Banks in Central Minnesota’s Evolution

Banks have been a part of central Minnesota since the 1860s. Mark Bragelman from Liberty Bank of Minnesota recently spoke with WJON about how the banking landscape has transformed over the years in the St. Cloud area.

Daiichi National Bank

The First National Bank, a notable historic site at the intersection of Saint-Germain and Fifth Avenue, ceased operations in 1925. Since then, it has served various purposes. Bragelman mentioned that the building now houses the Grand Mantel and the Greater St. Cloud Development Corporation, with MC’s dugout situated in the basement.

Plaza Park Bank

Among the area’s early banks was Rockville State Bank, which eventually relocated to Waite Park and rebranded as Plaza Park Bank, now known as Deerwood Bank. The Eickhoff family has been associated with Plaza Park Bank through the years.

St. Cloud National Bank

The St. Cloud National Bank, found on East St. Germain Street, transitioned into Northwestern National Bank and was later absorbed by Wells Fargo in the ’90s.

Bremer Bank

Originally situated across from the library at 11th and St. Germain, the First American Bank merged to form Bremer Bank, which is now part of Old National Bank of Indiana. Bragelman noted that Bremer Bank was uniquely owned by Bremer Trust at the time, setting it apart from its contemporaries.

Zap Bank

Located at 7th place on Saint-Germain, Zap Bank later moved to 9th place before it was sold to US Bank. In addition, Security Federal Savings and Loan merged with Metropolitan Bank before also being acquired by US Bank.

Citizens State Bank

Citizens State Bank had its home on Benton Drive in Sauk Rapids before being taken over by Union Bank, eventually becoming part of Northwestern National and, as of now, Wells Fargo.

Liberty Bank

Liberty has seen numerous changes throughout the years. Bragelman recalled that when he established the bank 51 years ago, it was known as Liberty Loan & Shift. It transformed to Liberty Savings Bank and later into Liberty Bank, eventually adopting the name Liberty Bank of Minnesota to avoid confusion with similarly named banks in other states.

Loan Companies

Bragelman discussed how loan companies were vital during the early to mid-1900s, before credit cards became mainstream. If someone wished to purchase an appliance but lacked funds, taking a loan from these companies was necessary. St. Cloud was home to financial institutions like Phoenix Budget Loans, Thorpe Credit, and several others.

Stearns Bank

Stearns Bank, once known as Albany State Bank, made a move to Waite Park, which was recognized for its commercial focus.

Farmers & Merchants State Bank

Headquartered in Piats, Farmers & Merchants, like many smaller banks, began its journey by serving the agricultural community.

Melrose Credit Union

Now branded as Magnifi Financial, Melrose Credit Union operates in various small towns across central Minnesota.

Currently, there are approximately 4,400 charter banks in the United States, with around 30,000 branches, according to Bragelman.

For those interested, recordings of a two-part conversation with Mark Bragelman are available below.