Deerwood Bank Closes on Acquisition of American Bank of St. Paul

Jul 28, 2015, 10:05 ET from Deerwood Bank

DEERWOOD, Minn., July 28, 2015 /PRNewswire/ -- Deerwood Bank, a community-based, privately owned bank founded in 1910 in Deerwood, Minnesota, announced today that it has closed on its acquisition of American Bank of St. Paul.

"Our business philosophy is based on the belief that our success as a community bank depends upon our commitment to and deep knowledge of the communities we serve," said Deerwood Bank President and CEO John Ohlin.  "American Bank of St. Paul shares this philosophy and is an excellent fit for our bank, our communities and the customers we serve." 

With the acquisition of American Bank of St. Paul, Deerwood Bank now covers the Northern Minnesota resort and lakes markets that have long been popular vacation and second home destinations of the Metro Minneapolis-St. Paul and Southern Minnesota populations. Strategically, the bank's customers and prospects can now work, live and play, all while having access to and the support of Deerwood Bank.

Deerwood Bank now has over $560 million in assets, with full service locations in Bemidji, Brainerd, Blackduck, Deerwood, Garrison, Grand Rapids, Baxter, Northome, Mendota Heights, Highland Park, Inver Grove Heights, Apple Valley, Albert Lea and Alden.

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SOURCE Deerwood Bank