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2300 Como Avenue
St. Paul, MN 55108
651-523-7800
2171 University Ave.
St. Paul, MN 55114
651-523-7800
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Park Midway Bank News
August 2007 SRDF Newsletter
April 2007 SRDF Newsletter
December 2006
July 2006
April 2006
December 2005
August 2005
April 2005
December 2007
July 2007
March 2007
September 2006
June 2006
March 2006
Archived News Items
Our new coffee bar, Park Perks will be opening when we move September 10th, 2007. We will be donating all proceeds raised from the coffee bar sales to local youth groups and other small not for profits. The Bank will be serving Peace Coffee, a fair trade coffee. Recipients include Eco Education, Cub Scouts, UMC Preschool, St. Anthony Park Elementary, Destination Imagination Teams. For further details, contact Terri Banaszewski at 651-523-7835.
EZ Deposit is available at Park Midway Bank. The product allows for customers to make deposits from the convenience of their office or home without making a trip to the Bank. The technology allows you to process your checks for deposit electronically, allowing for faster credit and less time out of the office doing your banking. Call a banker today at 651-523-7800 for more information on EZ Deposit.
Lisa Nicholson and her employees begin each week prepping tomatoes, onions and other special ingredients to produce her
fresh product “Salsa Lisa.” The process is a labor intensive operation involving inspecting the vegetables,
coring, peeling, and finally production. Since the salsa needs to be refrigerated, inventory is produced and shipped to grocers
weekly to fill their shelves. Fresh salsa is kept in the dairy case in most
grocery stores including Cub and Super Target.
This schedule seems to work very well for this mother of three and resident of St. Anthony Park. While Lisa does a great job
of balancing her personal life and her business, she couldn’t emphasize enough that her family always comes first.
This concept of family also seems to be consistent in her business. Lisa has about a dozen part-time employees and one full time
staff member. There is an open atmosphere at work in the fact that family also comes first for her employees. If one of her
employees can’t find a babysitter for the day, Lisa encourages flexibility to assist her staff to work and sometimes her
office is turned into a movie room!
Salsa Lisa all started in Lisa’s garden when she was in college. She began by making small batches of salsa for friends
and family members. She then started selling it at the Farmer’s Market. Her success encouraged her to sell to grocery
stores around the Twin Cities. In the beginning, she was doing this all on her own. She would even do all of her own
delivering. She got to the point where she couldn’t take on anymore workload by herself. She decided to pick up a
distributor in 1997 and began selling about 40 cases to about 15 stores. She developed a good relationship with her distributor and
ithin about a year and a half she had grown to making three hundred cases per week.
How did Lisa begin banking with Park Midway Bank? She was interested in the small business work that the bank did and also
heard from others about benefits that the Bank had to offer. She had never approached a bank before but decided to give it a
shot. Lisa said she did not feel intimidated at all coming into the bank. This was due in part to one of our loan officers
who had just been raving about Salsa Lisa the weekend before on a trip with her girlfriends. By this simple connection Lisa
knew she was in the right place. She also received help from our SBA department, which was key to helping the business with
its growth plans. As for the future Salsa Lisa, she not only plans on expanding the business but also is working on new flavors,
which are still in the process of perfection. For more information, visit her website at
www.salsalisa.com.
Park Midway Bank has earned the designation as a Community Development Financial Institution (CDFI) from the U.S. Treasury
Department. “Our bank is one of only 60 FDIC insured financial institutions in the nation to earn this designation”, said
Rick Beeson. In order to receive this designation the bank had to demonstrate through an extensive application process
commitment and success in serving a target market that has been underserved by traditional financial institutions.
Along with constructing a new “Green” building, Park Midway Bank has formed a partnership with Eureka! Recycling
(www.eurekarecycling.org)
to make the Bank even more environmentally responsible.
Beginning in the fall of 2007, Eureka will coordinate the Bank’s total waste reduction program. This will include collecting
recyclable materials, safely disposing of compostable resources, and utilizing post-consumer paper. Dianna Kennedy from Eureka said that
“by designing a business plan that involves no waste, Park Midway Bank can showcase its commitment to environmentally sound practices and
its community.” The new Bank building will also have a small espresso bar in place and Eureka will help make the coffee shop as waste-free
as possible. All the proceeds from the espresso bar will be donated monthly to local not for profit organizations.
In the meantime, Eureka is working on creating a program to allow the public to tour their recycling collection facility, at 2828 Kennedy
Street in NE Minneapolis, and learn more about different ways to recycle. Park Midway Bank is proud to be one of the sponsors of this
project which will raise awareness about the needs for and possibilities of making our environment waste free. “This is a wonderful
partnership for our Bank and we hope to help Eureka educate our community about a zero waste vision” – Rick Beeson, President.
Children’s Home Society & Family Services, a long time partner and neighbor of Park Midway Bank, has recently faced a challenge
with increasing fees associated with adopting children from other countries. Many parents who are choosing adoption have been surprised
by these cost increases. Park Midway Bank is proud to announce a new loan program to help parents adopting through Children’s Home
Society afford these high costs.
The Bank is offering a $5,000 unsecured loan to qualified applicants: a 36 month loan with a rate fixed at prime on date of loan
closing, with all interest forgiven if repaid in twelve months. The Bank and the Society are both excited about this new agreement
and hope that it will facilitate much needed help to parents expanding their families by adopting children. “This kind of collaboration
is truly in the spirit of our mission as a community bank, we look forward to working with parents at this amazing time in their lives.”
– Terri Fleming, Senior Vice President.!
Congratulations to Blue Plate Restaurant Company, Minnetronix and Episcopal Homes.
We are proud to be associated with these great businesses and wish them continued successes in 2006! The Deubener Award is an award presented to companies that have attained growth and achieved excellence through innovation. Nominees were judged by a committee of their peers on various criteria including 250 employees or less; in business for a minimum of three years; involved in community activities; promoting and supporting diversity in the workplace and adhering to ethical business practices.
Rick Beeson, President of Park Midway Bank, is a Co-Chair for the Central Corridor Partnership along with
Robert Senkler of Securian and Andrew Duff of Piper Jaffray.
Today in the Twin Cities, transportation options are being robustly
discussed – and implemented. The findings of a recent statewide
transportation poll indicated that transportation is a growing priority
issue for most Minnesotans. The Hiawatha light rail line – running between
downtown Minneapolis and the Mall of America – is proving to be an even more popular option for business and recreational commuters than initially anticipated, with impressive ridership
numbers.
Saint Paulites have been hearing a great deal lately about the Central Corridor transit project – the proposed “second line” of light rail transit (LRT) in the Twin Cities. The Central Corridor is the proposed 11-mile transit line that would connect downtown Saint Paul and downtown Minneapolis.
Beginning at the Union Depot – a proposed multi-modal transit hub in downtown Saint Paul – the Central Corridor line would link to the State Capitol, move through the Midway, travel down University Avenue, through the University of Minnesota, extend over the Washington Avenue Bridge and connect to the Hiawatha Light Rail Transit line at the Downtown East/Metrodome station. From there, the line would continue on to Minneapolis/Saint Paul International Airport and Mall of America.
As working chair of the Central Corridor Partnership – a business-led coalition founded to promote an improved transit system along University Avenue,
Rick Beeson has testified at the state legislature and at public hearings in
support of the project. Beeson stated that "the most overdue idea for transportation in the Twin Cities is an LRT line that connects the Minneapolis, Saint Paul and Midway
areas. We are confident that it is the best solution to our region’s growing transportation challenges, benefiting Twin Cities commerce, workers and communities – with a positive economic
impact for the state".
Currently, there are nearly 500 business and labor organizations that are members of the Central Corridor Partnership. Large Saint Paul corporations
include Ecolab and Wells Fargo, as well as
many smaller neighborhood businesses such as Park Midway Bank.
Click here for more information on Central Corridor Partnership
Two teams totaling about 20 Park Midway Bank staff joined Habitat for Humanity work crews in Woodbury on May 3 and 4,
2006. The
volunteers assisted with sheet rocking, floor installation and priming within two Habitat for Humanity homes now under construction
in a Woodbury housing development . The overall development incorporates both market rate and affordable housing units.
This was a partnership with John Bergstrom (former St Anthony Park resident) and the Entrepreneurs House
initiative.
The Habitat Home is sold to a family with limited incomes and they supply much of the “sweat” equity in building and finishing
the home. The family then is given a 0% mortgage for roughly $120,000 which they service. The actual market rate of the home
they buy is about $200,000. Habitat for Humanity helps families get started with a home of their own and rely on the physical
labor from businesses and nonprofit groups to build the homes. A great way for
Bank employees to give back to the community!
According to the FDIC, Park Midway Bank has demonstrated an outstanding record of helping to meet the credit needs of its assessment area, and in a manner consistent with its resources and capabilities. The rating is primarily based on its lending performance, involvement in special loan programs and the good level of qualified investments and community development services. An outstanding rating is given to
fewer than 15% of financial institutions.
Park Midway Bank and the Sewell Family have sponsored a statue that is displayed in front of the Humane Society for Companion Animals in St. Paul. The statue is called “Home Sweet Home” and is the fifth and final promotion for St. Paul’s tribute to Charles Schultz. This was designed and painted for them by artist Sabra Khan.
The John M. Morrison Center for Entrepreneurship at the University of St. Thomas presented Park Midway Bank owner Bill Reiling with the John F. Cade Award. The award is given annually to an individual who epitomizes the following entrepreneurial attributes:
- Recognizes opportunity, acquires resources, and develops an organization to realize that opportunity.
Contributes freely of his or her time to assist others in entrepreneurial endeavors.
- Shares his or her talents for the betterment of the community in which we live and the university that we serve.
- Possesses high standards and integrity and is a model of the values that are taught at St. Thomas.
Bill Reiling has been an entrepreneur for his entire life. His commitment to community reinvestment and giving back to those neighborhoods we serve is evident by the missions of the three Sunrise Banks. Park Midway Bank and University National Bank in St. Paul along with Franklin National Bank in Minneapolis have a strong reputation as leaders in their urban communities. “It’s part of our mission!” says Reiling.
Park Midway Bank received an award from Hector Barreto, U.S. Small Business Administration administrator. The award recognizes the Bank for providing the largest number of guarantee loans to small businesses in the state of Minnesota, among banks with $200 million or less in assets. Mr. Barreto was at the St. Paul Area Chamber of Commerce for an event last week when the announcement was made.
The Bank is consistently among the top five originators of SBA loans in the
state of Minnesota.
A group of volunteers from Park Midway Bank took part in the construction of the Entrepreneurs House project for Habitat for Humanity in
North Minneapolis. Through a joint effort, roughly 30 smaller companies, their investors, advisors and bankers worked together on a single home building project in the Minneapolis-St. Paul area. Under the Habitat for Humanity program, homes are built for low-income families with a combination of donated funds, volunteer labor and purchasing family sweat equity. Homes are then sold to families at reasonable price and under a zero interest mortgage, which provides critical opportunity for working poor families to enter the mainstream economic system.
To celebrate the completion of four artistic seating elements along
University Avenue in St. Paul, Park Midway Bank and FORECAST Public Artworks
hosted a unique dedication ceremony. Billed as a “benchwarming,” the event encourages guests and passers-by to literally warm up the seating sculptures, meet the artists, and enjoy refreshments and hear accolades from local dignitaries including Mayor Randy Kelly.
FORECAST Public Artwork’s Sculptural Seating initiative features four distinct examples of artist-designed street furniture. Two projects, by artists Al Wadzinski and Marcia McEachron, are located at Fairview (completed in 2003), and two benches by artists Jane Frees-Kluth and Lisa Elias, are sited near Raymond Avenue. Park Midway Bank is an active participant and contributor in the community and is sponsoring the two new seating projects.
The four seating sculptures were organized by FORECAST Public Artworks, a 25-year old non-profit organization with offices on the avenue. According to project director Jack Becker, FORECAST’s goal is to “illustrate different forms of creative street amenities. We want to demonstrate the potential of public art to enhance the corridor, starting with Fairview and Raymond. People get the idea much quicker when you can actually show them examples.”
Here is a brief summary that will bring you up to date on a few of the projects that your SRF deposits have assisted the Bank in funding.
An interesting project that we have been able to help with funding is The Wildlife Rehabilitation Center in Roseville. This is an excellent addition to the community and the largest wildlife rehabilitation center in numbers of admitted patients in the country. Park Midway Bank was able to provide one million dollars of funding for construction of a new building in Central Park of Roseville.
On the east side of St. Paul, the old Mounds Theatre has been renovated and reopened. Rae Ann Ruth, executive director for The Portage for Youth organization, which owns the building, has brought performing arts events and movies back to the theatre and the east side.
If you are interested in having your deposits specifically earmarked for reinvestment back into our community, please give one of our personal bankers a call at 651-523-7800. There are no costs, no fees and no change in the rates or availability of funds.
Mayor Randy Kelly joined community partners to announce an innovative new loan program that will increase the number of small businesses in Saint Paul that receive loan assistance.
The Small Business Expansion Program uses partnerships to tap into private capital resources, instead of relying on taxpayer-funded resources.
“This program relies on our partnership with the Community Reinvestment Fund and our community banks to help our smaller, minority- or women-owned businesses start up or expand,” Mayor Randy Kelly said. “This new program stretches the funds the city traditionally had loaned to small businesses, allowing us to reach even more businesses, especially in key areas, such as along our commercial corridors.”
Partners in this initial pilot project include the Community Reinvestment Fund, Park Midway Bank, Saint Paul Port Authority, the city’s Planning and Economic Development Department, and The Saint Paul Foundation.
The business that received the first loan was the Park Midway Bank customer Today Fashion, owned by Ge Lee. He will be expanding his clothing business at a new building at the corner of University and Western avenues, adding jobs to the University Avenue corridor.
The program uses a secondary source of capital through the Community Reinvestment Fund to leverage up to $24 million with $500,000 investment each from the City of Saint Paul and the Saint Paul Port Authority.
“Community Reinvestment Fund was started in the belief that private sources of capital could help meet public needs,” CRF CEO Frank Altman said. “We have been fortunate over the years to find partners who shared our belief and commitment to providing new opportunities to communities. Saint Paul was one of our original partners, and this revitalized effort is the next step in helping provide areas, business owners and non-profits with creative approaches to financing.”
“The Small Business Expansion Program is another powerful and flexible tool for community banks to have in their tool-box to help get financing to small businesses that otherwise might not qualify for conventional financing,” said Rick Beeson, president of Park Midway Bank.
A $100,000 grant to the Community Investment Fund from The Saint Paul
Foundation helped launch this initial pilot loan.
“Through its strategic plan for grantmaking, The Saint Paul Foundation is committed to investing in economic development for those parts of the community that are left behind,” said John Couchman, vice president of grants and programs for The Saint Paul Foundation. “This grant is one of a number of ways that we are providing tools to businesses and individuals to support economic development initiatives.”
“We are so pleased that by joining with CRF and many others in CRF's application for New Market Tax Credits, Saint Paul will be able to access a significant number of those credits,” said Martha Fuller, director of Saint Paul’s Department of Planning and Economic Development. “By doing so, we can offer our small businesses a low cost source of financing to help them grow. This, in turn, will relieve some of the pressure on our Neighborhood STAR funds and other scarce development resources.”
“This program is an excellent example of leveraging funds to help many more small businesses grow and expand in Saint Paul,” said Ken Johnson, president of the Saint Paul Port Authority.
For more information, please call Rick Beeson at 651-523-7830.
Emerald Gardens
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Park Midway Bank recently announced the creation of a depository fund that will provide its customers with a unique investment option with a double bottom line. The Socially Responsible Fund (SRF) will offer all of the same amenities of a regular bank account, the same interest rates, accessibility, and FDIC insurance, with one major bonus; the funds will be designated specifically for community development projects in target investment areas of the two central cities.
Socially responsible depositors who choose to take advantage of SRF will be providing the Bank with sufficient deposits that will in turn allow it to reinvest the money back into the community in the form of loans. SRF will primarily focus on critical areas that are essential to maintaining and building a stronger and more vibrant urban core, such as affordable housing, redevelopment projects, small businesses, non-profit organizations, and community services.
Episcopal Home
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The flexibility of the SRF is another key to the new fund’s success. Park Midway Bank works with borrowers in these targeted areas to create loan structures that meet the unique needs of each individual project thereby making loans that are both financially secure and socially responsible.
Rick Beeson, President of Park Midway Bank states, “This fund allows our customers a very easy way to give back to the community in a meaningful way.”
Saint Paul Mayor Randy Kelly was also pleased to hear of the creation of the SRF. “I am always thrilled to see institutions in the private sector like Park Midway Bank coming up with new and creative ways to make our resources work even harder for our City and region. This is a perfect example.”
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