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BankCherokee is a family-owned community bank in the Twin Cities serving since 1908, offering business accounts, savings products, and wealth advisory services with FDIC insurance.
Data compiled from public sources
BankCherokee is a local, independent bank headquartered in the Twin Cities (St. Paul & Minneapolis) that has operated continuously since 1908. As the oldest family-owned bank in the metro area, the institution maintains a 100+ year legacy of community-focused banking and local business support.
The bank employs 62 people and has established itself as a reported financial partner for businesses throughout Minnesota. The bank offers a range of financial products and services including business checking and savings accounts, cash management solutions, high-yield savings accounts (including their featured "High Bridge" product with variable interest rates and a $25,000 minimum deposit), digital banking through new mobile apps, and wealth advisory services. They also provide online banking, resources for account management, and customer support through multiple channels.
The bank has originated over $290 million in business loans to local clients. BankCherokee distinguishes itself through its emphasis on relationship-based banking rather than transaction-focused services. " They actively feature client success stories and position themselves as partners in local business growth.
The bank is FDIC-insured (Certificate ID 8537) with routing number 096000580, and maintains compliance as an Equal Housing Lender. As a regional community bank, BankCherokee serves primarily Twin Cities-based businesses and consumers. While their long operational history and local focus represent significant strengths, the bank's service area appears geographically limited compared to national or large regional institutions, and their minimum deposit requirements (such as $25,000 for premium savings products) may limit accessibility for some customers.
This is state-level context for Banks consumers in Saint Paul, MN. It does not confirm that Bankcherokee or this specific location is licensed.
State regulator
Minnesota Department of Commerce
Consumer protection
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Bankcherokee processed 51 mortgage applications in 2023, with 90.2% recorded as approved across 3 states.
51
Applications
90.2%
Approval Rate
$303K
Avg Loan
3
States Served
Based on 51 applications. Income in thousands (reported by applicant).
Source: CFPB Home Mortgage Disclosure Act (HMDA) Data, 2023. Applications include originated, approved, and denied loans.
Bankcherokee offers 12 services including Business checking and savings accounts, Cash management services, High-yield savings accounts (High Bridge product), Digital banking and mobile app banking, Wealth advisory and financial planning, and 7 more.
Bankcherokee has profile signals associated with Local Twin Cities business owners seeking relationship-based business banking, High-net-worth individuals interested in wealth advisory services, Communities and businesses valuing locally-owned financial institutions, Customers seeking FDIC-insured savings with variable interest rates.
Key strengths: Over 115 years of continuous family ownership and operation since 1908; FDIC-insured with Certificate ID 8537, providing federal deposit protection; Has originated $290 million in business loans to local clients. Areas to consider: Geographic service area limited to Twin Cities region, not national coverage; High Bridge savings account requires $25,000 minimum deposit, excluding smaller savers.
In the Banks category, comparable providers include Alliance Bank, American Heritage National Bank, Ameriprise Bank, FSB. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
BankCherokee is best suited for Twin Cities-area business owners and established customers seeking relationship-driven community banking from a century-old family institution. The main caveat is that this is a regionally-limited bank with significant minimum deposit requirements and an apparent focus on business rather than consumer retail banking.
Alliance Bank Lake City, MN — FDIC-insured community bank headquartered in St. Paul, Minnesota, offering checking, savings, mortgages, business banking,...
Profile signals: Minnesota-based farmers and agricultural business owners needing listed lending, Small business owners in Minnesota seeking integrated payroll and cash management tools
Community bank in St. Cloud, Minnesota operating since 1881 with six locations. Offers personal, business, and wealth management services with distinctive log cabin architecture.
Profile signals: Central Minnesota residents seeking personalized banking relationships with a locally-rooted community bank, Small business owners in St. Cloud, Clearwater, Avon, Long Prairie, or Browerville wanting local decision-making
Ameriprise Bank, FSB is a diversified financial services firm offering financial planning, investment advisory, and banking services through a network of dedicated advisors.
Profile signals: Individuals seeking comprehensive financial planning with dedicated advisor relationships, Investors looking for integrated wealth management and investment advisory services
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