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Grove Bank, Financial Information

AboutGrove Bank

 Address:
110 Atlantic Ave W
Grove City,MN
Meeker County,Minnesota
 Established:
Dec 1907
 Number of domestic offices:
1
Total assets$36M
Net income$0M
Net income,quarterly$0M
Total deposits$26M
Domestic deposits$26M
Equity capital$6M
ROA0.64%
ROAQ,quarterly0.77%
ROA,pretax0.77%
ROAQ,quarterly,pretax1.04%
ROE4.04%
ROEQ,quarterly4.98%
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.

First State Bank of Grove City was chartered under State of Minnesota law on December 7, 1907. Originally, 32 stockholders contributed a total of $15,000.00 for start up capital. In 1929, during difficult financial times, another bank in town, Farmers and Merchants State Bank, merged into First State Bank of Grove City.

During the agricultural crisis of the 1980s, the bank remained strong and continued to serve its customers while many other US banks failed. First State Bank of Grove City operated for many years in the middle of the block to the west from the present building location. The new facility was constructed in 1981 to better serve community.

Since the First State Bank of Grove City is locally owned and operated, the bank is able to promptly and personally provide the highest quality service to clients.

110 Atlantic Avenue West, PO Box 8
Grove City, MN 56243-0008
Telephone: 320-857-2521
Fax: 320-857-2577

Monday through Thursday
Lobby: 8:30 am - 3:00 pm
Drive up: 8:30 am - 4:00 pm
Friday
Lobby and Drive up: 8:30 am- 6:00 pm

Historical Data