FM Bank
Waseca, Minnesota, Waseca County
$738M in total assets, the 1,350th largest of 4,309 US banks and 31st of 225 headquartered in Minnesota.
- FDIC certificate
- 10998
- Established
- 1878
- Owned by
- Independent Bancshares Inc
- Primary regulator
- FDIC
- Website
- mybankfm.com
At a glance
Compared with 150 banks headquartered in Minnesota with $100 million to $1 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $738M | 92% | $277M | |
| Loans | $495M | 90% | $181M | |
| Deposits | $636M | 92% | $243M | |
| Return on assets | 1.26% | 51% | 1.23% | |
| Net interest margin | 3.39% | 15% | 4.00% | |
| Efficiency ratio | 52.4% | 18% | 61.1% | |
| Equity to assets | 7.93% | 18% | 9.59% | |
| Loans to deposits | 78% | 41% | 83% |
Growth
Total assets grew 8.7% a year over the last 5 years and 14.9% a year over 10 years, including 3 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Mar 2023 | State Bank of Wheaton Wheaton, MN, an affiliate under the same holding company | $122M |
| Jun 2021 | Security State Bank of Fergus Falls Fergus Falls, MN, an affiliate under the same holding company | $157M |
| Jun 2021 | F & M Bank Minnesota Clarkfield, MN, an affiliate under the same holding company | $157M |
Where they operate
6 branches in 5 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Yellow Medicine County, MN | $233M | 36.2% | 2 of 4 |
| Otter Tail County, MN | $212M | 10.4% | 4 of 18 |
| Renville County, MN | $96M | 20.7% | 2 of 9 |
| Traverse County, MN | $79M | 55.0% | 1 of 3 |
| Waseca County, MN | $16M | 3.2% | 6 of 6 |
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 5 branches since 2016 (1 to 6, +500.0%). 1 opened, 4 acquired, 0 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 1 | |||
| 2021 | Acquired Security State Bank of Fergus Falls and F & M Bank Minnesota | 3 | 0 | +3 | 4 |
| 2023 | Acquired State Bank of WheatonOpened Granite Falls | 2 | 0 | +2 | 6 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Agricultural | 32% | 7% | |
| Farmland | 26% | 10% | |
| 1-4 family residential | 13% | 28% | |
| Commercial real estate | 10% | 25% | |
| Business (C&I) | 7% | 15% | |
| Construction and land | 6% | 5% | |
| Multifamily | 3% | 4% | |
| Consumer | 1% | 4% | |
| Other | 3% | 1% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 63% | 49% | |
| Time deposits | 22% | 30% | |
| Noninterest-bearing | 15% | 21% |
Brokered deposits are 0.0% of deposits (peers 3.6%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.00% | 0.48% |
| Net charge-offs, annualized | -0.00% | 0.00% |
| Reserves to loans | 0.59% | 1.21% |
| Leverage ratio | 7.66% | 10.08% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Minnesota
Largest competitors in Yellow Medicine 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/fm-bank-waseca-mn