Lake Elmo Bank was chartered on August 1, 1911 by a group of farmers and local business owners. Their purpose was to establish a community bank which would be locally owned and responsive to the community’s needs.
The State Bank of Lake Elmo, now Lake Elmo Bank, has been and remains the community bank envisioned by its founders. Over the years, as the community gradually changed, so has Lake Elmo Bank to accommodate the community’s needs. But through it all, the Bank continued to remain locally owned and committed to its tradition of service.
Our tradition of service has guided us through many changes over the past 100 years – the change from a farm community to a more diverse, metropolitan community. At the same time, we have seen changes within the financial industry – from hand written ledgers to Online Banking and Cash Management Services.
Through all of these changes, we have remained close to our roots. Our dedication to customer service has been passed on through the generations. As new customers have brought us their business and our staff has expanded, we have worked very hard to remain true to our service tradition.
Lake Elmo Bank, like the community it serves, has also changed over the years with over 100 employees, the Bank offers the convenience of three office locations. While remaining local, the ownership of the Bank has changed over the years. Stock from the original shareholders was sold to shareholders who were more active in the day-to-day management of the Bank. Today, the Bank’s President/CEO, Dan Raleigh and his family are principal shareholders. However, the Employee Stock Ownership Plan allows employees to share in the ownership of the Bank.
Today, with assets well over 300 million dollars, Lake Elmo Bank is among the larger community banks in the State of Minnesota. Because of its unique history – the founder’s commitment to community service and the good stewardship of the past shareholders, especially Erwin Beutel and Bruce Beutel, Lake Elmo Bank has successfully served the residents and businesses of the Washington County area with a continued commitment to its tradition of service.
In addition to its main office on Highway 5 in Lake Elmo, the Bank offers full-service banking at both their Oakdale and Stillwater locations.