The Bank of Elk River


The Bank of Elk River is an FDIC insured institution headquartered at 630 Main St Nw, Elk River, MN 55330.
It was founded in 1885 and has approximately $1 billion in assets. Customers can open an account at one of its 5 branches.

Deposit Rates - December 22, 2024

CD RATES APY MIN
Special: 5 Mo CD
0.35% $200 Compare
6 Mo CD
0.25% $200 Compare
12 Mo CD
0.50% $200 Compare
Special: 15 Mo CD
0.60% $200 Compare
18 Mo CD
0.60% $2,500 Compare
24 Mo CD
0.70% $200 Compare
30 Mo CD
0.70% $2,500 Compare
36 Mo CD
0.80% $200 Compare
48 Mo CD
0.95% $200 Compare
60 Mo CD
1.00% $200 Compare
MM RATES APY MIN
Money Market
0.07% $1,000 Compare
Money Market
0.10% $10,000 Compare
FIXED IRA RATES APY MIN
Special: 15 Mo FIRA
0.60% $200
INT CHECKING RATES APY MIN
Int Ckg
0.03% $1

Overview 2024

General Bank Information

FDIC Insured Yes
FDIC Certificate # 1607
Date Established 1885
Assets $ 675.45 million
Loans $ 405.08 million
Deposits $ 612.10 million
Capital $ 30.60 million

Summary Balance Sheet as of March 31, 2024

ASSETS
Cash & Balances due from depository institutions $ 13.54 million
Interest-bearing balances $ 8.04 million
Total securities $ 239.91 million
Federal funds sold and reverse repurchase $ 0.40 million
Net loans and leases $ 405.08 million
Loan loss allowance $ 4.42 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles N.A.
All other assets $ 6.31 million
     Total Assets $ 644.86 million

LIABILITIES
Total deposits $ 612.10 million
      Interest-bearing deposits $ 458.18 million
      Deposits held in domestic offices $ 612.10 million
      % insured (estimated) 84.50%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities $ 1.65 millionn
      Total Liabilities $ 644.86 million
      Shareholders’ Equity $ 30.60 million

Summary Income Statement as of March 31, 2024

INCOME AND EXPENSES
Total Interest Income $ 14.35 million
Total Interest Expense $ 4.80 million
Net interest income $ 9.55 million
Provision for loan and lease losses $ 0.33 million
Total non interest income $ 2.22 million
Total non interest expense $ 9.12 million
Pre-tax Net Operating Income $ 3.63 million

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Branches

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The Bank of Elk River Locations