Boundary Waters Bank is headquartered in Ely and is the 153rd largest bank in the state of Minnesota. It is also the 3,743rd largest bank in the nation. It was established in 1999 and as of March of 2021, it had grown to 21 employees at 3 locations. Boundary Waters Bank has a B+ health rating.
This bank is awesome. I have been banking here for 10 years despite moving away from their locations. I keep thinking it would make sense to change banks to one closer to my current location but I haven't found a comparable bank. They offer online deposit and ready reserve overdraft. They have the same amenities as a larger bank but they have a small town feel. It is the only bank I have ever had that has not surprised me with hidden fees and their customer service has always been great.
|FDIC Certificate #||35172|
|Return on Assets - YTD||0.54%|
|Return on Equity - YTD||4.85%|
|Annual Interest Income||$1.3MM|
|Assets and Liabilities|
|Assets||Q1 2021vs Q1 2020||$131.3MM$113.3MM|
|Loans||Q1 2021vs Q1 2020||$88.4MM$91.5MM|
|Deposits||Q1 2021vs Q1 2020||$113.2MM$95.7MM|
|Equity Capital||Q1 2021vs Q1 2020||$14.5MM$14.1MM|
|Loan Loss Allowance||Q1 2021vs Q1 2020||$686.00K$660.00K|
|Unbacked Noncurrent Loans||Q1 2021vs Q1 2020||$1.1MM$1.2MM|
|Real Estate Owned||Q1 2021vs Q1 2020||$1.3MM$1.6MM|
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|Boundary Waters Bank Locations|
|Blaine Branch||11800 Aberdeen Street N.E.||Blaine, MN 55434|
|Woodbury Branch||2230 Eagle Creek Lane||Woodbury, MN 55125|
|Boundary Waters Bank||601 East Sheridan Street||Ely, MN 55731|