Small-bank aggregator says mergers have created demand for local provider. Dubuque, Iowa-based community-bank holding company Heartland Financial USA is creating a new bank, Minnesota Bank & Trust, to get in on Minneapolis' wealth-management and business-banking market.

The de novo will be headed by Kate Kelly, former head of wealth management at Bremer Bank, which is based in Lake Elmo, Minn., on the outskirts of Minneapolis.

M&As

"Mergers and acquisitions have opened the door for us to serve clients who prefer the responsiveness and attentiveness of a local bank," says Kelly. "With the capabilities, resources and back office support of a larger organization like Heartland, we plan to provide the best of all worlds to our clients."

Assuming it gets the nod from regulators, the new bank will serve small- and mid-size businesses and high-net-worth individuals. "Minnesota Bank & Trust will be a bank that understands the people who own and operate companies," says Kelly. "We will pay attention to the 'little things' these businesses and individuals expect from their bank."

Though slated to roll out as a single-branch bank late this year, Heartland's CEO Lynn Fuller says the plan is "to expand our presence through additional strategic hires and branch locations."

Not counting Minnesota Bank & Trust, Heartland owns 11 community banks with about 30 branches in Arizona, Colorado, Illinois, Iowa, New Mexico and Wisconsin. -FWR

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