Refinancing first
Refinances made up 69.8% of its loans and home purchases the other 30.2%. It made no home-improvement or other-purpose loans, and every loan was conventional.
Applications / Mortgage Analytics / Lenders / Minnesota / Heritage Bank Minnesota
Heritage Bank Minnesota
West Concord, MN · State non-member bank · FDIC · $118 million assets · 53 loans in 2025
Heritage Bank Minnesota's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
53
loans originated, 2025
53
applications, 2025
2
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Heritage Bank Minnesota, a small bank in rural Minnesota, is chiefly a refinance lender: seven in ten of its 53 loans in 2025 refinanced an existing mortgage.
A busier year
Its loans rose 23%, to 53 from 43, while similar lenders (state non-member banks making between half and twice as many loans) grew 5% and the whole market 10%. About seven in ten peers grew more slowly. It made 71 loans in 2019, and filed no report for 2018 or for 2020 to 2022; those are gaps in the record, not years without lending.
A rural footprint
Its largest market is non-metro Minnesota, where it ranks 100 of 536 lenders and United Wholesale Mortgage leads. It has lent there since 2004, its first year of reporting. Near Rochester it holds 0.1% of mortgage dollars, unchanged from a year earlier.
Close to its peers
Its typical loan was $195,000, against $165,000 for similar lenders, and 30.0% of its borrowers had low or moderate incomes, against 26.9%. Both put it near the middle of its peers. The bank was known as Farmers State Bank of West Concord until 2018.
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, 2019–2025
53 loans in 2025, against a peak of 71 in 2019.
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted.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. Heritage Bank Minnesota took 53 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
69.8% of its 2025 loans were refinance loans; all were conventional loans.
Refinance 69.8% · Purchase 30.2%
Conventional 100.0% · of 53 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
2 states, 2 metros, 15 counties
| State | Loans | Share |
|---|---|---|
| Minnesota | 50 | 94.3% |
| Wisconsin | 3 | 5.7% |
Largest metro areas, 2025
Loans originated
| Metro area | Loans |
|---|---|
| Rochester | 6 |
| Minneapolis-St. Paul-Bloomington | 5 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300TLO48M0X8Z5B67 | 2019–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 777254 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 2777254 | 2004–2013 |
| Respondent ID (the HMDA filer code before 2018) | 38865 | 2014–2016 |
Established 2 June 1930. Reported under HMDA 2004-2025.
Mergers, name changes, data editions and corrections: Heritage Bank Minnesota's data.
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