Is Drake Bank a real bank?
Yes, Drake Bank is a real financial institution. It was founded in 2002 and is headquartered in St. Paul, Minnesota. As a community-focused bank, it was the first new bank chartered in St. Paul in 40 years at the time of its opening. The bank emphasizes personalized service and community-based solutions, operating out of the historic Drake Building. It functions as a fully regulated commercial bank, providing a suite of financial products and services for both individuals and businesses while maintaining its commitment to community prosperity and local support.
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Yes, Drake Bank is FDIC-insured. This means that the deposits held at Drake Bank are covered by the Federal Deposit Insurance Corporation (FDIC) up to the statutory limit, which is currently $250,000 per depositor, per account ownership category.
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