SAINT PAUL - Shane Deal, Bank President of Bank Midwest in New Ulm, is joining the Minnesota Department Commerce.
Commissioner Mike Rothman announced Deal will serve as Deputy Commissioner of Financial Institutions. In this role, Deal will lead the Financial Institution team responsible for state regulatory oversight of state-chartered financial institutions and non-depository entities doing business in Minnesota, including state-chartered banks, thrift companies, credit unions, trust companies, finance companies, mortgage-related and other licensees.
Deal said that included regulatory functions, working with the Legislature on developing new laws and regulations for the state banking industry, and making sure that banking services are accessible to all throughout the state.
Deal was selected after a national search conducted by a search committee of department, financial industry, and other representatives. His last day at Bank Midwest is today (Thursday), and he starts his new position on June 3, giving him time to see his oldest daughter graduate from high school in New Ulm.
"I had been very interested in this for several years, but the process started in January," Deal said. "I went through the panels, the interviews and meetings with the commissioner, and I kept working down the list of candidates."
Deal said he and the commissioner share the same mindset on what community banking should be.
"Shane Deal brings significant knowledge and experience in community banking matters," said Commissioner Rothman. "At a time when financial institutions have significant challenges and opportunities, Shane brings important experience and energy that will bolster the Commerce Department's Financial Institutions team."
Deal's experience includes nearly 20 years in the community banking sector and most recently served as Senior Vice President and Market President at Bank Midwest in New Ulm. Prior to that, he was Market President of the North American State Bank in Willmar.
Deal is a graduate of Mankato State University and the University of Wisconsin, Prochnow Graduate School of Banking. Deal also served as the Community Bank President of MidCountry Bank in Willmar, and Business Banker at Center National Bank in Litchfield.
Outside of his professional work, Deal serves on the New Ulm Economic Development Authority, has been a Rotary Club member, and he was recently elected the United Way Empower Board of Directors.