Rich Hoban, CEO of Frandsen Financial and its Frandsen Bank & Trust subsidiary, said he will step down this month after 30 years as CEO of the bank to scout acquisitions in a new role.
"Several years ago, we set a goal to get to $2 billion in assets, and we are fast approaching that number," Hoban said. "[However,] it's been three years since our last acquisition and it's time we dedicate a full-time resource to growing the bank through acquisitions. I look forward to getting out and talking to bank owners in the region."
Hoban said Frandsen intends to be a survivor in the consolidating banking industry.
Frandsen Bank President Chuck Mausbach, a 13-year veteran of Frandsen, will assume the CEO duties.
Under Hoban, Frandsen Bank, through organic growth and acquisitions, grew from five offices and $110 million in assets to 30 locations and $1.7 billion in assets.
Arden Hills-based Frandsen Financial, which operates in Minnesota, North Dakota, and Wisconsin, was founded in 1982 by 85-year-old manufacturing-and-banking entrepreneur Dennis Frandsen.
