Business & Tech
Lake Elmo Bank Marks 100 Years
The bank is holding a community picnic Friday, Sept. 9, at its Lake Elmo office.
Lake Elmo Bank celebrates its 100th year Friday, Sept. 9, with community picnic from 4 to 7 p.m. at the Lake Elmo office, located at 11465 39th St. N. The picnic will include hot dogs, roasted corn, trolley tours a Dixieland band, a petting zoo, bingo and root beer floats. Here are a few facts about the history of Lake Elmo Bank:
- The State Bank of Lake Elmo was chartered on Aug. 1, 1911, by a group of farmers and local business owners.
- Erwin Beutel was one of the original founders of the bank, and over time, he would purchase shares from the other founders as they retired until the Beutel family had a majority share in the bank.
- In the late ‘80s the Beutels sold the bank to Don Raleigh and Jim Schaefer. Schaefer retired in 1995, and Raleigh’s son, Dan Raleigh is the current president and CEO of the bank.
- The bank opened its in 1999 and its Stillwater office in 2006. It moved into its current location off of Highway 5 in Lake Elmo in 1990.
- With more than 100 employees and assets over $250 million, Lake Elmo Bank is a relatively large community bank. The bank has a trust department, which is not typical for community banks.
Sources: Dan Raleigh, Rachel Rondeau and Lake Elmo Bank brochures