Border State Bank

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Border State Bank
1528 Highway 59 South
Thief River Falls, MN
Tel: 218-681-8085

Border State Bank began as Greenbush State Bank in 1935. Established during the midst of the Great Depression by a group of optimistic Greenbush citizens, the bank flourished under the direction of Ingvald Folland until he sold his shares in 1981. Bank assets at the time were 16 million. K.B. Trangsrud served as the new President of Greenbush State Bank until his retirement in 1985. Robert J. Hager was hired to succeed him as president and continues to serve the organization as CEO. Under Hager’s leadership the bank has seen tremendous growth. In the early 90’s, the bank’s ownership group purchased the Badger State Bank and in 1993 the two banks were merged under the common name of Border State Bank and the common ownership of the newly incorporated Border Bancshares.

Changes in demographics, economic factors and the direction of the banking industry led to a decision to expand. The group opened a bank in Roseau in 1995. To further diversify its economic base, additional banks were opened in Baudette, Minnesota in 1998 and International Falls, Minnesota in 2000. First National Bank, with locations in Thief River Falls and Middle River Minnesota, was purchased in 2002.

Currently Border State Bank operates seven banking locations: Greenbush, Badger, Roseau, Baudette, International Falls, Thief River Falls and Middle River. These, along with affiliations with several other Minnesota banks, Border Insurance Network and the Investment Centers of America, provide a complete line of financial services to northern Minnesota. Border State Bank assets currently stand at approximately $387 million.

Mortgages

Flexible financing for your most important asset.

Fixed Rate Mortgages
Adjustable Rate Mortgages
First Time Home buyers Program
Refinancing
New Construction Loans
Home Equity Line of Credit (HELOC)

Fixed Rate Mortgage Loans
With a Fixed Rate Mortgage Loan, the interest rate is fixed and your principal and interest payment remain the same for the life of the loan. That means you don't need to worry about a constantly changing market. Border State Bank offers a variety of fixed rate terms from 10-30 years.

Adjustable Rate Mortgage Loans (ARM)
An Adjustable Rate Mortgage (ARM) is a popular option for those seeking lower initial interest rates and monthly payments. ARM rates are fixed for the first one, three, five, seven or ten years, and then may be subject to change after that. With either a Fixed Rate Mortgage or Adjustable Rate Mortgage, you can select from loans with shorter terms that quickly reduce principal, or loans with longer terms that create a more affordable monthly payment. Either way, we can help you make the right choice.

Refinancing
You may be able to save thousands of dollars and lower your monthly payments by refinancing your home. Several factors determine when it makes sense to refinance. Lower rates, unexpected expenses, debt consolidation and tax consequences can all pay a part in the decision. Contact a Border State Bank Residential Lending Officer to help you determine when the right time is for you.