Deerwood Bank
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Financial & Investment Services Banks & Credit Unions
About
Banking made Nice & Simple…You probably never thought that was possible, but hey – we did it!
Who We Are
Since establishment in 1910 in the small town of Deerwood, Minnesota we’ve been an integral part of the communities we serve. Our staff is on various local community boards, coaches of local youth sports teams, mentors to students, partners in business development, and more. We are committed to the values most important to you!
With our expanding network of locations throughout Minnesota, thirteen in total, we are reaching more places you need us.
History
Deerwood Bank was established in 1910 in Deerwood, Minnesota. Located in Northern Minnesota, Deerwood had a plentiful supply of building materials and fuel from surrounding forests along with abundant game and lakes, attracting many to settle permanently or visit the developing resort industry.
After 68 years of serving Deerwood and its surrounding communities, the Bank added a second location to serve a broader area. In 1978 a new office was constructed approximately fifteen miles south in Garrison, Minnesota. In 1995, Deerwood Bank expanded its reach entering into the City of Brainerd located twenty miles to the west.
Concurrently, the Bank began to aggressively pursue expansion and acquisition opportunities that would fit into our business model. This model is to focus our efforts on building relationships with our local constituents specializing in meeting the needs of small businesses and home loan financing through investment in personnel and by the offering of unique products to our markets including free business checking and in-house servicing of mortgage loans.
Our first foray into expansion was an acquisition of a small branch in Bemidji, Minnesotaapproximately 90 miles north of Brainerd. In July 2005, Deerwood Bank acquired Northland Community Bank. Which allowed Deerwood Banks footprint to spread to Blackduck and Northome.
Deerwood Bank acquired the Grand Rapids office of MidCountry Bank in June 2008. In September of that year, Deerwood Bank acquired the Baxter office from Midwest Bank and in December 2008 relocated our Brainerd office to East Brainerd.
In June of 2015, Deerwood Bank acquired the former American Bank of St. Paul. This expansion and growth represent our desire to broaden services and convenience to our customers throughout Minnesota. The locations include Mendota Heights, Inver Grove Heights, and St. Paul.
In April of 2018, Deerwood Bank expanded in Central Minnesota to connect the Northern and Metro offices, merging with Plaza Park Bank. This Central Market merger, acquiring Plaza Park Bank includes offices in Waite Park and Sartell, allowing us to serve more customers than ever before.
To this day, Deerwood Bank continues to be a community-based bank. Our expansions and growth represent our desire to broaden our services and convenience to our customers throughout Minnesota. Our business philosophies are based on the belief that “to be a successful community bank, we must be committed to our communities and have a unique ability to know and serve our markets”.