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Branch Updates

The Bank of Elk River is nearing the end of its lease agreement for the office located inside the Elk River Walmart.

Over the past nineteen years, the bank has loyally served our customers at this location. Due to the COVID-19 pandemic, this location has been closed since March 16, 2020. After careful analysis and in-depth discussions held by bank management and the Board of Directors, we have decided not to re-open this office. The landscape of banking has drastically changed. The use of technology and digital tools have replaced a significant volume of foot traffic at our Walmart location.

We greatly appreciate the support and trust you have placed in us. We have an excellent suite of technology services as well as a robust branch network. Tools including mobile, online and telephone banking; fast online account opening; instant payments and enhanced business services are just a few of our digital-first technologies that are available. We are committed to providing world-class technology as we roll out new and innovative solutions while retaining our high standards of personalized, friendly service.

To better meet your needs with this decision, we will be extending our School Street lobby office hours until 6:00pm, Monday-Friday once we can safely re-open lobbies. We will also be extending our Customer Service Department hours from 8:00am to 6:00pm Monday-Friday to answer any questions you may have and assist with any account needs. Your friendly Walmart bankers will continue serving you at one of our four other locations. Please refer to our website for updates on anticipated lobby openings and extended hours in the upcoming weeks.

Locations and Customer Service Department:

Listed below are some questions you may have with answers:

Q: When was this decision communicated to customers?

A: The Bank of Elk River mailed and emailed all customers on May 26, 2020. Those customers who had email addresses on file were emailed. Those that did not, were mailed a letter.

Q: Are you closing the Walmart location due to financial concerns or due to COVID-19?

A: The Bank of Elk River is in strong, financial health. We are closing this office as we are approaching the end of our lease agreement. The use of technology and digital tools have replaced a significant volume of foot traffic to our Walmart location. We are exploring new and innovative ways to service our customers.

Q: Will the Walmart location potentially open in the future?

A: No, it will not.

Q: Will you be closing other branch locations?

A: There are no plans to close other locations at this point in time.

Q: If I only bank at Walmart, how will my account information be transferred?

A: The Bank of Elk River has a shared system across all locations with each customer’s data. There will be no degradation of service and you can be immediately served at any of our four other office locations.

Q: Now that you have closed Walmart, will the ATM still be accessible?

A: The Walmart ATM can be used and will be serviced until further notice. We have four additional branch locations, free remote deposit and a host of digital tools to assist you. Learn more here.

Q: I liked the Walmart location because they were open until 7pm so I could conduct business after work and longer on weekends. Will you have another location open until 7pm M-F and 4pm on Saturdays?

A: Not at this time, but we are exploring options to extend lobby hours in Elk River at one of our locations and extend our Call Center hours. Additionally, we have a wide array of digital solutions we are able to offer during and after business hours.

Q: I really wish you were not closing this office. Who can I talk to about this?

A: Please contact VP & Director of Retail Banking – Pete Onstad at 763-241-8516 or [email protected].

Q: Is there any reason to be concerned about my accounts?

A: Absolutely not. There is no impact to the safety and security of your account and The Bank of Elk River is in strong, financial health.

Q: Will there still be free concerts and shredding events?

A: The Bank of Elk River is committed to being a major contributor to our customers and community. Though we do not know the status of these events based on the COVID-19 pandemic, we continue to look forward to the time where we will see you at concerts and provide free shredding.

Thank you for your business.