Exhibit 99.1

FOR IMMEDIATE RELEASE

|Contact: |  | Thomas Stienessen
Chief Executive Officer
(507) 387-2265
|-------- |  | --------------------------------------------------------

NORTHERN STAR FINANCIAL, INC. REPORTS  THIRD QUARTER RESULTS

MANKATO, Minnesota (May 13, 2002)Northern Star Financial, Inc. (NASDAQ/OTC BB: "NSBK") today announced results for the Company
and its wholly owned subsidiary, Northern Star Bank, for the third quarter of the fiscal year ending June 30, 2002.

Northern
Star Financial, Inc. reported a consolidated net loss of $111,721 for the quarter and $569,226 for the nine-month period ending March 31, 2002. This
was a basic loss of $1.19 per share during the first nine months of the fiscal year. The loss compares to a net loss of $.23 per diluted share for the third quarter and a net loss of $.25 for the
first nine months of the prior fiscal year. The reserve for future loan losses was $571,000 at quarter end, which was slightly more than 1.8% of total loans. Non-performing loans at
quarter end were 1.75% of assets as of March 31, 2002 compared to .2% as of June 30, 2001 and 1.39% as of December 31, 2001. The Company recorded a $18 thousand provision
for loan losses during the third quarter of 2002 compared to a provision of $39 thousand made during the second quarter of fiscal 2002 and of $12 thousand made during the same quarter of
the prior fiscal year.

Third
quarter net loss increased from the net loss realized during the third quarter of fiscal 2001. The increase in the net loss is attributable to an increase in expenses associated
with the Company's issuance of $1 million of debentures during the first quarter of fiscal year 2002 and the impact of falling interest rates on the Bank's interest rate margin. Operating
results were also adversely impacted by the increase in the provision made to it's reserves for anticipated loan losses. The related increases in
operating expenses due to the opening of a St. Cloud branch office were only partially offset by higher net interest income.

The
Company's interest rate spread increased to 2.17% for the third quarter of 2002 from 2.08% for the third quarter of 2001 because the cost of interest bearing liabilities decreased
more than yields earned on interest earning assets. Nearly 30% of the Bank's loan portfolio is adjustable based on changes in the Wall Street Journal published Prime Rate of Interest.

At
March 31, 2002, Northern Star Bank met the capital requirements necessary to be deemed "well capitalized" for regulatory capital purposes. The following table summarizes
certain historical

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financial data of Northern Star Financial and its subsidiary on a consolidated basis as of and for the three and nine months ended March 31, 2002 and 2001.

|                                        |  | For The Three Months
Ended March 31, |          | As of and For The Nine Months
Ended March 31, |  
|--------------------------------------- |  | ------------------------------------ | -------- | --------------------------------------------- | -
|
|
|Statement of Income:                    |  |                                      |          |                                               |  
|Interest income                         |  | $                                    | 682,265  |                                               | $
|Interest expense                        |  |                                      | 420,420  |                                               |  
|                                        |  |                                      |          |                                               |  
|Net interest income                     |  |                                      | 261,845  |                                               |  
|Provision for loan losses               |  |                                      | 18,000   |                                               |  
|Other non-interest income               |  |                                      | 73,512   |                                               |  
|Non-interest expense                    |  |                                      | 429,078  |                                               |  
|                                        |  |                                      |          |                                               |  
|Income (loss) before income tax expense |  |                                      | (111,721 | )                                             |  
|Income tax expense (benefit)            |  |                                      |         |                                               |  
|                                        |  |                                      |          |                                               |  
|Net income (loss)                       |  | $                                    | (111,721 | )                                             | $
|                                        |  |                                      |          |                                               |  
|Balance Sheet:                          |  |                                      |          |                                               |  
|Assets                                  |  |                                      |          |                                               |  
|Allowance for loan losses               |  |                                      |          |                                               |  
|Deposits                                |  |                                      |          |                                               |  
|Stockholders' equity                    |  |                                      |          |                                               |  
|Per Share Data:                         |  |                                      |          |                                               |  
|Net income (loss)basic                 |  | $                                    | (0.23    | )                                             | $
|Net income (loss)diluted               |  | $                                    | (0.23    | )                                             | $
|Book value                              |  |                                      |          |                                               |  
|Other Data                              |  |                                      |          |                                               |  
|Average shares outstandingbasic        |  |                                      | 479,506  |                                               |  
|Average shares outstandingdiluted      |  |                                      | 479,506  |                                               |  

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