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Welcome to Community Development Bank

Dear valued customers,

After much thought and careful consideration, Community Development Bank has entered into an agreement to have its Hancock branch acquired by Star Bank, headquartered in Maple Lake, MN. Additionally, Community Development Bank has agreed with Deerwood Bank, headquartered in the Brainerd Lakes Area of Minnesota to acquire CDB’s St. Michael and Ogema branches.

We are excited about this transition because we believe it will be a positive change for our clients, employees, and communities. We believe this change will enhance our product offerings to our customers while allowing us to retain the personal touch our customers have come to expect from us.

Both acquiring banks have a long, successful history and a strong reputation in the communities that they serve. Their commitment to their customers, communities, and employees was a key piece of our decision when choosing buyers for our locations. As part of the agreements, customers can expect to see the same faces when they visit the bank.

At this time, the transactions are subject to regulatory approval, though we anticipate the Hancock acquisition will close mid-way through 2024 with the St. Michael and Ogema acquisitions in early fall 2024.

Please see the respective links from Star Bank and Deerwood Bank on our website for communications regarding any changes that may affect your accounts. Hancock customers should review the information on Star’s link, and all others should review information on Deerwood’s link.

We are confident that our existing staff, combined with the respective staffs of Star Bank and Deerwood Bank will continue to serve you well into the future. If you have any questions about the acquisition, please feel free to contact us at any time at your local branch phone number.

We are grateful to you for allowing us to serve your banking needs over the years and we look forward to continuing that service into the future.

Nick Shultz
Community Development Bank
President & CEO

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