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Overview / Commentary
601 East Sheridan Street
Ely, MN 55731

Boundary Waters Bank is headquartered in Ely and is the 159th largest bank in the state of Minnesota. It is also the 4,469th largest bank in the nation. It was established in 1999 and as of March of 2014, it had grown to 26 employees at 3 locations. Boundary Waters Bank has a C+ health rating.

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Data for Q1 2014

Institution Health


Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Boundary Waters Bank had $4.06 million in non-current loans and owned real-estate with $6 million in equity and loan loss allowances on hand to cover it. This gives Boundary Waters Bank a Texas Ratio of 67.64% which is below average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Boundary Waters Bank decreased dramatically from 159.00% as of March 31, 2013 to 67.64% as of March 31, 2014, resulting in a positive change of 57.46%.This indicates that the balance sheet and financial strength for Boundary Waters Bank has improved dramatically in recent periods.

Deposit Growth


In the past year, Boundary Waters Bank has increased its total deposits by $1.42 million, resulting in 1.42% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Boundary Waters Bank has shown is above average.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Boundary Waters Bank has $111.01 million in assets with $6 million in equity, resulting in a capitalization level of 5.40%, which is below average.

Institution Statistics

FDIC Certificate #35172
Year Established1999
Primary RegulatorFDIC
Assets and Liabilities
Assets$111.01 million
Loans$87.06 million
Deposits$101.48 million
Equity Capital$5.94 million
Loan Loss Allowance$57,000
Unbacked Noncurrent Loans$245,000
Real Estate Owned$3.81 million
Historic Data - March 2013
Assets$107.45 million
Equity Capital$3.79 million
Loan Loss Allowance$1.01 million
Unbacked Noncurrent Loans$245,000
Real Estate Owned$7.12 million
Profit Margin - Quarterly
Net Interest Margin4.81%
Return on Assets0.66%
Return on Equity12.64%
Interest Income$1.30 million
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Boundary Waters Bank Savings Account Rates

0.15%--IRA Savings
0.10%--Passbook Savings

Boundary Waters Bank Money Market Rates

0.25%$10k-Money Market Plus Account

Boundary Waters Bank Checking Account Rates

0.07%--NOW Account

Boundary Waters Bank Locations
Blaine Branch11800 Aberdeen Street N.E.Blaine, MN 55434
Woodbury Branch2230 Eagle Creek LaneWoodbury, MN 55125
Boundary Waters Bank601 East Sheridan StreetEly, MN 55731