Western State Bank


110 Fourth Street Se
Devils Lake, ND 58301
See all branch locations →

Notable Rates APY Vs.Others
Savings N.A. 0.85% →
1-Year CD N.A. 0.75% →
2-Year CD N.A. 0.80% →
5-Year CD N.A. 1.10% →
30-Year Mortgage N.A. 2.72% →
15-Year Mortgage N.A. 2.36% →
HELOC N.A. 2.79% →

2021 Overview

General Bank Information

Western State Bank is an FDIC insured institution located in Devils Lake, ND. It was founded in 1902 and has approximately $1.59 billion in assets. Customers can open an account at one of its 13 branches.

FDIC Insured Yes
FDIC Certificate # 9123
Date Established 1902
Assets $ 1,591.24 million
Loans $ 1,357.12 million
Deposits $ 1,373.77 million
Capital $ 166.13 million

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

Deposit Rates - October 16, 2021

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Money Market
0.50% $0 - Learn More

Bank Offers

Western State Bank Drops Money Market Rate to 1.35%
May 26, 2020

Western State Bank has dropped its money market rate to 1.35% APY.   The rate had been at 1.60% and Western State Bank had been an aggressive early entrant in the online savings and money market space in early 2020.


Loan Rates - October 16, 2021

Your Current Location: Connecticut, CT 06828

There are currently no loan rates available for Western State Bank

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 2021

Lender APR Rate (%) Monthly
Learn More
Rocket Mortgage
NMLS ID: 3030
3.475% 3.375%
0.75 points
$3,125 fees
$1,106 Learn More

Featured - Connecticut Home Equity Line Of Credit Rates 2021

Lender APR (%)? Monthly Payment? Learn More
Bethpage Federal Credit Union
Bethpage Federal Credit Union
See Table
Intro APR 2.990 %
After Intro: 3.750 %
Intro Period: 12 months
$25,000 Learn More
More Info
Third Federal Savings and Loan
Third Federal Savings and Loan
See Table
2.240 %
$0 Learn More
More Info

Note to Western State Bank
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Climate Initiatives

Western State Bank is encouraged to provide us with this information. When we receive this information from the bank, we will provide it here.

Financial Details

Western State Bank Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Western State Bank. 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
Western State Bank U.S. Bank Average
8.22% 4.78%

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, 2021, Western State Bank had $16,036,000 in non-current loans and $0 in owned real estate. To cover these potential losses it had $166,134,000 in equity and $29,043,000 in loans loss reserves. That gives it a Texas Ratio of 8.22%.

Return on Equity
Western State Bank U.S. Bank Average
21.97% 11.29%

Western State Bank has a Return on Equity of 21.97% versus the BestCashCow average of 11.29%. 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.

Western State Bank U.S. Bank Average
10.44% 11.72%

Western State Bank has a Capitalization of 10.44% versus the BestCashCow average of 11.72. 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.

Western State Bank Balance Sheet Analysis

As of June 30, 2021, Western State Bank had assets of $1,591,238,000, loans of $1,357,123,000, and deposits of $1,373,765,000. 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, 2021
Cash & Balances due from depository institutions $ 162.27 million
Interest-bearing balances $ 145.40 million
Total securities $ 39.72 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 1,357.12 million
Loan loss allowance $ 29.04 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned N.A.
Goodwill and other intangibles $ 0.04 million
All other assets $ 14.38 million
     Total Assets $ 1,425.10 million
Total deposits $ 1,373.77 million
      Interest-bearing deposits $ 1,206.38 million
      Deposits held in domestic offices $ 1,373.77 million
      % insured (estimated) 75.43%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 34.63 million
Subordinated debt N.A.
All other liabilities $ 16.71 million
      Total Liabilities $ 1,425.10 million
      Shareholders’ Equity $ 166.13 million

Summary Income Statement

June 30, 2021
Total Interest Income $ 42.39 million
Total Interest Expense $ 3.15 million
Net interest income $ 39.24 million
Provision for loan and lease losses $ 3.05 million
Total non interest income $ 7.66 million
Total non interest expense $ 20.81 million
Pre-tax Net Operating Income $ 23.04 million

Bank Loan Profile?

The top three loan types in Western State Bank’s loan portfolio are Commercial and Industrial Loans, Commercial Real Estate, and 1-4 Family Residential Loans.

Compared to other banks in North Dakota, Western State Bank has a significantly higher percent of Construction and Development Loans, Commercial and Industrial 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.

Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 9.72
Credit Card Loans 0.00
Consumer Auto Loans 0.37
Small Business Loans 8.10
Construction and Development Loans 8.17
Commercial Real Estate 20.16
Commercial and Industrial Loans 52.71
Farm Loans 1.60

Frequently Asked Questions About Western State Bank

Branches and Savings

Is Western State Bank FDIC insured?

Yes. It is covered under FDIC Certificate #9123.

Why does Western State Bank pay such low interest on savings accounts?

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

Why are Western State Bank CD rates not competitive?

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

Is Western State Bank a commercial bank?


Where are Western State Bank locations?

See branch locations nearby.

Is Western State Bank open on Saturdays?

Is Western State Bank open on Sundays?

What time does Western State Bank open?

What time does Western State Bank close?

Are Western State Bank ATMs Open 24/7?

Do Western State Bank ATMs accept cash deposits?

Can Western State Bank customers use other ATMs?

Do Western State Bank branches have notaries?

Will Western State Bank notarize my document?

What address for Western State Bank should I put for incoming ACH transfers?

Will the Western State Bank branch print checks?

Do Western State Bank checks expire?

Does Western State Bank require US citizenship to open account?

Can Western State Bank close my account?

Does Western State Bank Report to credit bureaus?

Does Western State Bank Use Equifax?

What is Western State Bank's ACH Routing Number?

What is Western State Bank's SWIFT code?


Does Western State Bank offer mortgages?

Compare mortgage rates here.

Does Western State Bank offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Western State Bank offer personal loans?

Compare personal loan rates here.

Does Western State Bank offer student loans?

Will Western State Bank cash a check?

Will Western State Bank redeem a savings bond?

Does Western State Bank cash savings bonds?

Will Western State Bank cash money orders?

Can Western State Bank issue a money order?

Does Western State Bank do currency exchange?

Background on The Bank

Who owns Western State Bank?

How long has Western State Bank been around?

Can Western State Bank transfer to other banks?

Does Western State Bank have quick pay?

Does Western State Bank accept rolled coins?

Will Western State Bank accept loose change?

Where is Western State Bank headquarters?

Customer Reviews for Western State Bank (8)

  • November 12, 2020 | | Replies 1

    Rate has remained competitive and they are easy to work with.

    | Oct 16, 2021

    What an idiot name.

  • February 22, 2020 |

    I have had an account with WSB for a couple of years. They have terrific customer service and good yield on moneymarket.
    I do recommend WESTERN STATE BANK ( and, no, I do not work there!! )

  • December 20, 2019 |

    great customer service good rate

  • September 17, 2019 |

    great customer service 2.25% current online high yield account rates dropped from 2.50 thanks to trump

  • August 13, 2019 |

    I filled out the application 10 days ago answering all questions and sent a file with a copy of my drivers license to Western Bank. I received an email saying that a banker would call me within one business day. I have yet to ever hear from them. Very unprofessional way of doing business.

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