Stearns Bank N.A.
“Stearns Financial Services Inc. (SFSI) is a well-capitalized, $2.4 billion independent financial holding company based in St. Cloud, MN. Founded in 1912, the bank was acquired by Norm Skalicky in 1964. His daughter Kelly Skalicky became president in 2018, and later was named president and CEO. Stearns Bank continues to extend its foundation of excellence with bank locations in Minnesota, Arizona and Florida. Through decades of growth, we’ve never forgotten our roots. We remain anchored in our friendliness, fairness and financial excellence. We delight in making every customer’s life a little easier.”
- website: https://www.stearnsbank.com/
Cannabis Banking Services
“Agriculture is in our roots, so we’re proud to deliver convenient and efficient banking solutions to help you grow your Cannabis Related Business (CRB). Our specialized cannabis banking team, backed by high-level regulatory compliance, will guide you through account details to help manage finances from anywhere. “
States Served:
- Nationwide
Official cannabis banking page: https://www.stearnsbank.com/businessgreen
Media coverage:
- Cannabis Business Times: TerrAscend Closes US$25 Million Commercial Loan With Stearns Bank
- TerrAscend Corp., a leading North American cannabis operator, announced that it has closed on a US$25 million commercial loan with Stearns Bank. The proceeds from the loan will be used to pay down the company’s higher interest rate debt, thereby lowering overall interest expense. The loan carries an interest rate of prime plus 2.25%, which is currently 10.5%, and matures in December 2024.
Bank Health Rating
DepositAccounts.com Rating: link
- DepositAccounts considers several health grade components:
- Texas Ratio (measuring bank credit risk);
- Texas Ratio trend;
- Deposit growth;
- Capitalization (difference between bank assets and liabilities).