The Bank of Elk RiverESOP
THE BANK OF ELK RIVER EMPLOYEE STOCK OWNERSHIP PLAN AND TRUST · ELK RIVER, MN · plan year 2022
The Bank of Elk River's 2022 Form 5500 did not separately report plan administrative expenses, which is common where recordkeeping is paid through investment revenue-sharing or a master trust. The plan held $5,660,663 across 93 participant accounts, with employer contributions averaging $6,744 per active participant. See methodology for what Form 5500 does and doesn't capture.
The plan sits in the $1M–$10M size bracket, benchmarked here against 30,021 comparable plans and shown alongside other finance & insurance employers. By assets it is among the smaller plans on file in Minnesota (1,540th of 1,918), and 4,401st of 4,798 in finance & insurance.
The Bank of Elk River's 2022 employer contribution ran above the $1,114 median for plans its size, placing it in the top quarter of its peers. Filings report dollars actually contributed, not the match formula; the formula itself (for example, 50% of the first 6% of pay) lives in the plan's summary plan description from HR.
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Source: U.S. Department of Labor, Form 5500 series, EIN 410138420 · Verify on EFAST2 · Amounts are as reported by the plan sponsor for the plan year shown.