deerwood bank

To beat your expectation in banking, Deerwood Bank has lots of initiative in their arsenal. Yes, this Bank is here to offer you better financial results than other community banks.

Under the hood of this Bank, people can understand what family-friendly banking is. They can offer you financial products and services for both personal and business banking.

Here you can get checking, savings, CDs, IRAs, loans, Mortgages, and many more to fulfill financial needs. This bank could be your bank at any moment after knowing all the secrets of their to-notch service.

Without wasting time, let’s start to read this article.

Picture: Deerwood Bank
Picture: Deerwood Bank

What is Deerwood Bank?

Deerwood Bank Set its vision and mission to do something unique in the community banking industry in the United States of America. In 1910, this Bank started its financial journey in Deerwood, Minnesota.

From that time they started to grow and now they’ve assets totaling $ 505 million and deposits totaling $433 million in deposits.

This brick-and-mortar Bank got 4.1 out of 5 for best banking services. To get your financial job done, this Bank offers a full range of financial products and services like savings accounts, CDs, IRAs, mortgage products, credit cards, loans, and many more.

Not only that, all these products have higher APY, which can make your investment much better. On top of that, their online and mobile banking make money management easy.

Now, this is the 14th largest bank in the state and the 939th largest bank in the nation. With 176 employees this bank serves from 13th different branches. On top of that, this bank has an “A” health rating for its service.

Picture: Get your preferred service from Deerwood Bank
Picture: Get your preferred service from Deerwood Bank

What Types of Information do You Need To Know About Deerwood Bank?

This bank is constantly growing. Despite this bank being full of surprises, you need to know lots of things about this bank that are considered a learning process.

It is a successful financial institution in this sector but people need to know all the crucial facts before choosing this bank for daily banking. Check them all below.

ParticularsRemarks
Branch Address131 6th Avenue South, Shite 100, Waite Park, Minnesota 56387
EstablishedMarch 21, 1910
Became FDIC InsuredJan 1, 1934
Number of Branches13
Online Banking Websitewww.deerwoodbank.com
FDIC InsuredYes
FDIC Certificate#5123
Date Established1910
Assets$1062. 98 million
Loans$639.98 million
Deposits$966.19 million
Capital$95.49 million
Employees176
Primary RegulatorFDIC
Return on Assets – YTD1.03%
Return on Equity – YTD11.395
Annual Interest Income$33.0 MM

What is Their Current Assets and Liability Position?

To find out the financial ability of a bank, we can easily look at all of its financial parameters. They not only reflect the scenario of the financial strength but show the future as well.

We made a comparison chart of all key financial parameters. Have a glance at them.

ParticularsQ4 2021Q4 2020
Assets$1.06B$934.7MM
Leans$640.0MM$642.4MM
Deposits$966.2MM$839.6MM
Equity Capital$95.5MM$87.2MM
Loan Loss Allowance$5.9MM$5.3MM
Unbaked Noncurrent Loans$1.8MM$4.6MM
Real Estate Owned$65.00K$491. 00KK

What Types of Products Deerwood Bank Offers to Its Customers?

To offer the best banking service, it comes with a wide range of financial products and services. It’s a difficult task to offer different products at a time but this bank did the impossible. Now they can maintain services.

All their existing services and products for the community people are given below.

Personal Banking:

  • MyMoney Checking
  • MySavings
  • Buckaroo Savings Club
  • YES Club Checking
  • Health Savings Accounts
  • Personal Loans
  • Debit Card
  • Credit Cards]
  • Gift Cards & Reloadable Cards
  • Wealth Management

Business Banking:

  • Business Accounts
  • Business Lending
  • Business Credit Card
  • Business Treasury Management

Mortgage:

  • Home Mortgages
  • First-Time Home Buyers
  • Home Equity Loans or Lines of Credit
  • Home Construction
  • Refinance

Online Services:

  • Online and Mobile Banking
  • Financial Manager
  • ATM Locator
  • Digital Wallet
  • Financial Calculators

What About The Rate?

This bank knows how to fulfill its mission and vision with its existing services and products. For that, they needed to come with a flexible rate of return that also made the highest security of the investment money of the people.

The most popular product of this bank is still very competitive. To meet financial needs, you must know the rate, including APY and terms. From the below table, you can find them.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account0.3% APY$1000
Checking Account0.05% APY$1
Certificates of Deposit12 Months: 0.80% APY 24 Months: 1.26% APY 36 Months: 1.76% APY 48 Months: 2.07% APY$500 for all terms

Comparison Chart:

SavingsAPYVs. Others
Savings0.05%1.255
1 Year CD0.2552.15%
2 Year CD0.75%2.81%
5 Year CDN/A3.05%
30 Year MortgageN/A2.81%
15 Year MortgageN/A2.36%
HELOCN/A2.79%
Picture: National Average vs. Deerwood
Picture: National Average vs. Deerwood

Where is the Location of All branches of Deerwood Bank?

From the below, find the address of all the branches of this Bank. You just need to find out the nearest one.

  • 7055 Cahill Avenue, Inver Grove Heights, MN 55076 
  • 1060 Dakota Dr, Mendota Heights, MN 55120 
  • 2310 Seventh Street West, Saint Paul, MN 55116
  • 9451 Madison Street, Garrison, MN 56450 
  • 21236 Archibald Road, Deerwood, MN 56444 
  • 2950 Us Highway 169, Grand Rapids, MN 55744 
  • 611 Washington St Ne, Brainerd, MN 56401 
  • 14986 Lynwood Dr, Baxter, MN 56425 
  • 12080 Main Street, Northome, MN 56661 
  • 16 Summit Avenue West, Blackduck, MN 56630
  • 1350 Paul Bunyan Drive Nw, Bemidji, MN 56601 
Picture: Use the map to find the branches of Deerwood Bank
Picture: Use the map to find the branches of Deerwood Bank

Conclusion:

For the Deerwood Bank, there is positive thinking in the mind of the community people. This bank uses its ability to make the community financially better.

This bank comes with a wide range of financial solutions and helps to grow people for the development of the people’s financial status as well as the community.

From personal to business banking, everything is available under the shade of this bank. For daily banking, this is the best bank out there.

The team of this bank will let you find your way from this bank for hassle-free banking and meeting your financial dream. Every type of account is available for you.

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