Andy Schornack started a one-year term as Chair of the Minnesota Bankers Association on Tuesday, June 11, when he accepted the gavel from Doug Tate of Worthington Federal Savings Bank, who concluded his term as 2023-24 chair. Schornack is president of Security Bank & Trust Co., of Eden Prairie.
The passing of the gavel took place at the Minnesota Bankers Association annual summit at Madden’s Resort in the central Minnesota resort community of Brainerd.
“I started in banking as a summer intern in 2005,” Schornack told the luncheon gathering of nearly 200. “Just three years later, we faced the financial crisis. Now, talk about a crash course in banking! That experience has shaped my career, teaching me invaluable lessons in resilience and adaptability which still come in handy.”
Schornack encouraged bankers in the coming year to share stories of their banks’ positive impact on their communities.
“Let’s shift from an “us versus them” mentality, which I believe hinders growth. Instead, I would encourage our industry to focus more on what we can do to showcase how we build our communities,” he said. “Let’s take down the shroud of secrecy, and more openly share the good work we are doing on a broader scale.”
Schornack explained that the MBA board would like to focus on four areas of story-telling: Financial literacy, fraud prevention, affordable housing and green energy.
“Each is a critical issue and each is where banks are already doing a ton of great work,” Schornack explained. “We will be asking you to share your data and your stories. Over the next year, the MBA will compile this information, and create concise and unified messages about the impact Minnesota banks make. These messages will be shared with legislators, the media and the public to highlight the importance of the work that we are doing, and how it makes a difference to our neighbors, our communities and our state.”
Schornack spoke about his bank’s involvement with the building of a new library in the city of Howard Lake. “This project wasn’t just about numbers and finances; it was about vision and community,” he said.
“Howard Lake dreamed about building Minnesota’s first net-zero library, a beacon of sustainability and innovation. However to turn this dream into reality required more than just ambition. It required financial support and expertise in municipal lending. When we were approached with their plan, we knew it was something we wanted to be a part of. The project aligned perfectly with our values, philosophy of fostering community growth and supporting environmentally sustainable initiatives.
“We worked closely with the city officials,” Schornack continued. “Understanding their construction financing plan, our team’s experience with municipal lending allowed us to craft a financing package that not only supported the construction, but also set them up for long term financial stability.
“Seeing the library rise from the ground up is a testament to what can be achieved when a community and its financial partner work hand in hand. The Howard Lake net zero library stands as a model for other municipalities, showcasing what is possible if forward thinking and collaboration.”
Schornack commented that many banks have similar stories. “We Minnesotans like to stay humble but let’s just put that aside,” he continued. “Banks are a beacon of free enterprise and we should share this impact directly and more openly with the public. If we wait for people to come look for it, the moment will likely have passed.”
Security Bank & Trust Co., of Eden Prairie, Minn., was known as Flagship Bank until it merged with its affiliate in April.
At the MBA meeting, three bankers joined the board as three bankers concluded their terms of service. Joining the board are: Anna Dosen, U.S. Bank; Katie Wahlquist, Star Bank, and Kevin Valois, Sunrise Banks. They fill board seats previously held by Ralph Pace, U.S. Bank; Troy Rosenbrook, Highland Bank, and Erin Procko, Bell Bank.
