Lake Elmo Bank

Overview / Commentary
11465 39th Street North
Lake Elmo, MN 55042

Lake Elmo Bank is headquartered in Lake Elmo and is the 37th largest bank in the state of Minnesota. It is also the 1,652nd largest bank in the nation. It was established in 1911 and as of June of 2022, it had grown to 74 employees at 9 locations. Lake Elmo Bank has an A health rating.

Reviews (1)

Not Impressed

Posted by: |

I was looking for a new community bank in my area and decided to try Lake Elmo Bank. I had recently moved to the area and did not yet have a new driver license due to Covid-19 restrictions on in person visits to the DMV. But having opened other accounts online, I figured this wouldn't be too much of an issue. Upon arrival, I entered an empty lobby for a teller to look at me like I was lost. I said I wanted to open an account after which I was told to wait in the lobby area. The banker came out to greet me and brought me to his office. I told him I recently moved and wanted to open a new local account. Again, he looked at me like I was lost or out of place. Soon after he began the account opening process. I don't carry cash and have been able to open accounts with debit cards in the past. He said that they didn't do that there and that I'd need cash. So I had to use their ATM and incur a fee from my current bank and them... For which they did not refund me. Then the issue of my new address came up. I told him the circumstances of the move and DMV/Covid-19 issue. He asked his manager and was told he can't open the account without something showing my new address. I tried to pull an Xcel Energy statement, which didn't work. Then sent him my purchase agreement for the home, which they barely accepted. Again, I have never needed to prove an address at any previous account openings. After about 30min my accounts were opened and I wasn't impressed by the service so far. A few days later I had a paper check to deposit, so I figured I'd use mobile deposit. I made the deposit and received an auto email stating my deposit was not made and that I did not have approval to use mobile deposit. Even though I enrolled and accepted the terms and conditions. I contacted the bank and was told that I need to build up some time/tenure with the institution before using this type of feature. At this point I was irritated. They advertise mobile deposits as a feature of their accounts online. The rep referenced some underwriting guidelines, and as an underwriter myself. I have never heard of underwriting guidelines for mobile deposits, to which I called BS on. At this point I decided the account was more trouble than it was worth and transferred my remaining funds and closed the accounts. There was a mediocre attempt to save my business by rushing through an approval for mobile deposit. However, at that point I had had enough.


Health Grade Components

FDIC Certificate #15443
Year Established1911
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.05%
Return on Equity - YTD13.09%
Annual Interest Income$7.9MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$538.7MM$511.3MM
LoansQ2 2022vs Q2 2021$332.3MM$287.4MM
DepositsQ2 2022vs Q2 2021$485.9MM$458.9MM
Equity CapitalQ2 2022vs Q2 2021$42.3MM$43.6MM
Loan Loss AllowanceQ2 2022vs Q2 2021$4.7MM$5.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$0$0
Real Estate OwnedQ2 2022vs Q2 2021$0$0

Rates for Lake Elmo Bank are currently being reviewed.


Lake Elmo Bank Locations
Lake Elmo Bank11465 39th St NLake Elmo, MN 55042
Stillwater Branch1937 South Greeley StreetStillwater, MN 55082
Inwood Avenue North Branch600 Inwood Avenue NorthOakdale, MN 55128

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