The First National Bank of Ottawa

What The First National Bank of Ottawa does

The First National Bank of Ottawa is an independent community bank, founded in 1865, that operates today as a division of American Commercial Bank & Trust, NA following a September 2021 corporate rebranding. The bank serves consumer, small-to-medium business, agricultural, and residential mortgage customers across Illinois through a network of 12 physical branch locations concentrated in Ottawa, Streator, Morris, Yorkville, Lisle, Schaumburg, and Chicago (Goose Island), supplemented by a Joliet loan production office. Service offerings span deposit products (checking, savings, CDs, IRAs, HSAs), consumer and commercial lending (lines of credit, construction loans, real estate loans, letters of credit), specialized agricultural lending with Farm Service Agency certification, residential mortgages (conventional, FHA, VA, USDA), commercial cash management (ACH, Remote Deposit Capture, Reverse Positive Pay), and a Trust Department providing estate administration, investment management, and farm management services.

The bank operates traditional core banking infrastructure with a digital overlay: an online banking platform, a native mobile app for iOS and Android, 24/7 FirstPhone telephone banking, and integrations with Zelle for consumer P2P payments, Zelle for Business, SUM/MoneyPass/STAR ATM networks, Elan Financial Services for credit card issuance, and export connectors to Quicken and Microsoft Money. Distribution leverages both physical presence (branches, drive-ups, ATMs, loan production offices) and community-led marketing through local newspapers, radio, direct mail, community organizations, and CRA-related outreach programs.

The revenue model is dominated by net interest income on the loan portfolio (commercial, residential, consumer, agricultural) supplemented by deposit-related fees (monthly service charges on checking, ATM and overdraft fees), CD/IRA spread income, and fee-based trust and wealth management services. The bank is privately held under First Ottawa Bancshares, Inc., with growth funded by a Q4 2018 $10 million capital investment from Dan Miller and Joe Chiariello. Profits per share grew from $1.28 in 2014 to $5.68 in 2018, and the bank has been recognized as a Top 200 Community Bank under $2B in assets by American Banker in both 2018 and 2019.

Name

The First National Bank of Ottawa

Legal name

American Commercial Bank & Trust, NA

Website

https://firstottawa.com

Company type

Private

Founded year

1865

Operating status

Operating

Headcount range

51–100 employees

Short description

The First National Bank of Ottawa, founded in 1865 and now operating as a division of American Commercial Bank & Trust, NA, is an Illinois community bank serving consumer, business, agricultural, and residential mortgage customers through 12 branch locations across Ottawa and the Chicago metropolitan area.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110)

SIC

National Commercial Banks (6021)

akta.pro primary industry

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

akta.pro secondary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Community banking
• Commercial lending
• Residential mortgages
• Agricultural lending
• Wealth management services

Headquarters

HQ city

Ottawa

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Primary revenue stream from interest earned on loans including commercial loans, residential mortgages, consumer loans, and agricultural loans. Interest is earned on various loan products including lines of credit, construction loans, real estate loans, and operating loans.
2. Checking and Savings Account Fees: Monthly service charges on checking accounts. First Checking Premium Account charges $6.00 per month. Standard checking accounts may have fees waived based on minimum balance requirements.
3. ATM and Card Fees: Fees from ATM usage and card services including overdraft fees (one waived per year for Premium accounts), replacement VISA check cards, and non-proprietary ATM fees.
4. Certificate of Deposit and IRA Fees: Revenue from time deposit accounts including CDs and Individual Retirement Accounts with various term options and interest rates.
5. Trust and Wealth Management Services: Fee-based trust services including personal and fiduciary services, investment management accounts, bill paying agency accounts, investment custody services, corporate fiduciary accounts, and farm management services.
6. Commercial Banking Services: Business deposit products including E-Business Checking, Commercial Checking, Commercial Checking NOW Accounts, Non-Profit NOW Accounts, Deposit Sweep and Cash Management accounts, Commercial Savings, and Commercial Money Market accounts.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels10 records

Core offering

The First National Bank of Ottawa is an Illinois community bank providing personal and business deposit accounts (checking, savings, CDs, IRAs, HSAs), commercial, agricultural, residential mortgage, and consumer lending, plus trust and wealth management and farm management services. Distribution is through 12 Illinois branches, online and mobile banking, ATM networks, Zelle, and FirstPhone telephone banking.

Product overview

The First National Bank of Ottawa operates as a community bank offering a comprehensive suite of banking products organized across personal banking, business banking, residential lending, and wealth management divisions. The core product portfolio includes deposit accounts (checking, savings, CDs, IRAs, and HSAs), various loan products (commercial, agricultural, residential mortgages, home equity, and consumer lending), and treasury management services. Digital banking is delivered through Online Banking and Mobile Banking App, which integrate with Zelle for person-to-person payments, Bill Pay functionality, and Remote Deposit Capture for business customers. Wealth management services are provided through a Trust Department offering estate planning, investment management, and farm management. The bank also provides credit cards through Elan Financial Services partnership and participates in SUM, MoneyPass, and STAR ATM networks for surcharge-free access.

Differentiator

Problem solved

Functional benefit

Brands

• First Checking Premium Account: Premium checking account with ATM fee reimbursement, identity theft protection, cellular care coverage, and travel benefits.
• American Commercial Bank & Trust Mobile App

Products and services

• Personal Checking Accounts Personal checking accounts offered in three tiers: First Checking Premium ($6/month with identity theft protection, ATM fee reimbursement, cellular care coverage, and travel benefits), First Checking Interest Bearing (interest when daily balance exceeds $1,500), and Traditional Personal Checking with optional mailed statements. Service charges waived with $500 average daily balance. For individuals and households in Illinois.
• Personal Savings Account Personal savings account requiring $100 minimum to open, competitive interest rates with $2,000 minimum daily balance, interest compounded daily and paid quarterly. Children's savings available with $20 initial deposit for those under 16. For individual savers in Illinois.
• Health Savings Account (HSA) Tax-advantaged HSA for qualified medical expenses. No minimum balance, no monthly fees, free HSA debit card, free HSA checks, free online banking and bill payment, earns interest. For individuals with high-deductible health plans.
• Certificate of Deposit (CD) Time deposit account with $1,000 minimum investment, higher interest rates than traditional savings, multiple term options, and flexible interest disposition (mailed, retained in CD, or transferred to checking/savings). For individual savers.
• Individual Retirement Accounts (IRA) Retirement savings accounts offering Traditional, Roth, Education, SEP, Simple, and Qualified plans with tax benefits and varied term/rate options. For individuals saving for retirement.
• Commercial Deposit Accounts Suite of business deposit accounts including E-Business Checking (electronic, high-transaction-volume), Commercial Checking, Commercial Checking NOW (interest-bearing), Non-Profit NOW, Deposit Sweep and Cash Management balance accounts, Commercial Savings, and Commercial Money Market accounts. For small to mid-sized businesses and non-profits in Illinois.
• Commercial Lending Business lending including Commercial Lines of Credit (pre-authorized draws), Commercial Loans (working capital and longer-term needs), Commercial Construction and Development Loans, Real Estate Loans (acquisition, refinancing, investing in raw land, improved vacant land, and improved property), and Letters of Credit (supplier payment guarantees). For small to mid-sized businesses in Illinois.
• Agricultural Lending Loans for farm operations including short-term operating loans, livestock loans, farm machinery and equipment loans, and farm real estate loans. The bank is a Farm Service Agency Certified Lender in Illinois. For farm operators and agricultural businesses in Illinois.
• Farm Management Services Comprehensive farm management including lease negotiations, crop rotation planning, market commodities, farm inspection, government program compliance, and property maintenance. For farm owners and agricultural property holders in Illinois.
• Residential Mortgage Loans Residential mortgages including Fixed Rate (as little as 5% down), Conventional, Adjustable Rate, FHA, VA, Rural Housing (USDA), and Freddie Mac programs. For homebuyers and refinancing households in Illinois.
• Home Equity Line of Credit Revolving credit line using home equity as collateral with check-writing convenience for emergencies, home improvements, or debt consolidation. For homeowners in Illinois.
• Consumer Lending Personal loans for auto financing, home improvements, home equity, and general consumer needs with flexible terms and competitive rates. Also includes recreational vehicle and mobile home loans. For individual borrowers in Illinois.
• Elan Credit Card Credit card program featuring EMV smart chip technology and mobile purchasing capability, issued through partner Elan Financial Services. For consumer and small business customers of the bank.
• Trust and Estate Services Professional trust and estate administration including living trusts, testamentary trusts, special needs trusts, charitable trusts, land trusts, life insurance trusts, guardianship, and estate settlement, plus investment custody and management through the Trust Department. For individuals, families, and corporate fiduciary clients.
• Safe Deposit Boxes Secure storage for legal papers, family treasures, and sentimental keepsakes, available in various sizes at multiple branch locations. For personal and small-business customers.

Quantifiable outcome

• Profits grew from $1.28 per share to $5.68 per share between 2014 and 2018
• +3 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core and minor.

• Early Warning Services, LLC (Zelle)coreTechnology or Integration · 1 January 2017Zelle is a fast, safe, and easy way to send money directly between almost any bank or credit union account in the U.S., typically within minutes. The bank offers Zelle integration within its mobile app and online banking, allowing customers to send money using just an email address or U.S. mobile number. Early Warning Services, LLC owns Zelle and the related marks.
• Benefits PlusminorOthersThe bank has teamed up with Benefits Plus to provide additional perks with the First Checking Premium Account including Cellular Care Coverage, Travel Benefits, and Cash Back Rewards.

Scale indicators8 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Midland States Bancorp: Illinois-based community bank holding company with branches across Illinois, Missouri, and other Midwestern states. Comparable in offering commercial, agricultural, and wealth management banking, and similar in operating a multi-branch community banking model with a Top 200 ranking profile.
• Wintrust Financial Corporation: Chicago-area based super-community bank holding company operating multiple community banking charters across Illinois, including Hinsdale, Lake Forest, Schaumburg, Libertyville, and Northbrook. Closely comparable to ACB&T in operating a multi-brand, relationship-driven Illinois community banking model with a Chicago metro growth strategy.
• QCR Holdings: Moline, Illinois-based community bank holding company operating Springfield Bancshares, Cedar Rapids Bank & Trust, and Community State Bank in Iowa, Illinois, and Missouri. Comparable mid-size Midwest community bank with similar commercial, agricultural, and specialty lending orientation.
• First Mid Bancshares: Mattoon, Illinois-based community bank holding company with branches across central and southern Illinois. Closely comparable Illinois community bank offering similar commercial, agricultural, and consumer banking products with a comparable community-oriented growth approach.
• Heartland Financial USA (HTLF): Dubuque, Iowa-based community bank holding company operating banks under various community brand names across the Midwest and Southwest. Highly comparable multi-brand community banking model with disciplined growth strategy and similar commercial/agricultural lending focus.
• Byline Bancorp: Chicago-based community bank holding company serving small and middle market businesses, with strong commercial and SBA lending focus. Highly comparable to ACB&T's commercial banking and Chicago-area growth strategy, particularly given Byline's similar scale and Chicago metro footprint.
• First Busey Corporation: Champaign, Illinois-headquartered community bank holding company with locations across Illinois, Indiana, Florida, and Missouri. Directly comparable mid-size Illinois community bank with similar commercial, agricultural, and wealth management product breadth and a comparable acquisition-driven expansion history.

Broad incumbents

• Old National Bancorp: Large Midwest regional bank holding company resulting from the merger of Old National and First Midwest. Operates across Indiana, Illinois, Kentucky, Michigan, Wisconsin, and Minnesota, providing a comparable but much larger commercial and community banking presence that competes with ACB&T in the Chicago metro and Illinois markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-first-national-bank-of-ottawa-il

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries10 records

Funding overview

Funding rounds4 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 The First National Bank of Ottawa