SLEEPY EYE - Adam Dittrich, president of Americana Community Bank, Sleepy Eye, was recognized as one of 2012's "Rising Stars in Banking" by Northwestern Financial Review, a bi-monthly magazine that focuses on commercial banking in the Upper Midwest.
Dittrich was recognized for leading the bank through economic and regulatory obstacles that threatened the bank in 2008 and putting it "on the road to recovery," according to the magazine.
In 2008, when Dittrich became president of the Sleepy Eye-based bank, the economy was eroding, and the bank's capital began to decline.
"We were caught off guard by the size of the recession," Dittrich told the Northwestern Financial Review. "Based on the concentrations we had, we were disproportionately hit."
Americana Bank was purchased in 1983 by Adam's father, Bob Dittrich of New Ulm, after selling a share in another bank. The bank is based in Sleepy Eye, but it is primarily active in the western Twin Cities market with branches in Chanhassen, Maple Grove and Minnetonka.
As the economy soured and the bank began to suffer difficulties, some customers pulled out, and others chose foreclosure on their mortgages. The bank sold its Medford branch in 2011 and invested the capital in the bank. Dittrich and his managers focused on other small changes that affected profitability, and are seeing the results of the efficiencies as the economy slowly starts to improve, according to Northwestern Financial Review.