Park State Bank
Duluth, Minnesota, St. Louis County
$1.5B in total assets, the 761st largest of 4,309 US banks and 10th of 225 headquartered in Minnesota.
- FDIC certificate
- 8851
- Established
- 1916
- Owned by
- Park Financial Group Inc
- Primary regulator
- FDIC
- Website
- www.parkstatebank.com
At a glance
Compared with 16 banks headquartered in Minnesota 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 | $1.5B | 50% | $1.5B | |
| Loans | $903M | 44% | $984M | |
| Deposits | $1.2B | 44% | $1.3B | |
| Return on assets | 1.44% | 62% | 1.24% | |
| Net interest margin | 3.35% | 38% | 3.72% | |
| Efficiency ratio | 48.6% | 6% | 55.4% | |
| Equity to assets | 9.83% | 44% | 10.70% | |
| Loans to deposits | 75% | 31% | 84% |
Growth
Total assets grew 6.8% a year over the last 5 years and 43.9% a year over 10 years, including 4 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Dec 2025 | First National Bank Chisholm, MN | $79M |
| May 2021 | American Bank of the North Nashwauk, MN, an affiliate under the same holding company | $672M |
| May 2021 | The Lake Bank Two Harbors, MN, an affiliate under the same holding company | $162M |
| Apr 2018 | The Pioneer National Bank of Duluth Duluth, MN | $82M |
Where they operate
18 branches in 4 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| St. Louis County, MN | $787M | 15.5% | 3 of 19 |
| Itasca County, MN | $181M | 17.7% | 2 of 9 |
| Lake County, MN | $133M | 69.7% | 1 of 2 |
| Hennepin County, MN | $105M | 0.1% | 37 of 68 |
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 16 branches since 2016 (2 to 18, +800.0%). 2 opened, 19 acquired, 5 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 2 | |||
| 2018 | Acquired The Pioneer National Bank of Duluth | 3 | 0 | +3 | 5 |
| 2020 | Opened MinneapolisClosed Minneapolis | 1 | 1 | 0 | 5 |
| 2021 | Acquired American Bank of the North and The Lake Bank | 14 | 0 | +14 | 19 |
| 2022 | Closed Two Harbors | 0 | 1 | −1 | 18 |
| 2023 | Closed Calumet and Duluth | 0 | 2 | −2 | 16 |
| 2024 | Opened Hermantown | 1 | 0 | +1 | 17 |
| 2025 | Acquired First National BankClosed Nashwauk | 2 | 1 | +1 | 18 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 36% | 22% | |
| Commercial real estate | 27% | 32% | |
| Business (C&I) | 22% | 16% | |
| Construction and land | 7% | 7% | |
| Multifamily | 4% | 10% | |
| Consumer | 2% | 2% | |
| Farmland | 0% | 3% | |
| Agricultural | 0% | 3% | |
| Other | 4% | 5% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 44% | 53% | |
| Time deposits | 38% | 26% | |
| Noninterest-bearing | 17% | 21% |
Brokered deposits are 18.8% of deposits (peers 8.0%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.92% | 0.52% |
| Net charge-offs, annualized | 0.55% | 0.04% |
| Reserves to loans | 1.05% | 1.23% |
| Leverage ratio | 9.89% | 10.52% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Minnesota
Largest competitors in St. Louis County, MN
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/park-state-bank-duluth-mn