Christina Bohlke, President of BankVista
community banks to justify the expense to comply with all the regulations.” Peters agrees rapid changes in technology and more regulations are driving acquisitions. “I think it’s unfortunate to lose those smaller banks. But the customers also get more technology and
services.” While mergers are common, local residents have probably been more aware of the growing number of bank buildings going up in the region. “There’s a lot of competition in banking in Mankato,” Peters said. “I think everyone can see that.
12 • JULY 2017 • MN Valley Business
There’s a lot of potential here and I think people who aren’t in the market want to get in on that and expand,” Peters said. “But from a banking standpoint it makes it tougher. There’s only so many businesses in town to go after. You have to set your niche and treat customers well.” Bohlke, too, has seen the completion growing. “There’s something like 18 banks and then all the credit unions” she said. “It comes down to finding the best people and building relations with customers.” While some of the financial institutions are new to town, several of the new buildings, such as CCF, are replacing older offices of existing banks or simply adding branches. BankVista, which built at Adams Street and Victory Drive, used to be Northern Star bank. Wells Fargo had existing branches but built another near Kohls a couple of years ago. Minnesota Valley Federal Credit Union has long had a location by the