Voyager Bank Sees Great Gains in First Half of the Year

Eden Prairie-based Voyager Bank as gotten off to a great start in 2013, with President Scott Weaver looking forward to the second half.

But there's still need for improvement, according to a recent Minneapolis-St. Paul Business Journal article.

According to the journal, Voyager reported a $939,000 profit in the first half of 2013, compared to the $1.4 million it made in all of 2012 (more than $1.2 million of which came in the first half):

"The market's improving, credit quality is improving significantly, and I think that bodes well not just for us but for the banks that look like us," Weaver said in an interview Tuesday with the Minneapolis/St. Paul Business Journal. "I would expect that the second half is going to be better than the first half."

However, the bank's assets fell about $47 million compared to the same time last year, and loan volumes are not where Weaver would like them to be. Voyager is also still involved with a dispute with ex-CEO Tim Owens, who was let go and accused of defrauding the lender of $15 million loaned to him, the journal said. 

Voyager started on a new growth plan before the Owens scandal. So far this year, new bankers have been hired and more reorganization is planned.

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