Heritage Bank

Triple Option CD Opening Was Outstanding

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Just opened a 12-month Triple Option CD at Heritage Bank -- what a breath of fresh air. Kudos to our representative Dani Strohl. Easy process, responsive reachable staff, and a CD structure offering unique hedging in a volatile rate environment. The 12-month rate is not the highest in the nation, but it offers the rare combination of add-on deposits, rate reset/term reset, and some limited withdrawal penalty provisions. Small bank -- but big positive experience opening a CD which fits well in our portfolio.

A Lot Of Banks Could Take A Lesson From This Bank!

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Opening the account was seamless, any questions were answered promptly via landline contact by knowledgeable reps. Furthermore, the reps sounded and acted like they actually care!! Bravo!

Working Well.

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Heritage bank is new to this style of account. Opening was a bit rough.
They needed a picture of my driver's license, which I sent, and they lost.
They also lost my opening deposit check so I requested a trial deposit from my ally bank account but they would not let me look at my Heritage account to check the deposit amounts until a deposit was completed! Catch 22.
Have them initiate a deposit from your existing checking account..
Customer service was friendly and it was all straightened out. So far, everything is good.

Too Many Term And Interest Changes For The Worse

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Initially I loved this bank when I opened my account in 2020. They offered a high rate of interest on checking balances up to $25K with 10 POS and 1 ACH per month. However effective 1-1-22 they added the requirement of a minimum of $500 in POS per month. This change, on top of an interest rate that over time has become less attractive, caused me to switched my primary checking to another institution.


Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. Heritage Bank has a negative return on equity.

Health Grade Components

FDIC Certificate #19254
Year Established1964
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD-1.57%
Return on Equity - YTD-17.8%
Annual Interest Income$14.3MM
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$505.9MM$437.0MM
LoansQ2 2023vs Q2 2022$435.4MM$350.6MM
DepositsQ2 2023vs Q2 2022$417.6MM$350.4MM
Equity CapitalQ2 2023vs Q2 2022$39.1MM$43.1MM
Loan Loss AllowanceQ2 2023vs Q2 2022$8.6MM$3.7MM
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$5.1MM$1.3MM
Real Estate OwnedQ2 2023vs Q2 2022$202.00K$0

Rates for Heritage Bank are currently being reviewed.


Heritage Bank Locations
Heritage Bank National Association110 W South StSpicer, MN 56288
Raymond Branch202 Cofield NorthRaymond, MN 56282
Pennock Branch242 1st StreetPennock, MN 56279
Willmar Branch310 1st Street SwWillmar, MN 56201
Sioux City Branch4530 Singing Hills BoulevardSioux City, IA 51106
6th Street Branch505 5th StSioux City, IA 51101
Sioux Falls Branch140 N Phillips AveSioux Falls, SD 57104

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