Applications / Mortgage Analytics / Lenders / Minnesota / The Bank of Elk River
Elk River, MN · State non-member bank · FDIC · $718 million assets · 95 loans in 2025
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95
loans originated, 2025
117
applications, 2025
2
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
The Bank of Elk River, a Minnesota bank, nearly doubled its lending in 2025 and makes bigger loans than most similar banks.
It made 95 loans, up 94% from 49, faster growth than at almost all similar lenders (state non-member banks making between half and twice as many loans). Similar lenders grew 9%, and the whole market 10%. The rebound returns it close to the 104 loans of 2022 rather than to new ground.
Its typical loan was $285,000, against $175,000 at similar lenders, larger than at more than four in five of them. Jumbo loans, those larger than the conforming limit, took 10.4%, against 1.6%. Purchases made up 62.1% of its lending.
Its largest market is Minneapolis-St. Paul-Bloomington, where it has lent since at least 1990 and ranks 120 of 688; Bell Bank leads. It has also lent in Cape Coral-Fort Myers since 2023 and in Homosassa Springs since 2025, both in Florida.
Low- and moderate-income (LMI) borrowers took 33.8% of its loans, against 27.3% at similar lenders, a higher share than at more than two-thirds of them. LMI neighborhoods took 22.1%, against 18.3%, a little above the middle.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted.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. The Bank of Elk River took 117 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 62.1% · Refinance 24.2% · Other 8.4% · Home improvement 5.3%
Conventional 100.0% · of 95 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 | 93 | 97.9% |
| Florida | 2 | 2.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 83 |
| St. Cloud | 2 |
| Cape Coral-Fort Myers | 1 |
| Homosassa Springs | 1 |
| Rochester | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300M5DZ6P9KNT7H33 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 10250 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 31607 | 1990–2017 |
Established 1 January 1885. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: The Bank of Elk River's data.
The Bank of Elk River's data
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