Frandsen Bank & Trust
Lonsdale, Minnesota, Rice County
$3.7B in total assets, the 367th largest of 4,309 US banks and 3rd of 225 headquartered in Minnesota.
- FDIC certificate
- 1399
- Established
- 1901
- Owned by
- Frandsen Financial Corp
- Primary regulator
- FED
- Website
- frandsenbank.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 | $3.7B | 94% | $1.5B | |
| Loans | $2.5B | 88% | $929M | |
| Deposits | $3.1B | 94% | $1.2B | |
| Return on assets | 1.65% | 69% | 1.24% | |
| Net interest margin | 4.21% | 81% | 3.65% | |
| Efficiency ratio | 54.1% | 50% | 55.3% | |
| Equity to assets | 11.80% | 69% | 9.86% | |
| Loans to deposits | 81% | 38% | 84% |
Growth
Total assets grew 6.9% a year over the last 5 years and 8.8% a year over 10 years, including 4 acquisitions in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Oct 2022 | Bank of Zumbrota Zumbrota, MN, an affiliate under the same holding company | $202M |
| Sep 2022 | Pine Island Bank Pine Island, MN, an affiliate under the same holding company | $157M |
| Oct 2020 | Peoples Bank Midwest Hayward, WI, an affiliate under the same holding company | $459M |
| Oct 2016 | Provincial Bank Lakeville, MN, an affiliate under the same holding company | $89M |
| Oct 2013 | Clinton State Bank Clinton, MN, an affiliate under the same holding company | $68M |
| Mar 2012 | State Bank of Bird Island Bird Island, MN, an affiliate under the same holding company | $45M |
| Aug 2011 | Queen City Federal Savings Bank Virginia, MN, an affiliate under the same holding company | $242M |
| Mar 2011 | Rural American Bank - Braham Braham, MN, an affiliate under the same holding company | $109M |
| Mar 2011 | Rural American Bank - Luck Luck, WI, an affiliate under the same holding company | $55M |
| May 2010 | Valley Bank Waterville, MN, an affiliate under the same holding company | $249M |
| Oct 2009 | Community Bank of the Red River Valley East Grand Forks, MN, an affiliate under the same holding company | $282M |
| Oct 2009 | Northern National Bank Nisswa, MN, an affiliate under the same holding company | $106M |
| Aug 2008 | First National Bank of Montgomery Montgomery, MN, an affiliate under the same holding company | $66M |
| Mar 2006 | Rural American Bank - Foley Foley, MN, an affiliate under the same holding company | $73M |
| Apr 2005 | Valley Bank Dundas Dundas, MN, an affiliate under the same holding company | $27M |
| Nov 2004 | Rural American Bank-Montgomery/Lonsdale Lonsdale, MN, an affiliate under the same holding company | $73M |
Where they operate
40 branches in 27 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| St. Louis County, MN | $270M | 5.3% | 6 of 19 |
| Goodhue County, MN | $257M | 17.7% | 3 of 12 |
| Nicollet County, MN | $214M | 27.7% | 2 of 6 |
| Sawyer County, WI | $203M | 31.0% | 1 of 5 |
| Rice County, MN | $169M | 9.6% | 6 of 10 |
| Washington County, MN | $154M | 2.2% | 13 of 24 |
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 6 branches since 2016 (34 to 40, +17.6%). 5 opened, 9 acquired, 8 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 34 | |||
| 2016 | Acquired Provincial Bank | 3 | 0 | +3 | 37 |
| 2017 | Opened Duluth | 1 | 0 | +1 | 38 |
| 2018 | Closed Grand Forks and Hastings | 0 | 2 | −2 | 36 |
| 2019 | Opened DuluthClosed Duluth | 1 | 1 | 0 | 36 |
| 2020 | Acquired Peoples Bank Midwest | 3 | 0 | +3 | 39 |
| 2021 | Closed New Ulm | 0 | 1 | −1 | 38 |
| 2022 | Acquired Bank of Zumbrota and Pine Island BankOpened Hermantown | 4 | 0 | +4 | 42 |
| 2024 | Opened SuperiorClosed 4 in Minnesota | 1 | 4 | −3 | 39 |
| 2026 through Q2 | Opened Milbank | 1 | 0 | +1 | 40 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 30% | 22% | |
| Commercial real estate | 25% | 32% | |
| Business (C&I) | 12% | 17% | |
| Farmland | 8% | 3% | |
| Multifamily | 7% | 10% | |
| Construction and land | 7% | 7% | |
| Agricultural | 6% | 2% | |
| Consumer | 3% | 2% | |
| Other | 2% | 5% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 54% | 52% | |
| Noninterest-bearing | 24% | 21% | |
| Time deposits | 22% | 27% |
Brokered deposits are 0.0% of deposits (peers 9.1%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.71% | 0.52% |
| Net charge-offs, annualized | 0.11% | 0.04% |
| Reserves to loans | 1.31% | 1.20% |
| Leverage ratio | 10.02% | 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/frandsen