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.
Related Posts
4/19/18 - Heritage Bank Triple Option Cds - Interesting Features
4/19/18 - Heritage Bank's Nationally Available eCentive Account Rate Soars
6/27/12 - Updated Review of Heritage Bank's Reward Checking Account
7/18/09 - 2.14% Reward Checking Account With No Balance Cap at Heritage Bank in MN - Nationally Available
5/22/09 - Heritage Bank's New Online Savings Account - 4.60%
9/9/06 - Heritage Direct Online Savings Account Now 5.20%
7/6/06 - Heritage Direct Savings Account Now 5.06%
4/15/06 - Heritage Direct Savings Account Now 4.72%
Triple Option CD Opening Was Outstanding
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!
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.
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
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.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19254 |
| Year Established | 1964 |
| Employees | 97 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| 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 |