Frandsen Bank & Trust: A Trusted Institution for Banking and Trust Services

Frandsen Bank & Trust is a reputable financial institution that has been serving customers since its inception. Founded with a commitment to providing exceptional banking and trust services, Frandsen Bank & Trust has become a trusted name in the industry. This article delves into the bank’s history, locations, strengths, weaknesses, services offered, including physician mortgages, philosophy, core values, awards earned, and what sets them apart from competitors.

History and Locations

Frandsen Bank and Trust was established in 1982 in Lonsdale, Minnesota, by brothers Dennis and Vance Frandsen. What started as a small community bank quickly grew into a robust financial institution. Indeed, Frandsen is now serving multiple locations throughout Minnesota, North Dakota, and Wisconsin.

Today, Frandsen Bank & Trust operates over 35 branch locations. They are strategically positioned to provide convenient banking and trust services to its diverse clientele.

Strengths and Weaknesses of Frandsen

Considering the strengths and weaknesses of a bank is crucial when evaluating its suitability for your financial needs. Evaluating the strengths and weaknesses of a bank allows you to make informed decisions, assess risks, compare competitors, gauge service quality, and establish long-term relationships. This assessment helps ensure that the bank you choose aligns with your financial needs and priorities.


  • Local Community Focus: Frandsen takes pride in its strong ties to the communities it serves. The bank actively engages with local businesses, organizations, and residents, fostering a sense of trust and loyalty.
  • Customer-Centric Approach: Frandsen puts its customers first, ensuring that their needs are met promptly and efficiently. The bank emphasizes personalized service, building long-term relationships with its clients.
  • Comprehensive Service Offering: Frandsen offers a wide range of financial services, including personal banking, business banking, mortgage lending, wealth management, insurance, and trust services. This comprehensive suite of services caters to the diverse needs of individuals and businesses.


  • Limited Geographical Reach: While Frandsen has expanded its footprint across multiple states, its presence is primarily concentrated in the Upper Midwest. Consequently, this limits accessibility for customers outside the region who may seek the bank’s specialized services.
  • Limited Digital Presence: Frandsen’s online banking and digital services have room for improvement. For example, enhancing their digital offerings could provide customers with greater convenience and accessibility.

Services Offered at Frandsen Bank and Trust

While the importance of services offered by a bank may vary depending on individual needs and preferences, several key services are typically considered essential for most customers. These key services include deposit accounts, payment and transfer services, lending and credit services, online and mobile banking, investment and wealth management, insurance services, business banking and trust and estate services.

Not surprisingly, Frandsen Bank and Trust provides all of these essential services.

Deposit Accounts

Deposit accounts are a fundamental banking service. This service allows individuals and businesses to securely store their money, access funds when needed, and potentially earn interest on their deposits. Frandsen Bank & Trust provides various types of deposit accounts to cater to different needs, including:

Checking Accounts: Checking accounts are designed for day-to-day transactions and provide easy access to funds. They typically offer features such as check writing, debit cards, online banking, and bill payment services.

Savings Accounts: Savings accounts are intended for customers looking to save money while earning interest on their deposits. These accounts often have lower transaction capabilities compared to checking accounts. They also may have certain restrictions on withdrawals to encourage savings.

Money Market Accounts: Money market accounts offered by Frandsen Bank and Trust are similar to savings accounts but generally offer higher interest rates while still providing some liquidity. They may require a higher minimum balance to open and maintain the account.

Certificates of Deposit (CDs): Frandsen offers CDs, which are fixed-term deposit accounts that typically offer higher interest rates compared to regular savings accounts. CDs have specific maturity periods, during which the deposited funds earn a fixed interest rate.

Individual Retirement Accounts (IRAs): Frandsen Bank and Trust provides IRAs to help individuals save for retirement. These accounts offer tax advantages and various investment options, such as traditional IRAs and Roth IRAs.

Payment & Transfer Services

Frandsen Bank and Trust payment and transfer services are an essential part of modern banking and enable customers to conveniently and securely move funds and make payments. They provides various payment and transfer services, such as:

Electronic Fund Transfers: Frandsen facilitates electronic fund transfers, allowing customers to transfer funds between their own accounts or to accounts held at other financial institutions. Electronic fund transfers can be conducted through online banking platforms, mobile banking apps, or by visiting a bank branch.

Wire Transfers: For customers who need to send or receive funds quickly and securely, Frandsen Bank & Trust offers wire transfer services. Wire transfers allow funds to be electronically transferred between banks domestically or internationally, ensuring efficient and reliable transfer of funds.

Bill Payment Services: Frandsen Bank and Trust provides bill payment services that enable customers to conveniently pay their bills online. Customers can set up recurring payments for regular bills or make one-time payments for specific bills. This service streamlines the bill payment process, saving time and reducing the need for writing checks or mailing payments.

Debit Cards: Frandsen offers debit cards to its customers, providing a convenient method for making purchases and accessing funds from their checking accounts. Debit cards can be used at point-of-sale terminals, online retailers, and ATMs, allowing customers to make purchases and withdraw cash.

Lending and Credit Services

As a comprehensive financial institution, Frandsen understands the importance of providing access to credit and financing options. This is important in order to meet their customer’s diverse needs. Frandsen Bank & Trust’s lending and credit services include:

Personal Loans: Frandsen offers personal loans for various purposes, such as home improvements, debt consolidation, education expenses, or other personal needs. These loans typically have fixed or variable interest rates and flexible repayment terms.

Auto Loans: Frandsen offers auto loans to finance the purchase of new or used vehicles. These loans can provide competitive interest rates and flexible repayment terms, making it easier for customers to afford their desired vehicle.

Home Equity Loans and Lines of Credit: Frandsen provides home equity loans and lines of credit, allowing homeowners to access the equity in their homes for various purposes, such as home renovations, debt consolidation, or major expenses. These loans may offer competitive rates and flexible repayment options.

Business Loans: Frandsen offers business loans to support the financing needs of businesses, including lines of credit, term loans, equipment financing, and commercial real estate loans. These loans can help businesses fund their operations, expand, or invest in new opportunities.

Mortgages: Frandsen provides mortgage lending services to help individuals and families finance the purchase or refinance of residential properties. They offer a range of mortgage options, including conventional loans, government-backed loans (such as FHA, VA, or USDA loans), jumbo loans, physician mortgages, and more.

Physician Mortgages

Of particular interest to our audience, it should be noted that Frandsen Bank and Trust offers physician mortgages. These specialized mortgage products are designed specifically for medical professionals, including doctors, dentists, and veterinarians. Physician mortgages typically offer unique benefits and terms that cater to the unique financial situations and needs of medical professionals.

Frandsen Bank & Trust offers physician mortgages that include features such as:

  • Flexible Loan Terms: Frandsen Bank & Trust understands the unique financial circumstances of physicians, especially those who may be starting their careers or have significant student loan debt. They offer flexible loan terms that take into account these specific factors.
  • Higher Loan-to-Value (LTV) Ratio: Physician mortgages may allow for a higher loan-to-value ratio, meaning that medical professionals can secure a mortgage with a smaller down payment compared to traditional mortgage products.
  • No Private Mortgage Insurance (PMI) Requirement: Frandsen Bank & Trust’s physician mortgages may waive the requirement for private mortgage insurance, even with a lower down payment. This can result in cost savings for borrowers.
  • Expanded Debt-to-Income (DTI) Ratios: Given the unique financial profiles of physicians, Frandsen Bank & Trust may consider higher debt-to-income ratios when evaluating eligibility for a physician mortgage. This flexibility accommodates the potential for high student loan debt while still qualifying for a mortgage.

Physician mortgages aim to support medical professionals in achieving their homeownership goals while considering their unique financial circumstances. It is advisable to reach out directly to the bank to get specific information. The features, eligibility criteria, and terms of their physician mortgage products may vary.

Read this: The Doctor Loan: A Complete Guide to Physician Mortgages

Online and Mobile Banking

Frandsen Bank & Trust offers online and mobile banking services to provide convenient and secure access for their customers. These digital banking platforms allow customers to manage their accounts, conduct transactions, and access various banking services using their computers, smartphones, or tablets. Here are some features and benefits of Frandsen’s online and mobile banking:

Account Management: Customers can view their account balances, transaction history, and detailed account information online or through the mobile app. This provides real-time access to their financial information, allowing them to stay informed about their account activity.

Fund Transfers: Online and mobile banking platforms enable customers to transfer funds between their own accounts within the bank or to accounts held at other financial institutions. This facilitates convenient and quick money transfers without the need to visit a physical branch.

Bill Payment: Online and mobile banking allows customers to pay bills electronically. This includes one-time or recurring payments, scheduling future payments, and managing their bill payment preferences. This simplifies the bill payment process and helps customers stay organized with their finances.

Mobile Check Deposit: Frandsen’s mobile banking app may offer a feature for mobile check deposit. Customers can securely deposit checks by taking photos of the front and back of the check using their mobile devices. This eliminates the need to visit a branch or ATM.

Alerts and Notifications: Online and mobile banking platforms typically offer customizable alerts and notifications. Customers can set up alerts for various account activities, such as balance thresholds, transaction notifications, and payment reminders. These alerts help customers stay informed about their account activity and prevent fraudulent transactions.

Secure Messaging and Support: Frandsen Bank and Trust’s online and mobile banking platforms may provide secure messaging capabilities. This allows customers to communicate with the bank’s customer support team for assistance, inquiries, or general banking-related questions.

Investment and Wealth Management Services

Investment and wealth management services assist customers in growing and managing their wealth, planning for retirement, and achieving their financial goals. These services aim to provide individuals and businesses with professional guidance and expertise in investment strategies, portfolio management, and financial planning. Here are some of the investment and wealth management services offered by Frandsen Bank & Trust:

Investment Advisory Services: Frandsen has experienced investment professionals who can provide personalized investment advice and guidance based on individual financial goals, risk tolerance, and investment preferences. They can assist customers in developing investment strategies tailored to their specific needs.

Portfolio Management: Frandsen’s wealth management services include portfolio management, where dedicated professionals oversee and manage investment portfolios on behalf of clients. This involves analyzing market trends, making investment decisions, and monitoring portfolio performance to optimize returns and manage risk.

Retirement Planning: Frandsen offers retirement planning services to help customers plan for their financial future. They can provide guidance on retirement savings strategies, retirement income projections, and investment options such as individual retirement accounts (IRAs) and employer-sponsored retirement plans.

Estate Planning: Estate planning services are offered by Frandsen Bank to assist individuals and families in developing comprehensive estate plans. This may include strategies to minimize estate taxes, establish trusts, and ensure the smooth transfer of assets to beneficiaries according to their wishes.

Financial Advisory Services: Frandsen’s financial advisors can provide comprehensive financial planning services, taking into account various aspects of a customer’s financial situation. This includes budgeting, debt management, risk management, education planning, and other financial planning areas.

Physicians Thrive specializes in Wealth Management for Physicians:
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Business Banking

Business banking services cater to the financial needs of businesses of various sizes and industries. Frandsen Bank and Trust understands the importance of providing specialized banking solutions to support businesses in managing their finances, optimizing cash flow, and achieving their growth objectives. Here are some of the business banking services that Frandsen Bank & Trust offers:

Business Checking Accounts: Business checking accounts specifically designed for businesses help to manage your day-to-day financial transactions. These accounts offer features such as online banking, mobile banking, bill payment services, and business debit cards.

Business Loans and Lines of Credit: Frandsen Bank & Trust provides a range of lending solutions to support businesses’ financing needs. This includes term loans, lines of credit, equipment financing, commercial real estate loans, agricultural loans, and other business loan options. These loans can be used for various purposes, such as working capital, equipment purchases, business expansion, or acquisitions.

Cash Management Services: Ccash management services help businesses efficiently manage their cash flow, optimize collections and disbursements, and enhance financial control. These services include merchant services, remote deposit capture, ACH payments, wire transfers, and positive pay.

Business Online Banking: Frandsen Bank & Trust provides online banking services tailored for businesses. This allows business owners and authorized personnel to conveniently manage their accounts, initiate transactions, review account activity, and access financial reports from anywhere at any time.

Business Credit Cards: Bbusiness credit card solutions provide businesses with a convenient payment method and flexibility in managing their expenses. Frandsen’s business credit cards offer rewards programs, free online expense tracking tools, no fee for additional employee cards, mobile payment capability, zero fraud liability, and 24/7 cardmember services.

Planning and Estate Services

As a comprehensive financial institution, Frandsen Bank & Trust understands the importance of assisting customers with their trust and estate needs. They provide a range of planning and estate services to help effectively manage and plan for the transfer of assets. Thus, some of the planning and estate services offered by Frandsen Bank & Trust include:

College Planning: Frandsen Bank & Trust can help individuals and families save for, manage, and fund higher education expenses. They offer various options, including savings accounts, financial planning services, custodial accounts, and online tools & other resources.

Estate Planning: Frandsen offers guidance and assistance in developing personalized estate plans to ensure the efficient transfer of assets and protect the financial interests of individuals and their families. This can involve will preparation, power of attorney, healthcare directives, and other related services.

Wealth Planning: Frandsen Bank and Trust can assist with building, growing and preserving an individual’s or family’s wealth over time. This involves creating a comprehensive strategy to manage financial resources, achieve financial goals, and secure financial well-being. The bank’s professionals can help navigate the complexities of budgeting, investment management, risk management (insurance), tax planning, retirement planning, education funding, and charitable giving.

Trustee Services: Frandsen Bank & Trust can serve as a trustee. They provid expertise in managing trusts, including revocable living trusts, irrevocable trusts, charitable trusts, and special needs trusts. The bank handles investment management, distributions, and meets the trust’s objectives.

Fiduciary Services: As a fiduciary, Frandsen is committed to acting in the best interests of its clients. They can offer guidance on fiduciary responsibilities, trust governance, and compliance with legal and regulatory requirements.

Related: Beginner’s Guide to Physician Tax Planning

Philosophy and Core Values

Frandsen Bank & Trust operates under a customer-centric philosophy. Their mission is to be the premier community bank, serving individuals and businesses with integrity, while creating value for their communities. The bank’s core values include:

  • Integrity: Conducting business with honesty, transparency, and ethical practices.
  • Community: Embracing the communities they serve by actively participating, supporting local organizations, and contributing to their growth.
  • Relationships: Nurturing long-term relationships with customers, employees, and business partners based on trust, respect, and open communication.

Awards and Recognition

Frandsen Bank & Trust has earned several awards and recognition for its commitment to excellence and community involvement. Accordingly, some notable accolades include:

  • Bauer Financial Five-Star Rating: Frandsen Bank and Trust has consistently received a five-star rating from BauerFinancial, an independent bank rating firm. This recognition signifies the bank’s strong financial performance and stability.
  • “Top 200 Workplaces” by the Star Tribune: Frandsen Bank & Trust has been recognized as one of the 2023 “Top 200 Workplaces” by the Star Tribune, a leading newspaper in Minnesota. This award highlights the bank’s dedication to creating a positive work environment and fostering employee satisfaction. This 2023 award marks the 6th year in a row!
  • Community Involvement Awards: Frandsen Bank & Trust has received recognition for its active involvement in community development and charitable activities. Various organizations have honored the bank for its contributions to local initiatives, including education, healthcare, and community betterment.

Standing Out from Competitors

Frandsen Bank & Trust stands out from its competitors in several ways:

  • Strong Community Connections: The bank’s deep-rooted community focus sets it apart. Frandsen actively engages with local organizations, sponsors community events, and supports initiatives that contribute to the well-being of their communities.
  • Personalized Service: Frandsen Bank & Trust prioritizes building long-term relationships with its customers. The bank takes the time to understand individual needs and provides tailored solutions and personalized service. This fosters a sense of trust and loyalty.
  • Comprehensive Financial Solutions: With a wide range of financial services encompassing personal banking, business banking, mortgage lending, wealth management, and trust services, Frandsen Bank & Trust offers customers a convenient one-stop solution for their financial needs.
  • Experienced Professionals: The bank prides itself on its team of knowledgeable and experienced professionals who provide expert guidance and support to customers. Frandsen Bank and Trust’s staff is dedicated to delivering exceptional service and helping clients achieve their financial goals.

Wrapping it Up

In conclusion, Frandsen Bank & Trust has established itself as a trusted financial institution with a rich history and a commitment to excellence. They have a comprehensive range of services, a customer-centric approach, and strong ties to the communities it serves. The bank has earned recognition and accolades for its outstanding performance and community involvement. Frandsen Bank & Trust continues to set itself apart from competitors by prioritizing personalized service, community engagement, and a comprehensive suite of financial solutions. This makes it a preferred choice for individuals and businesses seeking banking and trust services.

Get the Help You Need

Physicians Thrive can connect you to a network of professionals to get the help you need at all stages of your career and life, such as Frandsen Bank and Trust. We will also provide information on other things you should consider, like protecting your salary with disability insurance so you can pay that mortgage if you can no longer work, or life insurance should the unthinkable happen. Contact Physicians Thrive today.

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