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

Platinum Bank announced last week president Nicole Sever would take over as CEO effective immediately—a leadership transition that has been planned for nearly two years. Sever has led the organization’s day-to-day operations since she became president in January. Oakdale-based Platinum Bank hired Sever as chief sales officer in May 2025. She replaces the role previously held by David Faust, who will step down on Dec. 31 from his roles as vice chair and executive vice president but will remain involved on the holding company’s board of directors. Platinum Bank provides many services but focuses on supporting expansion and construction costs, Sever says. “The other half of the equation is we are helping [companies] move money, protect themselves, and manage liquidity.” Platinum Bank s headquarters in Oakdale. The bank specializes in serving small and midsize businesses (generally with less than $50 million in revenue) primarily in the Twin Cities, although it also offers financial suppor