Midwest Bank
Midwest Bank is headquartered in Detroit Lakes and is the 40th largest bank in the state of Minnesota. It is also the 1,903rd largest bank in the nation. It was established in 1917 and as of December of 2013, it had grown to 81 employees at 7 locations. Midwest Bank's savings rates are 92% higher than the national average, and it boasts a A+ health rating.
Related Posts
Data for Q4 2013
Institution Health
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, 2013 Midwest Bank had $2.09 million in non-current loans and owned real-estate with $34.64 million in equity and loan loss allowances on hand to cover it. This gives Midwest Bank a Texas Ratio of 6.02% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Midwest Bank decreased dramatically from 10.12% as of December 31, 2012 to 6.02% as of December 31, 2013, resulting in a positive change of 40.50%.This indicates that the balance sheet and financial strength for Midwest Bank has improved dramatically in recent periods.
Deposit Growth
In the past year, Midwest Bank has increased its total deposits by $13.28 million, resulting in 4.58% 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 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 has $343.79 million in assets with $34.64 million in equity, resulting in a capitalization level of 10.08%, which is above average.
Institution Statistics
| Overall | |
|---|---|
| FDIC Certificate # | 9737 |
| Year Established | 1917 |
| Employees | 81 |
| Primary Regulator | FDIC |
| Assets and Liabilities | |
|---|---|
| Assets | $343.79 million |
| Loans | $291.10 million |
| Deposits | $303.41 million |
| Equity Capital | $31.79 million |
| Loan Loss Allowance | $2.86 million |
| Unbacked Noncurrent Loans | $699,000 |
| Real Estate Owned | $1.39 million |
| Historic Data - December 2012 | |
|---|---|
| Assets | $328.54 million |
| Equity Capital | $30.01 million |
| Loan Loss Allowance | $2.72 million |
| Unbacked Noncurrent Loans | $699,000 |
| Real Estate Owned | $2.75 million |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.06% |
| Return on Assets | 2.63% |
| Return on Equity | 28.15% |
| Interest Income | $15.56 million |
Always verify rates and promotions with the bank or credit union. We are not Midwest Bank, we are a rate comparison website and can not provide official rates or promotions.
Midwest Bank Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.00% | - | - | Midwest IRA Savings | |
| 1.00% | - | - | Midwest Roth IRA Savings | |
| 1.00% | - | - | Midwest Coverdell Education Savings Account | |
| 0.35% | - | - | Midwest HSA Checking | |
| 0.10% | - | - | Midwest Savings | |
| 0.10% | - | - | Midwest Young Savers |
Midwest Bank Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.30% | $500k | $1m | Midwest Money Market Savings |
Midwest Bank Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.51% | - | $25k | Midwest Rewards Checking | |
| 0.25% | $100k | - | Midwest Interest Checking | |
| 0.25% | $100k | $10m | Midwest Commercial Checking with Interest | |
| 0.10% | - | - | Midwest Rewards Checking | |
| 0.10% | $500 | - | Midwest Advantage Checking | |
| 0.10% | $500 | - | Midwest Advantage Plus Checking |
Midwest Bank CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.55% | $5k | - | 54 Month CD Special | |
| 1.50% | $25k | - | 60 Month CD | |
| 1.35% | $1k | - | 60 Month CD | |
| 1.35% | $25k | - | 48 Month CD | |
| 1.20% | $1k | - | 48 Month CD | |
| 1.00% | $25k | - | 36 Month CD | |
| 0.85% | $1k | - | 36 Month CD | |
| 0.80% | $25k | - | 24 Month CD | |
| 0.75% | $1k | - | 30 Month CD | |
| 0.65% | $1k | - | 24 Month CD | |
| 0.65% | $5k | - | 30 Month CD Adjust a Rate | |
| 0.50% | $25k | - | 12 Month CD | |
| 0.35% | $1k | - | 12 Month CD | |
| 0.25% | $1k | - | 182 Day CD | |
| 0.15% | $1k | - | 91 Day CD |
Midwest Bank IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.35% | $1k | - | 60 Month IRA (Traditional,Roth,CESA) | |
| 1.20% | $1k | - | 48 Month IRA (Traditional,Roth,CESA) | |
| 0.85% | $1k | - | 36 Month IRA (Traditional,Roth,CESA) | |
| 0.65% | $1k | - | 24 Month IRA (Traditional,Roth,CESA) | |
| 0.35% | $1k | - | 12 Month IRA (Traditional,Roth,CESA) |
| Midwest Bank Locations | ||
|---|---|---|
| Parkers Prairie Branch | 105 East Soo Street | Parkers Prairie, MN 56361 |
| Dalton Branch | 108 West Main Street | Dalton, MN 56324 |
| Waubun Branch | 1211 First Street | Waubun, MN 56589 |
| Detroit Lakes Wal-Mart Branch | 1583 Highway 10 West | Detroit Lakes, MN 56501 |
| Barnesville Branch | 215 Front Street South | Barnesville, MN 56514 |
| Callaway Branch | 421 Main Avenue | Callaway, MN 56521 |
| Midwest Bank | 613 Highway 10 East | Detroit Lakes, MN 56501 |