Question 1

What is EntreBank?

Accepted Answer

EntreBank is a business-focused commercial bank specializing in entrepreneurial and small business banking. Located in Bloomington, Minnesota, the bank operates with approximately $433 million in assets and maintains a single full-service office strategically positioned near the Minneapolis-St. Paul International Airport and Mall of America.

As Minnesota's first de novo bank in 14 years, EntreBank was purpose-built to serve entrepreneurs and business owners who value personalized relationships, quick decision-making, and sophisticated commercial banking services. The bank brings together experienced banking professionals who understand the unique challenges and opportunities facing growing businesses.

Question 2

When was EntreBank founded?

Accepted Answer

EntreBank was founded in March 2022, opening its doors on March 21 after receiving regulatory approval.

The bank was established by a team of five veteran Twin Cities bankers led by Daniel Boeckermann, who previously founded Venture Bank in 2001. The founding team includes CEO Tim Viere (from Merchants Bank), President Todd Hovland (from MidWestOne Bank), CFO Erik Knutson (from Drake Bank), and Chief Credit and Marketing Officer Melissa Johnston (from Highland Bank).

The bank raised $44.8 million in capital before opening, with $16.8 million from the five founders and $28 million from investors. The founders exceeded their fundraising goals, attracting over 100 shareholders eager to support a new community-focused business bank.

Question 3

Where is EntreBank headquartered?

Accepted Answer

EntreBank is headquartered in Bloomington, Minnesota, in the Minneapolis-St. Paul metropolitan area.

The bank's office is located near I-494, providing convenient access for business clients throughout the Twin Cities. The permanent location opened in September 2022 after the bank initially operated from a temporary space in the same building.

Question 4

Where does EntreBank operate?

Accepted Answer

EntreBank operates throughout the Minneapolis-St. Paul-Bloomington metropolitan area, serving businesses across the seven-county metro region.

While the bank maintains a single office location in Bloomington for operational efficiency, its lending and banking relationships extend throughout Minnesota and into surrounding areas. The bank's business model emphasizes relationship banking rather than branch expansion, with experienced bankers who have established networks across the entire metropolitan area.

Question 5

What services does EntreBank offer?

Accepted Answer

EntreBank provides comprehensive commercial banking services designed specifically for entrepreneurs and established businesses.

Business Banking includes business checking and savings accounts, money market accounts, certificates of deposit, and sophisticated cash management services tailored to business operations. The bank focuses exclusively on business clients rather than retail consumers.

Commercial Lending features commercial term loans, lines of credit, business acquisition financing, commercial real estate loans, and SBA lending programs. The bank's credit team has extensive experience helping businesses navigate Small Business Administration financing options.

Specialized Services include tax credit finance and business acquisition lending, reflecting the diverse expertise of the founding team. These specialized capabilities allow EntreBank to serve businesses with complex financing needs.

Digital Banking provides online and mobile banking platforms that enable business owners to manage their accounts efficiently while maintaining access to relationship bankers for consultation and support.

Question 6

What makes EntreBank unique?

Accepted Answer

EntreBank's distinction lies in its entrepreneurial DNA—the founding team are entrepreneurs themselves who understand firsthand the challenges of building and running a business. This shared experience creates natural rapport with clients and informs the bank's flexible, solutions-oriented approach.

The bank's timing and structure provide competitive advantages. As a newly formed institution, EntreBank avoided the legacy investment portfolio challenges that troubled other banks during rising interest rates. The bank maintains high liquidity through overnight Federal Reserve accounts, allowing it to fund growth while earning competitive returns.

Rapid growth and profitability demonstrate market demand for EntreBank's services. The bank grew from $30 million to over $300 million in assets within its first two years and achieved profitability more than a year ahead of projections. During the 2023 banking turmoil following Silicon Valley Bank's collapse, EntreBank actually experienced a 20% increase in deposits as businesses sought stability.

Relationship-driven service emphasizes personal connections and responsive decision-making. The bank's structure allows for quick approvals and creative solutions that larger institutions often cannot provide.

Question 7

What type of financial institution is EntreBank?

Accepted Answer

EntreBank is a De Novo Commercial Bank, representing a newly chartered commercial banking institution.

As the first de novo bank in Minnesota since 2008, EntreBank operates under a state charter with FDIC insurance and Federal Reserve membership. The "de novo" designation indicates it was newly formed rather than created through acquisition or merger, allowing it to build operations, culture, and systems from the ground up specifically designed for business banking.

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