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The Bank of Elk River

630 Main St.
Elk River MN 55330
Julie Schreifels - Director of Marketing & Communications

The Bank of Elk River is a community bank that has been family-owned and operated since 1885. As one of the larger community banks in the state of MN with $425+ million dollars in assets, The Bank of Elk River is committed to providing the best products and services to meet business and customer needs. From mobile banking to cash management solutions.

Willard L. Babcock, the bank founder, was a true pioneer. In 1856 he migrated to Santiago in Sherburne County from Vermont with his pregnant wife, a small child and a team of oxen. He homesteaded near Santiago and was driven away by warring Indians. He returned to the area and eventually became a retail merchant, operating a general store in Elk River.

In 1885, W.L. Babcock and a few prominent businessmen formed a partnership to help the burgeoning community of Elk River. With $10,000 of capital, they started The Bank of Elk River. The bank was chartered in 1885, making it the oldest bank in Sherburne County.

The Bank of Elk River is indeed in a unique position as one of the few banks in the state more than 130 years old that still remains independently owned.

Keeping with the bank's tradition of having a Babcock family member connected directly with the management of the bank, John Babcock, fifth generation, became a board member in 2000. He was then elected Chairman in 2008 and President/CEO in 2010. Catherine Babcock, also a fifth generation family member, has served on the Board of Directors since 2012.

Portions re-printed with permission from the 2004 Star Progress Business Almanac. 


Mission Statement

The Bank of Elk River is committed to:

  • Exceeding Customer Expectations. We strive to exceed customer expectations through our superior personal service and a variety of quality products.    
  • Providing Meaningful Community Service. We provide our community with service through direct financial support and the volunteer leadership of our staff.    
  • Appreciating Our Employees. We recognize our employees as one of our most valued assets, challenging them professionally and rewarding them with stock ownership.    
  • Maintaining a Sound Financial Institution while Encouraging Growth and Enhancing Shareholder Value.
     Our success is guided by the highest standards of financial integrity and fair business practices.    

The Bank of Elk River:

  • Had the first phone number assigned in Elk River – 763.441.1000
  • Had the first ATM in Elk River
  • Had the first website in Elk River
  • Had the first banking branch in Elk River

For your mortgage needs, contact Brady Bagne.  His phone # is 763-274-6857 and email is

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