Belva H. Rasmussen, long-time owner of Northeast Bank in Minneapolis, has died at age 86. Born Oct. 21, 1937 in Oranjestad, Aruba, she passed Sept. 16.
Rasmussen became CEO of Northeast Bank in 1991 when her husband, Walter C. Rasmussen, died. He had purchased the bank in 1958 and was a well-known figure in Minnesota business and political circles. Belva Rasmussen ran the bank until 2010, and was Chair Emeritus of the Board of Directors at the time of her death.
Belva Rasmussen was a driving force behind Northeast Bank’s growth and success. Under her leadership, Northeast Bank experienced a period of significant expansion, more than doubling its assets in ten years.
Belva Rasmussen was deeply committed to her community, noted a statement issued by the bank. She believed that businesses, particularly community banks, had a responsibility to give back to the community they serve. She started the Walter C. Rasmussen-Northeast Bank Foundation in 1993, and over the years donated millions of dollars to education, affordable housing, arts and healthcare causes.
“Belva cared deeply about Northeast Bank, its customers, and our community. We are proud to carry on her legacy, said Eva Rasmussen, chief strategy officer and Northeast Bank board member.
“Belva Rasmussen’s impact on Northeast Bank and the broader community is immeasurable,” said Thomas M. Beck, president and CEO of the bank. “Her vision, dedication and compassion have left an enduring mark on us all. She was one of my dearest friends, and she will be deeply missed.”
