Frandsen Bank and Trust Revenue and Competitors

Frandsen Bank & Trust is a community bank as well as a trust and investment management division. Customers can access eight full-service offices located in Dundas, Foley, Forest Lake, Lonsdale, Montgomery and New Ulm (3 offices). Frandsen Financial Corporation purchased State Bank & Trust of New Ulm in 1998. Rural American Bank - Montgomery/Lonsdale was the result of the corporation purchasing the State Bank of Lonsdale in 1997 and the Citizens State Bank of Montgomery and merging them into one bank in 1999. Frandsen Financial Corporation purchased Rural American Bank - Foley in 1993 and Valley Bank Dundas in 2001. On November 1, 2004, the bank of Frandsen Bank & Trust, was established in conjunction with plans to consolidate some of the corporation's bank charters. In particular, Valley Bank & Trust in New Ulm was merged with another Frandsen owned bank, Rural American Bank - Montgomery/Lonsdale. Then on April 1, 2005 Valley Bank Dundas became part of the Frandsen Bank & Trust charter and the office in Forest Lake was built in July 2005. Rural American Bank - Foley was merged into Frandsen Bank & Trust on March 6, 2006. Consolidating charters has become a fairly common practice by banks of all sizes and, since it's primarily an issue of "legal structure", is generally of no concern to bank customers. In this case, the consolidation of charters provides a variety of operating efficiencies and helps to facilitate smoother and faster delivery of existing and new technologies to the banks and their customers. Bank customers continue to be well-served by our current officers and staff, and we continue to focus on maintaining the high quality of service that our customers have come to expect and appreciate over many years. The new charter arrangement extends trust powers to Lonsdale, Montgomery, Dundas, Forest Lake and Foley. Offering trust services in these locations will provide an important banking service to customers and help distinguish Frandsen Bank & Trust from other community banks in these markets. Frandsen Bank & Trust is currently the only Frandsen owned bank with trust powers, and will continue its locally based operation of providing professional trust services to its customers.