Redwood Financial, Inc. CEO to retire

Toft has been in the financial services business for 44 years. He joined HomeTown Bank in January, 1998 as Vice President, Agricultural and Commercial Lending, was promoted to President/Chief Operating Officer in 2001 and named Chief Executive Officer on January 1, 2004. Since 2004, HomeTown Bank has grown from three locations to nine, total assets have grown from $82 million to $290 million, total deposits have grown from $61 million to $240 million and total loans have grown from $54 million to $211 million.

Dean Toft has been very active in community affairs in Redwood Falls, MN serving on numerous boards of directors of local civic and development groups. He was inducted into the Redwood Area Education Hall of Fame in 2015. Toft was also active in the Minnesota Bankers Association serving two terms on the MBA Board of Directors and served as Chairman of the association in 2015-2016.

Toft says, "I want to thank the Board of Directors for giving me the chance to lead this company for the past 13+ years and for all of the help and guidance they have provided me. For the past three years in a row, HomeTown Bank has been named a StarTribune Top 150 workplace. This is a tribute to all of my co-workers as they are all hard-working, loyal and dedicated people with whom I'm very proud to serve our customers. I've had the privilege of working with some customers for 40 years including some third generation customers. I really appreciate being part of their lives and helping them achieve their dreams."

The Board of Directors of Redwood Financial, Inc. and HomeTown Bank named Timothy Grabow as President and CEO of both entities effective January 1, 2018. Grabow joined HomeTown Bank as Chief Operating Officer in 2006 and was promoted to President of HomeTown Bank in 2014. He also serves as a director of Redwood Financial, Inc. and HomeTown Bank. Grabow has worked in the banking industry for over 37 years.

Douglas Schweim, President of Community Insurance Brokerage, Inc. has been named as the Chief Executive Officer of that entity effective January 1, 2018. He also serves as a director of Community Insurance Brokerage, Inc. and as Vice President of HomeTown Bank. Schweim joined Community Insurance Brokerage, Inc. and HomeTown Bank in 2006. He was promoted to President of Community Insurance Brokerage, Inc. in 2010. Doug has been in the banking business since 1999 and a licensed insurance agent since 2001.

HomeTown Bank has offices in Redwood Falls, Olivia, Henderson, Le Sueur, St. Peter, Cleveland, Jordan, Waconia and Shakopee and is a member of the FDIC.

SOURCE Redwood Financial, Inc.