Drake Bank

What Drake Bank does

Drake Bank is an independent community bank headquartered in a single St. Paul, Minnesota branch inside the historic renovated Drake Building, founded in May 2002 as the first new bank chartered in St. Paul in 40 years. It serves local small to mid-size businesses, individual consumers, and select nonprofit organizations, including a federally qualified health center, through relationship-driven bankers who manage accounts over multi-year horizons. The bank is a wholly owned affiliate of bank holding company Plato Holdings, Inc., and reported total assets of $254.6 million, total deposits of $215.5 million, and net loans and leases of $196.4 million as of December 31, 2025, with deposits and loans growing at over 15% annually since 2021.

The product portfolio spans personal checking and savings, mortgage and consumer lending, and a full business banking suite that includes SBA 7(a) loans, commercial lending, treasury management, and credit cards. Digital channels are built on Fiserv-powered online and mobile banking platforms that deliver mobile deposit, Zelle P2P payments, bill pay, and a set of treasury management modules (ACH Manager, Wire Manager, Check and ACH Positive Pay), supplemented by free Fraud Text Alerts, dual-control authorization for wires and ACH, and MoneyPass access to over 32,000 surcharge-free ATMs. The bank is FDIC-insured, an Equal Housing Lender, and was named the 2025 SBA Minnesota Lender in the $250MM-$500MM asset category.

Revenue is generated primarily through net interest income on the loan and securities portfolios, with supplementary streams from deposit account fees, treasury management services, and mortgage origination and servicing. Distribution is almost entirely direct and relationship-led through the St. Paul branch, supported by in-person bankers, dedicated treasury management officers, an SBA specialist team, and self-serve digital banking; the bank also markets through content, community events, and regional PR such as Minnesota Bankers Association and Twin Cities Business recognition.

Name

Drake Bank

Legal name

Drake Bank

Website

https://drake-bank.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

11–50 employees

Short description

Drake Bank is an FDIC-insured, independently held community bank in St. Paul, Minnesota serving local small to mid-size businesses, consumers, and select nonprofits with relationship-driven personal, business, SBA, and treasury management banking on Fiserv digital platforms.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB)

Keywords

• Community banking services
• Personal checking accounts
• Business treasury management
• Commercial lending
• Small business banking

Headquarters

HQ city

Saint Paul

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Primary revenue from interest earned on loans (mortgages, commercial loans, SBA loans, personal loans, business lines of credit) net of interest paid on deposits. Total Net Loans & Leases: $196,376,615 as of December 31, 2025.
2. Deposit Account Fees and Service Charges: Fees from business and personal checking/savings accounts, potentially including monthly maintenance fees, transaction fees, and wire transfer fees.
3. Treasury Management Services: Revenue from ACH Manager, Wire Manager, Positive Pay, and other cash management services for business clients.
4. Mortgage Lending: Origination and servicing of residential mortgages including FHA, VA, conventional loans, construction loans, and jumbo loans for personal banking customers.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Drake Bank provides a full suite of community banking products to individuals, small-to-mid-size businesses, and nonprofit organizations in the Twin Cities. Its core offerings include personal checking and savings, mortgage and personal lending, business checking and savings, commercial lending including SBA loans, and treasury management services delivered through a Fiserv-powered digital banking platform.

Product overview

Drake Bank is a community bank offering a comprehensive suite of banking products organized around personal banking and business banking divisions. The personal banking portfolio includes checking accounts (Free, Interest, and Golden Checking), savings accounts (Basic, Preferred, Little Drake Savings for children, and IRAs), and personal lending/mortgage products (including first-time homebuyer, FHA, VA, conventional, construction, and jumbo loans plus refinancing). Business banking encompasses checking accounts, savings accounts, business lending (SBA Loans, Lines of Credit, Business Loans, Credit Cards), and Treasury Management services. The digital banking platform (powered by Fiserv) provides online and mobile banking with integrated features including Mobile Deposit, Bill Pay, Zelle P2P payments, and Account Alerts. Treasury Management modules (ACH Manager, ACH Positive Pay, Check Positive Pay, Wire Manager) are available for business accounts. The bank also provides fraud prevention tools including Fraud Text Alerts and Positive Pay services, and participates in the MoneyPass surcharge-free ATM network.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Day-to-day consumer deposit accounts for individuals and households in the Twin Cities, accessed via the Fiserv-powered digital banking platform with mobile deposit, bill pay, and Zelle.
• Personal Savings Accounts Consumer savings deposit products for individuals and households seeking to hold funds at the community bank alongside checking relationships.
• Mortgage and Personal Lending Residential mortgage and personal loan products for individual borrowers in the Twin Cities, originated locally by Drake Bank's lending team.
• Business Checking Accounts Operating deposit accounts for small-to-mid-size businesses and nonprofit organizations, integrated with business online banking and treasury management tools.
• Business Savings Accounts Interest-bearing commercial deposit accounts for businesses and nonprofits to hold reserves alongside operating balances.
• Commercial and SBA Lending Commercial loans and SBA loans for small-to-mid-size businesses originated by Drake Bank's commercial banking team, including dedicated SBA expertise.
• Treasury Management Services Integrated cash management suite for business and nonprofit clients, providing ACH and wire initiation, positive pay fraud controls, and operational alerts on a dual-control platform.

Quantifiable outcome

• Over 15% annual growth in deposits and loans since 2021
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• iComp Payroll & HRminorStrategic or Co-development Partner · 24 November 2025Rob Scalia from iComp Payroll & HR co-presented at Drake Bank's 'Strategic Safeguards: Cybersecurity & Fraud for Today’s Business' event with over 50 local business leaders.
• Cyber AdvisorsminorStrategic or Co-development Partner · 24 November 2025Dan Sanderson from Cyber Advisors co-presented at Drake Bank's cybersecurity event, discussing AI in cybersecurity, data security, and enterprise security best practices.
• Federal Home Loan Bank of Des Moines (FHLB Des Moines)coreStrategic or Co-development Partner · 12 June 2025Drake Bank partnered with FHLB Des Moines to award $20,000 in grants ($10,000 each) to Minnesota Housing Partnership and Northcountry Cooperative Foundation through the Member Impact Fund. Part of FHLB Des Moines' $20 million in 798 awards supporting affordable housing and community development across Minnesota.
• MoneyPasscoreTechnology or IntegrationMoneyPass is a nationwide network of surcharge-free ATMs with over 32,000 locations in the US and Puerto Rico. Drake Bank participates in the MoneyPass Network, allowing debit card holders to withdraw cash without surcharge fees.
• FiservcoreTechnology or IntegrationFiserv powers Drake Bank's Online Banking and Mobile Banking platforms (Electronic Banking). Provides real-time balances, account management, transfers, bill pay, mobile deposit, Zelle payments, and branch/ATM locator functionality.
• Early Warning Services (Zelle)coreTechnology or IntegrationEarly Warning Services owns Zelle and its related marks. Drake Bank offers Zelle peer-to-peer payment functionality within its online and mobile banking platforms.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Stearns Bank N.A. Minnesota-based, family-owned community bank with a nationally recognized SBA lending franchise and treasury management focus, closely comparable to Drake Bank's SMB/SBA-led model.
• Nicolet National Bank: Mid-sized Upper Midwest community bank serving SMBs and consumers with relationship-led banking, treasury management, and commercial lending—a directly comparable operating model.
• Choice Financial Group: North Dakota-based community bank holding company with a comparable focus on small business, ag, and consumer lending in the Upper Midwest—similar asset tier and GTM motion.
• BlackRidgeBANK: Small Minnesota/Wisconsin community bank offering personal and business banking with comparable scale and a relationship-driven model similar to Drake Bank.
• First Bank & Trust: Community bank serving consumers and small businesses in the Upper Midwest with a similar product suite (deposits, SBA, treasury) and comparable asset size.
• Lake Area Bank: Minnesota community bank with a personal and business banking franchise and similar SBA/relationship-banking emphasis in the Twin Cities region.

Broad incumbents

• Bremer Bank: Large Minnesota-headquartered community/regional bank offering consumer, small business, and treasury services across the Twin Cities market—same geography, broader scale than Drake Bank.
• Heartland Financial (HTLF / Veritex after merger): Multi-state community banking franchise with comparable commercial, treasury, and consumer banking mix and a similar customer-centric ethos to Drake Bank's.
• Bell Bank: Mid-size Upper Midwest community bank with full consumer, commercial, and treasury management offerings—same regional footprint and community-bank DNA at larger scale.

Emerging players

• Live Oak Bank: Specialized SBA 7(a) lender and fintech-enabled bank; highly comparable on the SBA lending engine that earned Drake Bank its 2025 SBA recognition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/drakebankmn
• LinkedInlinkedin.com/company/drake-bank

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds1 record

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 Drake Bank