Root River State Bank Rates & Review

Root River State Bank Review

Based in Chatfield, Minn., Root River State Bank has been in business since 1856 and is the oldest bank in the state. The bank offers a variety of products and services for personal, agricultural, and business customers.

Personal banking

Personal checking account customers can choose from Freedom Checking with no minimum balance requirement, Traditional Checking that waives the monthly fee for balances over $250, Generation 55 for senior citizens, Heritage Interest Checking, and Heritage Plus Checking that requires a minimum opening deposit of $500.

The bank offers a Next Generation Savings Account for people 19 years old and younger, a Traditional Savings that has no minimum balance requirement, and a Holiday Savings Account.

Customers also can open an IRA or a CD with terms of 3 months to 5 years. Loans are available to finance vehicles, motorcycles, recreational vehicles, mobile homes, real estate and other purchases.

Business banking

Root River State Bank offers Basic Ag/Business Checking for small businesses with low volume activity, Tradition Ag/Business Checking for higher volumes, and Heritage Ag/Business Checking for companies that are allowed to earn interest.

Savings options include Ag/Business Savings and Heritage Ag/Business Money Market Savings. Agricultural loans are available for an operating line of credit or to finance farm real estate, crop input or farm equipment. Other businesses can apply for short- and long-term working capital loans, revolving lines of credit, and real estate loans. Loans are available through the Small Business Administration (SBA).

Deposit insurance

Root River State Bank has been insured by the Federal Deposit Insurance Corporation since 1934.

In July 2010, FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor. Joint accounts are insured by FDIC up to at least $250,000 per account holder.

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