The First State Bank of Red Wing

Overview / Commentary
3209 South Service Drive
Red Wing, MN 55066

The First State Bank of Red Wing is headquartered in Red Wing and is the 188th largest bank in the state of Minnesota. It is also the 4,261st largest bank in the nation. It was established in 1915 and as of June of 2020, it had grown to 13 employees at 3 locations. The First State Bank of Red Wing's money market rates are 14% higher than the national average, and it has an A health rating.


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Additional Factors: Institutions with a small asset base, a short operating history, or negative return on equity can represent an instability risk beyond what their financial ratios indicate. The First State Bank of Red Wing has a relatively low asset base.

Health Grade Components

FDIC Certificate #8191
Year Established1915
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.22%
Return on Equity - YTD2.4%
Annual Interest Income$1.2MM
Assets and Liabilities
AssetsQ2 2020vs Q2 2019$84.1MM$76.5MM
LoansQ2 2020vs Q2 2019$29.7MM$22.9MM
DepositsQ2 2020vs Q2 2019$75.5MM$68.8MM
Equity CapitalQ2 2020vs Q2 2019$7.9MM$7.3MM
Loan Loss AllowanceQ2 2020vs Q2 2019$199.00K$179.00K
Unbacked Noncurrent LoansQ2 2020vs Q2 2019$6.00K$62.00K
Real Estate OwnedQ2 2020vs Q2 2019$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

The First State Bank of Red Wing Savings Account Rates

0.15%--Regular Savings

The First State Bank of Red Wing Money Market Rates

0.50%*$75k*-Golden Money Market Account
OTHER TIERS: 0.35% $10k - $75k
0.25%$5k-Money Market Checking

The First State Bank of Red Wing Checking Account Rates

0.05%$2.5k-Now Account

The First State Bank of Red Wing CD Rates

0.75%$500-72 Month CD
0.60%$500-60 Month CD
0.50%$500-48 Month CD
0.40%$500-36 Month CD
0.25%$500-24 Month CD
0.20%$500-12 Month CD
0.15%$500-6 Month CD
0.10%$500-3 Month CD

The First State Bank of Red Wing Locations
Medford Branch115 First Street, N.E.Medford, MN 55049
The First State Bank Of Red Wing3209 South Service DriveRed Wing, MN 55066
Mazeppa BranchFirst Street and State Highway 60Mazeppa, MN 55956

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