Grand Rapids State Bank (GRSB) is a family-owned community bank headquartered in Grand Rapids, Minnesota. Established in 1914, GRSB has been serving the local community for over a century, emphasizing personalized financial services and community engagement. The bank operates through two branches in Grand Rapids and offers a comprehensive range of personal and business banking products, including loans, checking and savings accounts, credit and debit cards, and online banking services.
GRSB's mission is to be an industry-leading, independent financial institution that positively impacts the financial lives of its customers. The bank's vision centers on fostering long-term relationships with clients by providing tailored financial solutions and exceptional customer service. As a community bank, GRSB plays a significant role in supporting local economic development and maintaining the financial well-being of the Grand Rapids area.
Strategically, GRSB focuses on delivering personalized banking experiences to both individual and business clients. The bank specializes in small business banking, offering flexible and convenient services such as Small Business Checking, Business Interest Checking, and various savings plans. GRSB leverages modern technologies to provide free online banking services, ensuring clients have secure and accessible banking options.
As of June 30, 2024, GRSB reported assets totaling approximately $238.84 million, with loans amounting to $150.77 million and deposits of $215.59 million. The bank maintains a strong financial position, evidenced by a Return on Equity of 13.11%, surpassing the U.S. bank average of 10.46%. GRSB's Capitalization stands at 8.64%, reflecting a solid equity base to support its operations.
GRSB has consistently received high ratings for its financial performance. BauerFinancial, a leading bank rating firm, awarded GRSB a 5-Star rating for 58 consecutive quarters as of March 2020, designating it as an "Exceptional Performance Bank." This recognition places GRSB among the strongest banks in the nation.
While specific details about GRSB's leadership team are not publicly disclosed, the bank is known to be a fourth-generation family-owned institution. The Wilcox family has been instrumental in guiding the bank's operations and maintaining its commitment to community banking values.
The Grand Rapids banking market is competitive, with several financial institutions serving the area. Notable competitors include:
- Independent Bank: Headquartered in Grand Rapids, Michigan, Independent Bank operates 62 branches across the state. As of December 31, 2020, the bank reported assets of $4.204 billion and net income of $56.152 million.
- Lake Michigan Credit Union (LMCU): Founded in 1933, LMCU is the largest credit union in Michigan, with 53 locations as of 2019. The credit union offers a range of financial services and reported assets of $4.35 billion in 2018.
- Michigan State University Federal Credit Union (MSUFCU): Based in East Lansing, Michigan, MSUFCU is the largest university-based credit union globally, with over 350,000 members and more than $7.6 billion in assets as of 2023. The credit union operates 24 branches, including locations in Grand Rapids.
GRSB has been recognized for its commitment to community banking and excellence in service. In 2017, the bank received the Banky™ Award from The Institute for Extraordinary Banking™, placing it among the top 1% of community banks in the United States. This accolade reflects GRSB's dedication to its customers and the local community.
As a community-focused institution, GRSB emphasizes personalized service and local decision-making, distinguishing itself from larger, national banks. The bank's deep understanding of the local market and commitment to customer relationships provide a competitive advantage in the Grand Rapids area.
Looking ahead, GRSB aims to continue its tradition of community banking by expanding its services and leveraging technology to meet the evolving needs of its customers. The bank's strong financial foundation and commitment to personalized service position it well for future growth and continued support of the Grand Rapids community.
Contact Information:
- Website: grsb.bank
- Social Media:
- Facebook: GrandRapidsStateBank
- LinkedIn: grand-rapids-state-bank
