Case Study:
Cremation Society of MN

Company Profile

The Cremation Society of Minnesota takes an alternative approach to dealing with death. They give families an alternative to some of the unnecessary and costly pomp associated with conventional funerals.

Through its caring staff and smart business model, the Cremation Society of Minnesota simplifies the process of putting a loved one to rest. The society is comprised of “members” who pre-plan and pre-pay for their own memorials and cremation, saving survivors from making urgent decisions in the midst of their grief. 

Situation

Because members pre-pay the costs for their service and cremation arrangements, the Cremation Society of Minnesota is entrusted with money from several families. It’s a responsibility President Kevin Waterston takes very seriously.

“We’re the trustee for many, many individuals,” Kevin explains. “As such, we need a reliable bank to give us a good rate and carefully manage the funds. Not all banks can handle that. It’s a highly specialized practice.” 

Solution

The Cremation Society had that relationship with a trust company, for the trust account’s record keeping, which was acquired by Alerus Financial. “We were leery,” Kevin says. “Often times, at acquisition, existing customers tend to fall through the cracks.”

It was a good time for Kevin and his staff to check out other service providers, but Alerus came back with the best package. “In the end, I was completely comfortable choosing Alerus. In addition to continuing the integrity of our trust account, I know the business will be around long-term. They have deep roots and they’re vested in this area. It’s obvious they’re a growing bank.”

Kevin hasn’t been disappointed in his decision. “The transition went amazingly smooth. Alerus adjusted their process to fit into our accounting and reporting methodology. We didn’t have to change a thing in our bookkeeping practices.”

The Cremation Society later moved the trust account to Alerus Financial, based on the solid record-keeping relationship established.  David “Chip” Norris, Greta Ireland, and the rest of the team are very proactive; they stay on top of everything.” That includes reports for internal bookkeeping, the current rate environment, and required reporting for the Minnesota Department of Health. “It’s seamless,” Kevin adds.

“Alerus is a great commercial banker. They get it.”  

 

 

 

 

Cremation Society of MN
http://www.cremationsocietyofmn.com/

Business Type

Professional Services

Services Used

Securities
Trust and Estate Planning

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