Plaza Park Customer Welcome Letter
Dear Plaza Park Bank Customer,
We’re excited to share with you a little more about Deerwood Bank’s merger with Plaza Park Bank. Adding Plaza Park Bank’s Waite Park and Sartell branches is an excellent complement to Deerwood Bank’s current footprint of 11 full-service locations throughout Northern Minnesota and the Twin Cities. We are excited to continue and to grow Plaza Park Bank’s legacy of community, relationships and superior service in Central Minnesota.
The merger is scheduled to begin April 27th and be completed on April 30th, 2018, subject to regulatory approval from the FDIC and State of Minnesota. A detailed Welcome Guide describing exact details of how the merger will take place, will be mailed to you by mid-March.
The staff at Deerwood Bank and Plaza Park Bank are committed to making this a smooth transition. While this letter serves to officially notify you of the transition, we are including some frequently asked questions to help address any immediate questions you may have. Please feel free to contact us with any additional questions.
On behalf of the staff in our combined organizations, we would like to welcome you to Deerwood Bank!
Bill Eickhoff John Ohlin
President President & CEO
Plaza Park Bank Deerwood Bank
FREQUENTLY ASKED QUESTIONS
ABOUT THE ACQUISITION
Who is Deerwood Bank?
Deerwood Bank is a community-based, privately-owned bank founded in Deerwood, Minnesota in 1910. We currently have 11 full service locations throughout Minnesota. Like Plaza Park Bank, 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”.
Deerwood Bank will now cover Minnesota’s resort, vacation and lakes markets that have long been popular vacation and second home destinations of the Twin Cities and Central Minnesota population. Plaza Park’s locations are the perfect complement to Deerwood Bank’s footprint. Deerwood Bank customers and prospects can now work, live and play having access to, and the support of, Deerwood Bank.
Where is Deerwood Bank located?
- Grand Rapids
- Inver Grove Heights
- Mendota Heights
- Saint Paul
- Waite Park & Sartell Coming Soon!
ABOUT THE PEOPLE
Will there be changes to Plaza Park Bank’s staff?
Plaza Park Bank employees will be joining the Deerwood Bank team with the merger.
Who will be the President of the Waite Park and Sartell locations?
Bill Eickhoff, current President of Plaza Park Bank will become Deerwood Bank’s Central Market President for the Waite Park and Sartell locations.
ABOUT THE FUTURE
Which location will be the primary center of operations?
The Baxter office of Deerwood Bank will remain our primary center of operations.
When will the signage change?
Signage will change on or around the closing date of April 27th, 2018.
ABOUT MY ACCOUNTS
Will my account number(s) change?
No! We are very excited to share with you that your account number(s) will stay the same! However, you will be issued a new Debit Card number.
How will this affect my rates and service charges/fees?
We are very proud of Deerwood Bank’s rate and fee structure and we think you’ll love the changes. Soon you will receive a Welcome Guide that will describe the rates and fees.
Will I be able to access my account at all the Deerwood Bank offices?
Yes! Immediately following the merger, you will have access to all of Deerwood Bank’s office locations and ATM networks, including the Waite Park and Sartell locations.
Will I still be able to use my current checks?
Yes! Continue to use your existing Plaza Park Bank branded supply that you may have on hand. When you place your next check order at any of our offices, we will update the bank’s Routing Number and rebrand them to Deerwood Bank. If you order your checks from another supplier be sure to update the bank’s name and routing number to: 091907125.
Will I still be able to use my current debit card?
For now, you can continue to use your Plaza Park Bank ATM and Debit Card until the date of the acquisition. After 3:00pm on Friday, April 27th, 2018 your Plaza Park Bank ATM and Debit Card will no longer work. You will be receiving a new, custom-designed Deerwood Bank ATM or Debit Card before Friday, April 27th, 2018. You will receive further instruction about the use of your new ATM or Debit Card when you receive both your card and detailed Welcome Guide in the mail.
Once you receive your new Deerwood Bank card, you can activate it at any time. Begin using it after 3:00pm Friday, April 27th, 2018. To change your Deerwood Bank Debit Card PIN, call 800-717-4923. To change your ATM card PIN, call 800-291-6597.
If you use your Debit Card for automatic payments from your account (i.e. monthly memberships, recurring bills, expenses, etc.), you must provide your new Debit Card number to those businesses after Friday, April 27th, 2018.
Where can I use my ATM and Debit Card without a fee?
You’ll be able to access thousands of ATMs across the nation without a fee using any MoneyPass, SHAZAM, or InBalance ATM. Visit www.deerwoodbank.com to locate an ATM wherever you are.
Will my Online and Mobile Banking change?
After the merger, you will access these services through Deerwood Banks website and mobile app. Your same Plaza Park Bank User ID and Password will work with the Deerwood Bank Online and Mobile Banking System. Account nicknames, alerts, transfers and Bill Pay items will also convert to the Deerwood Bank Online and Mobile Banking system.
Will my direct deposit still be deposited to my account?
Yes! You do not need to update the routing number on your automatic payments and deposits, such as payroll or recurring debits as Deerwood Bank will take care of this. For automatic payments you set up going forward, please use routing number: 091907125.
Will the bank’s phone numbers remain the same?
Yes! The branch phone numbers will remain the same. You can also call 800-291-6597 to receive any assistance you may need.
Will the business hours remain the same?
Yes! The current business hours will remain the same.
How will I receive additional information about the acquisition?
Deerwood Bank will be sending out additional mailings along with a detailed Welcome Guide and information regarding an Open House soon.
Who do I contact if I have additional questions?
Please visit www.deerwoodbank.com along with either Plaza Park Bank or Deerwood Bank’s Facebook page for the latest information. You can also call Plaza Park Bank at 320-252-4200 or Deerwood Bank at 800-291-6597 for questions or additional information.