denmark state bank

Few banks offer full-service banking and the Denmark State Bank is one of these. This time we picked this bank to discuss because we found some comfortable services and products this bank offers.

To make the banking and financial product easier to use, this bank has eight full-service banking offices. It’s great, isn’t it? Their dedicated service ensures better banking experiences.

Not only that, this bank is highly dedicated to offering innovative financial products. In addition, they support us in many ways like setting up a branch to online banking. Let’s see what we can know more about this bank.

Denmark State Bank, Bancshares, Inc.
Picture: Denmark State Bank, Bancshares, Inc.

About The Denmark State Bank

In 1909, this bank started its banking journey and became a medium-sized bank. This bank is listed as a medium-sized bank because it has $462 million in assets. Not only that, its $402 million in deposits is also a good sign of better banking. It is committed to offering high-quality and personal service to customers.

Overview:

Take a quick look at some important details about this bank.

ParticularDetails
Websitehttps://www.denmarkstate.com/
IndustriesBanking
Company Size51 to 200 employees
HeadquartersDenmark, WI
TypePublic Company
Founded1909

Assets and Liabilities:

ParticularsPeriodAmount
AssetsQ1 2021vs Q1 2020$654.1MM, $547.5MM
LoansQ1 2021vs Q1 2020$470.4MM, $436.3MM
DepositsQ1 2021vs Q1 2020$586.7MM, $468.5MM
Equity CapitalQ1 2021vs Q1 2020$57.8MM, $55.0MM
Loan Loss AllowanceQ1 2021vs Q1 2020$7.8MM, $6.6MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$468.00K, $477.00K
Real Estate OwnedQ1 2021vs Q1 2020$0, $0

For Which Service This Bank Becomes Specialist?

Most of the banks are good for offering different banking services. The Denmark State Bank Ltd is best for many different services and these are given below. 

  • Banking
  • Financial Services
  • Mortgage Loans
  • Refinancing
  • Checking Accounts
  • Savings Accounts
  • Business Banking
  • Auto Loans
  • Treasury Management
  • Money Market Accounts
  • CDs and IRAs
  • Money Management Tools
  • Health Savings Accounts
  • Community Banking
  • Agribusiness Banking
  • Recreational Vehicle Loans
  • Recreational Property Loans
  • Community Bank
  • Investments
  • Cash Management Services
  • Mobile Banking
  • Online Banking, etc.

Read More: A Cease and Desist Letter Breakdown

What Are The Rating of Different Parameters of The Denmark State Bank?

It is not possible to rate every product individually, it’s not only time-consuming to get the perfect answer but also needs more data to analyze. We focused on a few parameters to rate this bank as they serve. So, here are the ratings are given below.

  • Overall Rating (4.2/5)
  • Rates (3.5/5)
  • Service Quality (4.1/5)
  • Financial Health (4.9/5)
  • Overall Mobile Rating (4.2/5)
  • Consumer Satisfaction Rating (5.0/5)
Home Page of Denmark State Bank Website
Picture: Home Page of Denmark State Bank Website
Rates

The rate (savings rate) of this bank is poorly compared to other commercial banks but there are differences in the rate based on time. For one year this rate is 1.55% and for a five-year term, this rate is 2.60%. On average, Denmark’s State bank savings rate is 0.05% where the national average is 0.09%.

Quality of The Services

Service quality is everything for a bank to get a better rating from their customers. When customers feel a friendly environment to take services from a bank that means they feel comfortable getting all the services.

This bank also has the same environment to offer their customers. They even stay connected with the customer through online and mobile banking. In both ways, this bank receives satisfactory feedback.

Even they introduced mobile apps for both iOS and Android platforms. So, the bank gives full control of the account to their customer. As a result, a customer can easily manage their money by monitoring balances, transferring money.

Even though this app, customers can reach support representatives and can get instant feedback. But this bank doesn’t have an online portal. Also, there are no live chat features as well.

A way to draw your attention
Picture: A way to draw your attention
Product:

Like other commercial banks, this one also comes with many other services and financial products. You should know the current terms and rate of their popular product and the minimum balance for APY.

ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account0.05% APY$200
Checking Account0.05% APY$1000
Certificates of Deposit12 Month: 1.55% APY24 Month: 2.25% APY36 Month: 2.40% APY48 Month: 2.50% APY60 Month: 2.60% APY$500 for all terms
Money Market Accounts0.26% APY0.39% APY$10000$15000

After deep research, we found that, despite having many options to manage your money, this bank still does not have the best saving rate. But, it’s sure, they offer the best service.

Their offered rate is almost similar to other commercial banks. In our option, this bank offers a fair rate when we compare the service as well.

Mobile app is available in Play store
Picture: Mobile app is available in Play store

Financial Health

Service is not the last thing for a bank. There are many more facts that work to declare a bank good or bad. The Denmark State Bank is truly good considering its financial health. Its Texas ratio is 2.15%. This percentage is significantly well, which reflects this bank’s profitability.

On top of that, it’s FDIC-insured. This is good news for the client. That means any client who has at least $250,000, automatically insured. It doesn’t matter if the bank fails in business or not. The client is going to get all of his money back.

Read More: The Importance of Logistics

Conclusion:

Now we know why the Denmark State Bank is suitable for high-quality personal and business banking services. It’s not only for their dedication to their client but also for all those ways that make the banking process easier.

Once you enter their banking system, you’ll discover yourself in a community, where everyone gets priority for their service. It’s true, the rate of their financial product is almost similar to other banks but the service is not. It’s far better than others.

If you have a similar option to choose for banking, then choose this bank without any doubt. Trust me, it will give you the best banking experience.

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