Western State Bank is headquartered in DEVILS LAKE and is the 8th largest bank in the state of North Dakota. It is also the 578th largest bank in the nation. It was established in 1902 and as of June of 2023, it had grown to 280 employees at 10 locations. Western State Bank's money market rates are 12X 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.
I applied for a savings account online with this particular financial institution and was, ultimately, denied without a reason or explanation of why. It refused to release the reason(s) for denying the account application. This particular financial institution has some of the most ignorant and incompetent individuals working there. I would NOT recommend this particular financial institution for any type of financial products or services.
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.
Overall | |
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FDIC Certificate # | 9123 |
Year Established | 1902 |
Employees | 280 |
Primary Regulator | FDIC |
Profit Margin | |
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Return on Assets - YTD | 1.63% |
Return on Equity - YTD | 14.05% |
Annual Interest Income | $60.0MM |
Assets and Liabilities | ||
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Assets | Q2 2023vs Q2 2022 | $1.97B$1.76B |
Loans | Q2 2023vs Q2 2022 | $1.76B$1.40B |
Deposits | Q2 2023vs Q2 2022 | $1.68B$1.50B |
Equity Capital | Q2 2023vs Q2 2022 | $223.0MM$196.4MM |
Loan Loss Allowance | Q2 2023vs Q2 2022 | $30.7MM$29.5MM |
Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $12.1MM$11.7MM |
Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
Always verify rates and promotions with the bank or credit union. We are not Western State Bank; we are a rate comparison website and cannot provide official rates or promotions.
* 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 |
---|---|---|---|---|
5.15% | - | $10m | High Yield Money Market |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
5.25% | $1k | - | 12 Month CD Special | |
5.25% | $1k | - | 7 Month CD Special |