In The News

Glenwood State Bank breaks ground

October 22, 2016


(Glenwood MN) -- Glenwood State Bank in Glenwood Broke Ground on an expansion in Downtown Glenwood on Friday October 14th.


The expansion will be in two phases.  The first will add to the existing building adding additional office space.  The second phase will remodel of the existing facility.  "Over the past twenty years, we have grown our assets tremendously and doubled our staff size; because of this, we’re bursting at the seams at our Glenwood branch. We came upon the opportunity to expand and we took it! We’ve officially begun our expansion and remodel project, which should be wrapped up by next fall."


Published by Voice of Alexandria



Cornerstone of Glenwood business being transformed

August 29, 2016


With the rumble of heavy machinery, a cornerstone of Glenwood’s downtown landscape came down a few weeks ago in cascades of crashing bricks and plumes of dust. Once the site is prepped, work on the space’s new building will begin; Glenwood State Bank, the building’s neighbor to the east, is expanding to the corner.


That corner, Franklin Street N and Minnesota Ave. E, has long been a staple of Glenwood’s downtown commerce—first as a department store, then as a series of grocery stores, and finally, a drug store. Trumm Drug, the latest business to occupy the corner building, recently moved to Glacial Ridge Health System’s new Ridgewood Villa addition, leaving the space available.


Peter Nelson, Glenwood State Bank president, stressed that Trumm Drug was always “driving the ship” when it came to the decision. “We never want a business to leave downtown,” he said. But when Trumm decided they had other plans, Nelson said GSB was ready to take on the downtown space. The answer of why, he said, is a simple one: growth.


“From 1997 on we’ve doubled our staff and haven’t changed our square footage at all,” said Nelson. In that time, GSB has also grown five times from a $50 million to a $250 million institution. “We needed to do something,” said Nelson.

Why not renovate?

Nelson said engineers were called in to evaluate the existing Trumm building, and the consensus was that there were too many structural challenges to make renovation a feasible option.


“We recognize there are emotions and memories [in that building],” said Nelson. While the building itself may have served its life, Nelson said GSB plans to honor the businesses that have contributed to downtown Glenwood’s prosperity throughout the years. As the Trumm building came down, GSB saved some pieces of history in the form of bricks. “Those will be used to carry on the history of the building,” said Nelson. The details haven’t been set, but one idea is to incorporate the bricks into planters, with the names of corner businesses engraved into the stone.


“We’re taking the opportunity to make the building more efficient for our operations and create a better experience for our customers.” At the same time, Nelson said GSB is looking forward to adding to the progress being made across the community, mentioning the courthouse renovations, Glenwood Lutheran Church’s renovation and expansion, plans to update city buildings, and the 2018 Complete Streets project. “We will have a beautiful downtown to match our beautiful lake,” said Nelson, something he feels will stimulate downtown business growth.


Project timeline
Nelson said he anticipates the new addition being completed next June. At that point, GSB will start using the new building and begin remodeling the existing GSB space. The existing Glenwood State Bank building will be undergoing extensive remodeling, including ceilings, flooring and a new electrical
system. “Every wall is changing,” said Nelson. Once completed, the existing GSB building will flow seamlessly into the new corner space.


The target date for everything to be completed is Fall 2017.


Nelson said he appreciates people’s patience as the project progresses, and realizes there are challenges ahead with construction. In the end, Nelson said he feels those challenges will be outweighed by benefits of the finished product.


Published by the Pope County Tribune



Glenwood State Agency hires new Insurance Agent

June 22, 2016


Kurby SteffenKurby Steffen has joined Glenwood State Agency, a subsidiary of Glenwood State Bank, as an Insurance Agent and will be working out of the Glenwood location.


Kurby brings with him eight years of experience in the insurance industry and is licensed in life, health, long-term care, and property/casualty insurance.  Prior to joining the Agency, Kurby was the owner/operator of two insurance offices; one in Glenwood and the other in Morris.


Kurby has spent the last 12 years in the Glenwood/Starbuck area and has two children attending Minnewaska High School.  He spends much of his free time attending his children’s sporting events and also enjoys hunting, ice fishing, and being with friends and family.


Glenwood State Bank is a locally-owned, family-owned, and family-operated community bank that has been serving the area since 1907.


Published in the Pope County Tribune



Glenwood State Bank hires new Commercial Lender

May 18, 2016


Kevin Haugen has joined Glenwood State Bank as a Commercial Lender.  He brings with him 36 years of experience in the banking industry, with 30 of those years focusing on commercial lending and business banking.Kevin Haugen


Kevin graduated from Alexandria Technical & Community College with an Associate of Arts degree in Finance; he then continued on to graduate from the Minnesota School of Banking and the ABA National Commercial Lending School.


Kevin has spent the last 20 years in Alexandria.  He and his wife, Kathy, enjoy the outdoors through hiking, boating, golfing, and gardening.  He has three grown children and volunteers with various local non-profit organizations; he is currently a member of the Alexandria Sertoma Club and the United Communities Advocating Non-Violence (UCAN).


Glenwood State Bank is a locally-owned, family-owned, and family-operated community bank that has been serving the area since 1907.


Published in the Echo Press



Glenwood State Bank hires Treasury Management

Teri EtienneMay 18, 2016


Teri Etienne has joined Glenwood State Bank and will be responsible for treasury management.  She brings with her 26 years of experience in the banking industry; during that time, she served as teller, bookkeeper, and consumer and residential lender, however, most of her time has been spent as a personal banker.


Teri graduated from the College of St. Benedict and holds a Bachelor of Science degree in Business Management.


She recently moved from the St. Cloud area to Glenwood; she is accompanied by her boyfriend and two dogs.  Teri has two daughters in college and enjoys golfing, reading, and spending time with family.


Glenwood State Bank is a locally-owned, family-owned, and family-operated community bank that has been serving the area since 1907.


Published in the Echo Press



Glenwood State Bank hires new Commercial Lender

May 18, 2016


Eric DelZoppo has joined Glenwood State Bank as a Commercial Lender.  Eric brings with him 9 years of banking industry experience, primarily in the areas of commercial lending and management.Eric DelZoppo


Eric graduated from Jefferson High School in Alexandria in 2003; upon graduation, he attended St. Cloud State University and earned a Bachelors Degree in Finance.  


Eric and his wife live in the Alexandria area; they enjoy being involved in the vibrant community.  Last May, they welcomed their first child, a daughter, into the family.  During their free time, they enjoy hunting, fishing, yard work, and visits from family and friends.


Glenwood State Bank is a locally-owned, family-owned, and family-operated community bank that has been serving the area since 1907.


Published by the Echo Press



Glenwood State Bank hires new Agricultural Lender

August 31, 2015


Larry Doss has joined Glenwood State Bank as an Agricultural Lender in the Glenwood location.  He has Bachelor of Science degree in Business Administration from Mankato State University.Larry Doss


Larry brings with him 43 years of experience in lending and management; and received the Small Business Administration’s Community Rural Lender of the Year Award in 2013.  He’s held positions in organizations including the Good Samaritan Society, West Central Initiative Fund, Ducks Unlimited, and Lions Club; and is a member of Pheasants Forever, the National Wild Turkey Federation, and the Rocky Mountain Elk Foundation.


Larry has a wife, five children, and six grandchildren; all of whom reside in Minnesota.  He enjoys hunting and walleye fishing, as well as spending time with his family.


Glenwood State Bank is a locally-owned, family-owned, and family-operated community bank with locations in Glenwood, Villard, and Alexandria; in June, they were named a Top Workplace by the Minneapolis Star Tribune.


Published by the Pope County Tribune



Glenwood State Agency hires new Insurance Customer Service Representative

August 31, 2015


Kristi Hartman has joined Glenwood State Agency, a subsidiary of Glenwood State Bank, as a Customer Service Representative and will be working out of the Glenwood location.Kristi Hartman


Kristi brings with her over 20 years of experience in the customer service industry and has been a licensed insurance agent in Minnesota since 2005.  As a representative in the Agency, she is responsible for selling insurance, filing claims, and implementing policy changes.


She recently moved to the area with her husband and four year old son; they enjoy biking, leisure walks, barbeques with family and friends, and fishing.


Glenwood State Bank is a locally-owned, family-owned, and family-operated community bank with locations in Glenwood, Villard, and Alexandria; in June, they were named a Top Workplace by the Minneapolis Star Tribune.


Published by the Pope County Tribune



Glenwood State Bank named Top Workplace by Star Tribune

June 16, 2015


Glenwood State Bank was recently named a 2015 Top Workplace by Minneapolis’ Star Tribune.  The Top Workplaces program is an annual survey sent to hundreds of businesses in Minnesota and taken by thousands of employees (almost 70,000 this year).  The result of the survey is a ranking of the top 150 companies.


Glenwood State Bank participated in this survey and ranked #44 in the small business category, which consisted of companies with 50 to 149 employees.  They were also the highest ranked community bank represented on the list.


The results of the Top Workplaces list are determined solely on employee feedback.  Employees ranked Glenwood State Bank based on leadership, benefits, and the company’s strategic direction without knowing the intent or purpose of the survey.


“The bank sees the bigger picture and helps me and my family appropriately prioritize my life,” one employee wrote on the survey.  Another felt “valued and appreciated” by management.  Yet another employee praised management’s ability to make “forward-thinking decisions based on the needs of the community and employees.”


“Our No. 1 asset is our employees. People bank with people, not with Glenwood State Bank,” said President Peter Nelson. “Our purpose is to make a difference in the lives of our employees, our customers and our community.”


The employee survey is conducted by WorkplaceDynamics, LLC, a research firm on organizational health and employee engagement.  WorkplaceDynamics conducts regional Top Workplaces programs with 45 major publishing partners across the United States.


The Star Tribune published the complete list of Top Workplaces on June 14th.  For more information about Top Workplaces, visit


Published by Voice of Alexandria



ICBA’s Top Loan Producers: Glenwood State Bank in Minnesota

June 24, 2014


Glenwood State Bank, a $211 million-asset community bank located 120 miles northwest of Minneapolis, has been creating loyalties in its community for 107 years. President Peter Nelson attributes the bank’s success in loan volume—it is ranked in a tie for 32nd place among the top 100 overall loan producers, with an 89 percent ratio between loans and assets—above all to its attitude toward customers.


“Typically, we restructure rather than foreclose,” Nelson says. “We keep the flexibility to work through the bumps and bruises where we perceive a good work ethic, good business sense, good product and willingness to listen.”


Helping when the chips are down solidifies relationships for the long haul. So does taking an initial chance on financing startups and entrepreneurs, who may begin their companies in garages but now employ hundreds. The bank’s philosophy of taking some risks on those borrowers make it known as “a little more progressive” than some of its competitors, according to Nelson.


Glenwood State Bank’s diverse loan portfolio is representative of the economic diversity in west-central Minnesota, divided among lake tourism, agriculture, retail and manufacturing. Commercial loans, including those involving real estate, make up 59 percent of the bank’s loan portfolio, agriculture about 22 percent, one-to-four family about 17 percent and consumer loans take the remaining. The bank particularly supports family-owned enterprises, where it can add value through its expertise in relevant issues like corporate succession planning.


Nelson himself makes radio commercials, advertising the bank’s values and longstanding family ownership. “People see my family and me in the bank every day, and know we can make our own decisions fast. We do what we have to in order to meet our customer’s time frames and expectations.”


Nelson recalled one commercial real estate transaction that the bank completed in 22 hours from the time of application. “We had to call in some favors, but we got it done.”


Glenwood State Bank, believing in the soft sell, has the patience sometimes to wait years for customers to respond. Loan officers dedicate one day a week outside of the bank prospecting and developing relationships. Also, the bank’s 56 employees are actually paid to perform voluntary work in the community. Both of these initiatives are deemed important enough to warrant having additional staff to cover in-house responsibilities.


“We try to foster a culture of compassion and giving back,” Nelson says, and that commitment includes reinvesting money locally. Lastly, he insists giving credit for the bank’s success to God. “God has blessed us, and we are doing our best to be good stewards of His assets.” 


Published in Independent Banker Magazine



Show Hosted by Larry King to Feature Glenwood State Bank

March 24, 2014


Glenwood State Bank was recently recognized by In View as a national example of excellence in community banking.  In View, hosted by Larry King, produces educational television shows. Their purpose is to produce quality educational programming to inform, educate and enlighten their viewers. In View covers a variety of topics and has won many TELLY Awards for its educational programming.


The program will focus on the part community banks played during our nation's struggling economy over the past few years.  In View points out that not all banks are the same. They noticed that community banks, although often co‐mingled with larger banks, were different.


Their report shows how Community banks took additional risks to help the entrepreneurs and that Community banks do things larger banks won’t.  Things that may not always be what is best for the bank, but rather, what's in the best interest of the customerIn View realized that it was NOT community banks that drove our nation into the economic challenges, yet it will BE community banks leading us out!


As a result In View did a series of educational programs on community banks. In this process, they looked for community banks around the  county that were stand outs in our industry. What criteria did they use to select the banks to be recognized? The answer?  They looked for banks that were financially successful and growing, making more loans than their peers, and most important, giving back to their communities…  They also looked for banks that were doing the things they felt made our American economy great and would be the catalyst for getting our nation back to being the economic world leader.


Glenwood State Bank President Peter Nelson says "We appreciate that community banks are being highlighted for the differences they are making in this country. With almost 7,000 community banks nationwide, we are humbled to be recognized as an example of excellence in community banking and to be considered a leader among this highly-regarded group. Glenwood State Bank works hard, and we are proud of what we have accomplished in our 107-year history. Being recognized by In View and featured on national television is truly an honor."


Watch the Segment >>  


Published by Voice of Alexandria