On the 28th of February, Great Northern Bank and First American Bank united as a single organization under the First American Bank name. Combining the two banks yields many positive benefits. Most noticeable benefits will occur when the two data processing systems convert to one system--in about four-five months.
For current First American customers, there will be no noticeable change.
For Great Northern customers, the merger will bring no immediate changes. You will continue to use your checking account, your checks and your debit card. The deposit and loan accounts will remain the same. The Bank’s hours will not change. Interest rates and terms will remain the same. The same knowledgeable, friendly staff will be there to assist you. Your calls will be answered by a human being. The only initial changes will be the name of the organization and its ability to make loans. By combining the two banks, the size of loans that Great Northern had been able to legally make nearly triples.
Once the operations areas of the two banks are merged, there will be some changes. The most noticeable changes involve the addition of electronic banking capabilities. Mobile banking applications will be available for both deposit and loan customers and will be expanded. Other electronic banking functions will be expanded. And, a larger organization allows for faster adoption of new technologies.
A lot of thought and effort has gone into this merger. Both banks wanted to merge in order to expand their ability to grow the franchise. But, they did not want to change the Bank’s personality. A key requirement of the merger was that the two banks had similar corporate philosophies. Those philosophies will continue to guide the Bank. Providing exceptional service to our customers is a cornerstone of that philosophy. Providing well thought out, professional advice on financial matters is another of the similarities. Finally, the Bank’s goal is to provide real value. It will use its financial resources to best help our customers reach their financial goals.
Another key component of the similar philosophies is that of local decisions. The management of the St. Michael Branch will have the authority to make vital decisions. A major difference between large banks and community banks is that ability to have local decisions made by local staff. Those local bankers understand the market and their customers and decisions will be based upon that intimate knowledge of the situation.
We, the management of First American and Great Northern, are excited about this merger. We believe the merged entity will provide a wider array of products and more lending capability while retaining that local service that is so important to us and to our customers. Please join us to celebrate this event by attending of our open house events in St. Michael. We will We want you to join us in celebrating this milestone.
John A. Malmberg, President/CEO
First American Bank
For more information on the merger and how it affects you, click here.
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