Kensington Bank: Overview of the bankFounded in 1898, Kensington Bank is a relatively small bank. The company’s main office is located in the city of Kensington in the state of Minnesota. There are a total of 265 banks operating in the state of Minnesota and combined these banks have $106,775 million of assets. Kensington Bank has been operating for 124 years. The bank first got insured by the Federal Deposit Insurance Corporation in the year 1934 which is effectively the first year it was possible to get insured by the agency, which itself was founded in the prior year. In addition, the FDIC is the primary federal regulator for the bank and is focused on supervising and examining the bank for operational safety and soundness. Mainly because of its relative size, geographic reach and presence, the bank is considered to be a community bank, instead of a national bank. Based on our estimates, we believe its asset base of $334 million ranks it in the 50th percentile of banks in the United States. Kensington Bank is primarily a domestic bank and does not at the current time have operations outside of the United States. Domestically, the bank currently has 9 offices. Finally, the bank currently has a total employee base of 67 people.
Discussion of the key components of the Bank’s Balance SheetSome of the key components of the bank’s balance sheet are total assets of $334 million, total loans extended to customers of $210 million and customer deposits of $289 million. Domestic deposits currently represent (in terms of total size), 86% of the bank’s total assets, and 100% of the bank’s total deposits outstanding. Within these deposits 86% are insured based on the latest available information. Outstanding loans to the bank’s customers makes up 63% of the bank’s assets. Within this, real estate loans represented 65% of the total and 100% of real estate loans were domestic. Kensington Bank has $31 million of outstanding 1-4 family residential loans (mortgages), which in total represents 15% of its loans outstanding. Loans to individuals and loans to commercial and industrial interests represent 5% and 18% of loans outstanding, respectively. Loans to farmland and farms represents 28% of loans outstanding.
Contact Information For Kensington Bank
- Main Office Address: 11 N. Central Ave., Kensington, MN 56343
- Website: www.kensington.bank
- Total Number of Branches: 9
- Total Number of International Branches: None
- Number of Employees: 67
- FDIC Certificate Number: 1409
- FDIC Community Bank: Yes
- FDIC Field Office: Fargo
- Independent or Subsidiary Bank: Independent
- Federal Reserve ID Number: 58757
- Bank Charter Class: NM
- Primary Regulator: FDIC