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

In a bustling Oakdale office, Nicole Sever sits at the helm of Platinum Bank, her gaze focused and determined. Just last week, she stepped into her role as CEO, a position she has been preparing for over the past two years. Sever's journey from studying fisheries to leading a bank with over $700 million in assets is not just a career shift; it’s a testament to her adaptability and vision for growth.

What Happened

Platinum Bank announced the immediate appointment of Nicole Sever as CEO, effective November 1, 2026. Sever, who has been with the bank since May 2025, previously served as president, managing day-to-day operations. She succeeds David Faust, who will remain involved with the bank as a member of the board of directors after stepping down from his executive roles on December 31.

Under Sever’s leadership, Platinum Bank aims to enhance its focus on supporting small and midsize businesses, primarily in the Twin Cities area, while also extending services to clients in western Wisconsin. The bank provides a range of financial services, including business loans, mortgages, and construction financing. Sever emphasizes the dual role of the bank: facilitating expansion while helping businesses manage their finances effectively.

With nearly two decades of experience in commercial banking, Sever brings a wealth of knowledge to her new position. She previously held the role of managing director at BMO Commercial Bank, where she successfully drove revenue growth. Sever's appointment comes at a pivotal time as Platinum Bank seeks to grow its assets from $739.1 million to the ambitious goal of $1 billion.

Sever's Unique Path to Banking

Sever's background is anything but conventional for a bank CEO. She earned her degree in fisheries and wildlife biology from the University of North Dakota, driven by a passion for the outdoors. "Being in nature is like my happy place, my sanctuary," Sever reflects. However, the reality of finding stable employment in that field proved challenging, leading her to explore other opportunities.

Her entry into banking came through a temporary administrative position at Associated Bank, where she initially planned to apply for environmental jobs. As she immersed herself in the banking world, she discovered a newfound passion for finance and client relationships. "I started to fall in love with this banking thing," she admits.

After 12 years at BMO Commercial Bank, where she ascended to the position of market head, Sever sought a more entrepreneurial environment. "I just felt like I needed something that felt more entrepreneurial, to guide the direction of an organization," she explains. This desire for a more impactful role ultimately led her to Platinum Bank.

Community Impact and Vision

Sever's leadership promises to have a significant impact on the community. Platinum Bank has long been committed to serving small businesses, with a focus on those generating less than $50 million in revenue. Sever emphasizes that this demographic remains a priority, stating, "We want to work with privately held, established businesses that are looking for that true banking partner." This focus aligns with the bank's mission to foster local economic growth.

As Sever takes the reins, she plans to strengthen the bank's community ties and enhance its service offerings. Building relationships is key to her strategy. "It takes time to build those relationships, but I think that’s the cornerstone of having a strong culture and aligning your team to the direction we’re headed," she notes.

The bank's commitment to small businesses is particularly vital in today's economic climate, as many local companies seek reliable partners to navigate challenges. Sever's vision for Platinum Bank includes organic growth strategies that prioritize existing relationships and trust-building.

Strategic Goals for the Future

Looking ahead, Sever has set clear objectives for Platinum Bank. Her primary focus is developing a long-term strategy that aligns with the bank's current asset level and growth aspirations. "We’re really establishing what our longer-term vision and strategy looks like with where we are today, being over $700 million in assets," she explains.

One of Sever's key milestones is reaching the $1 billion asset mark, a goal that reflects her ambition for the bank. To achieve this, she plans to continue the bank's organic growth trajectory, emphasizing the importance of building on the foundation that has already been established.

Sever's approach contrasts with many banks that may seek growth through mergers and acquisitions. Instead, she believes in nurturing existing client relationships and expanding services organically. "It’s the way we’ve gotten here, and I think it’s the way we’re going to get there," she asserts, highlighting her commitment to the bank's core values.

Community Reactions

The announcement of Sever's appointment has been met with enthusiasm from both employees and clients. Many view her leadership as a fresh start for Platinum Bank, particularly in a competitive banking landscape. Local business owners have expressed optimism about the bank's direction under Sever's guidance.

Community leaders have also weighed in, noting the importance of having a strong banking partner that understands the unique challenges faced by small businesses. Sever's commitment to fostering relationships and supporting local enterprises resonates with the values of the Edina community.

As Sever embarks on this new chapter, her focus on collaboration and community engagement is expected to strengthen Platinum Bank's reputation as a trusted financial partner. Her leadership style, characterized by open communication and a commitment to service, aligns well with the needs of local businesses.

Resources for Local Businesses

For small and midsize businesses seeking financial support, Platinum Bank offers a variety of resources tailored to meet their needs. From business loans to construction financing, the bank provides comprehensive services designed to help local enterprises thrive. Sever encourages business owners to reach out and explore how the bank can assist them in achieving their financial goals.

Additionally, Platinum Bank actively participates in community events and initiatives, reinforcing its commitment to local economic development. Business owners can stay informed about upcoming workshops and networking opportunities by visiting the bank's website or contacting their local branch.

As Sever leads Platinum Bank into this new era, her dedication to supporting the community and fostering growth is evident. The bank's mission aligns with the aspirations of many local businesses, creating a partnership that promises mutual success.

Sever's journey from a fisheries background to banking leadership is a reminder that diverse experiences can lead to innovative solutions in the financial sector. Her story serves as an inspiration to others, demonstrating that with determination and vision, one can chart a new course and make a meaningful impact.