REGIONAL— Frandsen Bank and Trust, which maintains offices in Ely, Tower, and Virginia, and numerous other communities in the Upper Midwest, has been named among the top community banks in the country. That recognition came from the Global Market Intelligence division of the venerable credit and bond ratings firm, Standard & Poor’s (S&P), which announced its most recent rankings of banks in the U.S. at the end of March. S&P placed Frandsen Bank and Trust as 23rd on its list of the top 50 community banks in the country with assets between $3 billion and $10 billion.
S&P bases its rankings of community banks on returns, growth, and efficiency. In making its evaluations, the respected 152-year-old “Big Three” ratings firm “places a premium on the strength and risk profile of balance sheets.” The other two “Big Three” credit and bond ratings firms are Fitch and Moody’s.
Frandsen Bank CEO Chuck Mausbach said he was pleased with the recognition and said it reflected on the quality staff working for the company. “Being a strong, well-run, high-performing bank has always been very important to us, but it means even more in the current banking environment. Our customers deserve to know that their hard-earned money is safe with us.”
Frandsen Bank and Trust has assets in excess of $3 billion and offers a complete array of business, agricultural, real estate, and consumer loans, savings, and financial services, serving communities in Minnesota, eastern North Dakota, and western Wisconsin.
Frandsen vice president and mortgage loan officer Tom Omerza, who works out of the Ely branch, said the recognition from S&P was well-timed. “Everybody has been concerned and their antennas have been up since the (Silicon Valley Bank) in California and (Signature Bank) in New York failed,” Omerza remarked. “When one or two banks go under, then everybody gets concerned about every bank in the whole country.
Omerza expanded on the solid foundation of Frandsen Bank and Trust and how the S&P rating confirms the bank’s strength and security. “We (at Frandsen) have been proactive in communicating with our customers, as best as possible, through in-person and our website, just how strong Frandsen Bank and Trust is. I want to pass the message out to the Ely and Tower area that, hey, you’ve got a community bank here that’s strong.”