Premier Bank (MN) is headquartered in Maplewood and is the 13th largest bank in the state of Minnesota. It is also the 937th largest bank in the nation. It was established in 1974 and as of September of 2020, it had grown to 90 employees at 8 locations. Premier Bank (MN) has an A health rating.
I banked at Premier Bank Minnesota for many years when I was living in a small town in Minnesota. The benefits that I found banking at this small bank is first of all, the tellers and manager get to know you personally. You feel welcome going into the branch and not just a number. Secondly, the accounts such as savings and certificate of deposits will be a little more liberal in the interest rates than large banks. Finally, the loan process may be a little more personal as well since the decisions are generally made locally. The president may come by your property to do a site visit and do a personal appraisal himself. The negatives are the number of locations will be less. So if you need to go into a bank, you may not find one. Also, they may not be as up to date as the large banks on technology. Finally, small loans such as car loans will probably have a higher interest rate.
Overall, Premier Banks (yes plural, multiple charters) is kept alive by a loyal customer basis. And yes, they do have good customer service, but Premier Banks is a very outdated institution that is slow to change. Many of its employees have been employees since the bank opened and they are stuck in their ways (especially the chairman, who is now 80+ years old). Their goal is to be an "small old timey bank," which appeals to their older and more conservative customers. But this will help to alienate their younger customers who want an interactive mobile banking experience. I would expect and urge them to look elsewhere. In addition, this bank is run by individuals who are blatantly christian. And keep in mind that choosing this bank may mean you're putting your money in a bank that openly supports politically conservative viewpoints and charities.
(This is my perspective as a former employee)
|FDIC Certificate #||21714|
|Return on Assets - YTD||1.38%|
|Return on Equity - YTD||13.54%|
|Annual Interest Income||$29.0MM|
|Assets and Liabilities|
|Assets||Q3 2020vs Q3 2019||$974.2MM$866.6MM|
|Loans||Q3 2020vs Q3 2019||$705.7MM$648.5MM|
|Deposits||Q3 2020vs Q3 2019||$872.9MM$774.4MM|
|Equity Capital||Q3 2020vs Q3 2019||$97.2MM$87.6MM|
|Loan Loss Allowance||Q3 2020vs Q3 2019||$8.2MM$6.1MM|
|Unbacked Noncurrent Loans||Q3 2020vs Q3 2019||$1.8MM$6.3MM|
|Real Estate Owned||Q3 2020vs Q3 2019||$3.5MM$4.2MM|
Sorry, we do not have rate data for Premier Bank (MN).