Lake Area Bank
Lake Area Bank is headquartered in Lindstrom and is the 46th largest bank in the state of Minnesota. It is also the 2,149th largest bank in the nation. It was established in 1915 and as of June of 2017, it had grown to 103 employees at 5 locations. Lake Area Bank has a B+ health rating.
Lake Area Bank
I love my local bank and am literally across the street from them. The tellers usually remember my name and greet me with a friendly hello. I have my checking account, savings account, and a mortgage through them because they provide excellent customer service for all of the above. The one thing I don't like about having a small bank is a lack of 24/7 support that most big banks have, but I happily exchange for a small staff that knows me and my preferences. I generally drive up and the teller is VERY fast to make deposits or take cash out. Overall, I'm very happy with their level of service.
I like Lake Area Bank
I work right across the street from Lake Area Bank. They always have friendly employees and they usually remember my name. The drive-thru is VERY fast and they always do my deposits right. They have even reversed fees a couple times. I appreciate their location and their employees. They have done well enough to earn my mortgage too.
The head banker, specifically, sat down with us to open an account and quickly went through all details while semi-playing with our newborn daughter. She opened the account and had debit cards shipped out to us ASAP then also answered questions their online presence and how to use their app. Their app isn't the best, but its better than previous apps I've used for banking.
The one downside to Lake Area is they don't have 24/7 customer service like most larger banks, but their is next to no wait during service hours.
Customers Be Aware
This bank has very poor Customer Service. They don't respond to emails, and don't ever admit to any wrong doing. This bank lies about checking things, and does not do its due diligence. If you are looking for a bank that cares about you and has your interests, this is not the bank for you. Would not recommend at all. Be warned!
Rough Mortgage Process
Use a mortgage company for your mortgage!
This is not the place for a mortgage.
Data as of Q2 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 1390 |
| Year Established | 1915 |
| Employees | 103 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.04% |
| Return on Equity - YTD | 10.5% |
| Annual Interest Income | $6.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2017vs Q2 2016 | $311.8MM$300.6MM |
| Loans | Q2 2017vs Q2 2016 | $203.6MM$172.5MM |
| Deposits | Q2 2017vs Q2 2016 | $240.1MM$228.6MM |
| Equity Capital | Q2 2017vs Q2 2016 | $31.8MM$31.0MM |
| Loan Loss Allowance | Q2 2017vs Q2 2016 | $2.2MM$2.9MM |
| Unbacked Noncurrent Loans | Q2 2017vs Q2 2016 | $1.2MM$1.8MM |
| Real Estate Owned | Q2 2017vs Q2 2016 | $5.2MM$6.7MM |
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| Lake Area Bank Locations | ||
|---|---|---|
| Lake Area Bank | 12790 First Avenue North | Lindstrom, MN 55045 |
| White Bear Branch | 1400 East Highway 96 | White Bear Lake, MN 55110 |
| Hugo Branch | 14602 Everton Avenue North | Hugo, MN 55038 |
| Stillwater Branch | 5795 Morning Dove Avenue North | Stillwater, MN 55082 |
| Forest Lake Branch | 91 South Lake Street | Forest Lake, MN 55025 |