Applications / Mortgage Analytics / Lenders / Minnesota / Park State Bank
Duluth, MN · State non-member bank · FDIC · $1.5 billion assets · 250 loans in 2025
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250
loans originated, 2025
354
applications, 2025
3
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Park State Bank, a Duluth home-purchase lender, lends more to modest earners than most similar banks.
Low- and moderate-income (LMI) borrowers took 37.4% of its loans, against 28.4% at similar lenders (state non-member banks making between half and twice as many loans), more than at about five in six of them. LMI neighborhoods took 15.2%, a little below the typical 17.6%.
It made 250 loans, up 6% from 235, while similar lenders grew 9% and the whole market 10%. Purchases were 75.2% of its loans. It filed no HMDA report for 2020 or 2022, so its record has gaps, not lean years.
In Duluth it ranks 20 of 318 lenders, and its share fell to 1.3% from 1.8%. North Shore Bank of Commerce leads. Filings of banks it merged with, including First National Bank in 2025, count in these figures. Shares are measured in dollars, so larger loans by rivals, or its spread across 33 counties in three states, may explain the fall.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. 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. Park State Bank took 354 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 75.2% · Refinance 15.2% · Home improvement 7.2% · Other 2.4%
Conventional 96.0% · FHA 2.0% · USDA (RHS or FSA) 2.0% · of 250 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 | 244 | 97.6% |
| Wisconsin | 5 | 2.0% |
| Florida | 1 | 0.4% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Duluth | 91 |
| Minneapolis-St. Paul-Bloomington | 40 |
| Rochester | 6 |
| St. Cloud | 3 |
| Fargo | 1 |
| North Port-Bradenton-Sarasota | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300YVBUEC0SGSZW55 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 286457 | 2018–2023 |
| Respondent ID (the HMDA filer code before 2018) | 38851 | 1990–1996 |
Established 28 June 1916. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: Park State Bank's data.
Park State Bank's data
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Park State Bank 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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