Community Development Bank

Community Development Bank was established on January 6, 1906, originally under the name Ogema State Bank. Over the years, the institution underwent several significant changes, notably on June 29, 2001, when it rebranded itself as Community Development Bank, FSB, and transitioned to a federal savings bank regulated by the Office of Thrift Supervision (OTS). In December 2006, the bank moved its main office to 516 Main Street in Ogema, Minnesota. On February 5, 2010, Community Development Bank acquired 1st American State Bank of Minnesota in Hancock, Minnesota, through a government-assisted merger. On July 21, 2011, the bank changed its primary federal regulatory agency to the Office of the Comptroller of the Currency. Ultimately, on September 20, 2024, Community Development Bank closed voluntarily and liquidated its assets.

Below is a list of some important events in banks history, including mergers and acquisitions.

1906-01-06Institution established. Original name: Ogema State Bank.

2001-06-29Changed Chartering Agency to Ots.

2001-06-29Changed Bank Class to Federal Savings Bank.

2001-06-29Changed Organization Type to Stock Savings Bank.

2001-06-29Changed Primary Federal Regulatory Agency to Ots.

2001-06-29Changed Institution Name to Community Development Bank, Fsb.

2006-12-06Main Office moved to 516 Main Street, Ogema, MN 56569.

2010-02-05Acquired 1st American State Bank of Minnesota in Hancock, MN as part of a government assisted merger.

2011-07-21Changed Primary Federal Regulatory Agency to The Office of the Comptroller of the Currency.

2024-09-20Closed voluntarily and liquidated its assets.