Based in Winger, Minnesota, Ultima Bank offers checking, savings, investments, and loans to individuals, businesses, and agricultural business in the area.
Ultima Bank Minnesota was founded as Farmers State Bank of Winger in 1904 in Winger, Minnesota, and has grown to include two banking locations in Winger and Fosston, plus a loan production office in Bemidji. The Ultima Bank name has been used since 1999.
The bank reports that in the past seven years its assets have grown a compounded average of 19 percent. Ultima Bank is an Equal Housing Lender and a Member FDIC, and deposits are insured in accordance with current FDIC requirements.
Customers can choose among student, premier, commercial, NOW, and money market checking accounts. For the best money market account rates, the Ultima Checking account offers a higher tiered interest rate. A liquid asset checking account is designed for organizations such as school districts and governments, offering competitive interest rates.
Savings account options at Ultima Bank include a money market savings account, Ultima Savings, and SMART (School Money At Right Time) Savings accounts. Clients may also choose the UBM Direct Savings account, a high interest savings account available to any individual, business, or farming operation.
Among investments, Ultima Bank offers CD rates for a range of maturities, a Coverdell Education Savings Account (CESA), a Health Savings Account, and both Traditional and Roth IRA plans. The bank specializes in agricultural, commercial, consumer and real estate loans. Other bank services include safe deposit boxes, a notary public, and online banking.
Ultima Bank Minnesota has been insured by the Federal Deposit Insurance Corporation since 1934 when FDIC coverage was launched. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.