Mike Gay was elected president and CEO of Lonsdale, Minn.-based Frandsen Bank & Trust.
Gay has been employed at the $3 billion bank since 2009, initially as president of its Cloquet, Minn., office. In 2019, he was promoted to executive vice president and regional manager of holding company Frandsen Financial Corp.
“I have had the privilege of working with an incredible team,” Gay said. “It is a great honor for me to take on this new role and continue contributing to the success of the organization. I am deeply grateful to be a part of such a skilled and dedicated team.”
Gay began his banking career in 1979 as a teller for his father’s bank in Sturgeon Lake, Minn. He graduated from St. Cloud State University in 1988, and was a commercial banker at Norwest Bank for the next 14 years. He was appointed senior vice president and chief credit officer at Woodlands Bank in 2002, where he worked until 2009.