Boundary Waters Bank is headquartered in Ely and is the 163rd largest bank in the state of Minnesota. It is also the 3,836th largest bank in the nation. It was established in 1999 and as of June of 2022, it had grown to 16 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.
| Overall | |
|---|---|
| FDIC Certificate # | 35172 |
| Year Established | 1999 |
| Employees | 16 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.05% |
| Return on Equity - YTD | 7.78% |
| Annual Interest Income | $2.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $115.2MM$128.5MM |
| Loans | Q2 2022vs Q2 2021 | $94.1MM$96.6MM |
| Deposits | Q2 2022vs Q2 2021 | $98.9MM$111.2MM |
| Equity Capital | Q2 2022vs Q2 2021 | $15.9MM$14.7MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $716.00K$700.00K |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $667.00K$1.1MM |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$1.2MM |
Sorry, we do not have rate data for Boundary Waters Bank.
| 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 E Sheridan St | Ely, MN 55731 |