Finstad Joins ICBM Board for District 10

Mark Finstad, chair of Ultima Bank Minnesota (UBM), joins the ICBM Board this year as District 10 Director. Finstad is a 40-year community banker who led the Winger-based UBM as president from 2006 to 2019, working at the bank’s Fosston office. Though he has begun to taper the time he spends at the bank due to planned succession, Finstad remains acting chief credit officer.

Mark and Karen Finstad

Finstad has been active in the ICBM’s CEO and CCO Networks, and he attends ICBM and ICBA conferences regularly. 

Under Finstad’s guidance, UBM grew from $55 million in assets with two locations to $210 million and five locations. During the same timeframe, net earnings grew from $800,000 to more than $6 million. The bank has been a recognized leader in government guaranteed lending.

Finstad’s career in banking began in the early 1980s with Norwest Banks, where he served in several roles, including eight years as community banking president at its Valley City, N.D., location. 

Finstad is president of the Fosston Economic Development Authority and the First Care (healthcare) Foundation. He also serves on numerous boards, including the Valley City State University Foundation, the Northwest Minnesota Multi-County Housing and Redevelopment Authority, Northwest Minnesota Foundation’s Impact 20/20 board, the Fosston Rotary Club, and Essentia Health Fosston’s Director’s Council.  

“I’m very excited to share my time and experience with the ICBM board of directors in support of Minnesota community banking,” Finstad said.

The 62-year-old Finstad and his wife, Kathy, will celebrate 43 years together next summer. They have two children, one who lives in Fargo and one living in Grand Junction, Colo. The Finstads are grandparents to three. 

Finstad said he plans to remain active in banking for at least the next decade. The ICBM team welcomes Mark Finstad!

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