1st United Bank MN: Providing Financial Stability and Growth in Minnesota

Overview

1st United Bank is a leading financial institution in Minnesota, with a rich history dating back to 1873. As a community-focused bank, 1st United Bank has consistently been committed to providing exceptional banking services and support to individuals, businesses, and communities throughout the state. With a network of over 90 locations and a robust online and mobile banking platform, 1st United Bank offers a wide range of products and services designed to meet the evolving financial needs of its customers.

Mission and Vision

1st United Bank operates with a mission to "provide exceptional financial services that empower our customers, support our communities, and create a positive impact." The bank's vision is to be "the leading financial institution in Minnesota, recognized for our commitment to customer satisfaction, innovation, and community involvement."

Financial Performance and Stability

1st United Bank has consistently maintained strong financial performance and is recognized as one of the most stable banks in Minnesota. According to the Federal Deposit Insurance Corporation (FDIC), as of June 30, 2023, 1st United Bank:

• Had total assets of $4.8 billion
• Held $3.4 billion in deposits
• Reported net income of $58.8 million

These figures demonstrate the bank's financial strength and stability, providing customers with confidence in the safety and security of their deposits.

Lending and Deposit Services

1st United Bank offers a comprehensive range of lending and deposit services to meet the diverse needs of its customers.

Lending Services:

• Commercial Loans: 1st United Bank provides customized commercial loans to businesses of all sizes, supporting growth and innovation.
• Agriculture Loans: The bank understands the unique financial challenges faced by farmers and ranchers, offering tailored loan solutions to meet their needs.
• Real Estate Loans: 1st United Bank offers a variety of mortgage products, including fixed-rate loans, adjustable-rate loans, and jumbo loans, to help customers purchase, build, or refinance their homes.
• Consumer Loans: The bank offers personal loans, auto loans, and credit cards to assist individuals with various financial needs.

Deposit Services:

• Checking Accounts: 1st United Bank offers checking accounts with competitive rates and convenient features, such as online and mobile banking.
• Savings Accounts: The bank provides high-yield savings accounts to help customers grow their savings over time.
• Money Market Accounts: 1st United Bank's money market accounts offer a combination of high-interest rates and convenient access to funds.
• Certificates of Deposit (CDs): The bank offers CDs with competitive rates and flexible terms to meet specific saving goals.

Investment Services

Through its partnership with 1st United Wealth Management, 1st United Bank offers a range of investment services to help customers manage and grow their wealth. Services include:

• Financial planning
• Investment management
• Retirement planning
• Trust and estate planning

Digital Banking and Mobile App

1st United Bank recognizes the importance of convenience and accessibility in today's digital age. The bank offers a robust online banking platform and a mobile app that allows customers to manage their accounts, make transactions, and access financial information anytime, anywhere. The mobile app features:

• Real-time account balances and activity
• Bill pay and mobile check deposit
• Personal financial management tools
• ATM and branch locator

Community Involvement

1st United Bank is deeply committed to supporting the communities it serves. The bank actively participates in local initiatives and provides financial support to non-profit organizations that align with its mission. Some of the key areas of support include:

• Education
• Economic development
• Healthcare
• Community outreach

Testimonials

"I've been a customer of 1st United Bank for over 20 years, and I've always been impressed with their exceptional service. They truly care about their customers and go the extra mile to help them succeed." - Mary, Business Owner

"1st United Bank has been a great partner for our agricultural business. Their understanding of our needs and their flexible lending solutions have been invaluable." - John, Farmer

Tips and Tricks for Effective Banking

• Monitor Your Accounts Regularly: Stay informed about your account activity by checking your balances and reviewing transactions frequently.
• Set Financial Goals: Identify your short-term and long-term financial objectives to guide your banking decisions.
• Create a Budget: Track your income and expenses to create a budget that helps you stay organized and allocate your funds wisely.
• Take Advantage of Online and Mobile Banking: Utilize 1st United Bank's digital services for convenience and efficiency.
• Seek Professional Advice: Don't hesitate to consult with a financial advisor or a member of the 1st United Bank team for guidance on managing your finances.

Stories and Lessons Learned

Story 1:

A New Business Venture:

Small business owner Sarah approached 1st United Bank seeking a loan to launch her new bakery. The bank's commercial lending team carefully reviewed Sarah's business plan and provided her with a favorable loan that enabled her to purchase equipment and hire staff. Today, Sarah's bakery is thriving and has become a popular destination for baked goods in the community.

Lesson: 1st United Bank is committed to supporting entrepreneurs and small businesses by providing access to financing and expert advice.

Story 2:

Investing for Retirement:

Anne, a school teacher, met with a 1st United Wealth Management advisor to discuss her retirement planning. The advisor developed an investment portfolio that aligned with Anne's risk tolerance and financial goals. Over time, Anne's portfolio grew, providing her with financial security for her retirement.

Lesson: 1st United Bank offers comprehensive investment services to help individuals plan for their financial future.

Story 3:

Community Involvement:

When a local food bank faced a shortage of supplies, 1st United Bank stepped in to provide financial support and organized a volunteer drive to collect non-perishable food items. The bank's contribution and community engagement played a significant role in ensuring that families in need had access to essential resources.

Lesson: 1st United Bank is actively involved in supporting its communities through charitable donations, volunteerism, and financial assistance.

Pros and Cons of Banking with 1st United Bank

Pros:

• Strong financial performance and stability
• Comprehensive range of lending and deposit services
• Investment services through 1st United Wealth Management
• Robust online and mobile banking platform
• Community-focused and involved

Cons:

• May have higher fees compared to some online banks
• Limited branch network outside of Minnesota
• Interest rates on deposit accounts may be lower than at some competitors

FAQs

1. What is the minimum deposit required to open an account?

The minimum deposit requirements vary depending on the account type. Please contact 1st United Bank for specific details.

2. Does 1st United Bank offer overdraft protection?

Yes, 1st United Bank offers overdraft protection to qualified customers.

3. What are the interest rates on savings accounts?

Interest rates on savings accounts may vary depending on account type, term, and balance. Please refer to the bank's website or contact a customer service representative for current rates.

4. Can I use 1st United Bank's mobile app to deposit checks?

Yes, the 1st United Bank mobile app allows you to conveniently deposit checks by taking a picture of the front and back.

5. Does 1st United Bank offer financial planning services?

Yes, through its partnership with 1st United Wealth Management, 1st United Bank offers financial planning services to help customers achieve their financial goals.

6. Can I open an account online?

Yes, you can open an account online through 1st United Bank's website.

7. What is the FDIC coverage limit for deposits at 1st United Bank?

Deposits at 1st United Bank are insured up to the maximum amount allowed by the FDIC.

8. Does 1st United Bank offer student loans?

No, 1st United Bank does not offer student loans.

Conclusion

1st United Bank is a trusted and reliable financial institution that has been serving the people of Minnesota for over 150 years. With its strong financial performance, comprehensive range of products and services, and commitment to community involvement, 1st United Bank is an excellent choice for individuals, businesses, and organizations seeking a stable and supportive financial partner. Whether you need to open a checking or savings account, obtain a loan, manage your investments, or access digital banking services, 1st United Bank is there to meet your financial needs and help you achieve your financial goals.

Tables

Table 1: Financial Performance (as of June 30, 2023)

Table 2: Lending Services

Table 3: Deposit Services