Community Development Role by Stearns Bank and ADC
Posted on: May 11, 2022
St. Cloud, Minn. (May 11, 2022) – Stearns Bank, N.A. announced that it has hired Mohamed Farah for a newly created position as its community development coordinator in a unique collaboration with the African Development Center, Minneapolis. The African Development Center’s mission is to grow business, build wealth, and increase reinvestment in the African communities of Minnesota, and Farah will lead Stearns Bank’s efforts to support the success of the African Development Center. Based in Minneapolis, the African Development Center also has locations in St. Cloud, Rochester, and Willmar, MN.
“Our work of economic empowerment of our community throughout the state wouldn’t have been possible without valuable resources and unique relationships like this one,” said Nasibu Sareva, chief executive officer, African Development Center. “I wish to express my most sincere gratitude and appreciation to Stearns Bank on their guidance, patience and encouragement.”
Farah, who will be based at Stearns Bank’s headquarters in St. Cloud, will expand the bank’s community development programs and build collaborations with other non-profits and community-driven organizations across the bank’s Minnesota, Arizona and Florida footprint to launch new financing initiatives to provide more access to capital, banking services, and financial empowerment resources to more underserved communities.
“This collaboration reflects our serious commitment to expand access to capital and affordable banking services and do even more to build wealth and financial independence to empower our communities,” said Kelly Skalicky, president and chief executive officer, Stearns Bank. “Mohamed brings a wealth of experience, energy and commitment to the initiatives of the African Development Center and Stearns Bank,” added Skalicky.
About Stearns Bank N.A.
Minnesota-based Stearns Bank National Association is a $2.4 billion, independently-owned financial institution with locations in Minnesota, Florida and Arizona, and over 35,000 small business customers nationwide, in every state across the U.S. Recognized as having a bullet-proof balance sheet with 20% capital and earning top rankings as one of the nation’s highest-performing banks by American Banker, and most recently ranked ninth in the U.S. among banks having more than $1 billion in assets by Independent Banker’s May 2021 Best of the Best ranking of banks with the highest 3-year average Return on Assets, Stearns Bank specializes in nationwide commercial construction lending, USDA and SBA lending, and small business and equipment financing. Driven by a passion to help others achieve their greatest ambitions, Stearns Bank mission is to Get the Job Done! For more information, visit StearnsBank.com.