Only 5 Minnesota companies recognized annually with mark of excellence
ELKO NEW MARKET, Minn., Oct. 23, 2017 – Fourth-generation, family-owned New Market Bank announced today that it is one of five businesses selected for Twin Cities Business magazine’s 2017 Minnesota Family Business Awards, which honors outstanding family-owned businesses and the value they add to Minnesota’s economy and overall quality of life. Selected by a committee of experts in family business leadership, winners are chosen for their strong records of success, family involvement, community service and philanthropy, multi-generational culture, and a positive family business structure.
“Speaking on behalf of the Vogel family, this award is an incredible honor as it validates the many significant decisions we’ve made throughout the years,” said Anita (Vogel) Drentlaw CPA, fourth-generation president of New Market Bank. “Despite increasing competition from big banks and online financial institutions, a cyclical economy and increased regulation, New Market Bank continues to support the livelihoods of our customers and our communities because our family has been very intentional to put measures in place to ensure the bank’s stability and longevity.”
Some of what makes New Market Bank unique and has helped it endure as an independent community bank in a climate of increasing competition and regulation include:
- Establishing both a family council and a board of directors. The family council addresses equity ownership matters while the board oversees governance and management of the business. The board is comprised of five family members and five outside directors.
- The current generation managing the business are women in traditionally male-dominated industry.
- Three generations are active in the business. Bill Vogel, 95 (second generation), celebrated 70 years of active service to New Market Bank earlier this year.
- The family is passionate for community banking and genuinely seeks to help the communities where it is located, and the families and businesses in those communities.
- The Vogels want to see the entity continue into future generations and constantly reinvest profits into the business to ensure its health and growth.
- As a small, family-owned business, it understands the needs and concerns of other small and family-owned businesses.
“We love supporting another local, family-owned business,” said long-time personal and business banking customer Tony Boerner, owner of Tony’s Appliance in Burnsville. “New Market Bank has great customer service and always figures out a solution to address our needs.”
New Market Bank will be recognized both in the November issue of Twin Cities Business magazine, and at an awards event on Thursday, Nov. 30. The other 2017 Minnesota Family Business Award honorees are:
- Dalsin Industries
- Felling Trailer
- Schuler Shoes
- Supportive Living Solutions
This year’s winners join an elite class of honorees including:
- Marvin Windows and Doors
- Cemstone Cos.
- Maddens on Gull Lake
- Upper Lakes Foods
- Shaw-Lindquist Associates
About New Market Bank Founded in 1905 as the First State Bank of New Market, New Market Bank is an independent, fourth-generation, family-owned bank serving the southern Twin Cities area with offices in Lakeville, Prior Lake and Elko New Market. For over 100 years, New Market Bank has built trusted relationships with its customers through individualized care and attention, comprehensive banking services and a commitment to bettering the quality of life in the communities it serves. For more information, visit www.NewMarketBank.com.
- On October 23, 2017