Bank of Springfield

What Bank of Springfield does

Bank of Springfield (BOS) is a privately held, FDIC-insured community bank founded in 1965 and headquartered in Springfield, Illinois. It operates as an affiliate of bank holding company Spring Bancorp Inc. and is regulated by the Illinois Department of Financial and Professional Regulation with Federal Reserve oversight through the holding company structure. The bank runs 14 branch locations across Central Illinois (Springfield, Champaign, Chatham, Jacksonville, Normal, Quincy, Glen Carbon, Caseyville, Staunton, Swansea, Shiloh) and Metro St. Louis, Missouri (Clayton, Liberty, O'Fallon), serving both retail consumers and small-to-medium businesses.

The product platform spans three pillars. Personal banking includes nine checking account tiers (Cash Back Checking, BOS Checking Plus, Classic 50 Checking Plus, BOS Checking, Classic 50 Interest Checking, Personal Power Interest Checking, Youth, Teen, Fresh Start), savings, personal loans, land financing, and Visa debit/credit cards. Business banking covers business checking, savings, SBA loans, USDA loans, agricultural loans, commercial real estate loans, corporate credit cards, merchant card processing, Positive Pay fraud protection, Remote Deposit, and the SpendTrack expense management tool. Financial planning is delivered through the wholly-owned BOS Insurance Agency (personal, commercial, and group insurance) and via partnership with LPL Financial for wealth/advisory and trust services. Digital banking is delivered on a Fiserv core platform with a mobile app (iOS and Android), Zelle integration through Early Warning Services, Credit Sense credit monitoring via SavvyMoney/TransUnion, Manage My Cards controls, ClickSWITCH account switching, and a MoneyPass ATM network.

Revenue is generated from net interest income across the loan portfolio, monthly deposit account fees ranging from $2.50 to $9.50, overdraft and service charges, Visa interchange and credit card interest, insurance commissions through BOS Insurance Agency, and referral-based wealth revenue from the LPL Financial arrangement. The go-to-motion is a hybrid of direct-to-consumer branch banking and field-based business banking supported by self-serve digital channels. Customer base is horizontally diversified across individual consumers, SMBs, youth/teens, customers 50+, commercial/agricultural borrowers, and financial planning customers, with no concentration in enterprise anchors.

Name

Bank of Springfield

Legal name

Bank of Springfield

Website

https://bankwithbos.com

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

101–250 employees

Short description

Bank of Springfield is a privately held community bank operating 14 branches across Central Illinois and Metro St. Louis, providing personal banking, small business and agricultural lending, insurance, and wealth management services to retail and SMB customers.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Student & Youth Banking (FSABAAAH)

Keywords

• Community banking services
• Commercial lending
• Small business banking
• Personal banking products
• Wealth management services

Headquarters

HQ city

Springfield

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loan products including personal loans, mortgages, business loans, SBA loans, USDA loans, agricultural loans, and commercial real estate loans
2. Deposit Account Fees: Monthly maintenance fees on checking accounts such as Cash Back Checking ($2.50), BOS Checking Plus ($8.00), Classic 50 Interest Checking ($7.00), Personal Power Interest Checking ($7.00), and Fresh Start Checking ($9.50). Additional revenue from overdraft fees and other service charges
3. Credit Card Fees: Revenue from VISA credit cards including Cash Rewards Platinum, Rewards Platinum, Platinum Edition, Signature Travel VISA, and Secured credit cards with associated fees and interest
4. Financial Services Revenue: BOS Insurance Agency generates revenue from insurance products. Wealth management and trust services offered through partnership with LPL Financial
5. Digital Banking Services: Fees for services such as bill payment, wire transfers, and other digital banking services

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Bank of Springfield is a community bank that delivers personal and business banking products—including checking, savings, debit/credit cards, consumer and commercial loans (SBA, USDA, agricultural), and digital banking services—through 14 branches across Central Illinois and Metro St. Louis combined with online and mobile channels. The bank complements deposit and lending with financial planning offerings delivered through BOS Insurance Agency, BOS Wealth & Planning Services (in partnership with LPL Financial), and Trust Services.

Product overview

Bank of Springfield (BOS) is a regional community bank offering a unified banking platform serving Central Illinois and Metro St. Louis with personal banking, business banking, and financial planning services. The core product portfolio includes multiple Personal Checking and Savings account tiers with integrated Digital Banking (Online and Mobile Banking App with Mobile Deposit, Bill Payment, Zelle), Personal Loans including land financing, Debit & Credit Cards (BOS VISA with contactless tap-to-pay and EMV chip security), Business Checking and Savings with cash management tools, Business Loans (SBA, USDA, Commercial Real Estate, Agricultural), Corporate Credit Cards with SpendTrack management, and comprehensive Financial Planning through BOS Insurance Agency (Personal, Commercial, Group Insurance), BOS Wealth & Planning Services (via LPL Financial partnership), and Trust Services. Supporting features include Manage My Cards card controls, Credit Sense credit monitoring, Merchant Card Processing, Remote Deposit, Positive Pay fraud protection, and the BOS Learning Center educational platform. The architecture is a traditional community banking platform with integrated digital services rather than a modular platform-plus-modules structure.

Differentiator

Problem solved

Functional benefit

Brands

• BOS Wealth & Planning Services: Investment and wealth management services offered in partnership with LPL Financial, a registered investment advisor and broker-dealer.
• BOS Insurance Agency
• BOS Center

Products and services

• Personal Checking

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core.

• LPL FinancialcoreStrategic or Co-development PartnerSecurities and advisory services are offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC). BOS Wealth & Planning Services brings together proven track records of investment products with experienced management professionals. Registered representatives of LPL offer products and services using BOS Wealth & Planning, and may also be employees of Bank of Springfield.
• Early Warning Services, LLC (Zelle)coreTechnology or IntegrationBank of Springfield partners with Zelle to provide fast and easy way to send and receive money with friends, family and people you know. Zelle payments are sent directly from account to enrolled recipients typically within minutes. As of March 31, 2025, all users must be enrolled through one of the more than 2,200 banks and credit unions that offer Zelle.
• FiservcoreTechnology or IntegrationTechnology provider for online banking platform (bankwithbos.onlinebank.com) and account opening systems. Provides the digital infrastructure powering BOS digital banking services.
• VisacoreTechnology or IntegrationBOS offers Visa debit and credit cards including Cash Rewards Platinum, Rewards Platinum, Platinum Edition, Signature Travel VISA, and Secured cards. Visa's payment network enables card transactions and fraud protection services.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Associated Bank: Associated Bank is a multi-state Midwestern bank offering retail, commercial, and wealth services across a broader footprint; it was specifically noted as a prior employer of a BOS branch manager, indicating direct talent overlap in Illinois/Missouri markets.
• Old National Bank: Old National Bank is a Midwest super-regional bank operating across Illinois, Indiana, and surrounding states, providing retail and commercial banking products that overlap with BOS but at substantially greater scale and geographic breadth.

Direct peers

• Busey Bank: Busey Bank is a Champaign, Illinois-headquartered community bank serving Central Illinois with personal, business, and wealth-management offerings closely overlapping BOS's footprint across Central Illinois.
• Town & Country Bank: Town & Country Bank is a Central Illinois community bank offering personal, business, and agricultural lending products in overlapping Illinois markets with similar community-bank positioning.
• Heartland Bank & Trust Company: Heartland Bank & Trust is a Midwest community-bank holding company operating in Illinois with comparable retail/business banking and agricultural lending services in overlapping rural Illinois markets.
• CEFCU: CEFCU (Citizens Equity First Credit Union) is an Illinois-based member-owned financial institution serving Central Illinois with retail deposits, lending, and digital banking comparable in market and product mix to BOS.
• First Mid Bank & Trust: First Mid Bancshares is an Illinois community-bank holding company headquartered in Mattoon, IL with a Central Illinois branch network providing retail, business, and wealth services comparable in product breadth and regional focus to BOS.
• INB (Illinois National Bank): Headquartered in Springfield, Illinois, INB is the most direct local competitor to Bank of Springfield, operating as a state-chartered community bank in the same primary market with comparable retail and business banking offerings.
• Marine Bank: Marine Bank is a Springfield, Illinois community bank operating in the same primary market as BOS, serving similar retail and small business customers with community-bank-style relationship banking.

Regional players

• Commerce Bank: Commerce Bank is a major super-regional bank with significant operations in the Metro St. Louis market, competing with BOS in the Missouri side of its footprint with a broader product set and larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/bankwithBOS
• Instagraminstagram.com/bankwithbos
• Xx.com/bankwithbos

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

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 Bank of Springfield