1st American State Bank of Minnesota

Headquarters

Main Street
Hancock, MN 56244
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 3.50% →
1-Year CD N.A. 3.70% →
2-Year CD N.A. 3.80% →
5-Year CD N.A. 4.25% →
30-Year Mortgage N.A. 6.20% →
15-Year Mortgage N.A. 5.66% →
HELOC N.A. 2.79% →

2022 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 - October 6, 2022

Your Current Location: California, CA 92111

There are currently no rates available for 1st American State Bank Of Minnesota, but see these great savings and CD rates:

Advertiser Disclosure
 

Loan Rates - October 6, 2022

Your Current Location: California, CA 92111

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:




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Bethpage Federal Credit Union
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Note to 1st American State Bank of Minnesota
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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:
San Diego,California


1st American State Bank of Minnesota Locations



Climate Initiatives

1st American State Bank of Minnesota is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

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% 4.06%

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 June 30, 2022, 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% 9.98%

1st American State Bank of Minnesota has a Return on Equity of -159.37% versus the BestCashCow average of 9.98%. 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% 10.23%

1st American State Bank of Minnesota has a Capitalization of 1.61% versus the BestCashCow average of 10.23. 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

June 30, 2022
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

June 30, 2022
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

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