Rochester-based Think recently announced that a St. Paul branch as well as a location on the Rochester Technology Campus, formerly the IBM campus, will remain closed permanently. Think’s other eight branches – five in Rochester and one each in Apple Valley, Eagan and Edina – re-opened in June.
The St. Paul branch, which started operating under the Think brand in 2006, was located in the Securian Financial Building in downtown St. Paul.
“These branches are located in limited access facilities and are heavily reliant on the tenant base of their locations. Even before the pandemic began, fewer Think customers were choosing to bank at both branches, stated Think’s Senior Vice President of Consumer Banking Chris Barnick in an announcement of the closures. “Because of the pandemic, more employees are working remotely, which further decreases their use.”
The announcement says that all the employees who worked at those branches have already shifted to other locations. The closures are officially effective on July 9.
The closure of the branch on the former IBM campus marks a milestone in the institution’s history with Big Blue, where the bank was originally formed as a credit union.
The name changed in 1976 to IBM Mid America Federal Credit Union after taking on a federal charter, allowing it to operate across state lines. Membership opened up to IBM workers and families in Minnesota and states from Nebraska to Wisconsin.
In 2003, the credit union dropped IBM from the name and became Think Federal Credit Union. Customers voted in 2007 to become a bank and the name changed to Think Mutual Bank. The word “Mutual” was dropped from the name in 2019 to become Think Bank.