving regulatory and compliance requirements.

As the demand for faster money movement increases, the risk of fraud increases. Stearns Bank and Sardine recognize the need for enhanced compliance and multi-layered fraud detection and prevention tools to safeguard faster payment offerings.

Sardine’s all-in-one risk management and compliance platform helps sponsor banks manage fintech oversight risks without needing multiple service providers. Sardine utilizes cutting-edge technology to consolidate critical compliance data and integrated risk scoring and offers banks a way to tackle modern fraud with real-time fraud detection, KYC, KYB, BSA/AML, and transaction monitoring in one solution.

“Sardine breaks down data silos and enables our teams to efficiently identify issues for remediation and quickly pull together and share relevant data for further audit, examination, and regulatory purposes as needed,” said Josh Hofer, Chief Risk & Information Security Officer of Stearns Bank. “This allows us to keep up with fintech innovation and scale our fintech offerings while enhancing risk management and streamlining compliance – what we’re providing with Sardine is transformative for fintechs, community banks, and fintech sponsorship.”

With Sardine in place, Stearns Bank has real-time oversight into their KYC/AML policies, fraud, and AML transaction monitoring alerts across all their sponsored programs in one integrated dashboard. Stearns Bank can work directly with their fintech partners to easily create new fraud detection, KYC policy, or transaction monitoring rules via Sardine's no-code rule editor.

"As regulations continue to evolve and scrutiny into the fintech space intensifies, which it should, Stearns Bank continues to prioritize risk management and compliance in its fintech partnerships and sponsorship offerings,” said Kelly Skalicky, President and CEO of Stearns Bank. “We continue to assess and select our fintech partners based on our exacting Stearns Bank ‘Risk-Management 1st’ standards, selecting compliance-focused partners like Sardine committed to an elevated and always-maturing risk management model for deploying fintech-facilitated banking services.”

Skalicky added, “By leveraging our risk management and compliance expertise and Sardine’s advanced compliance and monitoring technology, we can provide greater access to a wider range of secure banking services and capabilities with embedded future-forward compliance and risk management systems, proactively anticipating next-gen regulatory requirements.”

Sponsored fintechs can easily escalate suspicious customers or transactions to Stearns Bank via Sardine’s SOC2 Type 2 compliant platform. This robust case management system enables data-sharing and dispositions without sharing critical personally-identifiable information via emails or other insecure messaging.

“We're excited to work with a tech-savvy partner such as Stearns Bank to enhance their fintech offerings and showcase an innovative way to do program management of fintechs and embedded finance," said Soups Ranjan, CEO of Sardine. "Our unique platform enables enhanced monitoring of regulatory, reputation, and operational risk for sponsor banks through real-time views into aggregated fraud and compliance performance, as well as tools to manage and mitigate those risks.”

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked ninth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s May 2022 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank is a fortress of strength specializing in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

About Sardine

Sardine is an all-in-one fraud detection, compliance, and risk management platform. An experienced team with deep banking and fraud prevention experience enabling the company to build innovative compliance and risk management services for financial institutions. For more information, visit www.sardine.ai and follow us on LinkedIn and Twitter.

Stearns Bank Earns ‘Great Place To Work’ Certification

Stearns Bank — Fri, 12 May 2023 15:00:00 GMT

St. Cloud, Minn. (May 11, 2023) – Stearns Bank N.A., which has extensively fostered a robust, team member-driven culture, is now a certified Great Place To Work™.

“Our team members are our greatest asset, and we are committed to supporting them with career development and enrichment,” said Stearns Bank Chief Human Resources Officer Pam Bjerke. “Becoming certified as a Great Place To Work is a tremendous honor and confirms that our team members are happy to be here.”

To earn the certification, employees took part in an in-depth, anonymous survey conducted by Great Place To Work – the global authority on workplace culture and employee experience. The distinction highlights Stearns Bank’s successful workplace culture efforts and adds to the employee-owned financial institution’s growing list of accolades.

Most notably, survey results noted that 95% of participating employees say Stearns Bank is a great place to work compared to 57% of employees at a typical U.S.-based company. Further, 95% of participants said Stearns Bank’s management is competent, honest, and ethical, and that they are proud to tell people where they work. Meanwhile, an incredible 98% of participants said Stearns Bank has unique benefits.

“As an organization, Stearns Bank celebrates its team members and shows appreciation through its highly unique and distinct benefit package, which encourages our team to thrive both at work and in their broader/personal lives,” said Bjerke, adding, “Providing a best-in-class, comprehensive benefit package that caters to all team members, at all stages of their careers, is a key focus.”

As an employee-owned organization, Bjerke said the Stearns Bank team prides itself on ambitious hard work and surpassing expectations annually for its customers and shareholders. The company also places a high level of importance on community support; reflected in team members’ commitment to giving back through volunteerism, organizational philanthropy, and programs such as Pay it Forward.

“We are driven by our passion to help our customers and team members achieve their greatest ambitions, therefore being a ‘Great Place to Work’ is a critical area of focus,” Bjerke said. “Providing our team an environment to thrive in and a culture of success allows each individual to perform at their best, which carries through to our customer interactions and service.”

See Stearns Bank’s Great Place To Work™ results HERE.

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked ninth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s May 2022 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank is a fortress of strength specializing in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

Stearns Bank and African Development Center Partnership

Stearns Bank — Thu, 13 Apr 2023 13:55:40 GMT

St. Cloud, Minn. (April 13, 2023) – Stearns Bank N.A. and the African Development Center (ADC), Minneapolis have announced a new program that will provide $10 million in funding to the ADC for loans in Central MN. ADC will identify loan opportunities and disperse the funds to qualified borrowers.

The new funding builds on the partnership Stearns Bank and ADC established in 2022 while creating an innovative financing program to support the joint goals of the ADC and Stearns Bank in Central Minnesota communities. In addition to the $10 million for new loans, Stearns Bank is providing additional funding to help ADC in the launch of the program.

“We’re committed to the mission of ADC and pledge to continue expanding our financial and resource support as a partner to increase financial access and empowerment in our communities,” said Kelly Skalicky, president and CEO, Stearns Bank. “Creating dynamic, forward-thinking partnerships like ours with ADC multiplies the opportunities for so many more in our communities and benefits us all,” she added.

ADC is dedicated to the economic empowerment and success of African immigrants. Through micro-lending, workshops and training, ADC provides financial services and support for individuals and businesses to help them achieve financial success.

“Stearns Bank demonstrates that Corporate Social Responsibility is not just about managing, reducing and avoiding risk, it is also about creating opportunities,” said Nasibu Sareva, CEO, ADC. “The additional resources that Stearns Bank is providing will play an important role in helping us expand the valuable services we’re providing to African communities in our state.”

“I would like to express my most sincere gratitude and appreciation to Kelly Skalicky and the Stearns Bank team for their leadership, patience and encouragement,” said Sareva.

ADC recently opened a new office in St. Cloud, Minnesota, and plans to host an Open House in early May to celebrate its expansion.

About the African Development Center

African Development Center, Minneapolis. The African Development Center’s mission is to grow business, build wealth, and increase reinvestment in the African communities of Minnesota.

About Stearns Bank N.A.

Minnesota-based Stearns Bank National Association is a $2.2 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 25% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked ninth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s May 2022 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank is a fortress of strength specializing in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank’s mission is to Get the Job Done! For more information, visit StearnsBank.com.

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Stearns Bank and African Development Center Partnership

The donation will help fund additions and renovations to the living units at the
St. Cloud facility