Former Sunrise branches go to nonprofits

The recent decision by Twin Cities-based Sunrise Banks to sell two of its former branch buildings to local nonprofits illustrates the commitment of the company and its CEO David Reiling. 

Sunrise Bank announced in December 2020 that it would close two branches — one on University Avenue and Vandalia Street, the other on the city’s east side — and transfer customers to its University Avenue branches on Marion Street and Como Avenue. The $1.9 billion Sunrise also has a pair of offices across the Mississippi in Minneapolis.

The bank worked closely with the nonprofit Creative Enterprise Zone on the sale of the Vandalia location. That space will be shared by two nonprofits: Habitat for Humanity of Minnesota and the Northcountry Cooperative Foundation. The other former branch, on Arcade Street near Johnson High School, was acquired by the Twin Cities Community Land Bank on behalf of 30,000 Feet, a nonprofit arts and culture organization serving Black youth. The site will be used for after-school programming near Johnson High School, where more than 4-in-5 students receive free and reduced lunches.   

Sunrise Bank deliberately sold the properties for less money than they could have otherwise received from another buyer, a strategy Reiling sees as a community investment. “We see this as a community asset and an investment that is long-lasting,” Reiling said of the locations, “and so to us it’s not even like a thought. This is what we try to do in seeking what the community needs and what it wants.” 

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