Community Development Bank achieved its longtime goal of expansion in 2017 with the purchase of a branch facility in St. Michael, Minn. The added location doubled the asset size of the bank, which was acquired by MMCDC and two other nonprofits in 2001.
“They have 60 percent of the deposit market share in St. Michael – very well-respected, very involved in the community,” then-MMCDC President Kevin Shipley noted. “They also have a clean, well-managed loan portfolio, with few delinquencies. And, they have a nice facility, with potential for growth.”