April 27, 2018

Deerwood Bank Closes on Acquisition of Plaza Park State Bank

Waite Park, MN (April 27, 2018) – Deerwood Bank, a community-based, privately owned bank founded in 1910 in Deerwood, Minnesota, announced today that it has closed on its acquisition of Plaza Park State Bank with offices in Waite Park and Sartell.

“Our business philosophy is based on the belief that our success as a community bank depends upon our commitment to and deep knowledge of the communities we serve,” said Deerwood Bank President and CEO John Ohlin. “Plaza Park State Bank shares this philosophy and is an excellent fit for our bank, our communities and the customers we serve.”

The acquisition will offer clients of both organizations accessibility to community banking services and products throughout Central, Northern and Metropolitan regions of Minnesota.

Deerwood Bank now has over $675 million in assets, with full service locations in Baxter, Bemidji, Brainerd, Blackduck, Deerwood, Garrison, Grand Rapids, Northome, Mendota Heights, Saint Paul, Inver Grove Heights, Waite Park and Sartell.

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