Minnesota National Bank News and Information

Customer Appreciation at Minnesota National Bank

Posted by Luke Riordan on Fri, Jul 24, 2015 @ 03:10 PM

We know at Minnesota National Bank we wouldn’t exist without our customers. To show all our customers how appreciated they are we once again hosted open house events in Sauk Centre, Long Prairie and Pelican Rapids. This was a great opportunity for us to celebrate our dairy farmers with cold milk and delicious ice cream! We also had an on-site shredding truck to dispose of confidential documents. We had a lot of fun celebrating with our loyal customers!


We were excited to celebrate 20 years as part of the Pelican Rapids community on June 26, 2015. We threw a big celebration with a full meal, ice cream and giveaways.  About 400 people ate and enjoyed this event! The Long Prairie and Sauk Centre offices also enjoyed ice cream sundaes and all you can drink milk. We shredded and recycled about 8,000 pounds of paper!  


We are thankful to be a part of such wonderful communities and also to be able to celebrate dairy farmers during June Dairy Days. We want to give a big thank you to our customers for your loyalty! We loved celebrating with you!


Check us out on  Facebook and Twitter for the event photos. If you haven’t already “like” us or “follow” us to receive all of our updates and fun photos!


The Benefits of Direct Deposit

Posted by Luke Riordan on Tue, May 05, 2015 @ 02:04 PM


Life happens- people get busy and important things get forgotten. Don’t let depositing your paycheck be the extra thing that gets overlooked. At Minnesota National Bank, we offer direct deposit so you don’t have to worry about how your money is getting into your account and whether or not you have time to get it there.

Here’s how it works--on payday you will receive your pay stub telling you how much money you made after taxes, and the rest takes care of itself. The rest of your paycheck is automatically deposited into your account without you having to lift a finger. After you set up direct deposit, you can:

  • Skip the extra trip the bank. With your paycheck already in the bank, there is no need to stand in line on payday waiting to make a deposit

  • Eliminate the possibility of lost, stolen or forged checks- no more waiting for reprinted checks, fraud investigations or extra (unnecessary) charges on your account to be corrected or reversed

  • Your money is deposited faster- directly into your account- which reduces the possibility of overdrafts and penalties

  • Leave the office after your bank closes? Get your money deposited from anywhere- you never have to worry about having time to go to the bank to deposit your check or running out of funds before being able to make a new deposit

Direct Deposit is easy, safe, and efficient. To set up your direct deposit, contact us to help you ease the process. At Minnesota National Bank, we want your banking experience to be as stress-free and efficient as possible!


Account Management Options

Posted by Luke Riordan on Wed, Apr 29, 2015 @ 12:33 PM

When it comes to money management, you probably have more options to control your money than you realize. Minnesota National Bank is here to help you utilize all the options you have available to you. Here are a few options we offer:

View Balances, Transactions, and Statements

Being able to view your balances whenever you want is huge in keeping track of your money. Through this service, you can see how much money you have, where you have spent it, and how much you have spent over certain periods of time. If you are working on keeping a budget, this is very helpful to have. You can see where you are spending most of your money and determine how you can cut back. It also helps with identity theft and stolen cards. You can check up on your most recent transactions and catch someone stealing your money quicker than your bank could.

Transfer Capabilities

Another service we offer is being able to transfer money between your own accounts and others. You have the ability to transfer money between your checking and savings accounts and vice versa. You can also transfer money from your account to your spouse’s or child’s account. This way, you have more control over where your money goes within the bank.

TheWayiPay service offers the ability to make secure payments from your Minnesota National Bank consumer checking account to nearly anyone with a U.S. bank account and an email address. It’s easy to enroll and makes exchanging money with your friends and family easy.

Remote Deposit

An added bonus that is handy for a business is a machine for remote deposit. Remote deposit includes a machine that allows you to digitally scan your checks, and your money automatically is deposited into your account. You can make deposits to multiple accounts online. It also eliminates the risk of your checks getting lost or stolen. All deposits are recorded online immediately after scanning the check. It’s a very convenient way to manage the money going in and out of your business.

These options are very convenient for independent customers and businesses, eliminating the need for your money to travel anywhere between you and your bank account.  Contact us to discuss how we can make banking more convenient for you.


Tags: Finances, Minnesota National Bank

Ag Loans: Choosing the Right Lender

Posted by Luke Riordan on Mon, Mar 30, 2015 @ 01:42 PM

Getting an agriculture loan can be difficult. You want to make sure the lender of your loan is someone you can trust to help you find the best options for you. Here are some things you can do to find a trustworthy long-term lender:

Make sure your values match up.

It’s important for your values and the lender’s to mesh to create a good foundation for a financial relationship. You should make sure the lender knows exactly what it is important and unique about your farm.

Be clear about what you want and what they can afford.

Lenders are not mind readers -- they don’t know exactly what you’re looking for in a loan, bank, or lender. You need to outline what kind of loan you are looking for, how much you need, what kind of interest rate you can afford and what kind of time period you are looking at to repay your loans.

Make sure the lender thoroughly understands the industry.

Sometimes you can’t choose a lender that deals specifically with the agriculture industry. If your lender isn’t familiar with farming, you will have to fill them in so they understand your farm is not a risk for them. Give your lender an outline of what you grow or breed, how your yields have been, and how you want to grow your farm. Understanding these points will give you a better opportunity to get the best rates.

While being proactive is always good, there are things your lender needs to have before you choose who to work with for a loan. According to Rural Finance, these are characteristics you should look for in a good lender:

  • Good communication skills

  • Decision-making skills

  • Willing to be out in the field to gain a full understanding of the farm

  • Able to detect inconsistencies

  • Good listening skills

  • Basic knowledge of agricultural skills

  • Willing to work flexible hours

We understand the importance of a good farmer-lender relationship. If you need help with an agriculture loan, we will be there for you. Learn more about our services, here.


Tags: Agriculture

Understanding IRAs

Posted by Luke Riordan on Wed, Mar 11, 2015 @ 10:12 PM

An IRA (Individual Retirement Account) is something everyone should think about as they enter the workforce. Before you open an IRA, you want to be knowledgeable about the choices you have. There are two different kinds of IRAs: Traditional and Roth. Here’s what you need to know about each of them:

Traditional IRA - The traditional IRA allows you to defer taxes on the earnings on your contributions until they are withdrawn. Also, depending on eligibility, contributions are tax deductible in the tax year for which you make them. You are eligible to make regular contributions to a traditional IRA if you are younger than age 70 ½ for the entire tax year and you or your spouse have compensation.

Roth IRA - The Roth IRA gives retirement savers a different incentive - nontaxable distributions. Regular Roth IRA contribution are not tax deductible, so owners will not pay federal taxes on distributions of these contributions. Under certain conditions, the earnings on Roth IRA contributions are also nontaxable when distributed. Therefore, if you expect to be in a higher tax bracket when you take distributions in retirement, for this and other reasons you may benefit more from a Roth IRA than a traditional IRA. You are eligible to make regular contributions to a Roth IRA if you or your spouse have compensation and your modified adjusted gross income (MAGI) for any tax year does not exceed certain prescribed limits. These limits are subject to annual cost-of-living adjustments (COLAs), if any.

When it comes to deciding between a Traditional and a Roth IRA, it comes down to what is most beneficial for you. Think about when you will want to retire, what tax rates will be like when you retire, and which one would be the best choice for you at the time when you open the account. When you decide it is time to open an account, we can help you weigh your options and choose what is best for you. You can learn more about our services here.


Tags: Minnesota Bank, Investing

Lunch and Learn with Barry Kirchoff

Posted by Luke Riordan on Wed, Dec 31, 2014 @ 12:23 PM

Minnesota National Bank in Sauk Centre recently teamed up with the Sauk Centre Chamber of Commerce and St. Cloud State University’s Barry Kirchoff for a “Lunch and Learn” seminar. The goal was to bring an educational session to small business owners and employees at ElmerZ in Sauk Centre.

An article featured in the Sauk Centre Herald reported about a dozen people in attendance of the event to hear Kirchoff speak. Barry is the director of St. Cloud State’s Small Business Development Center. In his role, he supervises the work done in the center on behalf of businesses in the central Minnesota area.

During his speech, Kirchoff repeated a line he often hears in in small business: “I don’t do finance, my accountant deals with that.” Kirchoff say those words are, “the famous last words of a small business owner. They need to understand questions they should be asking their accountant. You often have to see your business through the eyes of a banker.”

According to the article in the Sauk Centre Herald, there are Small Business Development Centers in all 50 states. Minnesota was the 16th state to adopt this type of program, with St. Cloud State being the state’s first. “We're considered part of the University outreach,” Kirchoff said. “We're here to help small businesses, whether you want to start one or expand one. We provide confidential one-on-one backing.”

Throughout the presentation, Barry explained the way the Small Business Center is operated and how they work as a team to get tasks completed. He says that not everyone has the right answer, so they employ a diverse group of people.

Kirchoff gave the listeners a list of reasons why small business collapse. Included in the list are divorce, 50/50 partnership, destructive hobbies, overuse of credit cards, and embezzlement. “Those are red flags for any business owner. Other factors become red flags for bankers, like the business doesn't make any money, financial statements are infrequent or inaccurate, a loan request is hurried, inadequate coverage of debt service (and) starting a business with no previous experience or a significant management change,” he added.

To end his presentation, Barry explained how businesses are having to adapt with the changing times and technology. The original article shares that he used banking as an example. He said, “Even if you're a small business, you have to look like a 'big business' online. For example, go to any college campus. Often college students don't have a bank and haven't stepped inside a bank in years. Today we see small community banks responding by putting more and more services online and available on mobile devices.”

Kirchoff claims that it is a great time to be a small business. Trends show that smaller is now better, and there is going to be real growth in small business.

For access to the full article, click here

Tags: Small Business, Minnesota National Bank, lunch and learn, st. cloud state, barry kirchoff, Sauk Centre Chamber of Commerce

Supporting Local Businesses

Posted by Luke Riordan on Wed, Nov 26, 2014 @ 06:33 PM

When it comes to giving this holiday season, remember that purchasing a gift or service from your local small business will not only impact the person receiving the gift, but the business owner, and local community, as well. This Saturday, November 29, is Small Business Saturday! It is important to get out and show your support to the businesses in our area.


While many large chain stores have hundreds of employees, and gross millions of dollars per year, small business owners dedicate their own time and hard work into creating an enjoyable atmosphere for their customers. When you think of the amount of small businesses that surround us every day, it is impressive what owners have to do not only to start their business, but to stay alive after they do so.


If each person spent $100 at a local business this holiday season, instead of at a chain store, it would put nearly $3 million back into our economy, and create thousands more jobs per year. When you support a local business, it gives them the means to give back more in our community. Non-profit organizations are likely to receive nearly 250% more support from local businesses than large corporations each year.

There are lots of other benefits to shopping locally. Keeping your town unique and personable, having a local sports team, and reducing environmental impact are just some of the examples.


While you are out shopping this holiday season, make sure to keep in mind that how you spend your money can impact the way that your community operates and excels. Look around for us at Minnesota National Bank, supporting our local businesses this Saturday and the rest of the holiday season!

Tags: Community, holidays, Small Business, Minnesota National Bank, buy local, Local Businesses, Supporting, Small Business Saturday, Supporting Local Businesses

Community Fuels Cash Mob

Posted by Luke Riordan on Mon, Mar 03, 2014 @ 02:57 PM

“Small business or big business, business is about people and people are about community.” ~Unknown

Every business helps support various aspects of a community. From jobs and money, to volunteering at local events and projects. It’s the businesses that are active in the community that reap the real rewards of business and enhance the lives of local community members.   

To increase community involvement between businesses and customers, we have taken part in Shop Small, Small Business Saturday, and CASH MOB! All three support local community development by promoting the growth of the neighborhood’s businesses.  The newest of the bunch is what we are focusing on today…CASH MOB!

Minnesota National Bank Fuels Community Growth Through the Power of Cash Mobs

A cash mob involves an organized group going to a local business and spending money there. Minnesota National Bank will be cash mobbing local businesses in Pelican Rapids, Sauk Centre and Long Prairie all year long. We will give each of our employees $10 to spend at the local business we are cash mobbing. This will be a surprise to the businesses… we will be posting photos of our cash mobs on Facebook so stay tuned!

The overall goal of a cash mob is to support the local community. Local (non-national) businesses are 65% more likely to reinvest their money earned into their local community, and they invest nearly 4 TIMES the amount of national companies. If Americans in the average city shifted ONLY 10% of their spending to local businesses it would bring nearly $235 MILLION DOLLARS to that community. So when you shop local it’s helping you, your neighbor, and your community!

Check out some photos of a recent cash mob at MEADS Department Store of Sauk Centre, Minnesota, ACE HARDWARE of Long Prairie, Minnesota, and TAQUERIA ESCOBAR of Pelican Rapids, Minnesota on our Facebook page and stay tuned for more mobs! 

Tags: Community, cash mob

The Importance of Buying Local

Posted by Luke Riordan on Wed, Feb 19, 2014 @ 03:11 PM


eat drink buy local chicago 285x300

Sometimes it's easy to overlook local establishments when spending money to get the necessities we need. This is especially easy today because big brand stores are becoming more and more prevalent and are driving local stores and companies out of business. It is important to buy local for many reasons and keep the money in your community.

There are many reasons you should be buying local. For starters, buying local helps to support yourself and keeps the money in the community. When you buy local, the money that you are spending is not going to a large company that has its headquarters in another state, or county. Instead the money stays in your town and more than likely is used to help out other business’ and organizations in the community. Did you know that non-profit organizations receive more than 250% greater support from small business owners than large corporations?

Every community has a few local establishments that are unique. These are the sort of places that people love to go because they are one of a kind. When you support these types of businesses you're making a direct impact to help keep that establishment in your community. You also can help protect the environment by shopping local. When you shop local you help save on shipping and transportation fees as well as less congestion and pollution.

We bet you didn’t know that small local businesses are the largest employer nationally and create the highest number of jobs across the country! The best part about that is you will get better service at a locally owned business than you will at a large corporation. Small business owners take the time to get to know their customers and develop strong bonds with the people that support them. You won’t get this at a big business, which is really only interested in your money.

Every time you buy local you are directly making a positive impact on your community and its economy. Local businesses are owned by people in the community. This means that they are directly invested in your community and its future and are highly unlikely to leave. Not only are they invested in the future of the community but they also require much less money on investments in infrastructure and are more efficient on the use of public services. Small businesses also have the ability to bring in products that their community needs, rather than be based around the needs of a large company and a broad demographic.

Buying local is an easy way to support your community and helps keep money in its economy. When you shop local you not only help that store, but every person and business that helps supply that business. A small business will base itself around you and the owners will make connections with clientele to give you a very personalized experience. 

Tags: buy local

5 tips to Grow Your Company

Posted by Luke Riordan on Mon, Jan 13, 2014 @ 11:48 AM

tree growing out of money

Start-up companies all want to do the same thing: to grow and be successful. But it is easy to get caught up in small details, when in reality it is necessary to focus on the big picture.  What exactly do we need to get done, and how must we do it in order to gain customers and grow?  Here are five tips that can help aid in the growth process:

  1. Pick and choose your battles:  do not get wrapped up for a week deciding on little things, such as the theme colors for your company’s next advertisement.  There are more important things to obsess over, such as gaining customers and making money (which you already knew).  Remember what the big picture is and have your team remained focused.
  2. Remember passion and commitment: These traits must be in every employers’ mind in order to get your business to the other side and grow!  Without passion and commitment, your customers, team, advisors, and investors will notice.
  3. Create a sense of urgency: it is necessary to set specific timelines for action and achievements.  What are your overall short-term, mid-term, and long-term goals and how are you going to get there?  Being an entrepreneur is a marathon, yes, but there are also a significant number of sprints through the process.  Be crucial to your deadlines.
  4. There is no “I” in start-up: We understand as an entrepreneur, you desire to take the bull by the horns and have a set vision for how you want to develop the company.  But it is necessary to divide projects and use your team’s ideas.  Ask for your team to be creative and come up with new, exciting ways to grow your business.  You never know what they might come up with that you did not think about before!
  5. Celebrate achievements: when one of your team members is exceeding expectations, or a milestone occurs, award yourself and your team! By celebrating these achievements, a new sense of motivation will occur and it will drive energy into your team.

At Minnesota National Bank, we know it is a lot of work to grow your company from start up to a mid-sized company. Don't hestaite to contact us for your business financing needs, we are here to help!

Tags: Finances, Small Business, Growing Your Business, entrepreneur