Rooted in central Minnesota
It ranked 11 of 243 lenders in St. Cloud, where its share rose to 2.5% from 2.2%, and 15 of 536 in non-metro Minnesota. In Minneapolis-St. Paul-Bloomington it ranked 71 of 688, with a 0.3% share, unchanged.
Applications / Mortgage Analytics / Lenders / Minnesota / Deerwood Bank
Deerwood Bank
Waite Park, MN · State non-member bank · FDIC · $1.4 billion assets · 938 loans in 2025
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938
loans originated, 2025
1,102
applications, 2025
8
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Deerwood Bank is a Minnesota bank, eleventh among lenders in St. Cloud and fifteenth in non-metro Minnesota, making smaller loans than most similar banks.
Smaller loans than peers
Its typical loan was $135,000, against $195,000 at similar lenders (state non-member banks making between half and twice as many loans), smaller than about five in six of them. Home purchases were 38.8% of its originations, home improvement 25.9%, other purposes 18.1% and refinances 17.2%. Manufactured homes were 4.2% of its loans, against 1.4% at similar lenders. A rural market and home-improvement lending may be reasons for its smaller loans.
Growth a little above peers
Originations rose 14% to 938, while similar lenders rose 10% and the whole market 10%. It merged with Community Development Bank in 2024, which may account for part of the rise. Its home-purchase denial rate was 5.4%, against 5.9% at similar lenders, near the middle.
Few loans in majority-minority areas
Majority-minority areas took 2.7% of its loans, against 6.9% at similar lenders. One possible reason is its footprint, centred on St. Cloud and non-metro Minnesota. Its LMI (low- and moderate-income) borrower share, 25.2%, is near the middle.
Questions the data can answer next
- How does its share in St. Cloud and the surrounding counties compare with Magnifi Financial Credit Union's since 2020?
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
938 loans in 2025, against a peak of 1,293 in 2020.
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Deerwood Bank took 1,102 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
38.8% of its 2025 loans were purchase loans; 100.0% were Conventional.
Purchase 38.8% · Home improvement 25.9% · Other 18.1% · Refinance 17.2%
Conventional 100.0% · of 938 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
8 states, 15 metros, 64 counties
| State | Loans | Share |
|---|---|---|
| Minnesota | 912 | 97.2% |
| Wisconsin | 12 | 1.3% |
| Colorado | 4 | 0.4% |
| Florida | 3 | 0.3% |
| North Dakota | 3 | 0.3% |
| Arizona | 2 | 0.2% |
| Indiana | 1 | 0.1% |
| South Dakota | 1 | 0.1% |
Largest metro areas, 2025
Loans originated
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 383 |
| St. Cloud | 110 |
| Duluth | 8 |
| Denver-Aurora-Centennial | 4 |
| La Crosse-Onalaska | 3 |
| Bismarck | 1 |
| Fort Wayne | 1 |
| Grand Forks | 1 |
| Jacksonville | 1 |
| Minot | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300ZBB5XXXOWVNS92 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 314257 | 2016–2023 |
| Respondent ID (the HMDA filer code before 2018) | 35123 | 2016–2017 |
Established 21 March 1910. Reported under HMDA 2016-2025.
Mergers, name changes, data editions and corrections: Deerwood Bank's data.
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