Bank Midwest
Spirit Lake, Iowa, Dickinson County
$1.3B in total assets, the 840th largest of 4,309 US banks and 21st of 227 headquartered in Iowa.
- FDIC certificate
- 5170
- Established
- 1887
- Owned by
- Goodenow Bcorp
- Primary regulator
- FED
- Website
- bankmidwest.com
At a glance
Compared with 26 banks headquartered in Iowa with $1 billion to $10 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $1.3B | 23% | $1.8B | |
| Loans | $1.0B | 19% | $1.3B | |
| Deposits | $1.1B | 23% | $1.5B | |
| Return on assets | 0.98% | 15% | 1.29% | |
| Net interest margin | 3.99% | 92% | 3.49% | |
| Efficiency ratio | 61.8% | 88% | 51.5% | |
| Equity to assets | 9.88% | 42% | 10.33% | |
| Loans to deposits | 91% | 54% | 90% |
Growth
Total assets grew 3.0% a year over the last 5 years and 5.5% a year over 10 years, without acquisitions.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Jun 2011 | Farmers State Bank of Sherburn Sherburn, MN | $30M |
| Oct 2000 | Bank Midwest of Cottonwood County Windom, MN, an affiliate under the same holding company | $76M |
| Jun 1997 | Bank Midwest, Minnesota Iowa, National Association Okoboji, IA, an affiliate under the same holding company | $85M |
| Jan 1991 | Bank Midwest, Minnesota Iowa, National Association Fairmont, MN | $46M |
Where they operate
11 branches in 8 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Dickinson County, IA | $313M | 23.4% | 2 of 8 |
| Cottonwood County, MN | $223M | 49.8% | 1 of 5 |
| Martin County, MN | $204M | 19.6% | 2 of 12 |
| Jackson County, MN | $133M | 43.1% | 1 of 6 |
| Brown County, MN | $102M | 10.5% | 4 of 10 |
| Minnehaha County, SD | $60M | 0.0% | 20 of 26 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 1 branch since 2016 (10 to 11, +10.0%). 1 opened, 0 acquired, 0 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 10 | |||
| 2016 | Opened Sioux Falls | 1 | 0 | +1 | 11 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Business (C&I) | 27% | 13% | |
| Commercial real estate | 20% | 22% | |
| Multifamily | 11% | 11% | |
| Farmland | 11% | 12% | |
| Agricultural | 10% | 9% | |
| 1-4 family residential | 9% | 21% | |
| Construction and land | 7% | 8% | |
| Consumer | 3% | 1% | |
| Other | 1% | 2% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 55% | 58% | |
| Time deposits | 31% | 27% | |
| Noninterest-bearing | 14% | 15% |
Brokered deposits are 7.8% of deposits (peers 4.7%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.42% | 0.28% |
| Net charge-offs, annualized | 0.25% | 0.01% |
| Reserves to loans | 1.29% | 1.19% |
| Leverage ratio | 10.16% | 10.28% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Iowa
Largest competitors in Dickinson County, IA
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/banks/bank-midwest-spirit-lake-ia