Sherburne State Bank, Financial Information

Terms and Definitions

• Domestic deposits

  The sum of all domestic deposits, including demand deposits, money market deposits and time deposits.
• Equity capital

  Total equity capital (includes preferred and common stock, surplus and undivided profits).
• ROA

  Return on assets, net income after taxes and extraordinary items (annualized) as a percent of average total assets.
• ROE

  Return on equity, annualized net income as a percent of average equity on a consolidated basis.

Sherburne State Bank was originally organized as Santiago State Bank, located in Santiago, Minnesota. It was formed by John D. Odegard and his brothers, Edwin and Oscar. The bank opened for business on September 9, 1920 and served a then-robust farm community with John D. Odegard serving as bank president.

Sherburne State Bank expanded its operation in 1978 when a branch office opened in Becker, 17 miles south of Santiago on U.S. Highway 10. The Santiago branch was closed in 2007. In 1980, the bank opened an office in Clear Lake. The bank found another community home when its Princeton branch opened in 2000 and its fourth as the St. Cloud office opened in 2007. In June, 2011, Sherburne State Bank was sold and Roger Haugen retired. Greg Reinhart became the interim President and CEO at the time of the sale. In January of 2013, Kevin Doty accepted the role as President of Sherburne State Bank.

Becker
Sherburne State Bank
12500 Sherburne Avenue
P.O. Box 428
Becker MN 55308

Clear Lake
Sherburne State Bank
7890 Front Street
Clear Lake MN 55319

Princeton
Sherburne State Bank
136 North Rum River Drive
Princeton MN 55371