Sunrise Community Banks in St. Paul, Minn., plans to combine three bank charters.
The company will merge Franklin National Bank, Park Midway Bank and University Bank, rebranding them as Sunrise Bank on April 1, the company said in a press release Monday. The banks have $753 million in assets and nine branches.
This rebranding will coincide with a transfer of the banks' ownership to David Reiling, the company's chief executive. Reiling is the son of Bill Reiling, the company's chairman and current owner.
Franklin National Bank in Minneapolis has four branches in the city and $153 million in assets. Park Midway has two branches in St. Paul and $259 million in assets. University Bank has $340 million in assets, two branches in St. Paul and one in Sioux Falls, S.D.
"Uniting our three community banks under the single brand … enables us to offer Twin Cities businesses and consumers more innovative products and services and more advanced technology," David Reiling said in the release. "At the core of our success, though, is our dedication to the mission of helping our urban community and the underserved succeed."
