Honoring His Vision, Community Impact, and Lasting Legacy
It is with deep sadness that 21st Century Bank announces the passing of Tom Dolphin, our CEO, Chairman of the Board, and leader for over 50 years. Tom passed away peacefully after a brave and fiercely fought battle with aggressive lung cancer, which was diagnosed in December 2025.
Tom’s legacy is the very foundation of the bank we know today. In 1976, at age 25, he acquired what was then Farmers State Bank of Cedar. With the belief and financial support of his mother, Dorothy Dolphin, Tom took the helm of a bank with $1.5 million in assets and little room for error. Over the next five decades, he relied on drive, a strong work ethic, and street smarts to grow the bank to nearly $900 million in assets. He was profoundly proud of expanding the team from fewer than 10 employees to nearly 70 today, and he frequently praised both the dedication of long-term staff and the fresh energy brought by new team members. Tom operated on the principle that a handshake sealed the deal, and he firmly believed that relationships mattered above all else.
Tom’s guiding motto was beautifully simple: “Make something of yourself.” He encouraged everyone to identify their unique goals and use their creativity and work ethic to achieve them. That ethos built the culture we share today—a culture in which we never just “mail it in,” but give our all every day.
Tom’s commitment to safety and soundness guided 21st Century Bank through the Great Recession of 2007–2013. While many institutions faced regulatory action or failure during that period, adversity provided Tom with opportunities to reshape the bank’s customer base and product offerings, creating a stronger foundation for future growth and profitability. His strategic acquisitions—including the purchase and eventual profitable sale of branches in southern Minnesota—directly supported organic growth and the 2004 acquisition of the State Bank of Loretto.
Beyond the bank’s financial achievements, Tom’s legacy is defined by corporate responsibility and philanthropy. He was a passionate advocate for the Community Reinvestment Act and dedicated resources to addressing critical issues such as homelessness and food insecurity. His philanthropic efforts—including substantial support for the University of St. Thomas School of Law and the development of the 21st Century Bank Event Center in Rogers—reflect his profound commitment to strengthening the community.
While Tom’s passing leaves a significant emotional void, the future of 21st Century Bank is secure. Jon Dolphin, who was appointed President in 2010 as part of a long-term succession plan, is prepared to carry the torch forward. Together, we will honor Tom’s memory by continuing the extraordinary legacy he began.
Over 50 Years of Leadership
Tom Dolphin transformed a $1.5 million-asset community bank with fewer than 10 employees into a nearly $900 million institution supported by a team of almost 70—while keeping relationships, community service, and safety and soundness at the heart of the bank.