Flagship Bank Minnesota is headquartered in Wayzata and is the 73rd largest bank in the state of Minnesota. It is also the 2,318th largest bank in the nation. It was established in 1875 and as of June of 2022, it had grown to 50 employees at 6 locations. Flagship Bank Minnesota has an A health rating.
Awesome Bank
Flagship Bank is a very solid bank that offers Great Customer Service and does not try to put you into services you do not want.
My previous bank (Lake Area Bank) changed up their offerings and you had to take all of their services. Plus they started charging fees for just about everything even though I maintained a 20K plus balance.
Flagship Bank pays much better interest rates as well as having the Best Customer Service I have ever experienced. I highly recommend Flagship Bank!
Exemplifies Vestigiality
I had problems with this bank from the start, including:
-No remote deposit.
-Refusal of funds from 3rd party merchant systems including Venmo, PayPal, and Intuit.
-Money transfer delays.
I literally had significant difficulty in getting Flagship Bank to accept my funds. I operated primarily out of my 3rd party merchant accounts during my time with Flagship.
Flagship did everything in their power to prevent liquidity...which was literally the only service that I'd hired them for.
I recently fired them for their continued recalcitrance, poor customer service, employees with a poor knowledge based and high turnover, and contemptuous attitude from the banker on staff. Imagine having such an attitude when your greatest skill is being able to operate a calculator. Pitiful.
Data as of Q2 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 8188 |
| Year Established | 1875 |
| Employees | 50 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.87% |
| Return on Equity - YTD | 9.43% |
| Annual Interest Income | $5.5MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2022vs Q2 2021 | $330.4MM$327.6MM |
| Loans | Q2 2022vs Q2 2021 | $239.4MM$231.5MM |
| Deposits | Q2 2022vs Q2 2021 | $299.3MM$298.8MM |
| Equity Capital | Q2 2022vs Q2 2021 | $30.6MM$28.3MM |
| Loan Loss Allowance | Q2 2022vs Q2 2021 | $2.4MM$2.1MM |
| Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $31.00K$40.00K |
| Real Estate Owned | Q2 2022vs Q2 2021 | $0$120.00K |