Question 1

What is Rolette State Bank?

Accepted Answer

Rolette State Bank is a small, community-focused financial institution serving the agricultural and business needs of Rolette, North Dakota and the surrounding region. With approximately $48 million in assets and a single office location, the bank specializes in agricultural banking while offering comprehensive financial services to individuals, businesses, and farming operations. The bank is state-chartered, FDIC-insured, and operates as an S-Corporation.

As a locally owned and operated community bank, Rolette State Bank has maintained its commitment to personalized service and supporting the local economy for nearly a century.

Question 2

When was Rolette State Bank founded?

Accepted Answer

Rolette State Bank was established on January 1, 1928, receiving its state charter to operate as a commercial bank in North Dakota. The bank opened its doors during a period of agricultural growth in the northern plains states.

The bank received FDIC insurance on January 1, 1934, shortly after the creation of the Federal Deposit Insurance Corporation during the Great Depression. For nearly 97 years, Rolette State Bank has served the farming and business communities of Rolette County, adapting to changing economic conditions while maintaining its local focus.

Question 3

Where is Rolette State Bank headquartered?

Accepted Answer

Rolette State Bank is headquartered in Rolette, North Dakota, a small community in Rolette County near the Canadian border. The bank's main office is located at 209 Main Street, where it serves as a vital financial resource for this rural agricultural region.

Question 4

Where does Rolette State Bank operate?

Accepted Answer

Rolette State Bank operates from a single office location in Rolette, North Dakota, serving the town and surrounding rural areas of Rolette County. The bank's market is not classified within a metropolitan Core Based Statistical Area, reflecting its truly rural character in north-central North Dakota.

The bank serves farmers, agricultural businesses, and residents throughout the region, providing essential banking services to an area with strong agricultural traditions and limited financial institution presence.

Question 5

What services does Rolette State Bank offer?

Accepted Answer

Rolette State Bank provides a comprehensive array of banking products designed to meet the diverse needs of its agricultural and small-town customer base:

Personal Banking: Personal checking accounts, passbook savings accounts, certificates of deposit with competitive rates and terms from 7 days to 5 years, and individual retirement accounts (IRAs) with terms from 12 months to 5 years.

Agricultural Banking: The bank specializes in agricultural lending, offering operating loans, farm real estate loans, and equipment financing tailored specifically to farming operations. This agricultural specialization reflects the bank's deep expertise in serving the farming community.

Business Banking: Business checking accounts, commercial loans, operating loans, construction financing, commercial real estate loans, and aircraft loans. The bank also provides letters of credit and Bank of North Dakota partnership loans.

Digital Services: Online banking available 24/7 for account balance inquiries, statement viewing, fund transfers, loan information, loan payments, and data export to personal accounting software.

Additional Services: ATM cards providing access to the bank's ATM at Town and Country Arco in Rolette and thousands of ATMs worldwide, safe deposit boxes in three sizes, night depository service for 24/7 deposits, wire transfer services, direct deposit, and fraud protection through Falcon Fraud monitoring.

Insurance Services: Additional insurance options through partnerships, with Allstate Insurance and Investment Centers of America sharing the bank's address.

Question 6

What makes Rolette State Bank unique?

Accepted Answer

Rolette State Bank stands out for its exceptional financial performance and unwavering commitment to its small rural community. The bank demonstrates remarkable profitability with a return on assets of 2.30% and an impressive return on equity of 22.75%, placing it among the top-performing community banks nationally.

Operating from a single location with only 10 employees, the bank has maintained its agricultural specialization designation from the FDIC, reflecting its deep expertise in farm lending and its critical role in supporting the local agricultural economy. This focused approach allows the bank to provide highly specialized service to farmers who represent the backbone of the region's economy.

As an S-Corporation owned locally, Rolette State Bank ensures that all decisions are made by people who live and work in the community. The bank's specialized aircraft financing program is particularly distinctive for a bank of its size, offering financing for everything from single-engine airplanes to high-performance TurboProp aircraft, serving the unique needs of agricultural aviation and regional transportation.

Despite its small size, the bank offers sophisticated digital banking services and comprehensive fraud protection, demonstrating that community banks can combine personalized service with modern technology.

Question 7

What type of financial institution is Rolette State Bank?

Accepted Answer

Rolette State Bank is a State Commercial Bank with agricultural specialization. It operates under a state charter, is a non-member of the Federal Reserve System, supervised by the FDIC, and structured as an S-Corporation.

This structure provides the bank with flexibility in serving local agricultural market needs while maintaining FDIC insurance protection and compliance with state banking regulations. The S-Corporation status offers tax advantages that can benefit both the bank and its local shareholders.

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