Midwest Bank


Overview / Commentary
218-847-4771
613 Highway 10 East
Detroit Lakes, MN 56501

Midwest Bank is headquartered in Detroit Lakes and is the 32nd largest bank in the state of Minnesota. It is also the 1,370th largest bank in the nation. It was established in 1917 and as of September of 2020, it had grown to 91 employees at 7 locations. Midwest Bank's money market rates are 70% higher than the national average, and it has a B+ health rating.

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Health
B+

Health Grade Components

Overall
FDIC Certificate #9737
Year Established1917
Employees91
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.2%
Return on Equity - YTD13.06%
Annual Interest Income$18.0MM
Assets and Liabilities
AssetsQ3 2020vs Q3 2019$611.6MM$508.8MM
LoansQ3 2020vs Q3 2019$477.6MM$460.7MM
DepositsQ3 2020vs Q3 2019$548.5MM$444.2MM
Equity CapitalQ3 2020vs Q3 2019$52.7MM$48.1MM
Loan Loss AllowanceQ3 2020vs Q3 2019$6.7MM$5.4MM
Unbacked Noncurrent LoansQ3 2020vs Q3 2019$3.8MM$2.5MM
Real Estate OwnedQ3 2020vs Q3 2019$1.7MM$2.2MM
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
1.00%--Midwest IRA Savings
0.15%--Midwest HSA Checking
0.10%--Midwest Savings
0.10%--Midwest Young Savers

Midwest Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.75%*$250k*-Midwest Money Market Savings
OTHER TIERS: 0.25% Up to $10k | 0.55% $10k - $50k | 0.65% $50k - $100k | 0.70% $100k - $250k

Midwest Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.51%-$25kMidwest Rewards Checking
0.25%*$100k*-Midwest Interest Checking
OTHER TIERS: 0.10% Up to $10k | 0.15% $10k - $50k | 0.20% $50k - $100k
0.25%*$100k*$10mMidwest Commercial Checking with Interest
OTHER TIERS: 0.10% Up to $10k | 0.15% $10k - $50k | 0.20% $50k - $100k
0.10%$500-Midwest Advantage Checking
0.10%$500-Midwest Advantage Plus Checking

Midwest Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.30%$5k-54 Month CD Special
1.25%*$25k*-60 Month CD
OTHER TIERS: 1.10% $1k - $25k
1.10%*$25k*-48 Month CD
OTHER TIERS: 0.95% $1k - $25k
1.00%*$25k*-36 Month CD
OTHER TIERS: 0.85% $1k - $25k
1.00%$5k-17 Month CD Special
0.90%*$25k*-24 Month CD
OTHER TIERS: 0.75% $1k - $25k
0.80%*$25k*-12 Month CD
OTHER TIERS: 0.65% $1k - $25k
0.80%$1k-30 Month CD
0.75%$5k-30 Month CD Adjust a Rate
0.60%$1k-182 Day CD
0.50%$1k-91 Day CD

Midwest Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.10%$1k-60 Month IRA
0.95%$1k-48 Month IRA
0.85%$1k-36 Month IRA
0.75%$1k-24 Month IRA
0.65%$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 EastDetroit Lakes, MN 56501

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