Stearns Bank
Delivering Customized Commercial Lending and Equipment Financing Services

Stearns Bank is driven by a mission revolving around its impassioned drive to aid borrowers in achieving their greatest ambitions. It stands out in the banking sector through its steadfast commitment to customized service, epitomized by a motto, “We get the job done!”

More than just a financial institution, Stearns Bank serves as a full-service partner for developers, contractors, and subcontractors by offering nationwide commercial loans and equipment leasing and financing services. It elevates customer service with a personal touch, where borrowers are assigned a dedicated professional who accompanies them throughout the construction project financing, eliminating the frustration of juggling between departments to ensure a seamless, trust-filled experience.

In the world of construction fraught with challenges and risks, Stearns Bank helps clients overcome delays, budget overruns, liens, and compliance issues with its suite of products and services. While offering feasibility amid rising interest rates and inflationary pressures, it ensures projects are completed accurately with timely supplies, satisfying client and municipal requirements. Leveraging its business contacts, Stearns Bank provides best-in-class service at marketcompetitive prices. It also evaluates and stays up-to-date on all rates.

“Paperwork is simplified, the lending process is expedited, and increased flexibility is provided to help clients secure the equipment with little or no money out of pocket. A borrower looks to quickly obtain a specific piece of equipment, and that’s exactly what we’re built for,” says Craig Kern, associate director of the equipment finance division, Stearns Bank.

Stearns Bank has a specialized small business administration (SBA) department and offers products like premier deposit services and an array of construction loans apart from equipment financing. It has specific teams for underwriting, titling, documentation, and funding.

From certificate of deposits and automated clearing house services to applications for timely fund transfers, Stearns Bank’s offerings cater to requirements across multiple industries. A commitment to technology and efficiency is evident with the use of electronic notaries like DocuSign, accelerating processes without sacrificing security.

“We live and fulfill the needs of our community. We figure out what works well, offer what’s best for the customer, and, together as a team, get the project completed,” says Brenda Muellner- McDermond, construction manager at Stearns Bank.

Spearheaded by McDermond, the team excels at comprehensive lending management from loan approval through project completion. As it is an employee stock ownership plan company, every employee takes ownership and listens to customer requirements and objectives. The team, with deep-rooted industry experience, conducts an in-depth analysis, which facilitates accurate budgeting, timely payments, and step-by-step management. This thorough analysis also helps assess and mitigate risks, ensuring customers receive the best financial product.

Compliance with regulations and providing lien-free projects is not just a goal but a standard at Stearns Bank. It meticulously focuses on zoning, obtaining permits, and ensuring operating facilities are in place.

“As a national bank, we have the ability and expertise to go where our customers need us. This combined with our personal care are what truly sets us apart and allows us to be so successful,” says Tom Hosier, chief lending officer, Stearns Bank.

At Stearns Bank, personalized service isn’t just a tagline; it’s a promise. Customers get their calls answered on the first ring and are always assisted by a live representative.

The company holds an impressive track record of success, completing $400 million worth of construction projects annually across all 50 states. With over 35,000 business customers nationwide, it has propelled each of them toward success. In one instance, it financed a low-income housing tax credit project. By employing a blend of traditional banking methods and credits and grants obtained from various private and public partnerships, Stearns Bank made an otherwise expensive project viable. This feat showcases its commitment to finding creative solutions for community needs.

With a combination of urgency, tenacity, and unfettered imagination, Stearns Bank is driven by an unwavering dedication to creativity to clearly convey the message, “We can do it, and we’ll take care of you.”