The Maple Lake branch of First National Bank-Elk River at the corner of Highway 55 and County Road 8 will soon become known as Star Bank.
The sale to Star Bank is scheduled to be finalized Friday, July 20. It was founded in 1904 in Bertha, where it was originally known as the First National Bank. The Maple Lake branch will be Star Banks’ 10th Minnesota location, joining Annandale, Barrett, Bertha, Eagle Bend, Eden Prairie, Elbow Lake, Graceville, Verndale and Wheaton. Star Bank Chairman and CEO Harry Wahlquist purchased the chain in 1989 and the Annandale branch opened in 2005.
"In order to succeed in the banking business we must grow," Wahlquist said. "I love community banking and I believe in the future of the Annandale and Maple Lake area."
Wahlquist has a special affection for the Annandale-Maple Lake area.
"My parents had a cabin on Bass Lake, so I spent many summers in Annandale growing up," he said. The Wahlquists now have a summer home on West Lake Sylvia.First National Bank-Elk River will have three branches after the sale; in Elk River, Rogers, and Anoka. John Houlton, Chairman, President and CEO of First National Bank-Elk River said, "We feel the sale of the Maple Lake branch will be mutually beneficial to both parties. For First Bank’s part, it falls in line with our long range strategic plans."
Star Bank Vice President Andy Wahlquist said he envisions a bright future for the added branch.
"We are excited about the long-range growth possibilities of the Annandale and Maple Lake areas," Andy said. He has set up an office at the Maple Lake location and has been there for the last few weeks. Until the sale is final, Andy will be interviewing personnel and observing operations, in the hope of making the transition go smoothly.
"I want to know everything there is to know about how the Maple Lake branch ticks," Andy said.
Prior to being a First National Bank-Elk River branch, the Maple Lake location was known as the Security State Bank which celebrated its 100th anniversary in 2007 – the same year it was sold to First National Bank-Elk River.
Beginning July 21, customers of the Maple Lake branch will have all their accounts and E-services, including online banking transitioned to Star Bank and online accounts and debit cards from First National Bank-Elk River will no longer be valid. New checks and debit cards will be sent to current Maple Lake customers prior to July 20. Customers will need to set up a new online account. A packet has been sent to all First National Bank-Elk River, Maple Lake branch customers detailing the transition to their new Star Bank accounts.