Overview / Commentary
630 Main Street
Elk River, MN 55330

The Bank of Elk River is headquartered in Elk River and is the 34th largest bank in the state of Minnesota. It is also the 1,639th largest bank in the nation. It was established in 1885 and as of December of 2018, it had grown to 96 employees at 5 locations. The Bank of Elk River's money market rates are 93% higher than the national average, and it has an A health rating.

Reviews (1)

The Rating System Is Flawed.

Posted by: Anonymous | Apr 19, 2011

It will not let you rate them zero stars.


Health Grade Components

FDIC Certificate #1607
Year Established1885
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.26%
Return on Equity - YTD14.14%
Annual Interest Income$17.6MM
Assets and Liabilities
AssetsQ4 2018vs Q4 2017$425.0MM$411.1MM
LoansQ4 2018vs Q4 2017$282.2MM$274.9MM
DepositsQ4 2018vs Q4 2017$385.8MM$372.6MM
Equity CapitalQ4 2018vs Q4 2017$37.8MM$37.6MM
Loan Loss AllowanceQ4 2018vs Q4 2017$3.5MM$3.0MM
Unbacked Noncurrent LoansQ4 2018vs Q4 2017$533.00K$848.00K
Real Estate OwnedQ4 2018vs Q4 2017$676.00K$180.00K
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

The Bank of Elk River Savings Account Rates

0.30%*$10k*-Health Savings Accounts
OTHER TIERS: 0.05% Up to $1k | 0.10% $1k - $10k
0.10%$100-Business Savings
0.10%--Statement Savings
0.01%$50-Economy Savings

The Bank of Elk River Money Market Rates

0.85%*$250k*-Personal Money Market Premier
OTHER TIERS: 0.12% Up to $25k | 0.23% $25k - $50k | 0.30% $50k - $100k | 0.60% $100k - $250k
0.55%*$250k*-High Yield Business Money Market
OTHER TIERS: 0.15% Up to $25k | 0.20% $25k - $50k | 0.30% $50k - $100k | 0.40% $100k - $250k
0.50%*$250k*-Personal Money Market Plus
OTHER TIERS: 0.12% Up to $25k | 0.17% $25k - $50k | 0.20% $50k - $100k | 0.35% $100k - $250k
0.50%*$250k*-Business Money Market Plus
OTHER TIERS: 0.10% Up to $25k | 0.15% $25k - $50k | 0.20% $50k - $100k | 0.30% $100k - $250k
0.12%*$10k*-Business Money Market
OTHER TIERS: 0.05% Up to $1k | 0.07% $1k - $10k
0.10%*$10k*-Personal Money Market
OTHER TIERS: 0.05% Up to $1k | 0.07% $1k - $10k

The Bank of Elk River Checking Account Rates

0.15%*$50k*-Ultimate Checking
OTHER TIERS: 0.05% Up to $10k | 0.10% $10k - $50k
0.10%$750-Carefree Checking
0.07%--Commercial Checking w/ Interest

The Bank of Elk River CD Rates

2.37%$200-33 Month CD Special
2.01%$2.5k-30 Month CD Two Bumps
2.01%$200-15 Month CD Special
1.86%$200-60 Month CD
1.81%$200-48 Month CD
1.76%$200-36 Month CD
1.61%$2.5k-18 Month CD One Bump
1.51%$200-24 Month CD
1.11%$200-5 Month CD Special
1.00%$200-12 Month CD
0.75%$200-182 Day CD
0.30%$200-91 Day CD

The Bank of Elk River IRA Rates

2.37%$200-33 Month IRA Special
2.01%$2.5k-30 Month IRA Two Bumps
2.01%$200-15 Month IRA Special
1.86%$200-60 Month IRA
1.81%$200-48 Month IRA
1.76%$200-36 Month IRA
1.61%$2.5k-18 Month IRA One Bump
1.51%$200-24 Month IRA
1.00%$200-12 Month IRA

The Bank of Elk River Locations
Otsego Office15800 88th Street NortheastOtsego, MN 55330
Elk River Branch18185 Zane Street N.W.Elk River, MN 55330
Zimmerman Office Branch26319 2nd St. EZimmerman, MN 55398
The Bank Of Elk River630 Main StreetElk River, MN 55330
School Street Office846 Freeport AvenueElk River, MN 55330

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