■ Local Business memos/ Company news

plans on the books come through. About 48 of those would be so-called “affordable housing.” And there are more plans close to approval.

But amenities aren’t the only thing a region needs for growth. Duluth’s population growth has been anemic even though the region is rich with the scenery of Lake Superior, the North Shore and all that comes with that.

A report by Minnesota Public Radio News on the slow growth in Duluth’s population highlights the shortage of good-paying jobs and an ample supply of housing. Duluth, the report notes, is somewhat landlocked by Lake Superior on the east and rural townships and cities on the west that leave little room for suburban-like development.

Compare that to the development that has happened between Mankato and Eagle Lake over the last 20 years, where farmland has yielded to subdivisions.

One analyst made that comparison saying Mankato and St. Cloud can buy farmland and plat a new housing subdivision pretty cheaply. Duluth’s rocky rugged topography makes that more difficult.

And in the final analysis housing appears to be key. Housing experts say housing is a supply problem, meaning if you don’t have an ample supply of housing for people considering moving to the area, they won’t come.

The dozens of apartment buildings constructed in Mankato the last few years look like an oversupply, but they seem to fill up quickly. Local developers may be getting that right given the growth in Mankato’s population.

Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow on Twitter @jfspear.

■ Local Business

People/Company News

Volk acquires Stencel Trucking

Volk Transfer has acquired Bob Stencel Trucking of Minnesota Lake.

The purchase adds a new refrigeration (reefer) division to the company.

Stencel Trucking has been in operation for 70 years and Volk is entering its 74th year.

Bob Stencel bought the company from his father in 1976.

Volk Transfer is also a family owned company, opening in 1948.

Krause named panelist

Pioneer Bank CEO David Krause was named a presenting panelist for Community Banking in the 21st Century Research and Policy Conference cosponsored by the Federal Reserve System, the Conference of State Bank Supervisors and the Federal Deposit Insurance Corp.

The annual conference gives researchers, regulators, policymakers and community bankers an opportunity to debate and discuss the latest community banking research and share views on the opportunities and challenges facing the industry.

Krause was selected for the Community Bank session on Paycheck Protection Program lending. Pioneer Bank originated over 1,700 loans with proceeds totaling over $108 million, impacting more than 11,000 jobs during the program.

Kato Insurance joins North Risk Partners

Kato Insurance in Mankato joined North Risk Partners, one of the largest independent insurance broker and risk advisory firms in the Midwest.

Scott Michaletz, owner of Kato Insurance since 1990 after purchasing the agency from his father, has joined North Risk alongside eleven Kato team members. This expands North Risk’s team to over 420 insurance professionals across 31 locations in Minnesota, North Dakota, South Dakota, Iowa and Nebraska.

North Risk Partners – Kato Insurance clients now have access to North Risk’s array of capabilities and insurance companies in the areas of commercial insurance, employee benefits and personal insurance. Additionally, those clients who are employers will now have access to the firm’s value-added services in the areas of human resources, health and safety, and more.

Jon Michaletz and Matt Michaletz, sons of Scott who have worked at Kato for several years, have joined North Risk’s partner group.

Jarraff joins Prinoth Group

Jarraff Industries is now part of the Prinoth Group.

Jarraff, of St. Peter, produces specialized off-road equipment

Prinoth is one of the world’s leading manufacturers of snow groomers, tracked vehicles and vegetation management vehicles and equipment.

Jarraff Industries products are used for clearing and maintaining utility rights-of-way.

Heidi Boyum, is president of the 42-year-old Jarraff Industries

ABRA has 30 years as Gold Class

ABRA Auto Body Repair of America has recognized ABRA Mankato for attaining 30 consecutive years in I-CAR’s Gold Class program.

Achieving and maintaining I-CAR’s Gold Class designation means a business has met the industry’s standard for training

that contributes to complete, safe and quality repairs. More than 8,600 shops throughout the country are currently recognized as Gold Class, with ABRA Mankato’s being the 10th in the country to hold that ranking for 30 consecutive years.

“The unibody design had been gaining in popularity and there was lots of discussion in the industry on how to repair,” says Geralynn Kottschade, co-owner, ABRA Mankato. “When we earned our I-CAR certification, it not only helped get our team up to speed, but it also helped get us on the right path within the industry.”

Owned by husband-and-wife duo, Geralynn and Jerry Kottschade, ABRA Mankato was one of the earliest adopters of I-CAR training.

Frandsen acquires banks

Frandsen Financial Corp. announced a purchase agreement with Zumbrota Agency, Inc. to purchase the Bank of Zumbrota and Pine Island Bank, pending approval of the Federal Reserve Bank and the Minnesota Department of Commerce.

The transaction is expected to close before the end of 2021.

Frandsen said both banks’ commercial and agricultural customers will benefit from larger lending capabilities, strong treasury management products, and SBA lending expertise. Retail customers will have access to additional mobile and online banking technologies.

Frandsen Financial Corporation, founded in 1982, is a holding company with 35 fullservice community bank offices in Minnesota, North Dakota, and Wisconsin. Frandsen Bank & Trust currently has $2.6 billion in assets.

Three join True Real Estate

MacKenzie Kearney, Kristine Jensen and Karen Toft have joined True Real Estate as real estate agents.

Kearney has spent nearly a decade as a 911 dispatcher.

Jensen received a marketing and communications degree from MSU and began her career in finance.

Toft has been working in commercial real estate for the past three years.

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