Applications / Mortgage Analytics / Lenders / Minnesota / First State Bank Southwest
Pipestone, MN · State member bank · FRS · $397 million assets · 125 loans in 2025
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125
loans originated, 2025
135
applications, 2025
4
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
First State Bank Southwest is a rural Minnesota lender that leans further toward low- and moderate-income borrowers than about three-quarters of similar banks, though its lending slipped in 2025 while similar banks grew.
It made 125 loans in 2025, down 3%, while similar lenders (state member banks making between half and twice as many loans) rose 8% and the whole market rose 10%. It has reported only since 2023, so there is no longer record to compare. A steady book may simply reflect slow-moving rural counties.
34.4% of its loans went to LMI (low- and moderate-income) borrowers, higher than about three-quarters of similar lenders, whose typical share is 27.1%. 20.8% were in LMI areas and 16.0% in majority-minority areas, both above the typical similar lender.
Its 18 counties span four states, from Sioux Falls, where it ranks 48 of 204 with 0.3% of the market, to Wausau and, since 2025, Duluth. It also makes a few loans guaranteed by the Department of Agriculture's Rural Housing Service (RHS), which most similar lenders make none of.
Questions the data can answer next
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2023–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. First State Bank Southwest took 135 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 80.0% · Refinance 13.6% · Home improvement 4.8% · Other 1.6%
Conventional 95.2% · USDA (RHS or FSA) 4.8% · of 125 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Minnesota | 96 | 76.8% |
| South Dakota | 18 | 14.4% |
| Iowa | 8 | 6.4% |
| Wisconsin | 3 | 2.4% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Sioux Falls | 22 |
| Minneapolis-St. Paul-Bloomington | 2 |
| Wausau | 2 |
| Duluth | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 254900QE8DMX9C02HU80 | 2023–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 823656 | 2023–2023 |
Established 1 January 1903. Reported under HMDA 2023-2025.
Mergers, name changes, data editions and corrections: First State Bank Southwest's data.
First State Bank Southwest's data
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First State Bank Southwest and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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Every mortgage application reported under HMDA from 1990 to 2025, cleaned and corrected, every lender followed across name changes and mergers, with the market-share and fair-lending tables behind these pages and the Jenner programs that built them: the warehouse and the datamart, as Parquet files.
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