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Article: Building a niche; Cherokee State Bank of St. Paul has prospered by actively courting churches, Hispanics and first-time homeowners.(BUSINESS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- July 31, 2001
- Author:
CopyrightCOPYRIGHT 2001 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Dee DePass; Staff Writer
RSEC:+
Lending usually involves at least some degree of faith, but Cherokee State Bank is putting that truism to a new level.
The small, family-owned bank in St. Paul has made lending to churches a key part of its strategy.
"You look at churches like you look at small businesses. There is an element of faith," said Heidi Gesell, the bank's CEO and president.
The $200-million-asset bank has loans outstanding for 15 Twin Cities church- and synagogue-related projects worth $13 million. In each case, repayment depends on future tithes and offerings.
Barbara Peterson at St. John ...