Heritage Bank is headquartered in SPICER and is the 45th largest bank in the state of Minnesota. It is also the 1,735th largest bank in the nation. It was established in 1964 and as of June of 2023, it had grown to 97 employees at 7 locations. Heritage Bank has a B health rating.
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.
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.
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.
|FDIC Certificate #||19254|
|Return on Assets - YTD||-1.57%|
|Return on Equity - YTD||-17.8%|
|Annual Interest Income||$14.3MM|
|Assets and Liabilities|
|Assets||Q2 2023vs Q2 2022||$505.9MM$437.0MM|
|Loans||Q2 2023vs Q2 2022||$435.4MM$350.6MM|
|Deposits||Q2 2023vs Q2 2022||$417.6MM$350.4MM|
|Equity Capital||Q2 2023vs Q2 2022||$39.1MM$43.1MM|
|Loan Loss Allowance||Q2 2023vs Q2 2022||$8.6MM$3.7MM|
|Unbacked Noncurrent Loans||Q2 2023vs Q2 2022||$5.1MM$1.3MM|
|Real Estate Owned||Q2 2023vs Q2 2022||$202.00K$0|
Rates for Heritage Bank are currently being reviewed.
|Heritage Bank Locations|
|Heritage Bank National Association||110 W South St||Spicer, MN 56288|
|Raymond Branch||202 Cofield North||Raymond, MN 56282|
|Pennock Branch||242 1st Street||Pennock, MN 56279|
|Willmar Branch||310 1st Street Sw||Willmar, MN 56201|
|Sioux City Branch||4530 Singing Hills Boulevard||Sioux City, IA 51106|
|6th Street Branch||505 5th St||Sioux City, IA 51101|
|Sioux Falls Branch||140 N Phillips Ave||Sioux Falls, SD 57104|