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The Farmer’s State Bank of Cedar began operating in Anoka County, MN located on a main railroad stop between Minneapolis and Duluth. It served the rural agricultural community and is one of the few banks to come through the Great Depression.


Thomas P. Dolphin, then the President of the Bank, purchased a controlling interest in the $3.5 Million Bank. The Bank changed its name to the Crosstown State Bank of Cedar and expanded to two locations – one in St. Francis and one in Blaine on Highway 65.


The Bank grew from $3.5 Million to $10 Million in assets and moved its Bank Charter from Cedar to Ham Lake. The Crosstown Holding Company (“CHC”) was formed and assumed ownership of the Crosstown State Bank of Ham Lake.


The Bank expanded its Blaine office to a two-story, 14,000 square foot building that exists today. From 1986-1996, the Bank grew from $39.5 Million to $69.6 Million in assets and from $23.2 Million to $41.1 Million in loans. In 1996, the CHC purchased the 21st Century Bank in Balaton, MN, which had additional offices in Tracy and North Mankato, Minnesota. With combined assets in the CHC over $150 Million. CHC changed names from the Crosstown State Bank of Ham Lake to 21st Century Bank-North,with offices in Balaton, Tracy, North Mankato, Ham Lake and Blaine.


The Bank opened a new facility in Rogers, MN and subsequently relocated its Bank Charter from Balaton to Rogers. The Bank sold off its locations in Balaton and Tracy to Minnwest Corporation. Then in 1999, the Bank opened second location in Blaine on the well-traveled Highway 65 corridor.


The Bank had grown to nearly $200 Million in total assets. Continuing with its expansion, the Bank purchased the State Bank of Loretto. The Bank moved its Bank Charter from Ham Lake to Loretto.


From 2004-2007, the Bank experienced record earnings, pushing its capital to over $40 Million and its assets to $380 Million. In late 2007, the Bank opened its sixth location in Downtown Minneapolis on Hennepin and Washington Avenues. In 2011, The Bank opened its seventh location in the Metro area – its third location in Blaine. This office is one of the first new banks built in Minnesota since the Great Recession in 2008.


The Bank has grown to over $417 million in total assets, with a new location opening in Lilydale. 21st Century Bank has been consistently ranked as a top 10 SBA Preferred Lender – in Minnesota.

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