Nice & Simple Banking
Welcome to Deerwood Bank!
Dear Community Development Bank Customers,
We’re excited to share with you a little more about Deerwood Bank’s integration with Community Development Bank. Adding Community Development Bank’s Ogema and St. Michael branches is an excellent complement to Deerwood Bank’s current footprint of 12 full-service locations throughout Northern and Central Minnesota and the Twin Cities. We are excited to continue and grow Community Development Bank’s legacy of community relationships and superior service.
Acquisition Timing
The acquisition is scheduled to begin Friday, September 20th, 2024 and offices in St. Michael and Ogema will open as Deerwood Bank on Monday, September 23rd, 2024, subject to regulatory approval. A detailed Welcome Guide describing exact details of how the acquisition will take place will be mailed to you by mid-August.
On behalf of the staff in our combined organizations, we would like to welcome you to Deerwood Bank!
Sincerely,
Nick Shultz, President & CEO, Community Development Bank
John Ohlin, President & CEO, Deerwood Bank
For further assistance, please call us at 800.291.6597.
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 12 full-service locations throughout Minnesota. Like Community Development 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’s footprint includes many of Minnesota’s resort, vacation, and lake markets, which have traditionally been favored destinations for residents of the Twin Cities and Central Minnesota seeking vacation homes and second residences. Community Development’s locations, including servicing the communities of Ogema, White Earth, Waubun, Callaway, Mahnomen, and St. Michael are the perfect complement to Deerwood Bank’s footprint. Deerwood Bank customers and prospects now have the opportunity to seamlessly integrate work, life, and leisure throughout Minnesota, all while enjoying access to Deerwood Bank’s services and support.
Where is Deerwood Bank located?
- Baxter
- Bemidji
- Blackduck
- Brainerd
- Deerwood
- Garrison
- Grand Rapids
- Mendota Heights
- Northome
- Saint Paul
- Sartell & Waite Park
- Ogema & St. Michael coming soon!
ABOUT THE PEOPLE
Will there be changes to Community Development Bank’s staff?
We expect most Community Development Bank employees will join the Deerwood Bank team with the merger.
Who will be the President of the Ogema and St. Michael locations?
Nick Shultz, current President of Community Development Bank, will become a Market President for Deerwood Bank and will remain officed in St. Michael.
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 September 20th, 2024.
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?
There will be one slight change to the drive-up hours in St. Michael. As of September 23rd, 2024, the drive-up in St. Michael will be open Monday-Friday from 7:30am-5pm. All other hours will remain the same.
ABOUT MY ACCOUNTS
Will my account number(s) change?
No! Unless we have already reached out to you, 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 acquisition, you will have access to all of Deerwood Bank’s office locations and ATM networks, including the Ogema and St. Michael locations.
Will I still be able to use my current checks?
Yes! Continue to use your existing Community Development Bank branded supply that you may have on hand. To avoid any potential issues with check conversions we recommend placing a new order with Deerwood Bank. 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?
You will be receiving a new, custom-designed Deerwood Bank ATM or Debit Card before Friday, September 20th, 2024. 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. In the meantime, you can continue to use your Community Development Bank Debit Card until the date of the acquisition. After 3:00pm on Friday, September 20th, 2024, your Community Development Bank Debit Card will no longer work.
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 deerwoodbank.com/atm-locator to locate an ATM wherever you are.
Will my Online and Mobile Banking change?
Yes. After the acquisition, you will access these services through Deerwood Bank’s website and mobile app. More information will be included in the Welcome Guide on how to enroll in our Nice & Simple online banking platform.
Will my direct deposit still be deposited to my account?
Initially, Deerwood Bank will honor any ACH deposits and will route them to your account. After the acquisition, you should contact your employer to ensure they process future payrolls with Deerwood Bank’s routing number of 091907125.
What will happen with my recurring automatic debits and/or credits?
Initially, Deerwood Bank will honor ACH debits and credits and route them to your account. After the acquisition, you should update companies that automatically deposit to, or withdraw payments from, your account and ensure future payments are processed with Deerwood Bank’s routing number of 091907125. IMPORTANT NOTE: Please review your past statements for one-time, or irregular payments, such as tax refunds. Future payments will need to be processed with Deerwood Bank’s routing number to avoid any potential delays.
What will happen to my loan payments and/or advances?
Automatic loan payments will remain in effect. Manual loan payments can be made at any Deerwood Bank location. The request for advances on draw notes or revolving lines-of-credit will remain the same.
ABOUT MORE INFORMATION
Who do I contact if I have additional questions?
Please continue to visit this page or Deerwood Bank’s Facebook page for the latest information. You can also call Community Development Bank at 763-497-7777 or 218-983-3241 or Deerwood Bank at 800-291-6597 for questions or additional information.
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