According to a press release received from Bryan Toft of Community Bank Owatonna, Paul Arnfelt, founding member in 2002 and chairman of the board in 2009, has officially retired from his position as of Thursday, January 28, 2016.

As of that same date, Community Bank Owatonna (CBO) announces that longtime board member David Olson will succeed Arnfelt as chairman.

Arnfelt thanks past and present board members, employees and customers of CBO. He notes, "We have so many young professionals serving on the board. We are fortunate for Dave's leadership, and I am confident Community Bank Owatonna will continue to grow and serve the community."

Olson's career history is the foundation of his business start-up knowledge that benefits CBO, which will lend guidance to the bank.

Olson mentions he has "tough shoes to fill with Paul's retirement" and is "excited to lead the board with the quality of individuals and knowledge they bring."

Community Bank Owatonna thanks Arnfelt for leading the bank and board, wishing him well in retirement.

CBO also looks to Olson's leadership, awaiting "paths less traveled that he will challenge us to seek for the betterment of the community."

Community Bank Owatonna first opened in 2003.

David Olson succeeds Board of Director Paul Arnfelt. Submitted