Applications / Mortgage Analytics / Lenders / Minnesota / The State Bank of Faribault
Faribault, MN · State non-member bank · FDIC · $316 million assets · 80 loans in 2025
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80
loans originated, 2025
83
applications, 2025
6
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
The State Bank of Faribault grew in line with its peers in 2025, but its 80 loans are far below the 290 of its first reported year, 2020, and they are larger than most similar banks make.
Loans rose 10%, near the middle of similar lenders (state non-member banks making between half and twice as many loans), whose typical growth was 9%. Its first reported year, 2020, had 290 loans, falling to 73 by 2023. Less refinancing than in its first years may explain much of the drop.
Its typical loan was $240,000, larger than about three in four peers, whose typical loan was $170,000, and up from $175,000 five years before. Its purchase-heavy mix and some lending in metros outside Minnesota, such as Phoenix and Cape Coral-Fort Myers, are possible reasons.
Loans in LMI (low- and moderate-income) areas rose to 21.2% from 13.7% a year earlier, a little above the middle of its peers. Only 1.2% were in majority-minority areas, lower than about seven in ten peers, which may reflect the rural Minnesota counties where much of it lends.
Purchase loans were 75.0% of its lending and refinancing 21.3%. It lent in 6 states and 7 metros, though non-metro Minnesota is its largest market, where it ranks 78 of 536.
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, 2020–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted.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. The State Bank of Faribault took 83 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 75.0% · Refinance 21.3% · Home improvement 2.5% · Other 1.3%
Conventional 100.0% · of 80 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 | 72 | 90.0% |
| Florida | 2 | 2.5% |
| North Dakota | 2 | 2.5% |
| South Dakota | 2 | 2.5% |
| Arizona | 1 | 1.2% |
| Oregon | 1 | 1.2% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 12 |
| Fargo | 2 |
| Cape Coral-Fort Myers | 1 |
| Duluth | 1 |
| Phoenix-Mesa-Chandler | 1 |
| Portland-Vancouver-Hillsboro | 1 |
| Tampa | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300VE85K2XTVRSG76 | 2020–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 46053 | 2022–2023 |
Established 14 November 1919. Reported under HMDA 2020-2025.
Mergers, name changes, data editions and corrections: The State Bank of Faribault's data.
The State Bank of Faribault's data
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