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Two prominent Delano business leaders in 1977 began work to create a new bank, and it took four years to organize investors, apply for a bank charter, and receive final approval from the Minnesota Supreme Court on Feb 11, 1982, to form Crow River State Bank. The original organizers of the bank went to great lengths to keep the bank part of the community, as it depended highly on local residents to raise the $1 million in capital needed to form the bank. Of the 29 original shareholders, only two were from outside the immediate area. In the late 1980's, the bank was sold to one primary stockholder, Lloyd Jerpbak.

The sale of the bank to Wilcox Bancshares was finalized on September 12, 2014.  Wilcox Bancshares, Inc. is the parent company of Minnesota Lakes Bank as well as Grand Rapids State Bank. As it has done for more than 100 years in Grand Rapids, Minnesota, Wilcox Bancshares will root itself in Delano, Mound, Buffalo and other neighboring communities served by Minnesota Lakes Bank. Supporting significant community events is a hallmark of the community service provided by community banks owned by Wilcox Bancshares.

Minnesota Lakes Bank operates two banking locations in Delano and Mound and a loan production office in Buffalo that specializes in secondary market real estate loans.