Western State Bank

Overview / Commentary
110 4Th St. Se
Devils Lake, ND 58301

Western State Bank is headquartered in Devils Lake and is the 8th largest bank in the state of North Dakota. It is also the 615th largest bank in the nation. It was established in 1902 and as of June of 2022, it had grown to 266 employees at 10 locations. Western State Bank's money market rates are 10X the national average, and it boasts an A+ health rating.

Reviews (2)

New Well Account Bank

I closed the checking account I had held for many years. It didn't hold my money, but the money that 4 neighbors and I contributed each month to maintain our well. For a few months we had no financial institution holding our funds, but last week I opened a new checking account for our well funds. It's only used to hold the money and pay the power and write checks for occasional testing or repairs. There isn't a lot of activity on it, and it holds a few thousand dollars. The last repair we had was about 5,000.00 so it is necessary that we have money saved up for this type of thing. Anyway, I wanted to keep the well funds separate from any place where I personally bank (2 banks that are large, nationwide well-known banks.) I chose this small, hometown bank since it offered no-fee checking. I despise dealing with monthly fees or hoops you have to jump through to avoid them. The bank was extremely welcoming and friendly and also attractive inside. I think we'll stay with this bank for many years.

Misleading Waste Of Time

After sending them copies of drivers license, passports, copies of letters to verify residence, they keep coming back with request for more non-relevant information. Not my first rodeo, and I know that I am verifiable, so I smell something bad here. Just a guest, but think they are trolling for info to sell probably. Find a better bank.


Health Grade Components

FDIC Certificate #9123
Year Established1902
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.25%
Return on Equity - YTD20.7%
Annual Interest Income$43.6MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$1.76B$1.59B
LoansQ2 2022vs Q2 2021$1.40B$1.36B
DepositsQ2 2022vs Q2 2021$1.50B$1.37B
Equity CapitalQ2 2022vs Q2 2021$196.4MM$166.1MM
Loan Loss AllowanceQ2 2022vs Q2 2021$29.5MM$29.0MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$11.7MM$16.0MM
Real Estate OwnedQ2 2022vs Q2 2021$0$0
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Western State Bank Money Market Rates

4.25%-$10mHigh Yield Money Market

Western State Bank CD Rates

4.00%$1k-12 Month CD Special
4.00%$1k-12 Month Business CD Special


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