Citizens Bank Minnesota Mortgage Rates, Fees & Info

New Ulm, MN

LEI: 254900NR9EA98B6A4L55

Tax ID: 41-0190880

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Citizens Bank Minnesota is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Citizens Bank Minnesota has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, New Ulm, Mankato, St. Cloud, and Faribault among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Citizens Bank Minnesota has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Citizens Bank Minnesota is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.28%	4/28/24
30 Year Conventional Refi	6.34%	4/28/24
30 Year Cash-out Refi	6.67%	4/28/24
15 Year Conventional Purchase	6.13%	4/28/24
15 Year Conventional Refi	6.05%	4/28/24
15 Year Cash-out Refi	6.05%	4/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Citizens Bank Minnesota Mortgage Calculator

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This is not an official calculator from Citizens Bank Minnesota. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

457

Origination Dollar Volume (All Markets)

$94,875,000

Employee count

101

Awards

Citizens Bank Minnesota 30 Year Conventional Loans gold

Citizens Bank Minnesota 30 Year Conventional Loans silver

Show all (4) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	182	$48,420,000	$266,044	$4,308	3.00%
New Ulm, MN (FHA\|USDA\|VA)	101	$14,545,000	$144,010	$2,828	2.80%
Outside of Metro Areas	79	$11,485,000	$145,380	$3,194	2.93%
MANKATO, MN (FHA\|USDA\|VA)	45	$8,815,000	$195,889	$3,420	2.81%
ST. CLOUD, MN (FHA\|USDA\|VA)	11	$3,685,000	$335,000	$4,394	3.25%
Faribault-Northfield, MN (FHA\|USDA\|VA)	8	$1,520,000	$190,000	$0	3.34%
Brainerd, MN (FHA\|USDA\|VA)	3	$1,345,000	$448,333	$7,862	2.79%
Alexandria, MN (FHA\|USDA\|VA)	4	$760,000	$190,000	$4,062	2.78%
Willmar, MN (FHA\|USDA\|VA)	5	$735,000	$147,000	$3,769	2.93%
Hutchinson, MN (FHA\|USDA\|VA)	3	$635,000	$211,667	$3,102	3.63%
ROCHESTER, MN (FHA\|USDA\|VA)	2	$540,000	$270,000	$0	3.75%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	1	$535,000	$535,000	$4,628	3.50%
Owatonna, MN (FHA\|USDA\|VA)	3	$525,000	$175,000	$3,278	3.25%
DULUTH, MN-WI (FHA\|USDA\|VA)	2	$260,000	$130,000	$2,264	3.19%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	1	$225,000	$225,000	$993	3.50%
Red Wing, MN (FHA\|USDA\|VA)	1	$215,000	$215,000	$4,494	3.75%
Fairmont, MN (FHA\|USDA\|VA)	2	$170,000	$85,000	$2,264	2.63%
GREENVILLE-ANDERSON, SC (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,752	2.75%
Fergus Falls, MN (FHA\|USDA\|VA)	1	$115,000	$115,000	$1,756	3.50%
LA CROSSE-ONALASKA, WI-MN (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,143	2.13%
GREEN BAY, WI (FHA\|USDA\|VA)	1	$85,000	$85,000	$2,234	2.25%

Citizens Bank Minnesota's top markets include Minneapolis, New Ulm, Mankato, St. Cloud, and Faribault among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Citizens Bank Minnesota based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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TOPLINE FEDERAL CREDIT UNION
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	457	$94,875,000	$207,604	$3,594	2.94%

For 2021, Citizens Bank Minnesota's most frequently originated type of loan was Conventional, with 457 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	185	$42,105,000	$227,595	$3,743	3.19%
Refi	137	$28,735,000	$209,745	$3,518	2.62%
Cash Out Refi	108	$21,170,000	$196,019	$3,854	2.80%
Other	18	$2,420,000	$134,444	$2,519	3.51%
Home Improvement	9	$445,000	$49,444	$1,211	3.43%

For 2021, Citizens Bank Minnesota's most frequently cited loan purpose was Home Purchase, with 185 originations. The 2nd most popular reason was Refi, with 137 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	189	$41,305,000	$218,545	$4,047	2.94%
15 Year	117	$20,305,000	$173,547	$3,563	2.49%
Other	50	$11,550,000	$231,000	$1,328	3.68%
20 Year	49	$9,635,000	$196,633	$3,658	2.64%
5 Year	49	$11,675,000	$238,265	$403	3.59%
10 Year	3	$405,000	$135,000	$2,656	3.38%

For 2021, Citizens Bank Minnesota's most frequently cited loan duration was 30 Year, with 189 originations. The 2nd most popular length was 15 Year, with 117 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	136	$18,300,000	$134,559
$2k-3k	99	$22,035,000	$222,576
$<1k	92	$11,950,000	$129,891
$3k-4k	42	$12,590,000	$299,762
$5k+	13	$6,525,000	$501,923
$4k-5k	11	$3,765,000	$342,273

Citizens Bank Minnesota's average total fees were $4,047, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 136 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	182	$40,890,000	$224,670
2.5-3%	141	$28,825,000	$204,433
<2.5%	128	$24,860,000	$194,219
4-5%	6	$300,000	$50,000

During 2021, Citizens Bank Minnesota's average interest rate for loans was 2.94%, while their most frequently originated rate bucket for loans was 3-4%, with 182 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	193	$28,295,000	$146,606	$3,145	2.87%
$200k-400k	161	$43,075,000	$267,547	$4,528	2.94%
$100,000 or less	78	$5,220,000	$66,923	$1,860	3.10%
$400k-600k	18	$9,080,000	$504,444	$7,132	2.77%
$600k-1MM	5	$3,775,000	$755,000	$10,015	3.63%
$1MM+	2	$5,430,000	$2,715,000	$0	4.00%

2021 saw Citizens Bank Minnesota place emphasis on $100k-200k loans with 193 originations, totaling $28,295,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	110	$23,920,000	$217,455	$3,898	2.82%
$50k-75k	71	$10,005,000	$140,915	$3,000	2.87%
$150k-250k	65	$15,935,000	$245,154	$4,468	2.80%
$50k or less	59	$6,415,000	$108,729	$2,457	2.98%
$75k-100k	55	$9,005,000	$163,727	$3,374	2.82%
$250k+	26	$7,820,000	$300,769	$5,177	3.00%

Citizens Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 110 originations. The second most popular income band? $50k-75k, with 71 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	140	$24,350,000	$173,929	$3,481	2.81%
<20%	92	$18,330,000	$199,239	$3,791	2.80%
30-36%	60	$12,110,000	$201,833	$3,736	2.85%
37%	17	$3,155,000	$185,588	$3,338	3.04%
38%	14	$2,660,000	$190,000	$2,868	2.96%
41%	12	$2,670,000	$222,500	$3,905	2.76%
40%	11	$2,175,000	$197,727	$3,887	2.77%
42%	10	$1,740,000	$174,000	$3,394	2.94%
36%	9	$1,325,000	$147,222	$2,594	2.78%
39%	7	$1,815,000	$259,286	$4,091	2.80%
44%	7	$1,545,000	$220,714	$4,028	3.25%
46%	5	$1,225,000	$245,000	$3,708	2.90%
47%	5	$1,385,000	$277,000	$4,847	3.33%
45%	4	$880,000	$220,000	$3,644	2.94%
43%	4	$680,000	$170,000	$3,839	2.88%
49%	2	$210,000	$105,000	$1,890	3.00%
50-60%	1	$65,000	$65,000	$505	3.50%

Citizens Bank Minnesota lent most frequently to those with DTI ratios of 20-30%, with 140 originations. The next most common DTI ratio? <20%, with 92 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	354	$67,210,000	$189,859	$3,569	2.85%
Not applicable	53	$18,075,000	$341,038	$0	3.58%
Not provided	44	$8,740,000	$198,636	$3,915	2.93%
Asian	3	$365,000	$121,667	$2,824	3.04%
Korean	1	$335,000	$335,000	$5,858	2.25%
Black	1	$105,000	$105,000	$2,774	3.00%
American Indian	1	$45,000	$45,000	$462	3.50%

Approval Rates

Total approvals of all applications
98.12%

Citizens Bank Minnesota has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
85.56%

Citizens Bank Minnesota has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	457	$94,875,000	$207,604

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	457	$94,875,000	$207,604

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	36	$5,300,000	$147,222	$3,050	2.90%
40-60%	98	$16,150,000	$164,796	$3,434	2.66%
60-80%	213	$52,685,000	$247,347	$4,134	3.01%
80-100%	93	$19,475,000	$209,409	$3,359	2.99%
Under 20%	17	$1,265,000	$74,412	$1,225	3.61%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
CITIZENS FINANCIAL GROUP, INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	54	15.6%
CITIZENS FINANCIAL GROUP, INC.	Conventional home mortgage	Closing on a mortgage	22	6.3%
CITIZENS FINANCIAL GROUP, INC.	Conventional home mortgage	Improper use of your report	1	0.3%
CITIZENS FINANCIAL GROUP, INC.	Conventional home mortgage	Incorrect information on your report	6	1.7%
CITIZENS FINANCIAL GROUP, INC.	Conventional home mortgage	Problem with a credit reporting company's investigation into an existing problem	3	0.9%
CITIZENS FINANCIAL GROUP, INC.	Conventional home mortgage	Struggling to pay mortgage	27	7.8%
CITIZENS FINANCIAL GROUP, INC.	Conventional home mortgage	Trouble during payment process	116	33.4%
CITIZENS FINANCIAL GROUP, INC.	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	7	2.0%
CITIZENS FINANCIAL GROUP, INC.	FHA mortgage	Closing on a mortgage	4	1.2%
CITIZENS FINANCIAL GROUP, INC.	FHA mortgage	Struggling to pay mortgage	15	4.3%
CITIZENS FINANCIAL GROUP, INC.	FHA mortgage	Trouble during payment process	19	5.5%
CITIZENS FINANCIAL GROUP, INC.	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	7	2.0%
CITIZENS FINANCIAL GROUP, INC.	Home equity loan or line of credit (HELOC)	Closing on a mortgage	4	1.2%
CITIZENS FINANCIAL GROUP, INC.	Home equity loan or line of credit (HELOC)	Incorrect information on your report	2	0.6%
CITIZENS FINANCIAL GROUP, INC.	Home equity loan or line of credit (HELOC)	Struggling to pay mortgage	2	0.6%
CITIZENS FINANCIAL GROUP, INC.	Home equity loan or line of credit (HELOC)	Trouble during payment process	27	7.8%
CITIZENS FINANCIAL GROUP, INC.	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	5	1.4%
CITIZENS FINANCIAL GROUP, INC.	Other type of mortgage	Closing on a mortgage	3	0.9%
CITIZENS FINANCIAL GROUP, INC.	Other type of mortgage	Improper use of your report	1	0.3%
CITIZENS FINANCIAL GROUP, INC.	Other type of mortgage	Incorrect information on your report	1	0.3%
CITIZENS FINANCIAL GROUP, INC.	Other type of mortgage	Struggling to pay mortgage	3	0.9%
CITIZENS FINANCIAL GROUP, INC.	Other type of mortgage	Trouble during payment process	13	3.7%
CITIZENS FINANCIAL GROUP, INC.	VA mortgage	Struggling to pay mortgage	2	0.6%
CITIZENS FINANCIAL GROUP, INC.	VA mortgage	Trouble during payment process	3	0.9%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Citizens Bank Minnesota	102 S Broadway La Salle, MN 56056	Full Service B&M	$39,874
Citizens Bank Minnesota	105 N Minnesota St New Ulm, MN 56073	Full Service B&M	$286,570
Citizens Bank Minnesota	170 Meeker Ave N Watkins, MN 55389	Full Service B&M	$49,383
Citizens Bank Minnesota	18476 Kenrick Avenue Lakeville, MN 55044	Full Service B&M	$66,116
Citizens Bank Minnesota	513 Main Street Ormsby, MN 56162	Full Service B&M	$24,028
Citizens Bank Minnesota	701 Main Avenue Lafayette, MN 56054	Full Service B&M	$44,748

For 2021, Citizens Bank Minnesota had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$18,940
Net interest income	$17,261
Total noninterest income	$6,642
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$340
Trading account gains and fees	$0
Additional Noninterest Income	$6,302
Pre-tax net operating income	$10,770
Securities gains (or losses, -)	$3
Income before extraordinary items	$8,195
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,195
Minority interest net income	$0
Net income	$8,195
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$8,192

Citizens Bank Minnesota's gross interest income from loans was $18,940,000.
Citizens Bank Minnesota's net interest income from loans was $17,261,000.
Citizens Bank Minnesota's fee based income from loans was $340,000.
Citizens Bank Minnesota's net income from loans was $8,195,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$1,679
Provision for credit losses	$295
Total noninterest expense	$12,838
Salaries and employee benefits	$8,943
Premises and equipment expense	$903
Additional noninterest expense	$2,992
Applicable income taxes	$2,578
Net charge-offs	$43
Cash dividends	$1,860

Citizens Bank Minnesota's interest expense for loans was $1,679,000.
Citizens Bank Minnesota's payroll and benefits expense were $8,943,000.
Citizens Bank Minnesota's property, plant and equipment expenses $903,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$527,298
Deposits held in domestic offices	$527,298
Deposits by Individuals, partnerships, and corporations	$485,199
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$40,251
Deposits by Commercial banks and other depository institutions in U.S.	$1,848
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$51,341
Demand deposits	$33,733
Nontransaction accounts	$475,957
Money market deposit accounts (MMDAs)	$5,812
Other savings deposits (excluding MMDAs)	$364,764
Total time deposits	$105,382
Total time and savings deposits	$493,565
Noninterest-bearing deposits	$33,733
Interest-bearing deposits	$493,565
Retail deposits	$515,769
IRAs and Keogh plan accounts	$26,358
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$586,804
Cash & Balances due from depository institutions	$29,950
Interest-bearing balances	$23,153
Total securities	$193,732
Federal funds sold & reverse repurchase	$0
Net loans and leases	$337,278
Loan and leases loss allowance	$2,709
Trading account assets	$0
Bank premises and fixed assets	$5,257
Other real estate owned	$0
Goodwill and other intangibles	$6,018
All other assets	$14,569

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$586,804
Total Liabilities	$534,192
Total deposits	$527,298
Interest-bearing deposits	$493,565
Deposits held in domestic offices	$527,298
% insured (estimated)	$79
Federal funds purchased and repurchase agreements	$3,838
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$3,056

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$337,278
Loan and leases loss allowance	$2,709
Total loans and leases (domestic)	$339,987
All real estate loans	$248,314
Real estate loans in domestic offices	$248,314
Construction and development loans	$8,279
Residential 1-4 family construction	$5,707
Other construction, all land development and other land	$2,572
Loans secured by nonfarm nonresidential properties	$24,565
Nonfarm nonresidential secured by owner-occupied properties	$5,133
Commercial real estate & other non-farm, non-residential	$19,432
Multifamily residential real estate	$5,574
1-4 family residential loans	$104,875
Farmland loans	$105,021
Loans held in foreign offices	$0
Farm loans	$62,826
Commercial and industrial loans	$22,967
To non-U.S. addressees	$0
Loans to individuals	$5,868
Credit card loans	$0
Related Plans	$38
Consumer Auto Loans	$3,021
Other loans to individuals	$2,809
All other loans & leases	$12
Loans to foreign governments and official institutions	$0
Other loans	$12
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$309
Non 1-4 family restructured loans & leases	$309
Total loans and leases (foreign)	$0

Citizens Bank Minnesota had $337,278,000 of loans outstanding in 2021. $248,314,000 of loans were in real estate loans. $8,279,000 of loans were in development loans. $5,574,000 of loans were in multifamily mortgage loans. $104,875,000 of loans were in 1-4 family mortgage loans. $62,826,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,021,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	93	$11,285	$121,344
Nonfarm, nonresidential loans - <$100k	41	$1,660	$40,488
Nonfarm, nonresidential loans - $100-250k	27	$2,966	$109,852
Nonfarm, nonresidential loans - $250k-1MM	25	$6,659	$266,360
Commercial & Industrial, US addressed loans - <$1MM	348	$13,100	$37,644
Commercial & Industrial, US addressed loans - <$100k	294	$4,820	$16,395
Commercial & Industrial, US addressed loans - $100-250k	39	$3,858	$98,923
Commercial & Industrial, US addressed loans - $250k-1MM	15	$4,422	$294,800
Farmland loans - <$1MM	345	$48,744	$141,287
Farmland loans - <$100k	86	$3,338	$38,814
Farmland loans - $100-250k	130	$15,264	$117,415
Farmland loans - $250k-1MM	129	$30,142	$233,659
Agriculture operations loans - <$1MM	550	$36,213	$65,842
Agriculture operations loans - <$100k	382	$10,207	$26,720
Agriculture operations loans - $100-250k	104	$11,893	$114,356
Agriculture operations loans - $250k-1MM	64	$14,113	$220,516