The Twin Cities bank is expanding its presence in Sioux Falls with a retail branch

“As those divisions have grown, we’ve found an incredibly talented pool of candidates in the Sioux Falls area to hire for those businesses,” said President and CEO David Reiling.

“So that led us to lease space and establish Sioux Falls as the base for our national products and fintech teams. From there, those teams grew organically to what we have today. We really watched the talent in this case and felt like the ecosystem in Sioux Falls was the right fit for these teams.”

For now, the 34-person team is based together, although the company is evaluating real estate options for a permanent branch location, he said.

Sunrise Banks is a community development bank certified by the US Treasury.

“What this means is that we prioritize social responsibility and community impact,” he said. “We embed these values ​​in our core financial products, services and partnerships.”

The Sioux Falls branch offers personal banking products and services, such as checking and savings accounts and CDs, along with mortgages and business banking services, including commercial real estate, SBA and specialty loan options.

“We appeal to a wide range of customers and organizations whose own values ​​align with ours as a mission-driven bank. These would be people, businesses and nonprofits who care about community development and preservation,” Reiling said.

“We also work with a lot of customers who have not been served – or at all – by traditional banks. These include people living in low- to moderate-income communities, immigrant families, small business owners and entrepreneurs, especially women and people of color.”

More than 60 percent of the bank’s loans go to community and economic development. The organization is also certified B Corp, which looks at its social impact in addition to financial. Some of the most unique offers include:

Impact Deposit Fund: With these checking, savings and CD accounts, customers can choose to have financial support projects and customers that focus on community and economic redevelopment, especially in low-to-moderate income areas.

Net Zero Banking: Customers can choose to have their warehouses support projects focused on reducing or avoiding carbon emissions. It is currently open to business customers and will soon be available to retail customers. There are also loan options for customers and businesses that focus on energy efficiency and conservation.

Pathway2Home mortgage: This allows customers who do not have a Social Security number to secure a mortgage using their Individual Tax Identification Number (ITIN). This is especially helpful for immigrant families who want to buy a home and start building generational stability and wealth, Reiling said.

“We have multiple certifications that show we’re doing well and we’re not just talking about it,” Reiling said. “Sunrise Banks received B Corp certification in 2009. We are currently the only Certified B Corp of any kind in South Dakota and remain the only B Corp bank in Minnesota.”

The bank is also a US Treasury Certified Community Development Financial Institution, or CDFI.

“As a CDFI, we work to generate economic growth and opportunity in struggling communities by injecting new sources of capital into underfunded neighborhoods,” Reiling said. “Sixty percent or more of our lending is focused on customers and projects in low- to moderate-income areas. This shows our commitment to strengthening our communities and being proactive when it comes to equal access to banking.”

In addition, Reiling chairs the Global Alliance for Securities Banking, an organization working to create sustainable economic, social and environmental development. It is made up of more than 70 mission-driven banks in more than 40 countries that strive to make the financial system more accessible to traditionally underserved consumers and small businesses.