We are pleased to welcome the Hancock Community Development Bank customers and team members to Star Bank!
Star Bank's acquisition of Community Development Bank (CDB) in Hancock, Minnesota is underway and scheduled to be completed on Monday, June 17th, 2024. 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.
The conversion from CDB to Star Bank will begin on Friday, June 14th and be completed on Monday, June 17th. The Hancock office will close early on Friday, June 14th at 3pm.
Our team is working hard behind the scenes to ensure a smooth transition. Below, we have provided a copy of the Customer Conversion Guide and some FAQs. You will receive a copy of the Customer Conversion Guide in the mail. Extra copies will be available at the Hancock office.
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.
| Customer Conversion Guide | Press Release |
Things to know and do before the conversion
- Update your contact info
To receive important updates and to enroll in online banking we will need your current address, phone number, and email address.
- Save your eStatements
CDB eStatements will not be available after June 14th. Download or print any CDB eStatements you’d like to retain for the future. You will need to enroll in Star Bank eStatements after conversion.
- Last call for bill pay
June 5th is the last day CDB bill pays will be sent out. Wait to schedule any payment after June 5th until conversion is completed or use an alternative form of payment.
- Make a list of bill payments
Make a list of your regular bill payments (who you pay & how much) before June 14th. CDB bill pay info will need to be re-entered into Star Bank bill pay after conversion.
- Review direct deposits
Make a list of your direct deposits including Social Security, Pensions, Railroad Retirement, etc. You will need to provide the vendor your new routing number (091206541). We've created a direct deposit checklist to make this process a bit easier.
- Check your automatic debit card payments
Make a list of any subscriptions or services that are paid automatically through your CDB debit card. You will need to update them with your new Star Bank debit card number after conversion.
Accounts and Product Information
- Will my account number change?
Unless notified individually, your account number will remain the same. Your routing number will switch to the Star Bank routing number (091206541).
- Will my checking and savings account type change?
Your account will convert over to the Star Bank account type that most closely matches your current CDB account type on June 17th. Please refer to the Conversion Guide for more information on the account transition.
Review Star Bank deposit accounts here:
- Can I continue to use my CDB Debit Card?
- New debit cards and Personal Identification Numbers (PINs) will be issued to all customers who currently have a debit card. The debit card and PIN will arrive in the mail separately in early June. You may activate and begin to use your debit card starting Sunday, June 16th.
- Your CDB debit card will deactivate on Monday, June 17th.
- Starting Monday, June 17th, all automatic payments linked to your CDB debit card will require reenrollment using your Star Bank debit card number.
- Can I keep my CDB checks?
Your account routing number will transition to Star Bank’s routing number (091206541) on June 17th. Please discontinue the use of your CDB checks on June 14th. Watch the mail for a complimentary order of Star Bank checks starting June 3rd. Bring any left over CDB checks in between June 17th - June 28th to receive a complimentary replacement order of Star Bank checks.
- What do I need to know about Statements and eStatements?
- You will receive one final statement for all your Community Development Bank checking and savings accounts by mail. The last statement will cycle on June 14th. Download or print any CDB eStatements you wish to retain. CDB eStatements will not be available after June 14th.
- Statements for Star Bank checking accounts will cycle on the 26th of each month. Statements for Star Bank savings accounts will cycle quarterly.
- There is a $3 paper statement fee for all accounts. This fee will be waived until September 2024. Enroll in eStatements to avoid the fee. Click here for eStatement enrollment instructions.
- Check images can be viewed in your transaction history in online banking. If you wish to add check images to your statement for $4 per statement, per statement cycle, please contact us.
- What will happen with my Online Banking account?
- CDB Online Banking and Bill Pay will not convert over to Star Bank Online Banking and Bill Pay. Print or download any statements, transaction history, or bill pay information saved in your CDB online banking. CDB online banking will deactivate at 3 pm on Friday, June 14th.
- You will have access to enroll in Star Bank online banking on June 17th. Please click here for more information about all of our digital services.
About Star Bank and the Acquisition
- 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:
- Will the Hancock office hours change?
No, the bank's hours of operation will remain the same.
Lobby and Drive-Thur: M-F 8am - 5pm
- 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.