Bayport bank hopes to open Hudson office
First State Bank and Trust of Bayport, Minn., has applied to open a branch office in Hudson.
If the Federal Deposit Insurance Corporation and Minnesota Department of Commerce approve the application, the office would open during the first quarter of 2012, according to bank president and CEO Peter J. Clements.
The office would be located 219 Second St. The building is adjacent to the River City Center Parking lot and across Wisconsin Street from the downtown Associated Bank office.
Clements said First State's application is a test case for the new Dodd-Frank Wall Street Reform and Consumer Protection Act, which has given state banks the ability to cross state lines for the first time.
"There shouldn't be any issue," Clements said, but added that approval isn't a sure thing until it happens. A decision is expected in 20 to 30 days.
Clements said the office will be a full-service bank, but about half of its focus will be on providing trust services.
"We have full trust powers, and we have applied to the state of Wisconsin to provide those services in Hudson as well," he said.
He said the bank's trust department assists clients with estate planning, wealth management and retirement accounts.
"That's a big part of our business," he said.
"Hudson has always been in our strategic plan as a growth opportunity," Clements said regarding the effort to open an office here. He said the bank already has a significant client base in Hudson.
"So it is twofold. It is to better serve those folks, and to make those services available to new clients as well," he said of the reason for the move.