ProGrowth Bank

What ProGrowth Bank does

ProGrowth Bank is a privately-held, family-owned community bank established in 1903 and headquartered in Gaylord, Minnesota. It operates three branches in Southern Minnesota (Gaylord, Mankato, Nicollet) and serves four horizontal customer segments — personal banking, small-to-medium business banking, agricultural operations, and non-profit organizations — with a full product suite spanning tiered rewards checking (Classic through Platinum), savings, money market, certificates of deposit, HSAs, IRAs, Mastercard debit, white-label Visa and Mastercard credit cards (Platinum, Signature Travel, Secured), personal loans, vehicle loans, mortgages, HELOCs, and home equity loans.

The bank runs on a standard commercial banking technology stack delivered through its core provider, with customer-facing digital channels including a 24/7 online banking and bill-pay platform, a native iOS and Android mobile banking app with mobile deposit capture, Zelle for P2P transfers, Apple Pay and Google Pay tokenization, and surcharge-free ATM access via the MoneyPass network. Credit card products are issued through a white-label arrangement with TCM Bank, N.A. Marketing and lead-generation are supported by interactive financial calculators (loan amortization, compound savings, CD ladder, prequalification, spend-less) powered by Dinkytown.net (KJE Computer Solutions).

Revenue is generated primarily through net interest income on loans and deposits (interest rate spread), complemented by transaction-based fees from service charges, ATM surcharges, wire transfers, overdrafts, and interchange. Pricing is publicly disclosed and tiered: 9-Month CDs at 3.85% APY (min $90,000), 16-Month CDs at 3.65% APY (min $50,000), and Platinum Money Market at 3.51% APY on balances of $250,000+. Go-to-market is direct-to-consumer via branches and digital channels, with community involvement as a brand-building differentiator; in 2021 the bank raised approximately $11M in capital (separate $8M and $3M tranches) to support balance sheet growth.

Name

ProGrowth Bank

Legal name

ProGrowth Bank

Website

https://progrowth.com

Company type

Private

Founded year

1903

Operating status

Operating

Headcount range

11–50 employees

Short description

ProGrowth Bank is a family-owned, FDIC-insured community bank founded in 1903, operating three branches in Southern Minnesota (Gaylord, Mankato, Nicollet) and serving individuals, small businesses, farmers, and non-profit organizations with deposits, loans, and digital banking.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institutions, Not Federally Chartered (6036), National Commercial Banks (6021)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

Keywords

• Community banking
• Retail banking services
• Agricultural lending
• Small business banking
• Personal lending

Headquarters

HQ city

Gaylord

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Interest Income: Traditional banking revenue from interest rate spreads on loans and deposits
2. Service Fees and Charges: Monthly service charges, ATM fees, wire transfer fees, overdraft fees, and other banking service charges

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

ProGrowth Bank is a family-owned community bank founded in 1903 that provides personal, business, agricultural, and non-profit banking products and services through three Minnesota branch locations and digital channels. The bank offers deposit accounts (checking, savings, money market, CDs, IRAs, HSAs), credit cards, consumer and commercial loans, mortgages and home equity products, cash management, and merchant services, all FDIC-insured. It also delivers digital banking through online and mobile platforms with features such as mobile deposit capture, Zelle P2P transfers, bill pay, and wire transfers.

Product overview

ProGrowth Bank is a family-owned independent community bank headquartered in Minnesota, offering a comprehensive suite of personal, business, agriculture, and non-profit banking products and services. The bank's personal banking includes tiered rewards checking accounts (Classic, Bronze, Silver, Gold, Platinum Rewards), savings accounts (Classic, Lifeline, Panda Pals), tiered money market accounts (Gold and Platinum), Certificates of Deposit with laddering support, Health Savings Accounts, and Traditional/Roth IRAs. Credit offerings span Platinum and Signature Travel credit cards, secured cards, personal loans, vehicle loans, mortgages, HELOCs, and home equity loans. The bank serves business customers with checking accounts (Above & Beyond, Simply Business, Totally Business, Gotta Grow It), business savings and money market accounts, business credit cards, and cash management services. Specialized segments include agriculture banking and non-profit organization services. Additional offerings include digital banking via mobile app and online banking with bill pay, Zelle P2P transfers, wire transfers, ATM services through the MoneyPass network, and financial planning tools including loan, savings, CD ladder, and prequalification calculators. The bank operates three Minnesota branch locations in Gaylord, Mankato, and Nicollet.

Differentiator

Problem solved

Functional benefit

Products and services

• Classic Rewards Checking
• Bronze Rewards Checking
• Silver Rewards Checking
• Gold Rewards Checking
• Platinum Rewards Checking
• Teen Checking
• Classic Savings
• Lifeline Savings
• ProGrowth Panda Pals
• Gold Money Market
• Platinum Money Market
• Certificates of Deposit (CD)
• Health Savings Account (HSA)
• Traditional IRA
• Roth IRA
• Platinum Credit Cards
• Signature Travel Credit Card
• Secured Credit Card
• Ready Reserve Line of Credit
• Personal Loans
• Vehicle Loans
• Mortgages
• Home Equity Line of Credit (HELOC)
• Home Equity Loans
• Mobile Banking
• Online Banking and Bill Pay
• Zelle
• Wire Transfers
• Above & Beyond Checking
• Simply Business Checking
• Totally Business Checking
• Gotta Grow It Business Checking
• ProGrowth Investor Business Savings
• Business Money Market
• Business Statement Savings
• Business CDs
• Business Credit Cards
• Cash Management Services
• Merchant Deposit Capture
• Agriculture Checking
• Agriculture Savings
• Agriculture Credit Cards
• Non-Profit Checking
• Non-Profit Savings
• Non-Profit CDs

Quantifiable outcome

• Over 120 years of continuous operation serving the same communities

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Partnerships

Four partnerships are on record, tiered core.

• MoneyPasscoreTechnology or IntegrationMoneyPass is a surcharge-free ATM network partnership providing ProGrowth Bank customers access to thousands of ATMs nationwide without surcharge fees. All MoneyPass ATM transactions are free for ProGrowth Bank customers.
• ZellecoreTechnology or IntegrationPartnership with Zelle to provide fast, safe money transfer capabilities within the ProGrowth Bank mobile and online banking platform, enabling instant P2P transfers between bank accounts.
• MastercardcoreTechnology or IntegrationPartnership for debit and credit card processing, providing customers with worldwide acceptance at millions of merchant locations.
• TCM Bank, N.A.coreChannel Partner/ Reseller/ DistributorTCM Bank issues ProGrowth Bank branded credit cards including Platinum, Signature Travel, and Secured credit cards. ProGrowth Bank markets these products under white-label arrangement.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bell Bank: Family-owned Upper Midwest community bank offering personal, business, and ag banking with similar full-service product suite and local decision-making ethos. Comparable in scope, customer mix, and relationship-banking model.
• Stearns Bank: Minnesota-based community bank serving personal, business, and specialty lending customers with a comparable community-focused model. Similar private ownership structure and geographic positioning in Minnesota.
• MinnStar Bank: Small Minnesota community bank headquartered in Lake Crystal, MN — in close geographic proximity to ProGrowth's Gaylord/Nicollet footprint — serving similar ag, retail, and small business customers. Highly comparable scale and product mix.
• State Bank of Faribault: Small Southern Minnesota community bank offering personal, business, and ag banking. Similar size, structure, and rural Minnesota customer base to ProGrowth Bank.
• Minnwest Bank: Minnesota-based community bank with a comparable footprint across personal, business, and agricultural lending segments. Similar privately-held structure and community-banking orientation.
• First Bank & Trust: Upper Midwest community bank serving similar small business, ag, and consumer customers across multiple branches. Comparable community banking model and product breadth.

Broad incumbents

• Bremer Financial Services: Larger Minnesota-headquartered regional bank serving personal, business, ag, and non-profit customers across a multi-state footprint. Overlaps significantly with ProGrowth's product set but operates at much greater scale and geographic reach.
• Heartland Financial USA: Multi-state community bank holding company serving similar personal, business, and ag customers through subsidiary banks. Broader portfolio and geographic footprint than ProGrowth but overlapping customer segments.
• Old National Bank: Large Midwest regional bank with significant ag and small business banking operations in Minnesota and surrounding states. Comparable customer segments but operates at substantially greater scale and with a wider product portfolio.
• U.S. Bancorp: Minneapolis-headquartered national bank with extensive presence in ProGrowth's Minnesota markets. Competes for the same deposit and small business customers but at vastly greater scale and with much broader digital and product capabilities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ProGrowth Bank