Minnesota Lakes Bank is headquartered in DELANO and is the 143rd largest bank in the state of Minnesota. It is also the 3,544th largest bank in the nation. It was established in 1982 and as of June of 2024, it had grown to 22 employees at 2 locations. Minnesota Lakes Bank has a B health rating.
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Worst Bank Ever
A neighbor was buying a car from me and I needed cash because I couldn't wait for a check to clear. They got a loan from this bank. The bank refused to cash their own cashiers check even though we were planning on doing the transaction at their bank and I gave them warning that I would need cash. They refused to transfer money to cover their own check. Customer service was snippy and refused to give any help. I asked how could I trust their check if they didn't trust it enough to cash it and refused to get the funds to do so? It was only for 20K and they would have had plenty of time to have any neded cash delivered. I used to work at a bank.
Terrible Customer Service
We tried doing business with the branch in Mound, MN when we first moved to town. The ladies at the drive through were so rude to me and my wife that we finally moved over to Well Fargo. Haven’t had a problem since. Good riddance MLB.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 23986 |
| Year Established | 1982 |
| Employees | 22 |
| Primary Regulator | FED |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.31% |
| Return on Equity - YTD | 13.34% |
| Annual Interest Income | $3.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $135.7MM$152.1MM |
| Loans | Q2 2024vs Q2 2023 | $78.9MM$70.4MM |
| Deposits | Q2 2024vs Q2 2023 | $121.1MM$139.6MM |
| Equity Capital | Q2 2024vs Q2 2023 | $13.6MM$11.7MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $592K$581K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $1.1MM$164K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |