Applications / Mortgage Analytics / Lenders / Minnesota / Frandsen Bank & Trust
Lonsdale, MN · State member bank · FRS · $3.7 billion assets · 1,178 loans in 2025
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1,178
loans originated, 2025
1,533
applications, 2025
9
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Frandsen Bank & Trust is a Minnesota bank making almost only conventional loans that grew 11% in 2025 and ranked 6 of 318 lenders in Duluth.
Originations rose 11% to 1,178 from 1,065, against 7% for the typical similar lender (state member banks making between half and twice as many loans) and 10% for the whole market. They remain well below the 2,262 of 2020.
It ranked 6 of 318 lenders in Duluth, where it has lent since before 1990; its share eased to 3.3% from 3.5%, with North Shore Bank of Commerce first. Other lenders growing faster there is one possible reason. In Rochester, MN its share rose to 1.1% from 0.7%, and it ranked 17 of 536 in non-metro Minnesota.
Conventional loans were 99.2% of its lending; it made no loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. Home purchases were 59.0%, home improvement 18.9% and other purposes 9.6%. Its purchase denial rate, 4.0%, was lower than peers' 7.1%.
Low- and moderate-income areas took 11.4% of its loans, against 15.5% at peers, lower than about six in seven of them, and majority-minority areas 2.5%, against 7.0%. Its share of low- and moderate-income borrowers, 28.6%, was near peers' 27.1%. Its largest markets are in Minnesota and Wisconsin, and the make-up of those areas is one possible reason.
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, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Frandsen Bank & Trust took 1,533 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 59.0% · Home improvement 18.9% · Refinance 12.5% · Other 9.6%
Conventional 99.2% · USDA (RHS or FSA) 0.8% · of 1,178 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 | 958 | 81.3% |
| Wisconsin | 154 | 13.1% |
| North Dakota | 40 | 3.4% |
| Florida | 12 | 1.0% |
| South Dakota | 7 | 0.6% |
| California | 2 | 0.2% |
| Colorado | 2 | 0.2% |
| Iowa | 2 | 0.2% |
| Arizona | 1 | 0.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 266 |
| Duluth | 202 |
| Rochester | 69 |
| Grand Forks | 65 |
| Mankato | 41 |
| Eau Claire | 27 |
| St. Cloud | 22 |
| Milwaukee-Waukesha | 6 |
| Fargo | 4 |
| Tampa | 3 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300ZZZUYWXK72JD21 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 751656 | 2006–2023 |
| Respondent ID (the HMDA filer code before 2018) | 31399 | 2006–2014 |
| Respondent ID (the HMDA filer code before 2018) | 2751656 | 2015–2017 |
Established 1 August 1901. Reported under HMDA 2006-2025.
Mergers, name changes, data editions and corrections: Frandsen Bank & Trust's data.
Frandsen Bank & Trust's data
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