OUR STORY
A vision that’s timeless.
The Lake Area Bank Way
At Lake Area Bank we conduct business based on a set of core values that have remained constant over the years. We intend to ensure that these values are real, that we believe in them, that we live them, and that they will outlive us. These values guide employees in making choices every day relative to how services and products can best be delivered to our customers.
Our Core Focus:
Our Passion: Making a difference in people’s lives.
Our Niche: Trusted Banking and Financial Solutions
In our commitment to excellence, we will:
S — Show Initiative
A — Achieve Results
I — Illustrate Pride & Passion for What We Do
L — Live with Respect
S — Service Above Self
Show Initiative:
A self-motivated and active pursuit of learning, growth, success and development. Take the bull by the horns identifying opportunities for improvement.
Achieve Results:
An entrepreneurial, creative and flexible approach. Finding ways to meet and exceed individual and team goals and objectives.
Illustrate Pride & Passion for What We Do:
Caring about our work and knowing that we can touch, change and improve the lives of people we serve every day.
Live with Respect:
Believing in others, appreciating differences, and viewing others with an open and positive opinion without prejudice or judgment.
Service Above Self:
Providing direct financial support to the communities we serve, and employee volunteer work in our communities and industry. We understand that achievement is most gratifying if others achieve with us.
Lake Area Bank’s History
Since 1915, Lake Area Bank has been serving the financial needs of its customers, offering a safe and sound place for their hard-earned money. Chartered as Security State Bank of Lindstrom, the bank started as a wooden bank building and was located on the corner of Park Street and Lake Boulevard (now Highway 8). In 1932, a brick and sandstone building was constructed and claimed by the Chisago County Press to be “the most modern bank installation between the Twin Cities and Duluth”. The bank remained in this facility until it moved to its current location on First Avenue North in 1977.
The bank was bought by its current owner, the Erickson family, in 1985. At the time of purchase, the bank had an asset size of $25 million. A new culture of service and growth was implemented adding locations in White Bear Lake (1989), Forest Lake (1994) and Hugo (2001). Name changes of the bank occurred in 1988, when Lake Area Security Bank was adopted and then shortened to Lake Area Bank in 1992.
To meet the home financing needs of our communities, a new division, Lake Area Mortgage, opened in 2007 with offices in Shoreview. In 2008, Lake Area Bank completed its first acquisition, purchasing the Minnesota assets of S&C Bank with locations in Stillwater and Harris. Additional services were offered with the expansion of Lake Area Financial Services in 2011 to meet the demand for investment options. With over 100 employees, and 6 bank locations, Lake Area Bank now offers customers a full range of financial products and services. By the start of 2015, the bank’s centennial year, its asset size has grown to over $268 million.
Lake Area Bank and its employees take pride in being a locally owned community bank, making a difference in our communities and being trusted financial advisors for our customers for more than 100 years.
Lake Area Bank Timeline
at a Glance
1915: Security State Bank of Lindstrom opened in Lindstrom, MN
1932: Grand opening of new “modern” building in Lindstrom
1977: Built new bank on First Ave. N. in Lindstrom (current location)
1985: Current owners, the Erickson family, took ownership
1988: Name change to Lake Area Security Bank
1989: Opening of second location in White Bear Lake
1992: Name shortened to Lake Area Bank
1994: Opening of third location in Forest Lake
2001: Opening of fourth location in Hugo
2001: Launched internet banking
2003: Grand Opening of new building built in White Bear Lake
2005: Introduced new sailboat logo
2006: Remodeled Lindstrom location
2007: Established Lake Area Mortgage located in Shoreview
2008: Grand Opening of new building built in Hugo
2008: Acquired a fifth location in Stillwater
2011: Expansion of Lake Area Financial Services
2013: Launched mobile banking
2015: Celebrates 100 Year Anniversary!
