Plaza Park Bank Acquisition FAQs

Bill EickhoffPlaza Park Community

 

If you’ve heard the exciting news, you may have some questions about how the transition may affect you and your accounts at Plaza Park Bank. Here are answers to the most common questions. If you have additional questions, please reach out and we’ll do our best, as always, to provide answers!

What’s going on?

Plaza Park Bank is being purchased by Deerwood Bank, based in Minnesota’s Brainerd Lakes Area.

Who is the buyer?

We will become a part of Deerwood Bank, full service locations in Baxter, Bemidji, Blackduck, Brainerd, Deerwood, Garrison, Grand Rapids, Inver Grove Heights, Mendota Heights, Northome and St. Paul. They hold very similar client, employee and community values as we do.

Who is Deerwood Bank?

Deerwood Bank is an FDIC insured bank chartered in Deerwood, Minnesota. They were founded in 1910 (The same year as Plaza Park) and have a very similar value system as Plaza Park Bank. Deerwood Bank has 11 branch locations and specializes in business, mortgage and personal banking.

Will I still be able to access my money?

Yes, of course! You’ll still be able to access all of your accounts via Plaza Park Bank’s website and the app for the foreseeable future. Eventually, we’ll merge with Deerwood Bank’s online system, but that will be communicated well ahead of time as the transition progresses.

Do I need to change my direct deposits or automatic payments?

No, not yet. Your account number will likely remain the same, so direct deposits and automatic payments will continue to clear your account as usual. In the unlikely event that your account number should change after the purchase, we will assist you with the transition.

Why is Plaza Park selling?

The Eickhoff’s want to give Plaza Park Bank employees and clients the best opportunities for success and growth. They feel these opportunities come along with merging with a bigger bank that can take us and our clients to a new level.

When will it happen?

Closing on the acquisition is contingent on regulatory approval, but we anticipate the transaction will be complete in the first quarter of 2018.

Is Plaza Park closing any locations?

No, we will keep our two locations in Waite Park and Sartell. They will become locations of Deerwood Bank.

What will change?

As with any business sale, there will likely be things that change in time. At this time, it’s too early to tell what exactly will change, but you can expect the same great commitment to service as you always have.

Will I still be able to work with the same people?

Deerwood Bank is committed to keeping all employees.

Who can I talk to for more information?

For more information and answers to more questions, you can visit our website. www.deerwoodbank.com

When will I receive more information concerning this transition?

We will continue to update our website and send out regular communication as information is available. Visit our website frequently for more information. More to come!

Will my interest rate or terms on my loans change?

No, interest rates and terms will not change until the maturity of the loan.

How can I find out more information about Deerwood Bank?

You can visit their website at www.deerwoodbank.com.

How will I find out about the features, benefits and pricing on my accounts following the acquisition?

In the coming months, you will receive information from Deerwood Bank outlining the features and terms of your accounts.

What happens next?

Deerwood will communicate any necessary changes or access information via US Mail. Also, watch the PPB website for additional information as it becomes available.

What’s happening with the Eickhoff’s?

Their role with Deerwood Bank will be undetermined until the transaction is final early next year. What we do know is that they’ll remain active in their communities and in Central Minnesota.