Fortress Bank

What Fortress Bank does

Fortress Bank is a privately held community bank with origins tracing to 1904 as The State Bank of Burnside; it has operated under the Fortress Bank brand since 2017 following the 2008 acquisition by Chairman & CEO Lee H. Garlach and a group of investors. Headquartered in Peoria, Illinois, the bank operates nine banking centers across Illinois and Iowa, including loan production offices in Pekin and West Des Moines, and reports over $700 million in assets. It is FDIC-insured, governed by Illinois law, and serves consumers, small businesses, and commercial clients with a stated emphasis on entrepreneurs and owner-operated businesses in the Midwest.

The product portfolio spans consumer banking (Express, Rewards, Interest, and Capital Club checking; savings, CDs/IRAs, consumer loans, credit cards), business banking (Small Business, Business Access, and Business Analysis checking; revolving credit, term loans, letters of credit; treasury management; business credit cards), and specialized vertical lending for agriculture, manufacturing, construction, real estate, dentistry, medical, and tax credit financing. Mortgage origination is delivered through the Compass Mortgage subsidiary acquired in 2024, with its CEO joining the Fortress Bank board. Technology infrastructure is conventional community-bank platform: a Malauzai-powered mobile app on iOS/Android with mobile check deposit, Picture Pay bill payment, and card management; web-based online banking; and text banking. No public API, SDK, or proprietary AI/ML capabilities are disclosed.

The revenue model is traditional community banking, anchored by net interest income from consumer, commercial, agricultural, real estate, and mortgage lending, supplemented by deposit account fees (tiered monthly fees from $0 to $35 with balance-based waivers), treasury management transaction fees, and credit card interchange via the Elan Financial Services partnership. Go-to-market is relationship-led through the nine-branch footprint and a content/community ecosystem (What's Your Vision Podcast, Business Owners Club with curated roundtables, Bank Tank pitch contest awarding $20,000, The Fort magazine) that targets entrepreneur mindshare and pipeline in the Illinois/Iowa market.

Name

Fortress Bank

Legal name

Fortress Bank

Website

https://bankfortress.com

Company type

Private

Founded year

1904

Operating status

Operating

Headcount range

51–100 employees

Short description

Fortress Bank is a privately held community bank founded in 1904, operating nine banking centers across Illinois and Iowa with over $700 million in assets, serving consumers, small businesses, and commercial clients with a focus on Midwest entrepreneurs.

Ownership category

akta.pro rank

Headquarters

HQ city

Peoria

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional lending revenue from consumer and business loans including mortgages, commercial loans, agricultural loans, and lines of credit
2. Deposit Account Fees: Monthly service fees, minimum balance fees, and transaction fees on personal and business checking accounts
3. Treasury Management Services: Cash management, ACH origination, wire transfers, and fraud control services for business clients
4. Credit Card Revenue: Credit card processing and interchange fees through Elan Financial Services partnership
5. Compass Mortgage: Mortgage lending revenue through Compass Mortgage subsidiary

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Fortress Bank is a privately held community bank founded in 1904 operating nine banking centers across Illinois and Iowa with over $700 million in assets. It provides consumer and business banking products including checking accounts, savings, consumer loans, business loans, treasury management, commercial/ag lending, mortgage lending through Compass Mortgage, and wealth planning services, with an entrepreneur-focused community banking approach.

Product overview

Fortress Bank is a regional community bank with over $700 million in assets and nine banking centers across Illinois and Iowa, founded in 1904 and rebranded to Fortress Bank in 2017. The bank offers a unified platform of banking products serving both consumers and businesses, with a specific focus on entrepreneurs. Consumer offerings include Express Checking, Rewards Checking, Interest Checking, and Capital Club (premium) checking accounts; Consumer Loans for vehicles, boats, and personal needs; and Personal Credit Cards. Business banking encompasses Business Loans (revolving credit, term loans, letters of credit), Business Checking (Analysis, Access, and Small Business tiers), Treasury Management services, and Business Credit Cards. The bank also operates specialized vertical lending for Manufacturing, Construction, Real Estate Development, Farming & Agribusiness, Dentistry, Medical, and Tax Credit Financing industries. Supporting services include Compass Mortgage (acquired mortgage brand), Wealth Planning through PlanFortress, the Business Owners Club membership program, and the annual Bank Tank pitch contest awarding $20,000. Digital banking is delivered through Mobile Banking App (iOS/Android) and Online Banking platforms with features including mobile deposit, Picture Pay, and Pay a Friend transfers.

Differentiator

Problem solved

Functional benefit

Brands

• Compass Mortgage: Mortgage lending services, now part of Fortress Bank team
• Business Club
• Bank Tank
• What's Your Vision Podcast

Products and services

• Personal Checking Accounts
• Consumer Loans
• Personal Credit Cards
• Business Loans
• Business Checking Accounts
• Treasury Management
• Business Credit Cards
• Compass Mortgage
• Commercial and Agricultural Lending
• Wealth Planning
• Mobile Banking App
• Online Banking
• Savings and Money Market Accounts
• CDs and IRAs
• Commercial Real Estate Lending
• Agriculture Lending
• Preferred Asset Account
• Debit Cards

Quantifiable outcome

• $700 million in assets
• +2 more outcomes

Named customers14 records

Segments10 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Compass Mortgage, Inc.coreOEM/ Whitelabel/ Licensing PartnerCompass Mortgage is now part of Fortress Bank, providing enhanced mortgage services. Dan Graham serves as CEO of Compass Mortgage and is on the Fortress Bank Board of Directors. This acquisition strengthens Fortress Bank's home lending capabilities.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services provides credit card services including zero fraud liability protection. Cards are issued pursuant to licenses from Visa U.S.A. Inc. and Mastercard International Incorporated.

Scale indicators4 records

Recent moves13 records

Expansion highlights5 records

Others

• Elan Financial Services: Credit card issuing partner that powers Fortress Bank's personal and business credit card products — relevant as a technology/integration partner comparable across many community banks.

Broad incumbents

• Busey Bank: Central Illinois-headquartered community bank with commercial, ag, and mortgage lending — overlapping with Fortress's Peoria/Central Illinois footprint though at greater scale.
• Heartland Financial USA: Multi-state community bank holding company operating across the Midwest and Mountain West, with substantially larger scale but overlapping commercial and community banking focus relevant to Fortress's market.
• Stock Yards Bancorp: Mid-size community-focused bank holding company with commercial and wealth banking services, comparable in business model though operating in a different Midwest geography.
• United Community Bank (United Bankers' Bancshares): Community bank serving small businesses and consumers across the Midwest — comparable in target customer and product set though broader geographically.

Direct peers

• QCR Holdings: Quad Cities-based community bank holding company operating in Iowa and Illinois, with a commercial banking focus and comparable asset size — overlapping directly in Fortress's Davenport/Quad Cities market.
• West Bancorporation: Iowa-based community bank holding company headquartered in West Des Moines — directly comparable to Fortress Bank's Iowa presence, including the Des Moines loan production office region.
• First Mid Bancshares: Illinois-based community bank holding company with a similar footprint spanning rural and mid-sized Illinois markets, offering commercial, ag, and mortgage banking products directly comparable to Fortress Bank's mix.
• Town & Country Bank (Illinois): Illinois-based community bank with a similar relationship-driven approach serving businesses and consumers across central Illinois, directly comparable to Fortress's Illinois core market.
• MidWestOne Financial Group: Midwest-focused community bank with operations in Iowa and surrounding states, offering commercial, ag, and consumer banking — closely comparable to Fortress's product mix and footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/BankFortress
• LinkedInlinkedin.com/company/fortressbank
• Instagraminstagram.com/fortressbank/?hl=en
• Xx.com/FortressBank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Fortress Bank