North Dakota banks: Giving back as economic development

By Tom Regan

BISMARCK, N.D. – Banks are known for supporting the communities they serve. When banks put their own resources behind community projects and donate funds to local charities, they do it for good reason.

From a marketing standpoint, the actions get the bank’s name out there, shed a positive light on the institution and position it as promoting the general good.

But beyond the public relations considerations, the philosophy of “giving back” seems to be ingrained in the banking profession itself, passed down through generations and corporate culture.

“I was raised to value the importance of giving back to my community,” says Craig Larson, CEO of Starion Bank of Bismarck, whose parents, Frank and JoAndrea Larson, had bought the bank’s forerunner – First National Bank of Oakes (N.D.) – in 1969.

Fourth-generation banker Christie Obenauer, CEO and president of Union State Bank of Hazen, N.D., echoes Larson’s sentiment. “The importance of generosity and giving back with a humble heart was definitely passed along to me by my family,” she said Prairie Business asked North Dakota bankers to comment on their support of significant community projects, past or present, as well as identify a current, favorite project.

Alerus

The Alerus Center, a $79 million indoor arena and convention center which opened in 2001, became a reality in Grand Forks after the devastating flood and fire of 1997. Alerus, the financial institution, lost its own downtown headquarters in the disaster.

The bank bought the naming rights for the center, paying $150,000 a year for 20 years, for a total of $3 million.

“When the opportunity to invest in the Alerus Center became available, we saw it as a chance to double-down on our commitment to the community and the region,” says Chris Wolf, Alerus’ northern valley market president.

Alerus was one of the first major sponsors of the Grand Forks Wild Hog Marathon, which will be celebrating its ninth year in 2019. In addition to supporting the race event financially, Alerus employees traditionally staff the marathon registration table for the entire day.