Midwest Bank


Overview / Commentary
218-847-4771
613 Hwy. 10 E.
Detroit Lakes, MN 56502-0703

Midwest Bank is headquartered in Detroit Lakes and is the 29th largest bank in the state of Minnesota. It is also the 1,345th largest bank in the nation. It was established in 1917 and as of June of 2022, it had grown to 92 employees at 7 locations. Midwest Bank's money market rates are 5X the national average, and it has an A health rating.

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Health

Health Grade Components

Overall
FDIC Certificate #9737
Year Established1917
Employees92
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.21%
Return on Equity - YTD25.97%
Annual Interest Income$11.4MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$680.9MM$645.1MM
LoansQ2 2022vs Q2 2021$489.9MM$448.8MM
DepositsQ2 2022vs Q2 2021$618.0MM$581.4MM
Equity CapitalQ2 2022vs Q2 2021$59.6MM$55.0MM
Loan Loss AllowanceQ2 2022vs Q2 2021$4.7MM$7.1MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$2.8MM$3.8MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Midwest Bank; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Midwest Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.25%--Midwest IRA Savings
0.30%--Midwest HSA Checking
0.30%--Midwest Savings
0.30%--Midwest Young Savers
0.30%--Midwest Business Savings

Midwest Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.10%*$1m*-Midwest Money Market Savings
OTHER TIERS: 1.00% Up to $10k | 1.25% $10k - $50k | 1.35% $50k - $100k | 1.50% $100k - $250k | 2.00% $250k - $500k | 2.05% $500k - $1m
2.10%*$1m*-Midwest Business Money Market
OTHER TIERS: 1.00% Up to $10k | 1.25% $10k - $50k | 1.35% $50k - $100k | 1.50% $100k - $250k | 2.00% $250k - $500k | 2.05% $500k - $1m

Midwest Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%-$25kMidwest Rewards Checking
0.35%*$100k*-Midwest Interest Checking
OTHER TIERS: 0.15% Up to $10k | 0.20% $10k - $50k | 0.25% $50k - $100k
0.35%*$100k*$10mMidwest Commercial Checking with Interest
OTHER TIERS: 0.15% Up to $10k | 0.20% $10k - $50k | 0.25% $50k - $100k
0.15%$500-Midwest Advantage Checking
0.15%$500-Midwest Advantage Plus Checking

Midwest Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.51%$5k-54 Month CD Special
3.50%$5k-17 Month CD Special
3.35%*$25k*-48 Month CD
OTHER TIERS: 3.20% $1k - $25k
3.35%*$25k*-60 Month CD
OTHER TIERS: 3.20% $1k - $25k
3.25%*$25k*-24 Month CD
OTHER TIERS: 3.10% $1k - $25k
3.25%*$25k*-36 Month CD
OTHER TIERS: 3.10% $1k - $25k
3.15%$1k-30 Month CD
3.00%$5k-11 Month CD Special
2.75%$5k-30 Month CD Adjust a Rate
2.50%*$25k*-12 Month CD
OTHER TIERS: 2.35% $1k - $25k
2.25%$1k-182 Day CD
1.75%$1k-91 Day CD

Midwest Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.20%$1k-48 Month IRA
3.20%$1k-60 Month IRA
3.10%$1k-24 Month IRA
3.10%$1k-36 Month IRA
2.35%$1k-12 Month IRA
Locations


Midwest Bank Locations
Parkers Prairie Branch105 East Soo StreetParkers Prairie, MN 56361
Dalton Branch108 West Main StreetDalton, MN 56324
Waubun Branch1211 First StreetWaubun, MN 56589
Detroit Lakes Wal-Mart Branch1583 Highway 10 WestDetroit Lakes, MN 56501
Barnesville Branch215 Front Street SouthBarnesville, MN 56514
Callaway Branch421 Main AvenueCallaway, MN 56521
Midwest Bank613 Highway 10 EDetroit Lakes, MN 56501

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