Shared DNA Allows New Market Bank to Grow in Prior Lake
Fifteen years ago this month, New Market Bank opened in Prior Lake. Anytime a small community bank like ours adds a new branch, you can bet it’s not a decision taken lightly. It’s likely a leap of faith taken after crunching numbers and lots of discussion among leaders and board members.
When we considered the possibility, Prior Lake was a growing market in which we already had a solid base of customers. With just one other locally owned community bank and two big national banks there, we saw a lot of potential for another community bank in the market. I had personally lived in Prior Lake for about six years when we began talks of expanding, which gave me a unique perspective on the potential in the market well before we opened our branch there.
Prior Lake has been a good fit for us because our DNA aligns with the Prior Lake community. We got our start in a small town, where community is priority, neighbors help neighbors and people put down roots for the long run. Even with a growing population, Prior Lake shares these traits. It is the biggest small town ever! Residents gather at the independent boutiques and the farmers’ market on weekends, and flood downtown block parties and play on the lake throughout the year. People value and appreciate relationships – just like we do at New Market Bank. Relationship banking has been our bedrock since 1905. The family-like atmosphere in our branches and the easy and sincere interactions resonate with the people of Prior Lake.
We’ve been fortunate to see our market share steadily increase the longer we’re there. The community bank that was in the market when we opened has been sold twice and is now owned by a large bank headquartered out-of-state. Each time that bank was sold, New Market Bank gained customers who felt less allegiance to an unknown entity and were frustrated by unexpected fees, new policies and procedures, and the rigmarole of updating account information repeatedly.
After 15 years of patiently and consistently representing our brand in Prior Lake, we have built recognition for New Market Bank as well as our values. Whenever and wherever we do business, I am confident we will experience success if we remain true to our relationship-based, community-focused brand and align with others who appreciate and share our values.
To our friends and customers in Prior Lake, thank you for your support and partnership these past 15 years. We look forward to continuing our contributions to make Prior Lake a great place to live, work and play.