Applications / Mortgage Analytics / Lenders / Minnesota / Vermillion State Bank
Vermillion, MN · State non-member bank · FDIC · $931 million assets · 127 loans in 2025
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127
loans originated, 2025
129
applications, 2025
2
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Vermillion State Bank, a small Minnesota bank, makes most of its mortgages as refinances, and has lent around the Twin Cities since 1990.
Refinances make up 69.3% of its 127 loans and purchases the remaining 30.7%. Every loan is conventional. Its typical loan, $205,000, is a little bigger than the $175,000 of similar lenders, state non-member banks making between half and twice as many loans.
It made 127 loans in 2025, against 131 the year before, while similar lenders grew by 9%. In 2020 it made 467, its busiest year since 2018. Its loans have fallen every year since. Low- and moderate-income borrowers received 30.6% of its loans, close to the 27.9% at its peers.
It lends in two states, across two metros and nine counties. In Minneapolis-St. Paul-Bloomington, where it has lent since 1990, it ranks 144 of 688 lenders with 0.1% of the market, unchanged from 2024. It has lent in Mankato since 2012.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Vermillion State Bank took 129 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 69.3% · Purchase 30.7%
Conventional 100.0% · of 127 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 | 97 | 76.4% |
| Wisconsin | 6 | 4.7% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Minneapolis-St. Paul-Bloomington | 101 |
| Mankato | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 2549009GERLEDM651T51 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 208057 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 310214 | 1990–2017 |
Established 10 August 1918. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: Vermillion State Bank's data.
Vermillion State Bank's data
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Vermillion 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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