Crookston lawyer oversees growth for United Valley Bank.United Valley Bank board member Dan Rust has spent a decade in his position. What started as a way to help a friend and share his legal expertise for a small local bank has blossomed into a leadership position for a fast-growing financial institution in northern Minnesota and North Dakota.A longtime lawyer in Crookston, Minn., Rust’s tenure on the board started in 2015 when Rust’s longtime friend, then-Crookston National Bank President Jim Ingeman, requested he join following the death of a previous board member. His law firm, Fischer Rust, had a longtime relationship with the bank: One of the firm’s senior partners was on the Crookston National Bank board when Rust started practicing law. Fischer Rust had also undertaken real estate title work for the bank.Rust’s work over the past decade at Crookston National Bank and United Valley Bank since then has led to significant growth and his recognition as one of BankBeat magazine’s 2026 “Amazing Outside Directors.”‘The bank has supportive shareholders’Rust faced a two-year learning curve when he joined the board as he memorized internal regulations and controls. During that time, Crookston National Bank changed to a state charter and changed its name to Northern Sky Bank. Three years later, the bank was sold to United Valley Bank. United Valley’s principals asked Rust to stay on the board.“Jim (Ingeman) was a conservative banker,” Rust said. “The bank was very clean, not a lot of bad loans. ... He had a couple of bank groups interested in the purchase, and he made the decision to go with United Valley.”While Ingeman relied on outside counsel and was the lead decisionmaker as bank CEO, board chair and majority shareholder, Rust provided support and answered questions based on his legal expertise. He remains the only lawyer on the board.Rust’s time as a director has coincided with the bank expanding in the Red River Valley by establishing a loan and deposit production office in Fargo, N.D. The bank planned to open a branch in Fargo in early February as part of its expansion from focusing on ag customers in rural Minnesota and North Dakota.United Valley has grown to $725 million from $60 million after multiple acquisitions of smaller banks in northwestern Minnesota and eastern North Dakota. Rust said 25 percent of the growth has come over the past three years thanks to efficiencies.“The bank has supportive shareholders who are willing to facilitate the bank with this kind of growth in terms of capital and in terms of hiring individuals to get to the next step,” he added.Rust sees strong communication between United Valley Bank managers and board members, with the board open to input from management. The board also includes farmers and business owners to reflect the composition of the communities it serves.“We have a relatively young management core group who we’re excited to see what they can do,” he added. “We’re excited about Fargo ... Grand Forks has grown significantly based on the management group we have.”Rust’s job as a board member centers on strategic planning and hiring senior managers while helping United Valley Bank achieve success to benefit shareholders. “We’re looking for a good fit, and we’re looking for someone who understands what we’re trying to do and what we’re all about,” Rust said.Rust’s nominator, United Valley Bank Fargo Market President Blake Trenbeath, said “the time he invests on the board to facilitate understanding and give valuable input makes him a tremendous asset for our bank. With his legal background and financial acumen, there are few people who I could give more weight to their opinion on almost any topic of discussion.”United Valley Board Chair Greg Mayo knows Rust as being “plugged in” and committed to growing the Crookston area. Just the mention of Rust’s name makes those the bank work with believe United Valley is a top-rate organization. “He knows everybody,” Mayo added. “He is well-respected, nice and bright.”Rust is also known as always being prepared for board meetings and being a good listener, which makes his words carry more weight. “When Dan speaks, everybody listens,” Mayo added.‘You feel closeness’Rust, who grew up in LaCrosse, Wis., eventually moved to the central Minnesota community of Alexandria and graduated from the town’s high school. After studying accounting at Concordia College in Moorhead, Rust transferred to the University of Minnesota to study law.“A lot of the accounting concepts and stuff I had learned were things that I could use when I was in law school, and I clearly have used since,” Rust said. “Having the business background to look at a financial statement and understand what the accountants are talking about when they’re talking about stock redemptions was helpful to me going through law school and since that time as I practiced in the area.”Rust started practicing law in Crookston in 1977, shortly after graduating from the University of Minnesota. A transactional attorney, his work focuses on real estate transactions and ag law for farm and business corporations.A self-described “terrible golfer and impatient fisherman,” Rust, at 73 years old, is the oldest lawyer of the three at Fischer Rust Law Firm. His son, Matthew J. Rust practices with him at the firm.“A lot of these clients, I’m now into second or third generations, and so you feel closeness to them and would like to keep working with them,” he said.
