Question 1

What is Volksbank Lübeck?

Accepted Answer

Volksbank Lübeck is a German cooperative bank (Genossenschaftsbank) serving the Hansestadt Lübeck and its surrounding region in Schleswig-Holstein. As one of the larger Volksbanken in Schleswig-Holstein, the bank operates as a regional universal bank with approximately 14,424 members, 34,000 customers, and a balance sheet total of 1.1 billion euros.

The bank is structured as a registered cooperative (eingetragene Genossenschaft), owned by its members who hold shares in the institution. It is a member of the Genossenschaftsverband and the Bundesverband der Deutschen Volksbanken und Raiffeisenbanken (BVR).

Question 2

When was Volksbank Lübeck founded?

Accepted Answer

The origins of Volksbank Lübeck trace back to 1902, when the Landbank was founded. The modern Volksbank Lübeck was established in 1952 on Dr. Julius-Leber-Straße 2-5 in Lübeck.

In 1971, Volksbank Lübeck merged with the Landbank, which had been operating since 1902, creating a stronger regional institution. More recently, in June 2012, the bank merged with Raiffeisenbank Travemünde eG, with the merger taking effect retroactively from January 1, 2012.

Question 3

Where is Volksbank Lübeck headquartered?

Accepted Answer

Volksbank Lübeck is headquartered at Klingenberg 1-5, 23552 Lübeck, Germany. The bank has occupied this location since July 1971, when the new building was opened and became the central headquarters.

Previously, the bank operated from the historic Buddenbrookhaus (Mengstraße 4), which it acquired in 1954 and rebuilt after it was bombed during World War II. The renovated banking facilities in the Buddenbrookhaus opened in June 1957 and served until 1971. In 1990, the bank returned the Buddenbrookhaus to the city of Lübeck, where it now houses the Heinrich-und-Thomas-Mann-Zentrum.

Question 4

Where does Volksbank Lübeck operate?

Accepted Answer

Volksbank Lübeck operates throughout the Hansestadt Lübeck and the surrounding region in Schleswig-Holstein, Germany. The bank maintains 9 branch locations throughout its service area, providing local access to banking services for residents and businesses in Lübeck and neighboring communities.

The bank also operates 17 ATMs across its network, ensuring convenient access to cash withdrawal services for customers throughout the region.

Question 5

What services does Volksbank Lübeck offer?

Accepted Answer

Volksbank Lübeck provides comprehensive universal banking services for both retail and business customers:

Retail Banking: Current accounts, savings accounts, time deposits, debit cards, credit cards, consumer loans, car loans, mortgage loans, and pension plans.

Business Banking: Credit and investment products tailored for small and medium-sized enterprises (SMEs), with special attention to supporting local economic development.

Digital Services: The bank offers online banking through desktop and mobile browsers, the VR Banking App for iOS and Android devices, and VR SecureGo plus app for secure transaction authentication. Customers can also use Wero for real-time money transfers using just a phone number.

Partnership Services: Through the cooperative FinanzGruppe network, the bank provides insurance (R+V Versicherung), building savings (Bausparkasse Schwäbisch Hall), investment funds (Union Investment), leasing (VR Leasing), trading accounts, and specialized products like e@sycredit through Teambank Nürnberg.

Question 6

What makes Volksbank Lübeck unique?

Accepted Answer

Volksbank Lübeck distinguishes itself through its deep connection to Lübeck's cultural heritage. The bank's historic association with the Buddenbrookhaus, made famous by Nobel Prize-winning author Thomas Mann, demonstrates its commitment to regional culture. The bank continues as a supporter of the Heinrich-und-Thomas-Mann-Zentrum housed in the building.

As a cooperative bank, Volksbank Lübeck operates on democratic principles where each member has equal voting rights regardless of the number of shares held. This structure ensures that local residents and businesses have a direct say in how their bank operates.

The bank holds a Fitch rating of AA- (very high credit quality), reflecting its financial stability. It ranks as the 687th largest bank in Germany and the 281st largest cooperative bank in the country.

Question 7

What type of financial institution is Volksbank Lübeck?

Accepted Answer

Volksbank Lübeck is a Genossenschaftsbank (cooperative bank), specifically structured as an eingetragene Genossenschaft (eG), which is a registered cooperative under German law.

As a cooperative credit institution (CRDCREINS), the bank is owned by its members who purchase shares and participate in governance through a representative assembly. The bank operates under the Genossenschaftsgesetz (Cooperative Act) and its own statutes adopted by the representative assembly. This structure emphasizes solidarity, fairness, partnership, and personal service, embodying the cooperative principle that "what one cannot achieve alone, many can achieve together."

Volksbank Lübeck is protected by the BVR Institutssicherung GmbH deposit guarantee scheme, which covers deposits up to 100,000 euros per depositor. The bank is supervised by the German Federal Financial Supervisory Authority (BaFin).

Question 8

How many employees does Volksbank Lübeck have?

Accepted Answer

Volksbank Lübeck employs 178 staff members, including 9 apprentices (Auszubildende). This workforce serves approximately 34,000 customers across the bank's 9 branch locations throughout the Lübeck region.

The bank's commitment to apprenticeships reflects the cooperative banking sector's emphasis on developing local talent and supporting youth employment in the community.

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About Volksbank Lübeck in Germany