Image copyright Daniel Gustafson. All rights reserved.
For nearly a century, Wayzata State Bank stood as more than a financial institution. It was a civic anchor—quietly reliable, locally owned, and woven into the fabric of downtown life. From a humble corner at Barry Avenue to a mid-century modern structure on Wayzata Boulevard, the bank’s evolution reflected the growth of the lakeside town it served. Today, while the name is gone, the institution’s legacy lives on—both in memory and in columns.
Beginnings: 1908 and a $10,000 Charter
Wayzata State Bank was incorporated on October 22, 1908 by five early civic leaders:
- Leo M. Crafts – Minneapolis – 77 shares
- Milton O. Nelson – Minneapolis – 3 shares
- Henry W. Benton – Minneapolis – 5 shares
- Royal C. Moore – Wayzata – 10 shares
- Thomas C. Burgess – Minneapolis – 5 shares
Together, they launched the bank with $10,000 in capital stock—a modest but meaningful investment in the future of a town transitioning from a summer resort to a year-round residential hub.
That same year, they constructed a neoclassical stone building at the corner of Lake Street and Barry Avenue. Its Greek columns and arched windows reflected a desire to communicate trust, stability, and architectural dignity—values that defined the bank from the beginning.
Frick and Family Banking
In 1913, Alvin Frick, a 21-year-old farm boy from Parker’s Lake, joined the bank as assistant cashier, janitor, and insurance agent. Promoted to head cashier by 1916, he later married fellow employee Myrtle Hagberg, and together they ran the bank with unmatched dedication. Frick became the bank’s first full-time president in 1933 and served in leadership for more than four decades.
His son, Robert Frick, a WWII veteran and University of Minnesota graduate, followed in his footsteps and became president during the postwar boom years.
Moves and Modernization
In 1950, Wayzata State Bank moved from its original site into a new building a block east on Lake Street, offering one of the region’s first drive-up windows. That site—long home to Minnetonka Travel—has also evolved. In a recent “rightsizing” move, Minnetonka Travel relocated to 319 Barry Avenue, continuing the legacy of thoughtful, adaptable commerce in the historic core of town.
By the early 1980s, the bank relocated again—this time to a custom-built facility at 900 Wayzata Boulevard East, a large, modern structure at the corner of Wayzata Boulevard and Superior Boulevard. It featured a detached drive-through, surface parking, and the expanded services expected of a growing suburban bank.
Ownership and Transition
In 1972, the Frick family sold controlling interest to advertising executive Ray Mithun, co-founder of Campbell-Mithun. His sons, Ray Jr. and Lew, carried the bank’s leadership into the next era, maintaining its small-town service ethic while positioning it for regional growth.
The name changed over time—from Wayzata Bank & Trust to Northstar Bank of Wayzata, then The Bank Wayzata, and eventually Norwest Bank, which acquired it in 1989. A decade later, Norwest merged with Wells Fargo, and the Wayzata location became a regional branch of the national institution.
Legacy Real Estate: Two Corners, One Story
The original 1908 site at Lake Street and Barry was eventually purchased by the Zitzloff family, who operated the beloved gift and home shop Five Swans from the historic building for decades. In recent years, the Zitzloffs redeveloped the property, replacing the aging structure with a modern office building that retains a familiar identity. Its new façade echoes the original—with classical columns and proportions that honor the bank’s earliest design and downtown Wayzata’s civic character.
In 2019, a new office building rose at the corner of Lake Street and Barry Avenue, carefully designed with a façade that pays tribute to the original 1908 Wayzata State Bank. Developed by longtime resident Lowell Zitzloff, the project preserved the architectural spirit of the original neoclassical structure, with modern columns and symmetrical design elements that echo the historic bank’s presence. In recognition of this thoughtful contribution to the city’s architectural continuity, Zitzloff was presented with a Heritage Preservation Award by then-Mayor Ken Willcox, honoring his role in maintaining the character and civic memory of downtown Wayzata.
Meanwhile, the 1980s-era bank building at Wayzata Boulevard and Superior Boulevard is undergoing a complete transformation—again under the direction of the Mithun family, bringing the story full circle. Their redevelopment includes:
- A new, right-sized Wells Fargo branch, now open
- Office and retail space to serve downtown’s evolving needs
- Apartments currently under construction, reinforcing the city’s walkable, mixed-use future
This project reflects a broader shift toward thoughtful density and adaptable community planning—just as the bank once relocated to meet the town’s needs.
Innovation, Legacy, and the Making of a Modern Community Bank
When Ray Mithun Sr. purchased Wayzata State Bank in the early 1970s, he brought with him more than capital—he brought a marketing mind, a boardroom sensibility, and a deep belief in community. The bank, originally founded in 1908, had already seen generations of local stewardship through the Frick family. But the Mithun era marked a new chapter—one defined by growth, diversification, and innovation that would set the stage for its eventual acquisition by Norwest.
Ray’s nephew, John Berg, was recruited to help shore up the bank’s loan portfolio and bring institutional discipline. At the time, Berg had a promising future at First Bank in North Dakota, with an offer to become one of their youngest presidents from his father who ran First Bank. But Wayzata—and opportunity—called. “Ray said, ‘Come help us,’ and I did,” Berg recalled. “I didn’t even know where Wayzata was. We ended up getting lost in Long Lake.”
Berg joined in 1976 as a senior lender. Within a few years, he was named president. Under his leadership—and with the Mithuns’ vision—the bank expanded aggressively yet intentionally. They formed a holding company and acquired the Bank of Crystal and the Bank of Excelsior, operating as a group until the sale to Norwest in 1989. “It wasn’t a huge bank,” Berg said. “But we were doing innovative things. We had one of the first trust departments, one of the first mortgage companies within a bank, and one of the first multi-lane drive-up systems in the state.”
The culture at Wayzata State Bank was unmistakably local, yet quietly forward-thinking. “We called it the ‘easy place to bank,’” Ray recalled. “Your dad [speaking to Berg] said it was all about service, about making people feel welcome. And he was right.” A custom sign even marked the old building as Easy Street—a small-town wink to a big-picture philosophy.
Behind the scenes, operations were tightly run by longtime chief operating officer Casey Rosen, who oversaw multiple location transitions, system upgrades, and the logistics of modern banking long before digital transformation became the norm. When the bank moved to its third major site—on Wayzata Boulevard and Superior—in January 1982, the team braved 70-below wind chills to crane safety deposit boxes from the old site onto flatbeds. The propane froze, and a police officer was hired to guard the unmovable boxes all weekend.
“Casey was the heart of the bank,” Mary Mithun said. “He was there every day, making sure everything worked.” Rosin’s daughter, Sarah Ludke, now runs the nursery school at Wayzata Community Church.
Banking as a Platform for Growth
Under the Mithuns, Wayzata State Bank became a platform—not just for deposits and loans, but for new ideas. “We weren’t afraid to try things,” said Berg. “We added products, expanded services, and made real estate moves that positioned us for the future.” The bank’s modern Wayzata Boulevard facility featured six drive-up lanes and space for mortgage, trust, and insurance divisions—services that helped distinguish it from typical small-town operations.
That spirit of innovation also laid the groundwork for the current redevelopment now led by Ray’s son, Matt Mithun. The original 1981-era bank building has been razed to make way for a new mixed-use project that includes a right-sized Wells Fargo branch, office space, and residential units—a future-focused reuse of one of Wayzata’s most prominent corners. “The bank was just too big for what it had become,” Ray noted. “Now it’s going to fit today’s needs while still serving the town.”
A Pillar of Memory: Lowell Zitzloff’s Tribute to a Hometown Landmark
When Wayzata native Lowell Zitzloff set out to redevelop the site where the Five Swans boutique had stood for decades—on the corner of Lake Street and Barry Avenue—he did more than construct a building. He resurrected a piece of local memory. For many years, Five Swans occupied the former Wayzata State Bank building, itself a downtown landmark that had long anchored the community both financially and culturally. By incorporating a faithful replica of the original bank’s neoclassical façade into the new design, Zitzloff honored not only the site’s architectural legacy but also its enduring place in the hearts of longtime residents.
The new development, though modern in function, incorporates a thoughtful replica of the original Wayzata State Bank’s historic façade, complete with classical columns, traditional detailing, and subtle nods to its early 20th-century character.
When asked why he was willing to rebuild the structure with the original Wayzata State Bank façade, Zitzloff reflected, “You walk to school with cardboard in your shoes. Your father’s killed when you’re nine. The city gives you a job when you’re 11—keeping the fire going in the warming house at the beach. I said, ‘It’s nice to be able to give back.’ When you’ve been in Wayzata over 90 years, you want to leave something that matters.”
Zitzloff, who turned 91 in August, described this as the most significant project of his life. “It’s big—it’s really major,” he said. “We even set the building back 10 feet on one side, nine on the other. Lost all three floors [of rentable space] in the process. But when you give, it’s not about what you lose—it’s about what you leave.”
City staff were reportedly wowed. “They said I’d need oxygen at the site,” he joked, referring to the project’s breathtaking design.
Despite a real estate portfolio spanning across the metro, Zitzloff made clear this project was different. “The Lord’s blessed me with a lot,” he said. “But I always say, ‘Don’t let me screw up. Let me do what’s best for you.’ I try to remember where I came from—and who brought me here.”
Still Anchored in Wayzata
Wayzata State Bank may no longer appear on checks or signs, but its imprint is everywhere: in the civic values it embodied, the cornerstones it laid, and the families and businesses it helped build. From $10,000 in 1908 to multimillion-dollar redevelopments today, it was never just a place to manage money. It was where Wayzata banked on itself.
And in a town shaped by the lake, the land, and the people who love both—you can still feel the institution’s quiet confidence in every carefully preserved detail.
With gratitude to the Lake Minnetonka Historical Society, Joanie Holst, Sue Sorrentino, Irene Stemmer, Charlie Schoen, Ellen Wilson Meyer, Ray & Mary Mithun, John Berg, as well as Lowell and Jeff Zitzloff for their invaluable contributions to preserving and sharing the history of Wayzata State Bank.
