Western State Bank is headquartered in Devils Lake and is the 9th largest bank in the state of North Dakota. It is also the 713th largest bank in the nation. It was established in 1902 and as of December of 2018, it had grown to 202 employees at 8 locations. Western State Bank's money market rates are 6X the national average, and it has an A health rating.
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.
|FDIC Certificate #||9123|
|Return on Assets - YTD||1.83%|
|Return on Equity - YTD||16.96%|
|Annual Interest Income||$63.8MM|
|Assets and Liabilities|
|Assets||Q4 2018vs Q4 2017||$1.10B$1.04B|
|Loans||Q4 2018vs Q4 2017||$964.6MM$898.0MM|
|Deposits||Q4 2018vs Q4 2017||$920.7MM$914.2MM|
|Equity Capital||Q4 2018vs Q4 2017||$121.2MM$105.0MM|
|Loan Loss Allowance||Q4 2018vs Q4 2017||$16.0MM$14.4MM|
|Unbacked Noncurrent Loans||Q4 2018vs Q4 2017||$10.7MM$8.3MM|
|Real Estate Owned||Q4 2018vs Q4 2017||$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.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|2.50%*||-||$2m||High Yield Money Market|
|OTHER TIERS: 2.25% → $2m+|