The bank with all the answers, no seriously.
Since establishment in 1910 in the small town of Deerwood, Minnesota we have had all the answers. Ever wonder why the “spot” in the 7-up logo is red? Or if the garage is usually considered in the square footage of a house? What about the location of the highest point in Minnesota? Yep. We can answer that with confidence.
With our expanding network of locations throughout Minnesota, eleven in total, we are gathering more answers to questions most important to you.
Deerwood Bank, was established in 1910 in Deerwood, Minnesota. Deerwood was then a newly incorporated village along the Northern Pacific Railway. 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, Minnesota approximately 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. This move allows us to fully serve the Brainerd/Baxter community.
In June of 2015, Deerwood Bank acquired the former American Bank of St. Paul and merged their Metro branches into Deerwood Bank and our existing network of eight offices in Central and Northern Minnesota. 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.
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”.