CorTrust opens first Minnesota location in Woodbury
The first Minnesota branch of CorTrust Bank is now open in Woodbury as part of the Commerce Hill development.
A grand opening is planned for Tuesday, June 14, from 5 to 8 p.m. with a ribbon cutting ceremony at 6 p.m.
Jay Gikas, senior vice president and Twin Cities market manager, said construction took six months. The branch will accommodate space for 19 employees in the 5,300 square-foot building.
"We built this one, really, to be our hub, so to speak," he said, adding that the Woodbury branch is larger than most of the bank's locations.
The South Dakota-based community bank acquired Brickwell Bank in September of 2009 along with all of its customers. It moved into the old Brickwell location in a strip mall on Woodbury Drive, so employees are now looking forward to moving to the more independent Commerce Hill location.
Brickwell Community Bank was seized by the Minnesota Department of Commerce after five years of operation in Woodbury.
CorTrust bought Brickwell's $63 million in deposits and $65 million in assets through an agreement with the Federal Deposit Insurance Corporation, according to news reports.
"The market is such a stable market. Woodbury is a little bit more stable, there is a little bit more growth," Gikas said.
CorTrust will offer all of the typical banking needs of checking and saving accounts, online banking, bill pay, certificates of deposit, personal and mortgage loans, commercial lending and trust services.
The Woodbury branch will have a mortgage originator on hand and a loan processor for additional support, Gikas said.
"We're not a huge bank but we're big enough to meet the lending needs," he said, adding that it has $630 million in assets.
Drive-up hours for CorTrust bank are from 7:30 a.m. to 6 p.m. Monday through Friday and lobby hours are from 8 a.m. to 5 p.m. The bank is open from 9 a.m. to 1 p.m. Saturday for lobby and drive-up.
"We see this development as being the premier development in Woodbury," Gikas said of Commerce Hill, adding that having retail and residential properties in close proximity will work to the bank's advantage.
The Commerce Hill development includes the new Super Target store.