Bank Midwest is headquartered in SPIRIT LAKE and is the 22nd largest bank in the state of Iowa. It is also the 814th largest bank in the nation. It was established in 1887 and as of March of 2025, it had grown to 182 employees at 11 locations. Bank Midwest's money market rates are 7X the national average, and it has an A health rating.
Overall | |
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FDIC Certificate # | 5170 |
Year Established | 1887 |
Employees | 182 |
Primary Regulator | FED |
Profit Margin | |
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Return on Assets - YTD | 0.79% |
Return on Equity - YTD | 9.23% |
Annual Interest Income | $18.7MM |
Assets and Liabilities | ||
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Assets | Q1 2025vs Q1 2024 | $1.35B$1.33B |
Loans | Q1 2025vs Q1 2024 | $1.06B$1.05B |
Deposits | Q1 2025vs Q1 2024 | $1.16B$1.11B |
Equity Capital | Q1 2025vs Q1 2024 | $118.4MM$110.2MM |
Loan Loss Allowance | Q1 2025vs Q1 2024 | $11.1MM$8.3MM |
Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $4.5MM$5.6MM |
Real Estate Owned | Q1 2025vs Q1 2024 | $1.5MM$0 |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
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3.04%* | $250k* | - | Premier Money Market Savings Account | ||
OTHER TIERS: 2.02% → $0 - $100k | 2.53% → $100k - $250k |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.25%* | $25k* | $100k | Variable Rate IRA Savings | ||
OTHER TIERS: 0.05% → $0 - $10k | 0.10% → $10k - $25k |
Armstrong Branches | ||
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Armstrong Branch | 500 6th Street | Armstrong, IA 50514 |
Fairmont Branches | ||
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Fairmont Branch | 301 South State St | Fairmont, MN 56031 |
Jackson Branches | ||
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Jackson Branch | 509 Third Street | Jackson, MN 56143 |
New Ulm Branches | ||
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New Ulm Branch | 525 Center St | New Ulm, MN 56073 |
Okoboji Branches | ||
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Okoboji Branch | 1102 Sanborn Avenue | Okoboji, IA 51355 |
Sherburn Branches | ||
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Sherburn Branch | 33 North Main Street | Sherburn, MN 56171 |
Spirit Lake Branches | ||
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Bank Midwest | 1525 18th St | Spirit Lake, IA 51360 |
Wall Lake Branches | ||
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Wall Lake Branch | 102 West Second Street | Wall Lake, IA 51466 |
Westbrook Branches | ||
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Westbrook Branch | 640 First Avenue | Westbrook, MN 56183 |
Windom Branches | ||
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Windom Branch | 245 Ninth Street | Windom, MN 56101 |