Drake Bank is headquartered in SAINT PAUL and is the 96th largest bank in the state of Minnesota. It is also the 2,747th largest bank in the nation. It was established in 2002 and as of June of 2024, it had grown to 37 employees at 1 location. Drake Bank has an A health rating.
Avoid At All Cost
Drake Bank pretends to be a community bank, but their bankers are completely inept. You'll get amortization explanations / documents in HAND WRITTEN formats. Maybe they think it's 1985 still?
Confusing, overreaching, and inept bankers pretending to understand your business. Do not bank with them. They'll require exhaustive documentation and wheigh in on how to run your business when clearly, none of them have any actual business experience.
The online experience is what you'd expect from 2003, maybe 2004. Clunky, very little account information, and primitive compared to any large bank experience.
There are so many choices in banking, and you should not choose this bank. You will regret it.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 57336 |
| Year Established | 2002 |
| Employees | 37 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.46% |
| Return on Equity - YTD | 6.05% |
| Annual Interest Income | $7.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $247.4MM$215.4MM |
| Loans | Q2 2024vs Q2 2023 | $185.1MM$170.8MM |
| Deposits | Q2 2024vs Q2 2023 | $208.4MM$190.8MM |
| Equity Capital | Q2 2024vs Q2 2023 | $18.5MM$14.6MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $2.8MM$2.4MM |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $501K$205K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |