Deerwood Bank Acquires St. Michael and Ogema Locations

Welcome Community Development Bank Customers

Deerwood Bank employee working with customer
Nice & Simple Banking

Welcome to Deerwood Bank!

Deerwood Bank’s acquisition of Community Development Bank’s (CDB) St. Michael and Ogema locations is scheduled to be completed in August of 2024. Community Development Bank has a rich history of serving its community and customers through quality products and services, deep community commitment, and sound financial guidance. Deerwood Bank is looking forward to carrying on this same legacy.

At this time, there will be no changes to your day-to-day banking activities. Please continue to come back to this page for important customer updates as we work through this transition.

Full Press Release


For further assistance, please call us at 800.291.6597.

Frequently Asked Questions:

When is the acquisition expected to be complete?

The acquisition is scheduled to take place late-summer 2024, subject to regulatory approval from the FDIC and State of Minnesota. A detailed Welcome Guide describing exact details of how the acquisition will take place will be mailed to you by mid-summer 

Who is Deerwood Bank?

Deerwood Bank is a community-based, privatelyowned bank founded in Deerwood, Minnesota in 1910We currently have 12 fullservice locations throughout MinnesotaLike 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”. 

Where is Deerwood Bank located?

  • Baxter
  • Bemidji
  • Blackduck
  • Brainerd
  • Deerwood
  • Garrison
  • Grand Rapids
  • Mendota Heights
  • Northome
  • Saint Paul
  • Sartell
  • Waite Park
  • Ogema and St. Michael coming soon!

Will there be changes to Community Development Bank’s staff?

We expect that Community Development Bank employees will plan to join the Deerwood Bank team with the acquisition.

Will the business hours remain the same?

Yes! The current business hours will remain the same.   

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.  

How will I receive additional information about the acquisition?

In the coming weeks, Deerwood Bank will be sending out additional mailings along with a detailed Welcome Guide and information regarding an upcoming Open House. 

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. 


Chris O. Retail Manager

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