Premier Bank buys northwest Rochester land for $3 million to build new complex
Sep. 13—ROCHESTER — Premier Bank recently paid $3 million for almost 3.5 acres of open land in northwest Rochester to build a new complex.
On Aug. 28, 2023, Premier Bank Minnesota purchased 3.44 acres of open land at the corner of 37th Street Northwest and U.S. Highway 52 in front of the
Maplewood Square
shopping center.
The five parcels that comprise the 3.44 acres were sold by Frank and Bonnie Kottschade of Rochester. The Kottschades are long-time Rochester developers.
Premier Bank has four Rochester locations, including one near Maplewood Square at 3800 North Highway 52. That center was built in 1985. The most recent Premier construction project was building the 3145 Wellner Drive NE branch built in 2005.
The bank has a total 20 locations throughout Minnesota.
Corey Heimer, president of Premier Bank Minnesota, explained the broad strokes of the plan for the former Kottschade property.
"Premier Bank Minnesota acquired the land adjacent to its longstanding 37th Street & Highway 52 Branch and intends to develop a new bank building on the site," he wrote. "Development plans are in the early stages and likely will include multiple users."
Heimer stated more information about the project will be coming in the future.
"Premier is excited to enhance its presence and financial services in this neighborhood," he added.
Premier Bank's roots date back to 1974. It was founded by
the late Donald B. Regan.
The bank evolved into three pieces — Premier Bank, Premier Bank Rochester and Premier Bank Minnesota. In 2022,
Premier Bank Rochester merged with Premier Bank Minnesota,
so it is now two entities.
