Eagle Rock Bank

What Eagle Rock Bank does

Eagle Rock Bank is a privately held Minnesota community bank headquartered in Rochester, founded in 1996 as Olmsted National Bank and rebranded to its current name in 2024. The bank operates three branches across Rochester, Stewartville, and Arden Hills, with a fifth relationship-driven footprint added through its May 2026 merger with Riverland Bank, forming a combined entity of approximately $500 million in total assets. It serves individuals, small-to-mid-sized businesses, home builders and developers, real estate homebuyers, and 501(c)(3) non-profit organizations through personal banking (checking, savings, CDs, consumer loans), business banking (checking, money market, SBA loans, lines of credit, equipment financing, term loans), and real estate lending products. Construction & Development Mortgage lending is a stated specialization, with leadership (CEO Larry Schminski, COO Kelly McCloskey) bringing prior experience building this capability at a previous institution.

The bank's revenue model is built on traditional community banking mechanics: net interest income from lending activities (business loans, construction loans, residential mortgages, consumer loans, commercial real estate loans) supplemented by transaction fees on deposit accounts, business services (wire transfers, ACH origination, sweep services, merchant services), credit card partnerships, and referral-based mortgage origination through Cambria Mortgage. Pricing is relationship-tiered with monthly service charges waived at defined balance thresholds. Distribution is split between physical branch banking and digital channels (online banking, Apple/Android mobile apps with mobile check deposit, Apple Pay / Google Pay / Samsung Pay wallet integration), with a notably thin technology stack — no proprietary AI/ML, third-party white-label mobile app, and standard treasury management modules rather than differentiated platforms. The Soaring Hearts community stewardship program and a specialized no-fee non-profit banking product function as both marketing and customer acquisition channels targeting the 501(c)(3) segment.

Governance is stable: Larry Schminski serves as sole CEO, Kelly Nelson as President (both effective January 1, 2026 following Brad Becker's retirement), supported by an executive bench including CFO Terry Sorenson, COO Kelly McCloskey, and multiple SVPs covering construction lending, commercial banking, market leads, and compliance. The bank is the sole operating subsidiary of Olmsted Holding Corporation and remains under consistent private ownership since founding. Growth from $50M to $275M in assets under Becker's 12-year tenure, combined with the Riverland merger, indicates a deliberate institutional-build strategy rather than opportunistic expansion.

Name

Eagle Rock Bank

Legal name

Eagle Rock Bank

Website

https://eaglerock.bank

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

Eagle Rock Bank is a privately held Minnesota community bank operating branches in Rochester, Stewartville, and Arden Hills (plus post-merger Riverland locations), serving individuals, small-to-mid-sized businesses, home builders and developers, and 501(c)(3) non-profits with deposit products, commercial and construction lending, and treasury management services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking services
• Commercial lending products
• Consumer deposit accounts
• Construction real estate loans
• Small business treasury services

Headquarters

HQ city

Rochester

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income: Revenue generated from lending activities including business loans, construction loans, residential mortgages, consumer loans, and commercial real estate loans.
2. Deposit Account Fees: Monthly service charges, per-check fees, per-deposit item fees on business accounts; monthly service charges on personal savings and checking accounts with balance requirements.
3. Business Service Fees: Fees from business services including wire transfers, sweep services, merchant services, ACH origination, and Remote Deposit Capture.
4. Business Credit Cards: Credit card products offered through cardaccount.net partnership.
5. Mortgage Origination: Partnership with Cambria Mortgage for residential mortgage originations and refinancing.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Eagle Rock Bank is a community bank that offers a full suite of personal and business banking products. Its core offerings include personal checking, savings, money market, and certificate of deposit accounts; consumer loans (vehicle, home equity, home improvement); business checking and money market accounts; SBA, term, equipment, line-of-credit, and commercial/ag real estate loans; construction and development financing for home builders and developers; and digital banking services including online and mobile banking with check deposit, ACH origination, wire transfer, sweep, and merchant services.

Product overview

Eagle Rock Bank is a locally owned, relationship-driven community bank offering a comprehensive suite of personal and business banking products. The bank's offerings are organized across Personal Banking (checking, savings, CDs, consumer loans, digital services), Business Banking (checking, business loans, treasury management services), and Real Estate Lending (residential loans and construction loans). A key partnership with Cambria Mortgage extends the bank's residential mortgage capabilities. The bank provides digital banking services including online banking, mobile banking apps for both personal and business customers, mobile check deposit, and mobile wallet integration (Apple Pay, Google Pay, Samsung Pay). Treasury management services include ACH origination, Positive Pay fraud protection, wire transfers, sweep services, merchant services, and Remote Deposit Capture. The Soaring Hearts Program is the bank's community investment sub-brand focused on non-profit partnerships and employee giving.

Differentiator

Problem solved

Functional benefit

Products and services

• Eagle Rock Checking Traditional personal checking account that earns a special interest rate starting at a $5,000 balance; $25 opening deposit and $7 monthly service charge waived if average daily balance stays above $500. Designed for individuals seeking interest-bearing everyday banking.
• Personal Money Market Account Personal money market account offering tiered interest rates based on balance, with check-writing privileges and a $25 opening deposit; $7 monthly service charge waived with $5,000 daily balance.
• Personal Savings Account Traditional personal savings account earning tiered interest, with check-writing privileges; $25 opening deposit; $7 monthly service charge waived with $50 average daily balance.
• Certificates of Deposit (CDs) CD accounts with terms ranging from 6 to 60 months, offering fixed interest rates based on balance and term; FDIC insured up to $250,000; early withdrawals subject to penalty and forfeiture of interest.
• CDARS (Certificate of Deposit Account Registry Service) Certificate of Deposit Account Registry Service enabling access to multi-million-dollar FDIC protection through a single bank relationship, with funds staying local to support community lending.
• Consumer Loans Personal loan products including consumer loans (fixed-rate), vehicle loans, home equity loans, home equity lines of credit, and home improvement loans for major personal purchases and debt consolidation.
• Eagle Advantage Checking (Business) Full-service business checking account with $25 opening deposit; $7 monthly service charge waived with $2,500 daily average balance; earnings credit available to offset fees; 150 free checks and 150 free deposit items per month.
• Business Money Market Account Business money market account designed for higher-balance business owners, offering tiered interest rates and check-writing privileges with a $25 opening deposit and $7 monthly service charge if balance falls below $10,000.
• Construction & Development Loans (Business) Construction financing expertise covering both commercial and residential projects, as well as land acquisition and development financing, offered through Eagle Rock Bank's business lending team for home builders, developers, and businesses.
• Business & Ag Real Estate Loans Real estate loan products tailored for businesses and agricultural operations, including warehouse space, additional acreage for farming operations, and other commercial real estate needs.
• Business Term Loans Fixed-rate business term loans providing extra capital with consistent monthly payment budgeting over a defined loan term.
• Equipment Financing Business loans tailored for purchasing production equipment, manufacturing equipment, office supplies, computers, and other business equipment.
• Business Lines of Credit Revolving credit lines allowing businesses to maintain steady cash flow during fluctuations, drawing on the line as needed.
• SBA 7(a) and 504 Loans Small Business Administration 7(a) and 504 business loans available to help small businesses overcome financing barriers.
• Business Credit Cards Business credit cards offering 24/7 customer service, contactless cards, zero fraud liability, price protection, purchase assurance, extended warranty, and travel assistance.
• ACH Origination Service Electronic funds transfer service allowing businesses to efficiently manage payroll, bill payments, and other financial transactions through ACH, enhancing operational efficiency and reducing manual processing costs.
• Remote Deposit Capture Electronic check deposit service enabling businesses to make check deposits from their place of business, reducing trips to the bank.
• Positive Pay Fraud Protection Fraud protection service cross-referencing issued checks against presented checks to mitigate the risk of unauthorized or altered payments and safeguard business accounts from check fraud.
• Wire Transfer Services Secure domestic and international wire transfer services enabling timely and secure fund transfers from anywhere in the world.
• Sweep Services Cash management service that automatically transfers excess funds between accounts to maximize interest income and minimize borrowing costs while maintaining liquidity.
• Merchant Services Payment processing services allowing businesses to accept debit and credit cards, increasing sales and controlling accounts receivables.
• Residential Construction Loans Construction loans for residential customers building homes from the ground up, covering lot purchase, permits, inspections, building materials, and contractor labor costs, with options to pay off at completion or refinance to a traditional real estate loan.
• Residential Mortgage Loans (via Cambria Mortgage) Home lending solutions including fixed-rate mortgages, adjustable-rate mortgages, mortgage refinance, cash-out refinance, and investment property mortgages, offered in partnership with Cambria Mortgage.
• Non-Profit and Community Group Accounts Specialized 501(c)(3) non-profit and community group checking and savings accounts with no minimum balance, no monthly service charge, no monthly activity fees, 1.00% interest on checking, and competitive tiered interest rates on savings balances.
• ICS (IntraFi Cash Service) IntraFi Cash Service providing access to multi-million-dollar FDIC protection through demand deposit accounts, money market deposit accounts, or CDs at a single bank, with funds potentially staying local for community lending.

Quantifiable outcome

• Grew assets from $50 million to $275 million between 2013-2025 under former President/CEO Brad Becker
• +1 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Two partnerships are on record, tiered flagship and core.

• Riverland BankflagshipStrategic or Co-development Partner · 17 February 2026Merger agreement announced February 2026, officially closed May 8, 2026. Combined organization operates under Eagle Rock Bank name. Merger doubles size, enhances lending capacity and treasury management, expands Twin Cities footprint. Riverland Bank was Twin Cities-based community bank with locations in Jordan and Northeast Minneapolis, founded 2005.
• Cambria MortgagecoreChannel Partner/ Reseller/ Distributor · 27 August 2025Strategic partnership where Cambria Mortgage provides comprehensive mortgage solutions including home purchases, new construction, and refinancing. Eagle Rock Bank refers customers to Cambria for additional mortgage expertise and products. Cambria is a trusted local leader in home financing serving the Rochester community.

Scale indicators5 records

Recent moves8 records

Expansion highlights5 records

Regional players

• Frandsen Bank & Trust: Upper Midwest community bank holding company with a similar community-banking philosophy and acquisition-driven growth approach across Minnesota and the Dakotas. Comparable operating model and customer mix to Eagle Rock's multi-branch community franchise.
• Merchants Bank (Merchants Financial Group): Minnesota-based community bank operating in similar southeastern Minnesota geographies with a comparable full-service personal/business banking and lending model. Highly comparable product set and customer segments, anchoring cross-state banking competition along the I-90 corridor.
• Anchor Bank: Minnesota-based community bank with a comparable full suite of consumer and business banking products plus digital services. Closely mirrors Eagle Rock's product breadth and small-business banking orientation within the Minnesota footprint.
• First Bank & Trust: Upper Midwest community bank serving Minnesota, Wisconsin, South Dakota and surrounding states with a similar mix of personal banking, business banking, and treasury services. Comparable acquisition strategy and community-banking model to Eagle Rock's Riverland-style growth.

Direct peers

• Eastwood Bank: Small-to-mid-sized Minnesota community bank with a similar personal-and-business banking suite, mortgage origination, and construction lending focus. Closest scale and product-mix analogue to Eagle Rock Bank.
• Cornerstone Community Bank: Sub-$1B asset Upper Midwest community bank with a similar focus on relationship banking, deposit gathering, and small-business lending. Closest peer in size, market approach, and customer type.
• North American Banking Company: Roseville, MN-based community bank offering virtually identical personal/business banking products and treasury services to small and mid-sized businesses. Direct twin in product mix and customer segmentation to Eagle Rock Bank.
• Lake Area Bank: Minnesota community bank of similar asset size with comparable deposit products, consumer/business loans, and digital banking features. Operates in a different but adjacent Twin Cities-adjacent market with a near-identical community-banking proposition.
• Princeton Bank: Small Minnesota community bank of very similar asset size offering personal checking/savings, CDs, consumer loans, and small-business banking. Near-pure comparable on scale and product offering for Eagle Rock Bank.

Broad incumbents

• Bremer Bank: A larger Upper Midwest regional bank that shares Eagle Rock's relationship-driven, community-banking heritage across Minnesota, Wisconsin, and North Dakota. Comparable as the most established Midwest regional community bank, though materially larger scale and broader service suite than Eagle Rock.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/eagle-rock-bank

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eagle Rock Bank