‘Retired’ banker stays busy (and happy) in service to others.Given the choice between impacting his community through service versus quantifying that impact for a quarterly report, Karl Bollingberg will choose the former every time. That leaves Bollingberg, a 2026 BankBeat “Amazing Outside Director,” with a lot on his plate (even though he’s supposed to be retired) as well as a pathway to finding joy.Bollingberg serves on the boards of three very different kinds of banks: Cornerstone Bank in Fargo, N.D., the Federal Home Loan Bank of Des Moines, and the Bank of North Dakota. Notably, he does not serve on the board at Alerus Financial, where he spent 35 years employed in roles such as market manager, director of new business development, director of banking services, director of lending, and loan participation advisor.The expectations at Alerus, Bollingberg explained, evolved after the bank went public in 2019. “When those quarterly earnings calls come up and you’re trying to deliver good results, it’s not the same,” said Bollingberg, who prefers relationship banking with the freedom to “just go do business.”At roughly one-third the size of Alerus and privately held, Cornerstone has the advantages of scale without the burdens that accompany a publicly-held bank, Bollingberg said. “When I look at Cornerstone and get to be in those meetings, I compare it to when Alerus was that size. “I tell people to enjoy this because you are in a great space,” he explained. “You’re big enough to go do business in a relevant way but not so big that you lose ... that personal touch. You can still deliver community banking in the way that it should be delivered.”Cornerstone Bank Chair Gary Petersen said Bollingberg’s “extensive banking experience and commitment to corporate governance have been invaluable assets” to the $1.7 billion bank. Bollingberg credits Petersen, an engaged board, and a great team for creating a culture and a reputation that is attracting talent, including most recently two teams of bankers from Minot and Rugby, N.D., who left Bremer Bank as its acquisition by Old National finalized.Cornerstone strives to place itself in position to be an advisor to its customers, Bollingberg explained. “Yes, you have to grow and generate revenue but first and foremost you develop relationships,” he said. “Most banks try to do this, but not many pull it off.“You need to be of a size that comes to the table with a good suite of products that address the needs of most businesses, and you have to have the right people who understand that while they are a salesperson, they are really there to advise,” Bollingberg explained. “That’s that space I mentioned, when you are of a certain size, but not trying to meet quarterly earnings requirements, then you truly can come to the table with that approach. I think over time, you develop a reputation that you are a great organization to work with and a great organization to work for.”Bollingberg sought out his spot on the Cornerstone board in 2022 when he was ready to wind down his career at Alerus. Bollingberg had already been on the board of the Federal Home Loan of Des Moines for three years, but knew if he left his leadership role at the bank, doing so would disqualify him from continuing on the board of the Home Loan Bank. Bollingberg reached out to Petersen, a longtime friend with whom he served with on the advisory board for the Bank of North Dakota, and offered himself as a prospect. Petersen was all in.Bollingberg’s tenure on the Home Loan Bank’s board has not been without challenges. “The FHFA was ‘in our business,’ and rightfully so,” he said. The Des Moines-based bank brought Kris Williams in as CEO in the beginning of 2020 and she led a turn-around that won her Bollingberg’s highest praise, he added. “Her senior team is well-placed and enjoying what they are doing. I think the bank will earn more than all of the banks in the system, and its operational efficiency has improved dramatically.”Williams recently announced her intention to retire, which means Bollingberg will work with Vice Chair John Klebba of Legends Bank, Linn, Mo., who has taken the lead to find her replacement. “I’m good at delegating,” Bollingberg laughed.Bollingberg grew up on a farm in Bremen, N.D., where he learned the value of work because it was simply continuous. He was still young when he came to understand how the grain elevator was core to the local farm economy, and a young man when he understood that towns of all sizes need strong economies and responsive bankers who support them. “These things still matter,” he said. He encourages bankers and non-bankers to “jump in and go, because towns need good leaders.” Bollingberg served on the Grand Forks Economic Development Corporation board for two terms, from 2001-09 and 2014-2022. That group honored him in 2024 with its Klaus Thiessen Impact Award for his impact on the economic growth, vitality and prosperity of the Grand Forks region, where Bollingberg lived for 40 years before building his retirement residence in Detroit Lakes, Minn. During his time in Grand Forks, he also served as chair of the Grand Forks Regional Airport Authority and chair of the Community Violence and Intervention Center Shelter Project. He is particularly proud of that nonprofit because it is more than an abuse shelter. “They take it to the next level and ask ‘how do we help the abuser?’” This holistic approach is designed to break the cycle of generational domestic violence.When Bollingberg was asked to lead the effort with the Community Violence center, which he dubbed his “favorite” nonprofit, he said it was easy for him to say “yes” despite already serving on three bank boards, relocating, constructing a home, and convincing his wife that he remains committed to pursuing retirement activities such as fishing and travel.That means Bollingberg is busy. Really busy. But at 63, he said he still has gas in the tank and places he wants to apply his talents. Top of mind right now is giving a week of his time annually to disaster relief efforts led by the humanitarian organization Samaritan’s Purse. Bollingberg wants to lift people who have been knocked down by circumstance. “We had that back in Grand Forks,” he said, recalling the Red River flood of 1997, which inundated the town and led to a fire that engulfed 11 downtown buildings. “We were the benefactors of people showing up.”His advice to anyone looking to give meaning to their days, whether they’re retired or not, is about finding one’s passion and using it in service to another, Bollingberg said. “Engage. Go figure out how to serve others. If you can do that, you’ll find joy.”
