Sunrise Consolidates Separate Operations under New Banner (March 12, 2013)
March 12, 2013
Sunrise Community Banks is bringing its three separate local bank operations together under a single bank charter and will rebrand the enterprise as Sunrise Banks, effective April 1, 2013, the company announced this week. Under the new name, Franklin Bank, Park Midway Bank and prepaid issuer University Bank will merge into a single entity with $750 million in assets and eight branches in the Minneapolis-St. Paul metropolitan area, where the bank is headquartered, Sunrise said.
Certified as one of the U.S. Treasury Dept.’s Community Development Financial Institutions, Sunrise in recent years has marketed prepaid cards and piloted card programs for payroll distribution for migrant farm workers. Under the new Sunrise Banks brand name, the family-owned operation plans to concentrate on developing “more innovative products and services and more advanced technology,” said CEO David Reiling.
