In most businesses, the owner works harder than anybody. At RiverWood Bank, you now have the opportunity to work with an owner every day.
“Being an owner isn’t something that many folks get a chance to be, so I feel that this is an exciting time for all of us to take pride in what we do, who we serve and who we represent,” Jeff Peltier, mortgage lender and employee-owner.
RiverWood Bank is a local, community bank serving nine communities in northern and central Minnesota that recently launched an employee stock ownership plan (ESOP) resulting in nearly 100 employees becoming employee-owners.
RiverWood Bank co-founder and CEO Paul Means explains the reason for this expansion in ownership. “Employees are RiverWood’s number one asset. Becoming an ESOP rewards the many long-time employees for their dedication and expertise to our customers as well as provides an advantage going forward to recruit and retain the very best to join our team.”
RiverWood Bank was formed 16 years ago from bank charters in Morris and Bemidji that date back more than 100 years.
“There is a long history of meeting the needs of our communities and this new ownership structure will help ensure our customers continue to receive the excellent service they deserve for years to come,” said Means.
“This is an opportunity for employee-owners to be rewarded for hard work and sound business decisions,” Kurt Knott, business banker, Bemidji branch president and employee-owner.
RiverWood Bank has branches in Bagley, Baudette, Baxter, Bemidji, Benson, Big Lake, Crosslake, Monticello and Morris. RiverWood’s Mission is to empower employee-owners to exceed customer expectations so we are the most trusted and respected bank in the communities we serve. Learn more at RiverWoodBank.com. Member FDIC and an Equal Housing Lender.