Western State Bank is headquartered in Devils Lake and is the 8th largest bank in the state of North Dakota. It is also the 647th largest bank in the nation. It was established in 1902 and as of June of 2020, it had grown to 214 employees at 9 locations. Western State Bank's money market rates are 70% higher than the national average, and it has a B+ health rating.
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.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 9123 |
| Year Established | 1902 |
| Employees | 214 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.25% |
| Return on Equity - YTD | 12.13% |
| Annual Interest Income | $40.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $1.46B$1.20B |
| Loans | Q2 2020vs Q2 2019 | $1.29B$1.03B |
| Deposits | Q2 2020vs Q2 2019 | $1.27B$1.03B |
| Equity Capital | Q2 2020vs Q2 2019 | $140.9MM$125.8MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $26.0MM$18.0MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $19.6MM$10.7MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |
