HomeTown Bank is a federal chartered thrift and a customer friendly, community bank with a public trust responsibility. HomeTown Bank was chartered in 1924 as the Redwood Falls Building and Loan Association and was located at the corner of Washington and 2nd Street in Redwood Falls which is now known as the “upper level” of the Sward Kemp-Snyder Drug Store in downtown Redwood Falls.
The Association was chartered as a mutual savings and loan association. That is to say, it was owned entirely by its savings and borrowing members. Each savings customer and each borrower was a member of the association.
The Association changed its name to Redwood Falls Savings and Loan Association in 1948. It then purchased the 301 S. Washington Street location in Redwood Falls in 1969 having two full-time and one part-time employee.
In 1975 the association opened its store front building in Olivia, MN to better serve the growing business opportunities in the Renville County market. The Association obtained a federal charter in 1982 and changed its name to Redwood Falls Federal Savings and Loan Association.
In January 1995, Redwood Financial Inc., the “holding company”, was formed to acquire all of the capital stock that the Association issued in its conversion from the federally-chartered mutual savings and loan association to a federally-chartered stock savings and loan association form of ownership. In June 1998, the Association changed its name to HomeTown Bank to better market growing deposit and loan products to customers. In 1998, the Bank constructed a new facility at 1000 E. Cook Street in Redwood Falls and in 2001 the Bank constructed a new facility at the corner of U.S. Highway 212 & 71 South in Olivia.
On October 16, 2006, HomeTown Bank purchased 4 branch offices from Community Bank Minnesota Valley. The branch offices are located in St. Peter, LeSueur, Henderson and Cleveland, Minnesota. In addition, Redwood Financial, Inc. purchased the Community Insurance Agency located in Cleveland, MN.
On July 10, 2009, HomeTown Bank purchased a branch office in Jordan, MN from Flagship Bank Minnesota.
HomeTown Bank has continued to grow. In December, 2013, HomeTown Bank opened a new branch office in Waconia, MN. Then again on, July 1, 2015, a new branch was opened in Shakopee, MN.
As of today, HomeTown Bank serves 9 communities and employs around 100 people. At HomeTown Bank, we strive to provide quality financial services to our customers and communities, while maintaining high integrity and provide quality customer service. By being active and involved, HomeTown Bank helps our communities grow.
