Lake Elmo Bank offers all the amenities of a big bank, with the convenience and customer service of a community bank

Leah Mackie – Mortgage Loan Officer, Dan Raleigh – President/CEO, Jesse Hedinger – Consumer Mortgage Lender, Patty Swanson – Mortgage Loan Officer, Marie Nelson – Mortgage Loan Officer

Lake Elmo Bank is a “community bank” in the truest sense – its staff volunteers and hosts events year round – but its rapid growth and wide range of products have made it a competitor among banks of any scale.


In 2017, the bank made the unique achievement of reaching a 50-50 split between commercial and retail business.

“We’ve had a significant amount of growth. A lot of banks are more retail or commercial. The 50-50 split has been a positive thing for our growth,” said Dan Raleigh, President and CEO.

The bank has locations in Lake Elmo, Oakdale and Stillwater that all offer the same spectrum of services. No new site is on the horizon, but the Oakdale location in particular is due for some major change.

“We’ve added to our Trust department, so we’re doing some remodeling at our Oakdale location to add space. We added staff and capability,” Raleigh said.

The bank’s position as a community bank with enough size to give it flexibility has made it an ideal partner for local small businesses. The businesses do not have to rely on government-funded Small Business Association loans, because Lake Elmo Bank can often keep those transactions in-house. 

“On the business side, what drives people here is our ability to make quick, local lending decisions on small business loans,” Raleigh said.

In a world where a person doesn’t need to physically enter a bank to handle their finances, Lake Elmo Bank creates inviting spaces that celebrate personal relationships. The bank ensures there are enough staff members working at all times to create the best experience with the shortest possible wait times. 

This is one of the reasons the bank has forged so many long-term customer relationships.

“We have multi-generational relationships with families who are customers,” Raleigh said. “People tend to stick with community banking when they start with community banking.” 

Despite Lake Elmo Bank’s traditional roots and in-person inclinations, the bank has built on its mobile banking technology. This past year saw the addition of more mobile business features. Thankfully, the bank has accessible customer service in place to support it.

“With all of our technology, we have a department that is really responsive to any inquiries. They’re very quick and very knowledgeable,” said Christine Clark, Director of Marketing.

What solidifies the bank’s commitment to personal relationships is its track record of community service. Not only does it offer location banking services at senior residences – a practice left in the past by many other banks – but it partners with charitable organizations through monetary donations and donated hours.

“We just collected mittens and socks for a holiday drive,” Clark said. “We have a big food drive that we do every March, serving Valley Outreach.”

“We not only give donations to a whole a list of organizations, but we provide time for employees to volunteer,” Raleigh added.

Lake Elmo Bank also focuses on local youth. An elephant mascot named Little Elmo makes for a kid-friendly host at bank events.

“We do some education pieces at the local schools, teaching kids to be responsible with their finances,” Clark said. 

Kids may enter the Youth Savers program and continue their relationship with Lake Elmo Bank into adulthood – just like so many other community members before them.

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