Question 1

What is Mid-Central National Bank?

Accepted Answer

Mid-Central National Bank is a community-focused national bank headquartered in Wadena, Minnesota, serving the north-central region of the state. With approximately $117 million in total assets and $96 million in deposits as of 2024, the bank operates three full-service branches throughout central Minnesota. Mid-Central National Bank is owned by Jiko Group, Inc., a California-based fintech bank holding company supervised by the U.S. Federal Reserve.

The bank specializes in residential real estate lending, consumer loans, and community banking services, with a strong emphasis on serving individuals of different income levels throughout its assessment area.

Question 2

When was Mid-Central National Bank founded?

Accepted Answer

Mid-Central National Bank was originally founded in 1957 as Mid-Central Federal Savings Bank, a federal savings and loan association. For over six decades, the institution operated as a traditional thrift institution serving the Wadena community and surrounding areas in Minnesota.

In September 2020, the bank underwent a significant transformation when it was acquired by Jiko Group, Inc. As part of this acquisition, the institution converted from a federal stock thrift to a national bank charter and changed its name from Mid-Central Federal Savings Bank to Mid-Central National Bank. The charter number also changed from 706149 to 25227, marking a new chapter in the institution's history while maintaining its commitment to community banking.

Question 3

Where is Mid-Central National Bank headquartered?

Accepted Answer

Mid-Central National Bank is headquartered in Wadena, Minnesota, located in Wadena County in the north-central part of the state. The main office is situated at 520 Jefferson Street South in downtown Wadena.

Question 4

Where does Mid-Central National Bank operate?

Accepted Answer

Mid-Central National Bank operates exclusively in Minnesota, with three full-service branch locations:
• Wadena (main office) - located in Wadena County within a moderate-income geography
• Staples - serving Todd County
• Long Prairie - serving Todd County

The bank's assessment area includes Todd County, Wadena County, and the eastern portion of Otter Tail County in Minnesota's non-metropolitan statistical areas. All three locations feature automated teller machines (ATMs) for customer convenience.

Question 5

What services does Mid-Central National Bank offer?

Accepted Answer

Mid-Central National Bank provides comprehensive banking services tailored to both personal and commercial customers:

Personal Banking:
• Checking and savings accounts
• Residential real estate loans and mortgages
• Home equity loans
• Consumer loans
• Automobile loans
• Certificates of deposit (CDs)
• Individual Retirement Account (IRA) funds

Commercial Banking:
• Commercial loans
• Commercial real estate financing
• Agricultural loans
• Commercial cash management services

Digital Services:
• Online banking platform
• Mobile banking
• Automated telephone banking services
• Bill payment services
• Loan and mortgage calculators

The bank also offers safe deposit boxes, debit cards, and ATM services. Mid-Central National Bank maintains a school savings program for students in grades three through six, demonstrating its commitment to financial education in the community.

Question 6

What makes Mid-Central National Bank unique?

Accepted Answer

Mid-Central National Bank stands out for several distinctive features:

Outstanding Community Reinvestment Act (CRA) Performance: The bank has earned "Outstanding" ratings from the Office of the Comptroller of the Currency (OCC) for its exceptional record of meeting community credit needs. The bank exhibits excellent geographic distribution of loans and demonstrates exceptional penetration among borrowers of different income levels, particularly low- and moderate-income individuals.

Fintech Integration: As the first community bank acquired by a fintech company (Jiko Group, Inc.) in 2020, Mid-Central represents a historic milestone in banking innovation. While maintaining its traditional community banking operations, the bank is now part of a broader fintech ecosystem that combines banking licenses with innovative financial technology.

Strong Local Presence: Operating for over 65 years in the same community with deep roots in north-central Minnesota, the bank maintains personal relationships with customers while providing modern banking conveniences.

High Loan-to-Deposit Ratio: With a loan-to-deposit ratio averaging 99%, Mid-Central demonstrates a strong commitment to lending within its community, well above many peer institutions in the region.

Question 7

What type of financial institution is Mid-Central National Bank?

Accepted Answer

Mid-Central National Bank is a National Bank chartered by the Office of the Comptroller of the Currency (OCC) and regulated as a national banking association.

The bank operates as a traditional community bank with a focus on residential lending and consumer banking services. Its asset composition reflects this orientation, with home mortgages comprising approximately 40% of assets, consumer loans 14%, securities 14%, and various other loan categories making up the remainder.

As a member of the Federal Deposit Insurance Corporation (FDIC), all deposits are insured up to applicable limits. The bank is owned by Jiko Group, Inc., making it part of a bank holding company supervised by the Federal Reserve Bank of San Francisco.

Mid-Central National Bank

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About Mid-Central National Bank in the United States