Farmers State Bank of Hoffman, Financial Information

AboutFarmers State Bank of Hoffman

 Address:
103 Main Ave W
Hoffman,MN
Grant County,Minnesota
 Established:
Mar 1911
 Number of domestic offices:
1
Agriculture bank
Total assets$33M
Net income$0M
Net income,quarterly$0M
Total deposits$27M
Domestic deposits$27M
Equity capital$4M
ROA1.0%
ROAQ,quarterly0.79%
ROA,pretax0.79%
ROAQ,quarterly,pretax0.79%
ROE7.54%
ROEQ,quarterly5.9%
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.

The Farmers State Bank was incorporated on March 21, 1911 and was located in the L.P. Anderson building. P.O. Unumb was the first president, Charles B. Kloos as vice-president and Frank Buscher was cashier. G.A. Lofgren was hired as cashier in 1914. In 1915 a new bank building was built between Breen’s General Store and Helland’s Store. The Helland’s Store had to be moved five feet east to make room for the new bank. This building is part of the present Farmers State Bank building.

In 1972 the bank purchased the vacant Brigg’s Café building next door and in 1973 construction began on an addition to the bank. In November of 1974 a grand opening was held to celebrate the construction and extensive remodeling of the bank. In 1982 a drive up teller window was added to the bank.

Farmers State Bank is the chartered independent bank that has served the Hoffman community since 1911. The bank remains a small, independent bank committed to serving the needs of community.

Farmers State Bank of Hoffman
103 Main Avenue, P.O. Box 245, Hoffman, MN 56339
Phone: (320)986-2026 or (800)431-0789
Fax: (320)986-2444