At Midwest Bank, we prioritize delivering a high level of attention to our customers and employees. We believe in working together to provide more efficient banking services and experiences. Learn more about us and how we're committed to helping you!
The Story Behind The Bank
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Our Mission
Midwest Bank is a locally owned, community focused bank committed to building lasting relationships with both our customers and employees by consistently exceeding their expectations.
Our Vision
To be a high performing, financially strong bank that emphasizes quality growth, allowing us to be long term partners with our communities, customers, and employees.
Our Values
Midwest Bank is committed to the following core values:
Community
It is our responsibility to strengthen the communities we call home.
Genuine Care
Genuine care toward our customers and employees will differentiate us and is critical to our success.
Integrity
Our relationships rest on a foundation of integrity and honesty.
Teamwork
Teamwork is an attitude where more is achieved by working together than as individuals.
Quality
Quality is the rule, not the exception.
Balance
Balance is necessary for the overall well-being of our employees and the organization.
Our Story
Midwest Bank (formerly known as The Farmers State Bank of Waubun, Inc.) was founded on June 1, 1917. The original bank building was located in Waubun, Minnesota, and was constructed in 1916-1917. By today’s standards, it was a meager start, with capital of $10,000 and a surplus of $2,000.
We were a small lender in a small town, so we got to know our customers as our neighbors. We learned the value of community and contribution right from the start, and we’ve maintained that commitment as we’ve grown.
By 1978, the bank’s officers decided to branch out, and a second office was constructed in nearby Callaway.
Two successful decades later, a plan to expand into additional communities prompts a name change—to Midwest Bank—to greater reflect the communities served.
On February 2, 1998, a new banking facility was opened in Barnesville, MN.
On June 1, 1998, the corporate office opened in Detroit Lakes. The opening also required relocating the bank’s charter from Waubun to Detroit Lakes.
On February 28, 2001, a branch office was opened in the Detroit Lakes Wal-Mart store.
On February 13, 2006, the bank merged with its affiliated bank, adding offices in Baxter, Dalton, and Parkers Prairie. The Baxter office was sold in 2008.
As of 2025, Midwest Bank continues to grow and has over 100 employees and $760 million in assets. Offices are located in Detroit Lakes, Detroit Lakes (Wal-Mart), Callaway, Waubun, Barnesville, Parkers Prairie and Dalton.
Midwest Bank’s success has nothing to do with deposits or lending, it’s owed to the people who work here and bank here. And with a philosophy of “Banking Your Way,” Midwest Bank is committed to giving both employees and customers the opportunity to be the best they can be.
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Testimonials
We live up to our mission in everything we do. But don’t take it from us — here’s what our customers have to say.