Sherburne State Bank was originally organized as Santiago State Bank, located in Santiago, Minnesota. It was formed by John D. Odegard and his brothers, Edwin and Oscar. The bank opened for business on September 9, 1920 and served a then-robust farm community with John D. Odegard serving as bank president.
In 1956, Russell M. Storlie, who had worked at the bank since 1928, gained controlling interest and was named President. He held the presidency until his death in 1960. His wife, Selma Storlie, who had served as Cashier and board member, took over the presidency and ownership at that time.
Selma Storlie ran the bank until Sherman I. Lindstrom and Robert J. Anderson purchased the bank in 1973. In 1976, Roger W. Haugen became co-owner with Lindstrom and was named Executive Vice President. Sherburne State Bank was owned and operated by Roger W. Haugen from 1988 to 2011.
Sherburne State Bank expanded its operation in 1978 when a branch office opened in Becker, 17 miles south of Santiago on U.S. Highway 10. The Santiago branch was closed in 2007. The bank found another community home when its Princeton branch opened in 2000.
In June, 2011, Sherburne State Bank was sold and Roger Haugen retired. Greg Reinhart became the interim President and CEO at the time of the sale. In January of 2013, Kevin Doty accepted the role as President/CEO of Sherburne State Bank. The Bank is approved for expanding into a new office in Monticello in April, 2017.
Throughout its history, Sherburne State Bank has been pleased to provide quality financial products coupled with friendly professional service. We value the opportunity to serve our customers and the communities we call home.