MidWestOne Bank is headquartered in Iowa City and is the 2nd largest bank in the state of Iowa. It is also the 223rd largest bank in the nation. It was established in 1934 and as of June of 2022, it had grown to 808 employees at 61 locations. MidWestOne Bank's money market rates are 7X the national average, and it has an A health rating.
I do business with this bank and was very pleased with my experience in establishing my account via phone and US mail. The personal banker I worked with was very accommodating.
MidWestOne's online access for business falls very short in several areas:
No ability to access even the web version via mobile device, let alone a mobile app. Compatibility issues with anything other than Internet Explorer 6. Currently, most people use Internet Explorer 9 or 10. Also no compatibility with Chrome. Inability to view much historic transactions other than in an electronic statement. MidWestOne only allows businesses to export transactions to Excel or a 3rd party such as Quicken for the most recent month. This isn't very conducive for the need to review the fiscal year of transactions. Unwillingness to work with business customers to find alternatives around shortfalls. Needless to say, MidWestOne falls short with their business online access, making managing a business hard with MidWestOne.
Overall | |
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FDIC Certificate # | 14843 |
Year Established | 1934 |
Employees | 808 |
Primary Regulator | FDIC |
Profit Margin | |
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Return on Assets - YTD | 1% |
Return on Equity - YTD | 10.34% |
Annual Interest Income | $86.8MM |
Assets and Liabilities | ||
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Assets | Q2 2022vs Q2 2021 | $6.44B$5.74B |
Loans | Q2 2022vs Q2 2021 | $3.56B$3.29B |
Deposits | Q2 2022vs Q2 2021 | $5.55B$4.81B |
Equity Capital | Q2 2022vs Q2 2021 | $602.3MM$608.8MM |
Loan Loss Allowance | Q2 2022vs Q2 2021 | $52.4MM$48.0MM |
Unbacked Noncurrent Loans | Q2 2022vs Q2 2021 | $23.7MM$36.4MM |
Real Estate Owned | Q2 2022vs Q2 2021 | $883.00K$1.9MM |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
The rates for some products vary by region. In these cases we have listed the rates for the region closest to the bank's headquarters.