FNB recognized as one of the best in Minnesota
News | Published on May 23, 2023 at 3:25pm EDT | Author: henningmaster
0Local bank named as one of strongest mid-size banks in the state
By Chad Koenen
Publisher
One doesn’t have to travel far in Otter Tail County without seeing a project or sign that was touched by First National Bank of Henning, Ottertail and Battle Lake. After all, the bank has been dubbed the Community Bank of Otter Tail County, and that is for a good reason. The bank remains an integral part of the growth in the communities, people and businesses throughout Otter Tail County.
Recently, First National Bank of Henning received statewide recognition for its excellence in banking by being ranked as the fourth strongest mid-size bank in the state by the Minneapolis/St. Paul Business Journal.
First National Bank of Henning, Ottertail and Battle Lake CEO/Chairman Jim Espeland said he didn’t even know First National Bank of Henning was being considered for the honor—let alone as the fourth strongest bank in the state, until he saw the article in the Minneapolis/St. Paul Business Journal and began getting congratulatory emails and text messages from people from across the state.
“I saw it and all of a sudden I started getting emails and texts from people across the state congratulating us,” he said.
The the Minneapolis/St. Paul Business Journal used metrics like problem-loan ratio, Texas ratio, core-capital ratio, loan-to-deposit ratio, estimated percentage of insured deposits, equity capital and income.
The study determined the top ranked mid-size bank in the state was Liberty Bank Minnesota which is based in St. Cloud, while North Star Bank in Roseville was second and Wanda Bank in southwestern Minnesota was ranked third.
According to the study, First National Bank of Henning boasts strong numbers across the board in the study with a core-capital ratio of 10.6 percent and a loan-to-deposit ratio of 74 percent.
“It’s great for the public to realize banks like ours are safe and sound,” said Espeland.
He said the recognition is a boost for both the staff members at First National Bank of Henning, Ottertail and Battle Lake and the public.
“It’s great for our team, our staff, our people to realize they are making a difference,” said Espeland.
After all, Espeland said when the communities and customers at First National Bank of Henning, Ottertail and Battle Lake do well, the bank also does well.
“What it reflects is how strong our staff is to meet he needs of the communities and customers,” said Espeland. “When the communities and customers are doing well, First National Bank is doing well.”