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Economic Inclusion

Bank Partners with Local African Development Center

Stearns Bank N.A. created a community development coordinator position to support their partnership with the African Development Center of Minneapolis. The African Development Center’s mission is to grow business, build wealth and increase reinvestment in the African communities of Minnesota, and Mohamed Farah will lead Stearns Bank’s efforts to support that mission.

“Our work of economic empowerment of our community throughout the state wouldn’t have been possible without valuable resources and unique relationships like this one,” said Nasibu Sareva, chief executive officer, African Development Center. “I wish to express my most sincere gratitude and appreciation to Stearns Bank on their guidance, patience and encouragement.”

Farah, based at Stearns Bank’s headquarters in St. Cloud, will expand the bank’s community development programs across Minnesota, Arizona and Florida. He’ll spearhead new financing initiatives to provide more access to capital, banking services and financial empowerment resources to more underserved communities.

“This collaboration reflects our serious commitment to expand access to capital and affordable banking services and do even more to build wealth and financial independence to empower our communities,” said Kelly Skalicky, president and chief executive officer, Stearns Bank. “Mohamed brings a wealth of experience, energy and commitment to the initiatives of the African Development Center and Stearns Bank,” added Skalicky.

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