Park State Bank has become one of the larger independently owned banks in Minnesota with over one billion dollars in combined assets and a history committed to serving clients and small businesses in Minnesota for over one hundred years. Founded in the Morgan Park neighborhood of Duluth in 1916 and recapitalized by new ownership in 2015, the bank has grown from two locations to now operating fifteen locations, and a successful mortgage division, all located in communities across Minnesota.
We take great pride in our exceptional, high-touch personalized service and commitment to the communities we serve. We are known for treating our clients well and ensuring we make our communities a better place. Our continued growth means more opportunities for our employees, our clients and an ability to give back even more to the communities we serve.
Thanks to our valued clients and our wonderful employees, Park State Bank was named the Top-Performing Community Bank in Minnesota with assets under $3 billion by S&P Global Market Intelligence in 2017, 2018, 2019, 2020 & 2022. Additionally, Park State Bank was included on the Minneapolis-St. Paul Business Journal's Fast 50 List as one of the 50 fastest growing companies for the past five years (2019, 2020, 2021, 2022, 2023). Ranking #4 in 2021 and 2022. The Independent Community Bankers of America (ICBA) has ranked Park State Bank #18 in the United States for the most successful commercial loan producers for banks with more than $1B in assets.
The future is very bright and our client-centric approach to delivering financial solutions defines the way we do business with clients and small businesses.
Commitment to Community
Our steadfast commitment to providing exceptional service to our clients and communities is a core value that will remain constant with our continued growth. Our long legacy of active community participation has been a part of our heritage since inception and has continued to grow in recent years. We are proud that across our family of banks, we were able to donate to more than 50 charities and other organizations. Our family of banks worked hard to be leaders in the Paycheck Protection Program (PPP) and our merged organization funded just under $200 million in Paycheck Protection Program loans to small businesses to assist them in keeping their workforce employed during the COVID-19 crisis. Park State Bank also funded more than $47 million in the Main Street Loan Program to small businesses.
We all pride ourselves on our commitment to meeting the needs of, fueling opportunities in, and combating challenges faced by our communities. Our commitment includes giving our time, talent, and resources to help build a brighter future in the places we call home.