Introducing our NEW Mortgage Rate Relief Program, offering rates approximately 2% lower than current market rates to eligible homebuyers. Find out more!

Gate City Bank to Open Convenient New Location in Elk River, MN

Free ATMs, easy online banking, innovative loans and more will be offered locally.

ELK RIVER, MN – As part of its 100th anniversary, Gate City Bank is excited to announce the opening of its 44th location in summer 2023!

Gate City Bank’s local presence at 19425 Evans St. NW in Elk River will be the culmination of a long-time partnership with Coborn’s, which has proved crucial to meeting the growing banking needs of communities in central Minnesota. Coborn’s is also the parent company of Hornbacher’s (the bank’s partnership started in 2006) and Cash Wise Foods.

Crafting Convenience, For a Better Way of Life.®

This Coborn’s location will bring added convenience to customers who bank while they shop, and will grow Gate City Bank’s footprint to 23 communities in North Dakota and Minnesota. Open 9 a.m. to 5 p.m. (drive-up opens at 9 a.m.) Monday through Friday, and 9 a.m. to noon on Saturdays, the full-service location will join St. Cloud, Sauk Rapids and Waite Park, providing innovative products and services for the region’s personal, mortgage and business customers.

Soon after opening its doors, Gate City Bank will follow up with an official grand opening ceremony. More details, including exact dates and times, will become available in the near future. In the meantime, the bank expresses its immense gratitude for the chance to join the Elk River community .

“At Gate City Bank, words can’t express how thankful we are for the opportunity to serve the wonderful people of Elk River,” said Kevin Hanson, President & CEO. “We chose this community for many reasons, but mostly because of its incredibly tight-knit culture, which aligns closely with our core purpose – to create a better way of life for customers, communities and team members. I can’t think of a more perfect way to celebrate a century of better banking.” 

Joining an Amazing Community.

Gate City Bank’s existing central Minnesota team is excited to meet Elk River residents and community partners. Whether it’s the bank’s signature customer service, knack for ingenuity or delightful reputation for greeting customers as they enter, team members look forward to growing closer with this already bustling city – and making a difference locally.

“Elk River has left an unmistakable fingerprint on Minnesota, and it continues to experience positive growth in so many ways,” said Ryan Coye, Senior Vice President of Retail Banking in central Minnesota. “Whether it’s through our Coborn’s location, in one of the many local parks, at a farmer’s market or anywhere else, we can’t wait to stop and say hello, as well as provide exceptional service, strong philanthropic giving and top-notch career opportunities.”

Delivering a Continued Focus on Innovation.

Gate City Bank (and subsidiaries Gate City Insurance Agency and Gate City Investment Services) is known for offering a host of unique products and services that help customers save time and money. A handful of them include:

  • Free ATMs

    Checking customers enjoy unlimited ATM fee refunds anytime, anywhere – worldwide. This has saved customers more than $53 million in fees!

  • Easy Online and Mobile Banking

    Gate City Bank’s online and mobile banking (as well as its updated user-friendly mobile app) are uniquely designed to be fast, convenient and safe. Customers can easily navigate their finances by moving money, making payments, monitoring accounts, controlling debit cards and more.

  • BetterLife Student Loan

    The first and only program of its kind in the nation, it helps customers consolidate debt and pay off student loans faster, featuring no fees and a low interest rate. Since 2015, the bank has helped over 3,400 customers save over $33.3 million in interest. An average of $9,700 saved per customer!

  • BetterLife Child Care Business Loan

    Designed specifically to address the real-world need for more local child care services, this low-interest financing option allows licensed child care providers to easily purchase equipment, cover necessary updates, hire more staff and more – so they can serve more little ones.

  • Locally Approved and Serviced Mortgage Loan Options

    Gate City Bank’s pre-approvals are trusted by real estate agents and sellers, and a trusted comfort to have come closing day.

Other beneficial services offered at Gate City Bank’s Elk River location will include business banking services, notarizing, coin counting, night deposit, signature guaranty and currency exchange.

Giving Back – and Making a Difference.

Generously giving of time and resources through servant leadership has always been a huge part of Gate City Bank’s culture. The bank is honored to support its communities through paid volunteer time, charitable contributions and in-kind donations (such as reduced interest rate loans for nonprofit organizations).

Team members have provided $36.6 million in philanthropic giving and more than 285,000 hours of team volunteerism to over 1,000 charities since 2003. Since entering the St. Cloud region in 2020, local team members have contributed nearly $80,000 in philanthropic giving and more than 1,600 hours of team volunteerism.

Gate City Bank encourages team members to give on company time – and for each hour they volunteer beyond 10 hours, the bank gifts approximately $29 per hour to the charity. Team members are encouraged to help organizations they’re passionate about. The following causes are also especially important to Gate City Bank:

  • Military Support: The bank has helped create a better way of life for military members and their families through engagement, gratitude and recognition. It created a program to continue paying and providing full benefits for team members who are active service members while they’re on duty. They get an extra two weeks of paid time off when they come off active duty, to rest and relax before coming back to work. Additionally, in 2022, the bank was humbled and honored to receive the Secretary of Defense Employer Support Freedom Award, which recognizes the bank’s exceptional support of National Guard and Reserve members. This is the highest recognition given by the Department of Defense.
  • My School Spirit Debit Cards: For loyal fans, Gate City Bank offers a number of debit card options that feature select high school and college colors and mascots. The bank donates $10 to the school for every card ordered, which has resulted in more than $284,000 to date!
  • Blue Totes: The bank has provided more than 1.5 million blue reusable bags in its communities.
  • Pens: More than 6 million of Gate City Bank’s popular pens have been shared in its communities.

Providing Some of the Best Benefits Around.

Simply put, Gate City Bank’s workplace benefits are extremely tough to beat. Some of them include:

  • Low-Deductible Health Plan: With free vision insurance.
  • Telemedicine Program: Free 24/7. (Team members can even “see” health care professionals on weekends!)
  • Generous PTO Package: The bank offers abundant paid leave for team members to enjoy.
  • Paid Holidays: Team members enjoy major holidays off (including recognized days), and a birthday holiday!
  • Fully Paid Leave: Types include military, maternity, paternity, caregiving, volunteering and missions.
  • Career Progression: The bank actively supports team members with opportunities to advance from within.
  • 401(k): The bank offers immediate eligibility and a dollar-for-dollar match, up to 6%.
  • Quarterly Incentive: Team members can earn quarterly bonuses based on overall performance.

Team members regularly express that Gate City Bank fosters an open culture with easy access to leaders. Team members’ stories are told on a frequent basis, focusing on their uniqueness in the BetterLife™ Spotlight series!

Earning Recognition for Outstanding Efforts.

Gate City Bank works tirelessly to create a better way of life for customers, communities and team members, and for its efforts has therefore received countless awards and accolades throughout the years, such as the following:

  • 2022 Freedom Award: Granted by the U.S. Secretary of Defense and Department of Defense.
  • North Dakota Housing Finance Agency: 2023 Affordable Housing Champion Award.
  • Best Place to Work: The bank has been recognized by Prairie Business magazine for nine years in a row.

Celebrating a Century.

Gate City Bank turned 100 years old in 2023!

It’s amazing to think that Gate City Bank’s doors first opened as Gate City Building and Loan Association all the way back in 1923. The bank’s story began 100 years ago, when its founder William D. Gillespie assembled a small group of seven tenacious visionaries and led them on an incredible journey, one that would ultimately spark the reimagining of community banking. Indeed, those brave pioneers were on to something.

Looking back on 100 years, the bank has been building something – a legacy. One of innovation, servant leadership, community giving, empowerment and fun. It all started with the coming of the railroad in 1872, when Fargo, ND, was called the “Gateway to the West.” That’s how Fargo got the nickname, “The Gate City.” In 1923, citizens looking for a better way of life thought the name was appropriate for the newly chartered Gate City Building and Loan Association.

The company began with eight original founders who offered passbook savings and conventional mortgage loans. By the end of the first year, assets totaled a mere $16,000.

From there, the bank spent the next 99 years innovating, growing, leading and most importantly – succeeding due to incredible communities like Elk River. Cheers to the next 100 years!