Heritage Bank is headquartered in SPICER and is the 55th largest bank in the state of Minnesota. It is also the 1,979th largest bank in the nation. It was established in 1964 and as of March of 2025, it had grown to 88 employees at 5 locations. Heritage Bank has a C health rating.
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.
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 Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 19254 |
| Year Established | 1964 |
| Employees | 88 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.72% |
| Return on Equity - YTD | 8.48% |
| Annual Interest Income | $6.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $436.5MM$584.2MM |
| Loans | Q1 2025vs Q1 2024 | $356.1MM$443.4MM |
| Deposits | Q1 2025vs Q1 2024 | $374.5MM$469.7MM |
| Equity Capital | Q1 2025vs Q1 2024 | $39.9MM$39MM |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $7.1MM$7.2MM |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $8.8MM$1.7MM |
| Real Estate Owned | Q1 2025vs Q1 2024 | $123K$0 |