The State Bank of Faribault this month is opening its first location outside of Faribault in Prior Lake, the bank announced Wednesday.
The branch on Boudin Street near the city’s boundary with Savage is set to open June 3, according to a news release, though Marketing Vice President Gayle Nagel later said recent rain might delay the opening a day or two. Bankers and mortgage and commercial lenders will be on staff.
The bank has two offices in Faribault, and its expansion comes as it celebrates 100 years in business this year. Officials said the bank brings a local, relationship-focused perspective to its services.
“We are a family-owned bank, and we look forward to sharing our community banking model approach to the south metro,” bank President John R. Carlander said in a written statement.
Community banks often bring benefits like loan flexibility, lower fees and personalized service, though they can’t always offer the range of services or widespread ATMs of larger banks, according to Bankrate, a financial publishing company.
Prior Lake Chamber of Commerce President Sandi Fleck said the chamber’s happy when any business that wants to be involved in the community arrives.
“And it’s a great location,” she added.
The chamber will host a ribbon-cutting at the new location on June 11. The bank is also holding an open house June 17-21 during business hours with treats, door-prize drawings and the chance to meet staff members.