1st American State Bank of Minnesota

Headquarters

Main Street
Hancock, MN 56244
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.91% →
1-Year CD N.A. 0.85% →
2-Year CD N.A. 0.95% →
5-Year CD N.A. 1.30% →
30-Year Mortgage N.A. 2.61% →
15-Year Mortgage N.A. 2.31% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

1st American State Bank of Minnesota is an FDIC insured institution located in Hancock, MN. It was founded in 1936 and has approximately $0.02 billion in assets.

1st American State Bank of Minnesota, Hancock, Minnesota was closed February 5, 2010 by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Community Development Bank, FSB, Ogema, Minnesota, to assume all of the deposits of 1st American State Bank of Minnesota.

FDIC Insured Yes
FDIC Certificate # 15448
Date Established 1936
Assets $ 18.16 million
Loans $ 9.99 million
Deposits $ 16.33 million
Capital $ 0.29 million
 

For a more detailed analysis of 1st American State Bank of Minnesota's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - November 23, 2020

Your Current Location: Connecticut, CT 06828


Loan Rates - November 23, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for 1st American State Bank of Minnesota

Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:




Featured - Connecticut 30 Year Fixed Mortgage Rates 2020

Lender APR Rate (%) Points Fees Monthly
Payment
Learn More
AmeriSave Mortgage Corporation
NMLS ID: 1168
2.588% 2.500% 1.00 $2,902 $988 Learn More
AimLoan.com
NMLS ID: 2890
License#: 13256
2.557% 2.500% 0.75 $1,868 $988 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.240 %
$0 Learn More
More Info

Note to 1st American State Bank of Minnesota
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

1st American State Bank of Minnesota branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


1st American State Bank of Minnesota Locations


Financial Details

1st American State Bank of Minnesota Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of 1st American State Bank of Minnesota. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
1st American State Bank of Minnesota U.S. Bank Average
127.28% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, 1st American State Bank of Minnesota had $1,423,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $292,000 in equity and $826,000 in loans loss reserves. That gives it a Texas Ratio of 127.28%.

Return on Equity
1st American State Bank of Minnesota U.S. Bank Average
-159.37% 7.80%

1st American State Bank of Minnesota has a Return on Equity of -159.37% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
1st American State Bank of Minnesota U.S. Bank Average
1.61% 12.68%

1st American State Bank of Minnesota has a Capitalization of 1.61% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

1st American State Bank of Minnesota Balance Sheet Analysis

As of November 30, -0001, 1st American State Bank of Minnesota had assets of $18,155,000, loans of $9,994,000, and deposits of $16,327,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions N.A.
Interest-bearing balances N.A.
Total securities N.A.
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 9.99 million
Loan loss allowance $ 0.83 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 N.A.
     Total Assets N.A.
LIABILITIES
Total deposits $ 16.33 million
      Interest-bearing deposits N.A.
      Deposits held in domestic offices N.A.
      % insured (estimated) 0.00%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds N.A.
Subordinated debt N.A.
All other liabilities N.A.
      Total Liabilities N.A.
      Shareholders’ Equity $ 18.16 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income N.A.
Total Interest Expense N.A.
Net interest income N.A.
Provision for loan and lease losses N.A.
Total non interest income N.A.
Total non interest expense N.A.
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in 1st American State Bank of Minnesota’s loan portfolio are 1-4 Family Residential Loans, Multifamily Mortgages, and Credit Card Loans.

Compared to other banks, 1st American State Bank of Minnesota’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 0.00
Multifamily
Mortgages
0.00
Credit Card Loans 0.00
Consumer Auto Loans 0.00
Small Business Loans 0.00
Construction and Development Loans 0.00
Commercial Real Estate 0.00
Commercial and Industrial Loans 0.00
Farm Loans 0.00

Frequently Asked Questions About 1st American State Bank Of Minnesota

Branches and Savings

Is 1st American State Bank Of Minnesota FDIC insured?

Yes. It is covered under FDIC Certificate #15448.

Why does 1st American State Bank Of Minnesota pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are 1st American State Bank Of Minnesota CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is 1st American State Bank Of Minnesota a commercial bank?

Yes

Where are 1st American State Bank Of Minnesota locations?

See branch locations nearby.

Is 1st American State Bank Of Minnesota open on Saturdays?

Is 1st American State Bank Of Minnesota open on Sundays?

What time does 1st American State Bank Of Minnesota open?

What time does 1st American State Bank Of Minnesota close?

Are 1st American State Bank Of Minnesota ATMs Open 24/7?

Do 1st American State Bank Of Minnesota ATMs accept cash deposits?

Can 1st American State Bank Of Minnesota customers use other ATMs?

Do 1st American State Bank Of Minnesota branches have notaries?

Will 1st American State Bank Of Minnesota notarize my document?

What address for 1st American State Bank Of Minnesota should I put for incoming ACH transfers?

Will the 1st American State Bank Of Minnesota branch print checks?

Do 1st American State Bank Of Minnesota checks expire?

Does 1st American State Bank Of Minnesota require US citizenship to open account?

Can 1st American State Bank Of Minnesota close my account?

Does 1st American State Bank Of Minnesota Report to credit bureaus?

Does 1st American State Bank Of Minnesota Use Equifax?

What is 1st American State Bank Of Minnesota's ACH Routing Number?

What is 1st American State Bank Of Minnesota's SWIFT code?

Products

Does 1st American State Bank Of Minnesota offer mortgages?

Compare mortgage rates here.

Does 1st American State Bank Of Minnesota offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does 1st American State Bank Of Minnesota offer personal loans?

Compare personal loan rates here.

Does 1st American State Bank Of Minnesota offer student loans?

Will 1st American State Bank Of Minnesota cash a check?

Will 1st American State Bank Of Minnesota redeem a savings bond?

Does 1st American State Bank Of Minnesota cash savings bonds?

Will 1st American State Bank Of Minnesota cash money orders?

Can 1st American State Bank Of Minnesota issue a money order?

Does 1st American State Bank Of Minnesota do currency exchange?

Background on The Bank

Who owns 1st American State Bank Of Minnesota?

How long has 1st American State Bank Of Minnesota been around?

Can 1st American State Bank Of Minnesota transfer to other banks?

Does 1st American State Bank Of Minnesota have quick pay?

Does 1st American State Bank Of Minnesota accept rolled coins?

Will 1st American State Bank Of Minnesota accept loose change?

Where is 1st American State Bank Of Minnesota headquarters?

Customer Reviews for 1st American State Bank of Minnesota

There are currently no comments for 1st American State Bank of Minnesota. Be the first to share your experience. Please provide comments that will help others.

Add Your Review

Rate it here →