Woodland Bank, Financial Information

About Woodland Bank

 Address:
217 Main Avenue East
Deer River, MN
Itasca County, Minnesota
 Established:
Jan 1920
 Number of domestic offices:
5
Total assets$121M
Net income$1M
Net income, quarterly$0M
Total deposits$100M
Domestic deposits$100M
Equity capital$12M
ROA0.83%
ROAQ, quarterly0.69%
ROA, pretax0.69%
ROAQ, quarterly, pretax0.86%
ROE7.91%
ROEQ, quarterly6.71%
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.

Woodland Bank is a family owned bank that traces its roots back to the logging boom days in Northern Minnesota. The bank was chartered in 1920 as Shovel Lake State Bank by Fred Blais to serve the needs of his logging camp and area community of Shovel Lake Minnesota.

The bank began their branching era in 1978 with the first branch in Longville, Minnesota. In 1991, current President Brian Nicklason returned home to assist his ailing father. In 1993 Security State Bank changed its name to Woodland Bank to reflect its logging history and branch strategy.

In 1993 Woodland Bank opened an office in Cohasset, Minnesota. It continued its branching strategy with a branch in Hill City, Minnesota and subsequently in Jenkins and Deer River. A Loan Production Office was added in Grand Rapids in 2009.

In 2012 Woodland Bank agreed to sell the Remer, Longville and Jenkins offices to the First National Bank of Walker. Woodland Bank will now center its focus on the Itasca County area of Minnesota. It remains committed to serving the needs of its communities and the vibrant economy in the Grand Rapids, Minnesota market.

Cohasset, Minnesota
Address
PO Box 368
55 East Highway 2
Cohasset, MN 55721
Phone: 218-328-5432
Fax: 218-328-6649

Hill City, Minnesota
Address
PO Box 250
675 Highway 169 S
Hill City, MN 55748
Phone: 218-697-8116
Fax: 218-697-8178

Deer River, Minnesota
Address
217 Main Avenue East
PO Box 100
Deer River, MN 56636
Phone: 218-246-2444
Fax: 218-246-9270