Collaboration, education, technology and community are among the core principles Sunrise Banks holds near and dear. David Reiling, current Chairman and CEO, believes banking is a big part of a community and its fabric. “It starts with access, convenience and fair pricing,” says Reiling, who joined his father William Reiling in the mid-90s after learning the ropes of urban banking with 1st Interstate Bank and Citibank in Los Angeles. Upon returning to Minnesota to help with the banks his father had purchased, David comments that, “No one had mastered the social service banking space,” and there was a lot of opportunity in urban communities that were perceived as failing. With an entrepreneurial spirit and vision to make change, the Reilings set out to build something different.
Today, Sunrise Banks isn’t just an ordinary financial institution. They have chosen a unique path in deciding to play an active role in social and environmental issues while incorporating empathy and responsibility into the core of their foundation. The Sunrise Banks locations are still predominantly urban aiming to attract, serve, and support small businesses, create jobs, and reinvest in neighborhoods. David realizes it is important to learn how to navigate different communities and ethnicities in order to bridge the gaps and become a “catalyst for change and mindset of a community.” Since Sunrise is a mission driven organization, with goals to be the most innovative bank empowering financial wellness, they are not afraid to take a stand on the future of banking. The Sunrise team believes in a people-based combination of communication, education, technology and collaboration which includes partnerships with local non-profits and financial technology or -- “fintech”-- companies in order to increase community engagement, convenience, and accessibility for members of varying urban economics.
Since banking is highly regulated, David is incredibly proud of the Sunrise Banks’ certifications and says, “You have to walk the talk.” One of their several accreditations includes a CDFI or certification for Community Development Financial Institution which is granted by the U.S. Treasury and is rigorous with its criteria and yearly audits. Certified every year since 2001, Sunrise Banks, to date, is the only CDFI- certified organization in Minnesota and nearly the entire Midwest. Another impressive accolade is their B Corp Certification which speaks to governance, policies and transparent banking operations. Currently, Sunrise Banks ranks in the top 10% of B Corps and has for the last seven years. Every year the requirements get tougher, and David says it is truly a way to “test their mission.”
Recently, Reiling himself has been elected Chair of the Global Alliance for Banking on Values (GABV), which is an alliance of 66 banks worldwide who focus on a triple bottom line of social and environmental impact and financial sustainability within the communities they serve. From the U.S. to the Netherlands, Italy to India and beyond, these banks are striving to break the traditional mold through strategy, innovation, and collaboration in order to bolster communities of underserved people. With Covid, their 2020 annual meeting was hosted completely virtually by Sunrise Banks and provided a combination of pre-recorded and live events with 49 straight hours of content. Reiling is proud to say that “Minnesota has so many global connections” and being able to strategize with these allies moving forward is key to future financial movement.
When you’re invested in Sunrise, your bank account can truly make a difference. The Sunrise Impact Deposit Fund helps fund loans to support small and local businesses, affordable housing, and non-profit organizations. David says to, “Think about where your money sleeps,” and when asked about the future of Sunrise Banks, mentions their goal to positively impact and serve 250 million lives by 2028. Their North4good volunteer organization was born out of assisting Habitat for Humanity and helping to complete a full housing project build in just 60 days. It took 700+ volunteers, but they were successful and had fun. David says oftentimes, “You go to volunteer to help somebody else, but you always end up learning more about yourself.”
Recent conditions have blossomed, and Sunrise Banks is looking forward to continuing their local, national and global influence. With new innovation, high tech delivery systems, education and hard work, David looks forward to an up-and-coming generation of dedicated team members and youth who care deeply about the environment and social responsibility. “We plan to stand by our values and invest in the needs of the community. It takes extra work, but that is what’s necessary for a city to keep growing.”
To learn more, visit www.sunrisebanks.com and www.north4good.com