Star Bank's acquisition of Community Development Bank (CDB) in Hancock, Minnesota is underway. Community Development Bank has a rich history of serving its community and customers through quality products and services, deep community commitment, and sound financial guidance. We at Star Bank look forward to continuing these traditions as a trusted financial partner in the Hancock area.
At this time, it is business as usual -- you will not notice any changes in your day-to-day banking activities. Your bankers in the Hancock office will not change. While some things like the bank name and logo will change, you will continue to receive the same personalized attention and trusted financial advice that you always have enjoyed. Please note that in addition to Hancock, you will also be able to conduct transactions in Graceville, Wheaton, Elbow Lake, Barrett and other Star Bank locations once CDB becomes Star Bank!
This is your “hub” for all things related to this transition. More information will be provided as the bank acquisition is finalized and we begin the operating system transition. Please keep an eye on your mailbox, email, and check back here for important updates and information.
Star Bank is very excited to welcome the Hancock community to Star Bank.
Our team is working hard behind the scenes to ensure a smooth transition. Below, we have provided some answers to questions that you may have about the switch from Community Development Bank to Star Bank. As always, please reach out to us with any questions. We will continue to provide updates every step of the way to keep you informed.
Read the Press Release here.
- Why is Community Development Bank selling the Hancock office?
Three non-profit Community Development Corporations collectively own Community Development Bank. The bank shareholders of these organizations unanimously decided to sell all of the branches and cease banking operations. This move will enable the organizations to refocus on their primary mission of serving underserved and low-income individuals and families.
The remaining two Community Development Bank offices are being purchased by a different financial institution.
- Why did Star Bank choose to purchase the Hancock office of Community Development Bank?
The Hancock office of Community Development Bank sits nicely in Star Bank's existing branch network and shares a culture of commitment to community, making this acquisition an ideal fit. With Star Bank, you can still expect the same personalized service, convenient digital services, and a dedication to customers' financial success that you won't find at other financial institutions. We will look forward to continuing to bring you quality products and services along with expanded lending capabilities, all delivered by the same bankers you've come to know and trust.
- Who is Star Bank?
Star Bank is a family-owned and operated community bank with 10 (soon to be 11) office locations across Central and West Central Minnesota. We are proud to offer a wide range of financial solutions including business and consumer banking, Ag services, commercial loans, mortgage loans, digital services, and more.
Learn more about the bank:
- Is there anything I need to do today?
No. It will be business as usual for now. Please continue to access your accounts as you normally do and continue to contact the Hancock office with any banking questions or needs.
- When will my accounts transition?
The bank sale is still pending regulatory approval. Once the bank sale is complete, we will convert all Community Development Bank accounts to the Star Bank operating system. It is our hope that there will be minimal disruptions for customers. As we work through the transition we will communicate changes and updates to you through the mail and this website.
- Will my Community Development Bank debit card continue to work?
Yes. Your debit card will continue to work as it does today. There is no need to order a new card. At the appropriate time, you will receive a Star Bank debit card to replace your Community Development Bank debit card. We will notify you well in advance of the card being sent.
- Will my Community Development Bank checks still work?
Yes. Please continue to use your Community Development Bank checks. After conversion, your checks will need to be replaced. We will notify you well in advance and help you order checks for your Star Bank account.
- Will my Community Development Bank online banking change?
Your online banking and mobile app will not change for the time being. After the conversion, you will be required to re-enroll in online banking and download the Star Bank MN app. We will notify you well in advance of this change and will be ready to assist with the transition.
- How do I pay my loan?
Please continue to pay your loan the same way you are paying today. We will notify you when and if actions are required by you. The existing terms of your loan will remain the same and will require no action from you.
- Will the Hancock office hours change?
No, the bank's hours of operation will remain the same.
- Community Development Bank is an active community partner. Will Star Bank do the same?
Yes. Star Bank is a leader in the communities it currently services and we look forward to stepping into that role in the Hancock community. Continuing to be a part of our community celebrations, our school system and regional activities are an area of focus for Star Bank.