Heritage Bank Minnesota

Headquarters

181 Main Street
West Concord, MN 55985
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.10% 0.95% →
1-Year CD 0.25% 1.01% →
2-Year CD 0.40% 0.95% →
5-Year CD 1.26% 1.30% →
30-Year Mortgage N.A. 2.80% →
15-Year Mortgage N.A. 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Heritage Bank Minnesota is an FDIC insured institution located in West Concord, MN. It was founded in 1930 and has approximately $0.06 billion in assets. Customers can open an account at one of its 2 branches.

FDIC Insured Yes
FDIC Certificate # 8865
Date Established 1930
Assets $ 59.00 million
Loans $ 42.17 million
Deposits $ 49.43 million
Capital $ 5.54 million
 

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

Deposit Rates - October 21, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.10% $2,500 $4,999 Learn More
Money Market
0.12% $2,500 $2,999 Learn More
Money Market
0.15% $10,000 $14,999 Learn More
Money Market
0.20% $25,000 $29,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.15% $10,000 $14,999 Learn More
3 Mo CD
0.15% $100,000 $199,999 Learn More
6 Mo CD
0.15% $10,000 $14,999 Learn More
6 Mo CD
0.15% $100,000 $199,999 Learn More
12 Mo CD
0.25% $10,000 $14,999 Learn More
12 Mo CD
0.25% $100,000 $199,999 Learn More
18 Mo CD
0.35% $10,000 $14,999 Learn More
18 Mo CD
0.35% $100,000 $199,999 Learn More
24 Mo CD
0.40% $10,000 $14,999 Learn More
24 Mo CD
0.40% $100,000 $199,999 Learn More
30 Mo CD
0.45% $10,000 $14,999 Learn More
30 Mo CD
0.45% $100,000 $199,999 Learn More
36 Mo CD
0.75% $10,000 $14,999 Learn More
36 Mo CD
0.75% $100,000 $199,999 Learn More
48 Mo CD
1.00% $10,000 $14,999 Learn More
48 Mo CD
1.00% $100,000 $199,999 Learn More
60 Mo CD
1.26% $10,000 $14,999 Learn More
60 Mo CD
1.26% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.05% $1 $99 Learn MoreShow Less
Int Ckg
0.05% $2,500 $3,499 Learn MoreShow Less

Loan Rates - October 21, 2020

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Heritage Bank 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
AimLoan.com
NMLS ID: 2890
License#: 13256
2.569% 2.500% 0.88 $2,258 $988 Learn More
Rocket Mortgage
NMLS ID: 3030
3.620% 3.500% 1.00 $3,750 $1,123 Learn More
First Internet Bank
NMLS ID: 424182
2.565% 2.500% 0.88 $2,142 $988 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2020

Lender APR (%)? Monthly Payment? Learn More
People's United Bank, N.A.
People's United Bank, N.A.
See Table
4.000 %
$0 Learn More
More Info
Third Federal Savings and Loans
Third Federal Savings and Loans
See Table
2.240 %
$0 Learn More
More Info

Note to Heritage Bank Minnesota
To upload and update your bank's rates please register. It is free to register and add rates.

Branches

Heritage Bank 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


Heritage Bank Minnesota Locations


Financial Details

Heritage Bank Minnesota Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Heritage Bank 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
Heritage Bank Minnesota U.S. Bank Average
9.74% 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, Heritage Bank Minnesota had $596,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $5,544,000 in equity and $572,000 in loans loss reserves. That gives it a Texas Ratio of 9.74%.

Return on Equity
Heritage Bank Minnesota U.S. Bank Average
-5.51% 7.80%

Heritage Bank Minnesota has a Return on Equity of -5.51% 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
Heritage Bank Minnesota U.S. Bank Average
9.4% 12.68%

Heritage Bank Minnesota has a Capitalization of 9.4% 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.

Heritage Bank Minnesota Balance Sheet Analysis

As of March 31, 2020, Heritage Bank Minnesota had assets of $59,000,000, loans of $42,169,000, and deposits of $49,429,000. 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 $ 6.85 million
Interest-bearing balances $ 5.52 million
Total securities $ 4.35 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 42.17 million
Loan loss allowance $ 0.57 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 $ 1.01 million
     Total Assets $ 53.46 million
LIABILITIES
Total deposits $ 49.43 million
      Interest-bearing deposits $ 40.37 million
      Deposits held in domestic offices $ 49.43 million
      % insured (estimated) 89.86%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 4.00 million
Subordinated debt N.A.
All other liabilities $ 0.03 million
      Total Liabilities $ 53.46 million
      Shareholders’ Equity $ 5.54 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 0.60 million
Total Interest Expense $ 0.07 million
Net interest income $ 0.53 million
Provision for loan and lease losses N.A.
Total non interest income $ 0.06 million
Total non interest expense $ 0.67 million
Pre-tax Net Operating Income N.A.

Bank Loan Profile?

The top three loan types in Heritage Bank Minnesota’s loan portfolio are 1-4 Family Residential Loans, Commercial and Industrial Loans, and Consumer Auto Loans.

Compared to other banks in Minnesota, Heritage Bank Minnesota has a significantly higher percent of 1-4 Family Residential Loans, Consumer Auto Loans on its balance sheet, potentially indicating a specialty in that lending area.

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 54.34
Multifamily
Mortgages
0.00
Credit Card Loans 0.00
Consumer Auto Loans 6.23
Small Business Loans 0.00
Construction and Development Loans 3.61
Commercial Real Estate 4.31
Commercial and Industrial Loans 9.24
Farm Loans 4.37

Frequently Asked Questions About Heritage Bank Minnesota

Branches and Savings

Is Heritage Bank Minnesota FDIC insured?

Yes. It is covered under FDIC Certificate #8865.

Why does Heritage Bank Minnesota pay such low interest on savings accounts?

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

Why are Heritage Bank Minnesota CD rates not competitive?

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

Is Heritage Bank Minnesota a commercial bank?

Yes

Where are Heritage Bank Minnesota locations?

See branch locations nearby.

Is Heritage Bank Minnesota open on Saturdays?

Is Heritage Bank Minnesota open on Sundays?

What time does Heritage Bank Minnesota open?

What time does Heritage Bank Minnesota close?

Are Heritage Bank Minnesota ATMs Open 24/7?

Do Heritage Bank Minnesota ATMs accept cash deposits?

Can Heritage Bank Minnesota customers use other ATMs?

Do Heritage Bank Minnesota branches have notaries?

Will Heritage Bank Minnesota notarize my document?

What address for Heritage Bank Minnesota should I put for incoming ACH transfers?

Will the Heritage Bank Minnesota branch print checks?

Do Heritage Bank Minnesota checks expire?

Does Heritage Bank Minnesota require US citizenship to open account?

Can Heritage Bank Minnesota close my account?

Does Heritage Bank Minnesota Report to credit bureaus?

Does Heritage Bank Minnesota Use Equifax?

What is Heritage Bank Minnesota's ACH Routing Number?

What is Heritage Bank Minnesota's SWIFT code?

Products

Does Heritage Bank Minnesota offer mortgages?

Compare mortgage rates here.

Does Heritage Bank Minnesota offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Heritage Bank Minnesota offer personal loans?

Compare personal loan rates here.

Does Heritage Bank Minnesota offer student loans?

Will Heritage Bank Minnesota cash a check?

Will Heritage Bank Minnesota redeem a savings bond?

Does Heritage Bank Minnesota cash savings bonds?

Will Heritage Bank Minnesota cash money orders?

Can Heritage Bank Minnesota issue a money order?

Does Heritage Bank Minnesota do currency exchange?

Background on The Bank

Who owns Heritage Bank Minnesota?

How long has Heritage Bank Minnesota been around?

Can Heritage Bank Minnesota transfer to other banks?

Does Heritage Bank Minnesota have quick pay?

Does Heritage Bank Minnesota accept rolled coins?

Will Heritage Bank Minnesota accept loose change?

Where is Heritage Bank Minnesota headquarters?

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