Midwest Bank - Detroit Lakes

613 Highway 10 East
Detroit Lakes, MN 56501
(218) 847-4771
www.midwestbank.net

FDIC

OverView
Rates
Health
Reviews

Midwest Bank - Detroit Lakes is headquartered in Detroit Lakes and is the 40^th largest bank in the state of Minnesota. It is also the 1,999^th largest bank in the nation. It was established in 1917 and as of December of 2012, it had grown to 82 employees at 7 locations. Midwest Bank - Detroit Lakes' savings rates are 2X the national average, and it has a 4-star health rating.

4.01% Reward Checking For Up To $25K At Midwest Bank In Minnesota (Forum) - 7/2/2010

Midwest Bank in Minnesota is offering a decent reward checking account (as of 1/11/2011) 4.01% APY up to $25K 0.50% APY for above automatic surcharges refund up to $5/time Monthly requirements: 10 debit card Point of Sale (POS) transactions per s

Report an Issue

See Rates for: Checking | Savings | Money Market | CD | IRA

Midwest Bank - Detroit Lakes Checking Account Rates

Apy	Min	Max	Product
2.05%	-	$25k	Midwest Rewards Checking
0.25%	$100k	-	Midwest Interest Checking
0.25%	$100k	$10m	Midwest Commercial Checking with Interest
0.10%	$500	-	Midwest Advantage Checking
0.10%	$500	-	Midwest Advantage Plus Checking

Midwest Bank - Detroit Lakes Savings Account Rates

Apy	Min	Max	Product
1.25%	-	-	Midwest IRA Savings
1.25%	-	-	Midwest Roth IRA Savings
1.25%	-	-	Midwest Coverdell Education Savings Account
0.35%	-	-	Midwest HSA Checking
0.10%	-	-	Midwest Savings
0.10%	-	-	Midwest Young Savers

Midwest Bank - Detroit Lakes Money Market Rates

	Apy	Min	Max	Product
	0.35%	$500k	$1m	Midwest Money Market Savings

Midwest Bank - Detroit Lakes CD Rates

Apy	Min	Max	Product
1.80%	$5k	-	54 Month CD Special
1.70%	$25k	-	60 Month CD
1.55%	$1k	-	60 Month CD
1.45%	$25k	-	48 Month CD
1.30%	$1k	-	48 Month CD
1.10%	$25k	-	36 Month CD
0.95%	$1k	-	36 Month CD
0.85%	$1k	-	30 Month CD
0.80%	$25k	-	24 Month CD
0.75%	$5k	-	30 Month CD Adjust a Rate
0.65%	$1k	-	24 Month CD
0.60%	$25k	-	12 Month CD
0.45%	$1k	-	12 Month CD
0.25%	$1k	-	182 Day CD
0.15%	$1k	-	91 Day CD

Midwest Bank - Detroit Lakes IRA Rates

Apy	Min	Max	Product
1.55%	$1k	-	60 Month IRA
1.55%	$1k	-	60 Month Roth IRA
1.55%	$1k	-	60 Month CESA
1.30%	$1k	-	48 Month IRA
1.30%	$1k	-	48 Month Roth IRA
1.30%	$1k	-	48 Month CESA
0.95%	$1k	-	36 Month IRA
0.95%	$1k	-	36 Month Roth IRA
0.95%	$1k	-	36 Month CESA
0.65%	$1k	-	24 Month IRA
0.65%	$1k	-	24 Month Roth IRA
0.65%	$1k	-	24 Month CESA
0.45%	$1k	-	12 Month IRA
0.45%	$1k	-	12 Month Roth IRA
0.45%	$1k	-	12 Month CESA

Rates updated: 5/21/2013

Data for Q4 2012

Institution Statistics

Midwest Bank
FDIC Certificate #	9737
BankRate Report	View
Year Established	1917
Employees	82
Primary Regulator	FDIC
Assets and Liabilities
Assets	$328.54 million
Loans	$277.72 million
Deposits	$290.12 million
Equity Capital	$30.01 million
Loan Loss Allowance	$2.72 million
Unbacked Noncurrent Loans	$562,000
Real Estate Owned	$2.75 million
Historic Data - December 2011
Assets	$299.80 million
Equity Capital	$26.39 million
Loan Loss Allowance	$2.74 million
Unbacked Noncurrent Loans	$739,000
Real Estate Owned	$3.59 million
Profit Margin - Quarterly
Net Interest Margin	4.36%
Return on Assets	2.26%
Return on Equity	25.22%
Interest Income	$15.44 million

Institution Health

Overall Score:

4 out of 5

Texas Ratio
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2012 Midwest Bank - Detroit Lakes had $3.31 million in non-current loans and owned real-estate with $32.72 million in equity and loan loss allowances on hand to cover it. This gives Midwest Bank - Detroit Lakes a Texas Ratio of 10.12% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Midwest Bank - Detroit Lakes decreased slightly from 14.86% as of December 31, 2011 to 10.12% as of December 31, 2012, resulting in a positive change of 31.86%.This indicates that the balance sheet and financial strength for Midwest Bank - Detroit Lakes has improved slightly in recent periods.
Deposit Growth
In the past year, Midwest Bank - Detroit Lakes has increased its total deposits by $24.93 million, resulting in 9.4% 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 Midwest Bank - Detroit Lakes has shown is excellent.
Capitalization
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. Midwest Bank - Detroit Lakes has $328.54 million in assets with $32.72 million in equity, resulting in a capitalization level of 9.96%, which is average.