First Take: Platinum Bank’s New CEO, Nicole Server

On a crisp November morning, Nicole Server stood before her new team at Platinum Bank, a moment that marked not just a change in leadership but a new chapter for the Oakdale-based institution. With over $700 million in assets, Platinum Bank is poised for growth under Server's leadership, a transition that has been in the works for nearly two years. As she took the helm as CEO, her journey from studying fisheries to leading a bank was a testament to her adaptability and vision.

What Happened

Last week, Platinum Bank announced that Nicole Server would officially assume the role of CEO, effective immediately. Server previously served as president since January and has been a vital part of the bank's operations since being hired as chief sales officer in May 2025. She replaces David Faust, who will step down from his roles as vice chair and executive vice president at the end of December but will continue to serve on the board of directors.

Under Server's leadership, the bank aims to enhance its support for small and midsize businesses, a demographic that includes companies with revenues under $50 million. Server emphasized the bank's dual focus: helping businesses manage liquidity while also supporting their growth through loans and financial services.

"The other half of the equation is we are helping [companies] move money, protect themselves, and manage liquidity," Server explained. This strategic focus is not only vital for the bank's growth but also for the economic health of the Twin Cities area, where many small businesses rely on such support.

Background of the New CEO

Nicole Server's journey to the top of Platinum Bank is anything but conventional. Originally from Detroit Lakes, she earned her degree in fisheries and wildlife biology from the University of North Dakota. Her initial passion for the outdoors and environmental science took a backseat when she found herself in a temporary administrative role at Associated Bank.

"I thought, ‘Well, I’ll just apply to all these environmental jobs I can find while I earn a living,’" Server recalled. However, as she immersed herself in the banking world, she discovered a new passion. Her nearly two decades of experience in commercial banking includes significant roles at BMO Commercial Bank, where she served as managing director and market executive, achieving impressive revenue growth.

Leaving BMO for Platinum Bank was a strategic decision for Server, who sought an entrepreneurial environment where she could influence the bank's direction. "I just felt like I needed something that felt more entrepreneurial, to guide the direction of an organization," she said, underscoring her desire for vision planning and strategic growth.

Community Impact

Platinum Bank's focus on small and midsize businesses resonates deeply within the Edina community, where many families depend on these enterprises for their livelihoods. By providing tailored financial services, the bank plays a crucial role in fostering economic stability and growth in the area.

Server's leadership is expected to enhance this community connection. As she stated, "Our target client is exactly what it has been. We want to work with privately held, established businesses that are looking for that true banking partner." This commitment to local businesses reflects a broader understanding of the community's needs and the importance of strong, stable family-run operations.

The bank's ability to support local businesses not only strengthens the economy but also reinforces the values of commitment and resilience that define Edina. Families that own and operate these businesses contribute to the community's fabric, and Platinum Bank aims to be their trusted partner.

Future Goals and Vision

As Server steps into her new role, she has set ambitious goals for Platinum Bank. One of her primary objectives is to grow the bank's assets from the current $739.1 million to the coveted $1 billion mark. This milestone is not merely a financial target; it represents the bank's commitment to serving the community and fostering economic growth.

"We’re really establishing what our longer-term vision and strategy looks like with where we are today," Server explained. The bank plans to achieve this growth organically, focusing on strengthening existing relationships and expanding service offerings rather than pursuing mergers and acquisitions.

This approach aligns with Server's belief in the importance of building trust and relationships within the community. She understands that the foundation of successful banking lies in strong communication and mutual respect between the bank and its clients.

Challenges Ahead

While the future looks promising for Platinum Bank under Nicole Server's leadership, challenges remain. The banking industry is evolving rapidly, with technological advancements and changing consumer expectations reshaping how banks operate. Server recognizes the need to adapt to these changes while maintaining the bank's core values of integrity and community focus.

"It’s like learning through a fire hose," Server said, reflecting on her early career experiences during the Great Recession. This adaptability will be crucial as she navigates the complexities of the current financial landscape, ensuring that Platinum Bank remains responsive to both client needs and market dynamics.

Server's commitment to fostering a strong internal culture will also be vital. Building a cohesive team that shares her vision for the bank will help drive the organization's success. By prioritizing communication and collaboration, Server aims to create an environment where employees feel valued and empowered to contribute to the bank's goals.

Conclusion: A Bright Future

As Platinum Bank embarks on this new chapter under Nicole Server's leadership, the community can expect a renewed focus on supporting small businesses and fostering economic growth. Server's unique background and commitment to relationship-building position her well to lead the bank into a promising future.

With goals set to reach the $1 billion asset milestone and a dedication to serving the community, Platinum Bank is not just a financial institution but a partner in the American dream. By investing in the local economy and supporting families, the bank exemplifies the values of commitment and integrity that resonate deeply within Edina.

As we look toward the future, the community can be optimistic about the role Platinum Bank will play in driving economic vitality and supporting the families that are the backbone of our neighborhoods.