October 22, 2021



Deerwood Bank Named Newsweek’s Best Small Bank in Minnesota

Deerwood Bank Named Newsweek’s Best Small Bank in Minnesota

Deerwood Bank is both thrilled and humbled to announce that we’ve been named “Best Small Bank in Minnesota” by Newsweek, a nationally syndicated news magazine. The ranking recognizes financial institutions in each state who best serve their customer’s needs, among other factors.

Newsweek evaluated over 2,500 financial institutions and addressed more than 30 individual factors to reach their final decisions. Financial institutions were assessed on the overall health of the bank, customer service performance, online banking features, branch presence and interest rate offerings and fees.

“It’s an incredible honor to be recognized in this way,” says John Ohlin, Deerwood Bank President. “Our banking methodology has always been ‘nice and simple,’ which really just means we cut the complexity from banking.”

The pandemic has emphasized the importance of online banking capabilities, flexibility in work environment, and the significance of incredible staff. During the last 18 months, Deerwood has shined brightly in each of those areas.

“Being a small community bank means we had the flexibility to be able to pivot when the pandemic hit and really ensure we were focusing on things that made our customers’ and team’s lives easier,” says Ohlin. We helped hundreds of small local businesses get PPP funds during the early pandemic, launched updated online services for our customers, and allowed our employees the flexibility they needed to find a new work/life balance that fit them and their families. To be recognized for these efforts among others is a real honor.”

Deerwood Bank has 13 bank locations throughout Minnesota and we pride ourselves on providing customers with a ‘nice and simple’ experience, from easy-to-use digital services and products to a no-fees mentality. We add in a little ‘Minnesota nice’ and strive to have a strong community presence in each of the communities we serve.

From business lending that allows a business to add on their dream location, to helping a young couple finance their first home, to teaching youth about financial literacy with our Buckaroo accounts, Deerwood Bank serves every niche with incredible customer service and nice and simple solutions.

To view the full list of rankings and methodology, visit https://www.newsweek.com/americas-best-banks-2022/best-small-banks-state.

Rachel Carpenter

Rachel Carpenter

Office: 218.825.8946
Email: rachel.carpenter@deerwoodbank.com

Rachel Carpenter is Vice President of Retail Banking at Deerwood Bank. She graduated from Southwest Minnesota State University with a bachelors degree in Business Management. Rachel was nominated Class President of the 2019 graduating class of the Minnesota Bankers Leadership Academy and currently sits on an Emerging Leaders subcommittee for the American Bankers Association. When Rachel gets a free moment, she is an avid mountain biker and skier with her husband, Mike and sons Gavin and Logan.

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