Financing the Dream: How Forgotten Star Brewery and Deerwood Bank Built Something Bigger Together 

For the team behind Forgotten Star Brewing Company, the relationship began long before the first beer was poured. In January 2019, what would become one of the Twin Cities’ most distinctive breweries existed only as an idea. It was a vision held by two investors and two operational owners who believed in creating an experience for their community. 

Turning that idea into reality required more than equipment and square footage. It required a financial partner willing to invest not just in a business plan, but in the people behind it. 

That partnership began with Deerwood Bank. 

Banking on People, Not Just Property 

The Forgotten Star building in Fridley, MN, is a repurposed historic structure from the Northern Pump Company, a WWII defense manufacturer known for its “Excellence in Production” awards, with its iconic smokestack giving the brewery its name. It’s one of only eight such WWII facilities still standing.  

Forgotten Star’s initial relationship with Deerwood Bank centered on lending products to support the buildout of their unique space and the purchase of brewing equipment. The project was part of a larger industrial development that didn’t follow a standard playbook. 

“When you’re not financing real estate, you’re really putting faith in the people,” Andy Risvold, President and Co-Founder, shared. “You’re financing the idea.” 

According to Risvold, Deerwood Bank took the time to understand Forgotten Star’s structure, goals, and long-term vision. The original loan was intentionally structured to keep as much cash in the business as possible, ensuring the brewery was well-capitalized from the start. That belief and flexibility gave the Forgotten Star team confidence at a moment when the future was still uncertain. 

“It wasn’t just about signing documents. Nick took the time to understand our passion and really hear us articulate our plan,” Risvold said about Nick Shultz, their Deerwood Bank Business Banker and a local Market President. 

Navigating the Unexpected 

By November 2019, Forgotten Star had opened its doors, and just months later, the world changed. 

Like many businesses in hospitality, the brewery faced immense challenges during the COVID-19 pandemic. Deerwood Bank was there through it all, helping Forgotten Star navigate Paycheck Protection Program (PPP) loans and Restaurant Revitalization funding. In a move that reflected their commitment to community, Forgotten Star donated all of their PPP funds back to local causes. 

The brewery pivoted quickly, launching online sales, finding creative ways to engage customers, and leaning into innovation.  

“Knowing we had a banking partner we trusted made all the difference,” the team shared. “If we needed support, we could text or call and get a real answer.” 

Growing Together 

Within eight months of opening, Forgotten Star was already expanding. An equipment loan allowed them to add more fermentation tanks and increase production capacity. Soon after, they financed a food truck, an asset that gave them greater control over the guest experience while keeping operations efficient. 

Deerwood Bank continued to support growth beyond lending. Forgotten Star consolidated their banking relationship, moving business checking and savings accounts to Deerwood and utilizing the bank’s corporate credit card program. Today, Deerwood serves as the anchor for Forgotten Star’s financial operations. 

“It’s the breadth of the relationship that matters most,” Risvold said. “Any member of our leadership team can call Deerwood and get what they need. There’s no waiting in line, no jumping through hoops.” 

That stood in sharp contrast to Risvold’s previous experiences with national banks, where relationships felt transactional. “We were with a large, national bank for five years and never got a call to check in, much less a face-to-face visit,” he noted. “Nick checks in regularly and stops by. That means something.” 

Shared Values, Shared Success 

At its core, the partnership is built on alignment of values, trust, and a shared commitment to serving the community. 

“I don’t want to work with anyone who isn’t invested in our community,” Risvold explained. “Supporting a big national bank doesn’t support my circle. Deerwood does.” 

That mutual respect allows each person to focus on what they do best. With financial confidence in place, the Forgotten Star team can concentrate on brewing great beer, creating memorable experiences, and taking care of people – both customers and employees. 

What started with just a taproom manager and general manager, has grown into a team that includes brewers, event staff, marketing and sales, and a mix of full- and part-time employees. The brewery now spans more than 10,000 square feet indoors, with an expansive patio and outdoor space, and even an attached but separate wedding and event venue. 

Looking Ahead 

Forgotten Star’s vision continues to evolve. Plans include adding a playground to better serve families, expanding corporate and private events, and leaning even further into the guest experience that keeps people coming back. 

“The asset is already here,” Risvold shared. “Now it’s about how we use it creatively.” 

Through every phase – dreaming, building, pivoting, and growing – Deerwood Bank has remained a trusted partner. 

“It all comes down to trust and relationship,” Risvold said. “We feel incredibly fortunate to work with people who believe in what we’re building and have fun doing it with us.” 

For Forgotten Star Brewery, the Deerwood Bank partnership has made all the difference.