Boundary Waters Bank

Boundary Waters Bank

Overview / Commentary
601 East Sheridan Street
Ely, MN 55731

Boundary Waters Bank is headquartered in ELY and is the 165th largest bank in the state of Minnesota. It is also the 3,819th largest bank in the nation. It was established in 1999 and as of March of 2023, it had grown to 15 employees at 3 locations. Boundary Waters Bank has a B+ health rating.

Reviews (1)

Boundary Waters Bank

Posted by: |

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.


Health Grade Components

FDIC Certificate #35172
Year Established1999
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.23%
Return on Equity - YTD18.17%
Annual Interest Income$1.9MM
Assets and Liabilities
AssetsQ1 2023vs Q1 2022$110.7MM$114.9MM
LoansQ1 2023vs Q1 2022$90.3MM$94.9MM
DepositsQ1 2023vs Q1 2022$86.8MM$97.9MM
Equity CapitalQ1 2023vs Q1 2022$13.6MM$15.6MM
Loan Loss AllowanceQ1 2023vs Q1 2022$28.00K$709.00K
Unbacked Noncurrent LoansQ1 2023vs Q1 2022$416.00K$1.0MM
Real Estate OwnedQ1 2023vs Q1 2022$0$1.2MM

Sorry, we do not have rate data for Boundary Waters Bank.


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

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