The Bank up on the Hill

State Bank buys former Lake Region Electrical Coop building
Fergus Falls Daily Journal
Published Wednesday, May 30, 2007

State Bank and Trust has entered into an agreement with Lake Region Electric Cooperative to purchase the Lake Region Professional Building, located at 311 North Broadway in Pelican Rapids.

State Bank and Trust will eventually move its Pelican Rapids bank to the new location and sell its current building at 15 North Broadway. After remodeling, the new State Bank and Trust building will include additional floor space for retail banking and offices, as well as new drive-up teller and ATM lanes, safety deposit boxes and other services.

“The purchase of the Lake Region building is another indication of our commitment to Pelican Rapids,” said Richard Solberg, president and CEO of State Bank and Trust. “We need more space for growing our business and expanding our services, and we are very pleased to be able to work with Lake Region Electric in purchasing their building.”

State Bank and Trust will honor the leases of current tenants and working with them as needed.

The bank will also work with the City of Pelican Rapids to keep their municipal offices on the lower level of the Lake Region Professional Building.