Unity Bank, on Washington Street in Brainerd, closed its doors Friday in a consolidation of its operations.
In a letter to customers, the bank reported it could still serve them through its electronic platform, such as its 24-hour ATM locations and online/mobile banking, as well as through its seven other branch locations, which include Crosby, Motley and Staples in the immediate area.
But Unity Bank's exit is creating an opportunity for a bank that has been looking for a chance to expand into Brainerd with more services.
Randall State Bank purchased the location, with a closing on the location Friday, June 30. The staff is planning a working Fourth of July weekend as they move into the 5,000-square-foot building in anticipation of opening their doors Monday morning.
Randall State Bank has been in Brainerd since the summer of 2014 but in a smaller capacity with a loan production office in the West Brainerd Professional Building on Charles Street.
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Richard C. Jones, president/chairman of Randall State Bank, said the loan production office is closing. Those employees will move into the new Randall State Bank Brainerd Branch, which will open as a full-service bank, Jones said Friday. He said the goal for the last couple of years was to build up a presence in Brainerd and then obtain a full-service bank location here. The bank will continue to operate in Randall as well.
"With all of the things happening in the Brainerd area, we think it's a tremendous opportunity for a bank our size," Jones said.
Being a small bank, Jones said one of their strengths is having their entire loan committee under one roof so they can make decisions quickly.
"We are small enough, we can still make things happen in a short time," Jones said. "We can give people answers quickly and we can make things happen rather quickly."
Randall State Bank handles all types of loans from large commercial loans to residential loans, Jones said, or for items people want to purchase like a four-wheeler.
"We are just looking to provide a small bank experience to the Brainerd lakes area," Jones said.
In addition to the staff moving from the loan office, the bank hired a teller and Jones and the bank's chief operating officer are moving into the Brainerd branch. The building will include two partners who are renting space, Sam Blum from Blum Capital Management, a financial adviser, and an insurance agent from Baxter Insurance Group. Blum will open Monday and Baxter Insurance Group is expected to move in by the end of July or early August.
Randall State Bank offers all the online and mobile banking services along with its full-service bank location.
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Jones, from Baxter, said as a local guy who has been in the lakes area since he was 7 months old, the move into a full branch facility is rewarding.
"It's exciting to offer the services at Randall State Bank to my community," Jones said. "I'm extremely excited about that."
Life Link III is hosting a grand opening at the Brainerd Lakes Regional Airport from 1:30-5 p.m. July 28 with the Brainerd Lakes and Cuyuna Lakes chambers. A brief program is planned at 3 p.m. and refreshments provided.
Life Link III provides helicopter and airplane on-scene emergency response and inter-facility transport for patients requiring critical care. A helicopter and airplane will be available for "tours" with the Life Link III clinical staff. The event is open to chamber and non-chamber members but advance registration is requested, which can be done online at the chamber websites.
Investment opportunity? Historic Lutsen Resort, founded by Swedish immigrant Charles Axel Nelson in 1885, on the North Shore of Lake Superior is up for sale for $9.95 million. The resort sleeps 700 guests in 209 rooms, has two swimming pools, a spa, restaurants and ballroom overlooking Lake Superior with skiing nearby.
The resort was with the ski hill just a few miles away. The ski hill and neighboring properties are no longer associated with the business operation of the lakeside resort. Current owners Nancy Burns and Scott Harrison purchased the resort in 1988.
Best wishes for a happy and safe Fourth of July weekend and holiday to celebrate Independence Day.
