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Increase Income and Reduce Risk: Rethinking Your Certificates of Deposit Strategy

While fixed income investing can offer the investor less risk than stocks and provide a steady stream of interest income, many individual depositors do not have the resources to experience the same benefits as market professionals. However, by using certificates of deposit (CDs) individual depositors can achieve benefits similar to those from a professionally managed [...]

By |2020-06-25T10:49:40-05:00June 25th, 2020|Bank Updates, Leadership|0 Comments

When There is a Need: Drake COVID-19 Relief Fund

While small businesses are known to be the backbone of the economy, community banks build local communities by reinvesting local dollars back into the community to help create local jobs. And when there is a need, community banks often find ways to help support the community and local neighbors. “Our business, as a community bank, [...]

By |2020-06-18T10:03:46-05:00June 17th, 2020|Bank Updates, Community Stories|0 Comments

Drake Bank Welcomes Jay Larson as Vice President and Controller

St. Paul, Minn. | May 27, 2020 – Drake Bank welcomes Jay Larson as vice president and controller. Larson has an extensive background in the banking industry, with expertise in business and financial operations, efficiencies, and mergers. Larson comes to Drake Bank after serving as senior financial accountant at Highland Bank. Prior to his work [...]

By |2020-07-28T15:10:52-05:00May 27th, 2020|Bank Updates|0 Comments

Small Business Support Through the Paycheck Protection Program

Small Businesses make up 99.5% of Minnesota businesses and employ over 47% of Minnesota’s employees, according to the U.S. Small Business Administration, Office of Advocacy’s 2019 Small Business Profile. These strong statistics reinforce the saying: “small businesses are the backbone of our economy.” At Drake Bank, we have a passion for serving our community and [...]

By |2020-05-11T07:51:03-05:00May 11th, 2020|Bank Updates|0 Comments

Drake Bank Welcomes Laura Gevik as Senior Vice President, Chief Operations Officer

St. Paul, Minn. | May 4, 2020 – Drake Bank welcomes Laura Gevik to the senior management team as senior vice president, chief operations officer. Gevik's results-oriented experience in coaching and developing staff, and bank management and operations will allow Drake to continue in its growth trajectory. Gevik's extensive banking leadership includes working as an [...]

By |2020-07-28T15:12:07-05:00May 4th, 2020|Bank Updates|0 Comments

Drake Bank has been as an Approved Lender for the Minnesota Department of Employment and Economic Development’s (DEED) Small Business Loan Guarantee (SBLG) Program

St. Paul, Minn. | April 3, 2020 – The Minnesota Department of Employment and Economic Development (DEED) is temporarily offering the Minnesota Small Business Loan Guarantee (SBLG) Program to Minnesota small businesses affected by COVID-19. The SBLG program offers loans to Minnesota businesses with fewer than 250 employees. The loan can be used for a [...]

By |2020-07-28T15:23:40-05:00April 3rd, 2020|Bank Updates|0 Comments

Drake Bank Appoints Nichol Beckstrand as Co-Chair of Board of Directors

St. Paul, Minn. | March 27, 2020 – Drake Bank has appointed Nichol Beckstrand as Co-Chair of their Board of Directors. Nichol brings significant leadership and financial services industry experience to the Drake Bank Board, including serving as Chief Operating Officer and President at Sunrise Banks. Nichol then served as President and CEO of the [...]

By |2020-07-28T15:17:50-05:00March 27th, 2020|Bank Updates|0 Comments

Drake Bank Welcomes Jamie Nabozny as Director of Consumer Financial Services and Civic Banking

St. Paul, Minn. | March 27, 2020 – Drake Bank has hired Jamie Nabozny as Director of Consumer Financial Services and Civic Banking. Jamie brings a wealth of experience in the areas of community engagement, business development, and personal banking from his tenure at both Sunrise Banks and Wells Fargo. Drake Bank Senior Vice President [...]

By |2020-07-28T15:28:39-05:00March 27th, 2020|Bank Updates|0 Comments