First bankers’ bank commemorates 50th anniversary

United Bankers’ Bank commemorated its 50th anniversary as the nation’s first bankers’ bank. The celebration took place over dinner involving 200 guests at the JW Marriott Hotel in Bloomington, Minn., on Sept. 11. Jim Amundson, named CEO of the bank earlier this summer, welcomed shareholders, customers and guests. .UBB premiered a 25-minute video during the evening which told the story of the founding of the bank, its transition through economic difficulties, and its evolution into a $1.1 billion bank serving customers across half the nation.Narrated by former Twin Cities television news anchor Jeff Passolt, the video described concern some community bankers shared about being reliant on large competitors for correspondent services. The bankers came up with the idea of starting their own bank. The idea was appealing but the roadblocks were significant as Minnesota law would need to be changed, a key OCC rule would need to be dropped, and capital would need to be raised. But working with attorney Robert Whitlock the law and regs got changed. And, with banker Noel Busch leading the effort, 189 banks raised $1.3 million in capital and the Independent State Bank of Minnesota opened on Dec. 15, 1975. The State Bank of Wanda, Minn., making a $16 transaction, was ISBofM’s first customer. Representatives of the State Bank of Wanda were in attendance at the 50th anniversary celebration.The farm crisis of the 1980s required the bank to make changes, including bringing in William Rosacker as president in 1985. Under Rosacker’s leadership, the bank raised another $1.8 million in capital in 1987, and changed its name to United Bankers’ Bank in 1990, about the same time it moved into the 15-story tower in Bloomington it now calls home. The bank grew substantially, adding numerous services. In 2016, the bank acquired the Great Lakes Bankers’ Bank, adding several states to its service territory. Rosacker served as UBB president until April 2019; he passed away at the age of 79 this past January. The video featured commentary from past employees Chuck Hokans and Anne Hofstede, and many current employees, including EVP-COO Mary Williams, EVP-CMO John Peterson and EVP-CIO Ben Eskierka. The video concluded by noting the bank’s planned 2026 move to Meridian Crossings in Richfield.