KleinBank is the largest family-owned state bank in Minnesota with assets worth over $1.4 billion in 2012. There are nineteen locations throughout Minnesota, including: Buffalo, Chanhassen, Cologne, Coon Rapids, Maple Grove, Norwood Young America, Otsego, St. Bonifacius, and Victoria.
In the mid-1890s, George Klein purchased a Chaska brickyard, and put his sons Charles H. and Christian P. Klein in charge. In 1907, the brickyard was doing well, and so Charles and Christian used proceeds from brick sales to purchase controlling interest in the First National Bank of Chaska. By 1929, the brothers’ success allowed for a new building on what would eventually be known as the Klein Block on the west side of Chestnut Street in Chaska. By 1997, Chaska would have four branches, with the newest branch located on the north side of town.
In the mid-1890s, George Klein purchased a Chaska brickyard, and put his sons Charles H. and Christian P. Klein in charge. In 1907, the brickyard was doing well, and so Charles and Christian used proceeds from brick sales to purchase controlling interest in the First National Bank of Chaska. By 1929, the brothers’ success allowed for a new building on what would eventually be known as the Klein Block on the west side of Chestnut Street in Chaska. By 1997, Chaska would have four branches, with the newest branch located on the north side of town.
The Klein brothers expanded their banking enterprise beyond Chaska in 1911 to nearby Victoria, with a 750-square foot building valued then at $2,900. It would move to a new location in 1979. During the Great Depression, when banks all over Carver County were failing due to money shortages, Victoria State Bank would remain solid and was one of the few banks to remain open.
In 1919, the Kleins helped form the First National Bank of Waconia. It would be the only bank in Waconia that survived the Depression. The Waconia bank opened a new branch in the 1960s. This building has since been expanded, but small sections of Wright’s design are still visible.
The Kleins gained control, in 1926, of The State Bank of Young America and the State Bank of Cologne, further expanding their banking business.
Charles and Christian passed away in 1961 and 1962, respectively. George Klein, Christian’s son, then gained ownership of the controlling interest in the Klein family banks. He became the company’s President. His wife Marcella was a member of the Board of Directors at many of the branches. In 1975, growth of the family business reached new heights. Klein Bancorporation, Inc. (KBI) was formed to manage all Klein family-owned banks. In 1979, George’s son, Dan Klein, became President and Chairman after the death of his father. The bank then expanded to St. Bonifacius in 1977 and Chanhassen in 1993.
KBI became Klein Financial, Inc. in 1997. Three years later, its online banking website,kleinet.com was launched. In 2005 all Klein Financial, Inc. banks combined into one banking entity: KleinBank, the largest family-owned and family-run state bank in Minnesota.
Turning Point: Financial success in the brick industry in 1907 allowed the Klein family to establish a family banking tradition that continues into the twenty-first century.
Chronology:
- Mid-1890s: George Klein purchases one of the Chaska brickyards, putting his sons, Charles H. and Christian P. Klein, in charge.
- 1900: The State Bank of Young America is established.
- 1903: The State Bank of Cologne is established.
- 1907: Charles and Christian Klein buy controlling interest in the First National Bank of Chaska.
- 1911: Charles and Christian Klein expand their banking enterprise into nearby Victoria.
- 1919: Charles and Christian Klein help form the First National Bank of Waconia.
- 1926: Charles and Christian Klein gain controlling interest in the First National Bank of Waconia and take control of the State Bank of Young America and the State Bank of Cologne.
- 1929: A new location is built on what would be known as the Klein Block, on Chestnut Street in Chaska.
- 1960s: A Frank Lloyd Wright-designed Klein bank is erected in Waconia.
- 1962: George Klein, son of Christian Klein, gains controlling interest in all Klein bank branches.
- 1975: Klein Bancorporation, Inc. is formed to manage all Klein family-owned banks.
- 1979: The Victoria branch of Klein Bank moves to a new location along Highway 5.
- 1979: The third Klein generation takes over Klein Bancorporation, Inc. George Klein’s son, Dan Klein, becomes President and Chairman after the death of his father.
- 1977: Klein Bank expands to the city of St. Bonifacius.
- 1993: Klein Bank expands to the city of Chanhassen.
- 1997: A new bank branch is built on the north side of town in Chaska.
- 1997: Klein Bancorporation, Inc. becomes Klein Financial, Inc.
- 2000: Klein Bank introduces its online banking website, kleinet.com.
- 2005: All Klein Financial banks become one banking entity, KleinBank.
- 2012: KleinBank is the largest family-owned state bank in Minnesota with assets worth over $1.4 billion.
Bibliography:
Barac, LaVonne. “State Bank of Chanhassen May Join Klein Fold”. Chaska Herald, April 29, 1993.
Francisco, Mollee. “Following the Yellow Brick Road: Family Bank Marks 100 Years”. Chaska Herald, January 11, 2007.
“Hon. C.H. Klein and Others To Establish a Bank”. Norwood Times, July 28, 1911.
“John G. Lund of Minneapolis Sold His Stock in the First National Bank to Charles H. and C.P. Klein”. Weekly Valley Herald, January 31, 1907.
KleinBank. KleinBank: 100 Grand Years, 1907-2007. 100th Anniversary calendar, 2007.
“KleinBank”. Norwood Times, January 11, 2007.
About Us. KleinBank. Accessed March 6, 2013. https://www.kleinbank.com/About-Us/
Klein Family Banks. Carver County Historical Society Research Library subject files: Klein Family Banks. Klein Financial, 2000. A brochure.
“Klein National Bank Was Robbed Saturday Morning”. Weekly Valley Herald, February 2, 1933.
Orsen, Sue. “100 Grand Years!”. Victoria Gazette, September 1, 2007.
Uecker, Erwin A. “The Descendents of Johann Jakob Klein and Anna Ottilia Trautmann.” A Klein-
Trautmann family history. Carver County Historical Society Research Library collection. June 2000. Family genealogical record.
Related Resources:
[Primary]
[Secondary]
Barac, LaVonne. Chaska:A Minnesota River City.2 vols. St. Paul: Carver County Public Library, 1989.
Carver County: Today and Yesterday. Compiled by the Carver County Statehood Centennial Committee, 1958.
Holcombe, Maj. R.I., ed. Compendium of History and Biography of Carver and Hennepin Counties, Minnesota. Chicago: Henry Taylor and Company, 1915.
Martens, Steve C. “Historic Chaska, Minnesota: Minnesota’s Brick City. Downtown Preservation Design
Manual”. Prepared for: Chaska Heritage Preservation Commission, 2003.
Tremblay, Ruth and Lois Schulstad. Images of America: Carver County. Charleston, South Carolina: Arcadia Publishing, 2011.
[Web]
Images/Audio/Video
AV-81-3629. Photograph Collection, Carver County Historical Society, Waconia. Photographic print “Charles Klein” [Description]: Photo of Charles Klein in the late 1950s or early 1960s, not long before his death. Rights held by the CCHS.
IX D 348. Photograph Collection, Chaska Historical Society, Chaska. Photographic print “C.H. Klein” Description: photo of Charles H. Klein. Rights held by the Chaska Historical Society.
IX D 372. Photograph Collection, Chaska Historical Society, Chaska Photographic print “Christian Klein” [Description]: photo of Christian Klein. Rights held by the Chaska Historical Society.
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