Your Hometown Bank
We know Owatonna better than any other bank or credit union because we are the only locally owned and independently operated bank in the community. We are one branch with infinite possibilities.
Our entire focus is Owatonna — no other banks can say that. Community Bank Owatonna puts you, your family and your business first. Let’s work together!
Our Mission
To create an environment that nurtures personal relationships, fosters quality service, and welcomes change and innovation.
Our History
In 2002 a group of local bankers and business leaders joined forces to bring about much-needed change to Owatonna’s banking landscape.
This community of more than 20,000 residents no longer had its own locally owned community bank. These visionaries realized the difference a local bank could provide with exceptional service, customized products and fast decision making. They had the foresight to imagine the impact of a true community bank, where deposit dollars would be reinvested in Owatonna to benefit the local economy.
Pooling the financial resources of 30 local investors, Community Financial Corporation was founded in 2002, and this holding company opened the new, state-chartered Community Bank Owatonna in 2003. A temporary trailer was placed at 640 Bridge Street in Owatonna, while a new, state-of-the-art bank was built on that site. On July 7, 2003, the directors, officers, and staff opened the doors of their newly constructed home and welcomed the community to experience the difference of a true community bank.
Today, Community Bank Owatonna has grown to nearly $70 million in assets, while remaining solely focused on the mission created by its founders nearly 20 years ago. As the bank’s customers have succeeded, the bank has also succeeded and, as a result today, is well-positioned for additional growth and prosperity.