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Western State Bank, Financial Information

About Western State Bank

 Address:
110 Fourth Street Se
Devils Lake, ND
Ramsey County, North Dakota
 Established:
Oct 1902
 Number of domestic offices:
9
Total assets$1,527M
Net income$21M
Net income, quarterly$6M
Total deposits$1,282M
Domestic deposits$1,282M
Equity capital$151M
ROA1.47%
ROAQ, quarterly1.72%
ROA, pretax1.72%
ROAQ, quarterly, pretax2.21%
ROE14.49%
ROEQ, quarterly17.18%
UpdatedMay 20, 2021

Terms and Definitions

  • Domestic deposits
    The sum of all domestic deposits, including demand deposits, money market deposits and time deposits.
  • Equity capital
    Total equity capital (includes preferred and common stock, surplus and undivided profits).
  • ROA
    Return on assets, net income after taxes and extraordinary items (annualized) as a percent of average total assets.
  • ROE
    Return on equity, annualized net income as a percent of average equity on a consolidated basis.

Western State Bank acquired the State Bank of Towner in October 1994 and in June 1997, the State Bank of Towner and Western State Bank merged, totaling assets of $124 million.

Western Equipment Finance, a subsidiary of Western State Bank, began financing commercial equipment nationwide in 1990. The company is headquartered in Devils Lake and currently has over $165 million in equipment finance transactions outstanding.

In January 2008, Western State Bank established a Loan Production Office in Chandler, Arizona, and in April 2009 was converted into a full service banking facility. Western introduced community banking values to meet the financial needs of the businesses and residents in the growing Chandler and the East Valley communities.

In June 2012, Western acquired a bank in Casa Grande, Arizona, establishing the second Arizona location. In May 2013, Western experienced additional growth in the Arizona market when a bank was acquired in Scottsdale, Arizona. Full-service community banking is delivered to customers as the bank continues to grow.

Today the Western State Bank Board of Directors consists of Ray Horne, Brian Houkom, Gary Lochow, Todd Heilman, Brad Jacobson, Brett Johnston, Steve Daley, Jim Cullumber, Laurie Bakke and Andy Strand.

Historical Data