KleinBank was a Minnesota-based bank owned by
Old National Bank
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp i ...
. KleinBank was headquartered in
Chaska, Minnesota
Chaska is a city and the county seat of Carver County, Minnesota, United States. An outer ring suburb of the Twin Cities, Chaska is home to the Hazeltine National Golf Club and is known for its historic downtown area located on a bend of the M ...
, which operated 21 bank branches. KleinBank was the largest family-owned state bank in
Minnesota
Minnesota () is a state in the upper midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is home to western prairies, now given over to ...
with assets over $1.9 billion.
[https://kleinbank.com/banking/about/]
Founding
The sons of German immigrant and Minnesota farmer, George Klein, purchased controlling shares in The First National Bank of Chaska in 1907. Until that time, the two men, C.H. Klein and C.P. Klein, had been operating their father's brickyard. Klein had acquired the brickyard following a
severe depression in 1893. It was the only remaining brickyard in Chaska which at one point had 11 individual brickyards in operation between 1857 and 1895.
C.H. Klein was elected to the Chaska School Board in 1900, to the
Minnesota House of Representatives
The Minnesota House of Representatives is the lower house of the Legislature of the U.S. state of Minnesota. There are 134 members, twice as many as the Minnesota Senate. Floor sessions are held in the north wing of the State Capitol in Saint Pa ...
in 1902, and to the
Minnesota Senate
The Minnesota Senate is the upper house of the Legislature of the U.S. state of Minnesota. At 67 members, half as many as the Minnesota House of Representatives, it is the largest upper house of any U.S. state legislature. Floor sessions are hel ...
in 1910.
Expansion
The bank expanded west along the railroad as the Kleins helped organize banks in
Victoria
Victoria most commonly refers to:
* Victoria (Australia), a state of the Commonwealth of Australia
* Victoria, British Columbia, provincial capital of British Columbia, Canada
* Victoria (mythology), Roman goddess of Victory
* Victoria, Seychelle ...
,
Waconia,
Montevideo
Montevideo () is the Capital city, capital and List of cities in Uruguay, largest city of Uruguay. According to the 2011 census, the city proper has a population of 1,319,108 (about one-third of the country's total population) in an area of . M ...
, and
Madison Madison may refer to:
People
* Madison (name), a given name and a surname
* James Madison (1751–1836), fourth president of the United States
Place names
* Madison, Wisconsin, the state capital of Wisconsin and the largest city known by this ...
. Banks were also acquired in nearby
Cologne
Cologne ( ; german: Köln ; ksh, Kölle ) is the largest city of the German western States of Germany, state of North Rhine-Westphalia (NRW) and the List of cities in Germany by population, fourth-most populous city of Germany with 1.1 m ...
and
Young America during C.H. Klein's time as Bank President.
Management changes
C.P. Klein's son, George, took over controlling interest in the Klein-owned banks after the deaths of C.H. Klein in 1961 and C.P. Klein in 1962. Under George Klein's direction, the Klein Bancorporation, Inc., (KBI) was created in 1975 to manage and supervise the Klein-owned banks.
George's son, Dan, became Chairman and President of KBI in 1979 after George's death in 1979. George's other two sons, Alan and Jim, became Senior Vice Presidents of KBI.
Consolidation
In 1997, KBI was renamed Klein Financial as the company began to take steps toward consolidating their nine chartered banks. In 2005, the nine charted banks were successfully merged into a single charter and the banks renamed, KleinBank. On November 1, 2018 KleinBank became a division of
Old National Bank
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp i ...
Timeline
:* 1907 - C.H. Klein and C.P. Klein acquires controlling shares of The First National Bank in
Chaska, MN
:* 1911 - C.H. Klein opens Victoria State Bank in
Victoria, MN
:* 1919 - C.H. Klein helps form First National Bank of Waconia in
Waconia, MN
Waconia ( ) is a city in Carver County, Minnesota, United States. Waconia attracts visitors to nearby Lake Waconia, a lake locally renowned for its fishing and recreation opportunities.
The city's population was 13,033 at the 2020 census.
Ge ...
:* 1926 - C.H. Klein acquires controlling share of The State Bank of Young America in
Young America, MN and The State Bank of Cologne in
Cologne, MN
:* 1927 - C.H. Klein opens Security National Bank in
Montevideo, MN
Montevideo is a city in Chippewa County, Minnesota, United States. The population was 5,383 at the 2010 census. It is the county seat of Chippewa County. The town's mayor is Erich Winter and the Council President is Nathan Schmidt.
The area ...
:* 1931 - C.H. Klein and C.P. Klein opens Klein National Bank of Madison in
Madison, MN
:* 1977 - The First National Bank of Waconia opens a new branch in
St. Bonifacius, MN
:* 1988 - KBI acquires Oakley National Bank in
Buffalo, MN
:* 1993 - KBI acquires The Chanhassen Bank in
Chanhassen, MN
Chanhassen is a city about southwest of Minneapolis in Carver County and partially in Hennepin County, Minnesota, United States. The southwest edge of the Minneapolis–Saint Paul suburbs, there is a mix of residential neighborhoods and rural ...
:* 1997 - The First National Bank of Chaska opens a second branch in
Chaska, MN
:* 1998 - The First National Bank of Chaska opens a new branch in
Shakopee, MN
Shakopee ( ) is a city in and the county seat of Scott County, Minnesota, United States. It is located southwest of Minneapolis. Sited on the south bank bend of the Minnesota River, Shakopee and nearby suburbs comprise the southwest portion of ...
:* 2000 - KBI acquires Preferred Bank in
Big Lake, MN
:* 2002 - Preferred Bank opens a branch in
Maple Grove, MN
Maple Grove is a suburban city in Hennepin County, Minnesota, United States. The population was 70,253 at the 2020 census. making it Minnesota's 11th most populous city.
Maple Grove serves as a retail, cultural and medical center in the nort ...
:* 2004 - The First National Bank of Chaska opens a new branch in
Carver, MN
Carver is a small city in Carver County, Minnesota, United States along the banks of the Minnesota River. The city is named after early explorer Jonathan Carver. The downtown area is home to the Carver Historic District, a nationally recognized ...
:* 2006 - KleinBank opens a new branch in
Lakeville, MN
:* 2007 - KleinBank acquires an Eagle Valley Bank branch in
Burnsville, MN
:* 2008 - KleinBank acquires First Community Bank Savage in
Savage, MN
Savage is a suburban city south-southwest of downtown Minneapolis in Scott County in the U.S. state of Minnesota. The city is on the south bank of the Minnesota River in a region commonly called ''South of the River,'' comprising the southern ...
:* 2009 - KleinBank opens a new branch in
Otsego, MN
:* 2010 - KleinBank acquires Community Bank Plymouth in
Plymouth, MN
Plymouth is a city in Hennepin County in the U.S. state of Minnesota. A suburb in the Minneapolis–Saint Paul metropolitan area, the city is about west of downtown Minneapolis.The population was 81,026 at the 2020 census, making it Minnesota's ...
:* 2014 - KleinBank acquires Prior Lake State bank in
Prior Lake, MN
:* 2018-
Old National Bank
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp i ...
acquires 18 remaining branches of Klein Bank while Wings Financial buys three buildings of branches where
Old National Bank
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp i ...
already has banking centers
:* 2019- KleinBank merges with its owner
Old National Bank
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp i ...
and all KleinBank branches close and reopen as
Old National Bank
Old National Bank is an American regional bank with nearly 200 retail branches operated by Old National Bancorp and based in Chicago, Illinois and Evansville, Indiana. With assets at $23.0 billion and 162 banking centers, Old National Bancorp i ...
banking centers
Discriminatory lending practices
On January 13, 2017, the U.S. Department of Justice filed a lawsuit against KleinBank for alleged violations of the Fair Housing Act and Equal Credit Opportunity Act by structuring its home mortgage lending business to avoid serving neighborhoods where a majority of residents were racial and ethnic minorities. The lawsuit asserted that the bank's service area was in a horseshoe shape around the urban areas of Minneapolis and St. Paul (which had higher minority populations) and targeted its mortgage advertising solely toward white neighborhoods. The lawsuit also claimed that from 2010 to 2015, other comparable lenders generated 5.58% of their single-family residential loan applications related to residential property located in the majority-minority census tracks compared to KleinBank's 1.06%. The bank's website at the time indicated that it had 21 branches in suburbs west of Minneapolis and St. Paul and in western Minnesota—regions which, according to census data, were predominantly white.
Accolades
* Minnesota Business Ethics Award (2011)
* Minnesota Family Business Award (2012)
* Star Tribune Top Workplace (2014)
* BBB Torch Awards for Ethics (2014)
* BBB International Torch Award for Ethics (2015)
* Star Tribune Top Workplace (2016)
* TCB Readers' Choice Best of Business , Best Business Bank (2016)
[http://www.pageturnpro.com/Twin-Cities-Business/74449-TCBs-Best-of-Business-2016/index.html#12]
* TCB Readers' Choice Best of Business , Best Mortgage Company (2016)
* SBA Minnesota Lenders Awards , Large Lender (2016)
References
External links
Official KleinBank websiteCity of ChaskaHistory of KleinBankIn Memoriam: Senators Alfred Berglund, Colvin G. Butler, Sherman W. Child, Leonard W. Dernek, H.C. Hanson, John A. Johnson, Charles Klein, Martin M. Malone, Nels A. Pederson, Herbert Rogers, et al. State of Minnesota Senate Chamber, April 3, 1963.
{{DEFAULTSORT:KleinBank
2018 mergers and acquisitions
Chaska, Minnesota