Armed Forces Bank

What Armed Forces Bank does

Armed Forces Bank is a privately held, FDIC-insured National Association bank founded in 1907 as Army National Bank in Fort Leavenworth, Kansas, and now operating as a wholly owned subsidiary of Dickinson Financial Corporation ($4.8B banking franchise). The bank holds approximately $1.4 billion in total assets and targets the U.S. military community — active-duty service members, military retirees, veterans, DOD civilian employees, and their families — served by a workforce in which roughly 75-80% of associates carry military affiliation. Distribution combines on-base physical branches and ATMs at installations worldwide (including Fort Leavenworth, Fort Leonard Wood, Fort Riley, JBLM, Naval Station Great Lakes, Luke AFB, Travis AFB) with self-serve digital channels: iOS/Android mobile apps, online banking, Text Banking, online account opening, and 40,000+ MoneyPass network ATMs across all 50 states.

The product portfolio spans personal deposit accounts (Access Freedom Checking, Access Rewards Checking, Recruit Access Checking, Student Checking, savings, Premier Money Market, CDs), personal lending (Access Loan, HELOC, CD Term Loan, Credit Builder Secured Visa), a full mortgage suite led by VA loans (plus VA Cash-Out, IRRRL, FHA, Conventional, Jumbo, Hero Loan, Cash-Out Refinance), business banking (Simple/Analyzed/Interest Checking, Business Savings, CDs, Money Market, Business Loans, SBA Loans, Business Credit Card), and treasury services (Treasury Management Select, receivables, payables, fraud prevention, liquidity). Digital add-ons include Bill Pay, Zelle, Mobile Deposit, Card Controls, eStatements, and the AI-powered "Chat with Mili" assistant. The June 2026 launch of a Business Payments Suite powered by Autobooks extends the bank into integrated invoicing, card/ACH acceptance, and accounting for veteran-owned SMBs and military-support nonprofits.

Revenue mechanics follow a traditional community-bank model. Net interest income is generated by spreads on the loan portfolio (VA-backed mortgages, personal loans, HELOCs, business term loans, SBA loans) and on deposits — current CDs yield 3.15-3.35% APY and Premier Money Market 3.05% APY for 6 months, with a $500 minimum. Non-interest income comes from account fees, loan origination, and Treasury Management Select priced under $30/month. The go-to-market is community-led, reinforced by the Heroes Round Up charitable round-up program, partnerships with Hope For The Warriors and Hire Heroes USA, the Militarily Speaking podcast, and a sustained record of Consumer Federation of America Designation of Savings Excellence awards (2016-2025) plus recurring Army/Navy/Air Force Bank of the Year honors across multiple installations.

Name

Armed Forces Bank

Legal name

Armed Forces Bank, N.A.

Website

https://afbank.com

Company type

Private

Founded year

1907

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Armed Forces Bank is a privately held, FDIC-insured military bank founded in 1907 that provides personal banking, business banking, VA home loans, and treasury management services to active-duty military, veterans, retirees, DOD personnel, and their families across all 50 states and worldwide military installations.

Ownership category

akta.pro rank

Product category

Military Retail Banking

NAICS

Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

National Commercial Banks (6021), Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Military & Veterans Credit Unions (FSABAEAI)

Keywords

• Retail banking services
• Mortgage lending
• Consumer lending
• Business banking
• Treasury management

Headquarters

HQ city

Kansas City

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Traditional banking revenue from interest rate spreads on loans (including VA home loans, personal loans, business loans) and deposits (checking, savings, CDs, money market accounts)
2. Non-interest Income: Fees from account services, loan origination, treasury management services, and transaction fees

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Armed Forces Bank is a full-service retail bank providing deposit accounts (checking, savings, money market, CDs), consumer loans (personal, HELOC, CD term loan, secured credit card), home loans (VA, FHA, Conventional, Jumbo, Hero, refinance), and business banking (business checking, savings, treasury management, SBA and business loans, Business Payments Suite) primarily to active-duty and retired military personnel, veterans, DOD civilians, and their families, delivered through on-base branches, digital banking, and ATM networks.

Product overview

Armed Forces Bank is a full-service military bank offering a comprehensive suite of banking and lending products designed for active-duty military, veterans, retirees, Department of Defense personnel, and civilians. The product portfolio includes core deposit products (Access Freedom Checking, Access Rewards Checking, Access Investment Checking, Safe Spending, Student Checking, Recruit Checking, Savings, Premier Money Market, CDs, Student Savings), personal loans (Access Loan, HELOC, CD Term Loan, Credit Builder Secured Card), business banking (Simple Business Checking, Business Checking, Business Interest Checking, Analyzed Business Checking, Business Savings, Business CDs, Business Money Market, Treasury Management Select), and home loans (VA Loan, VA Cash-Out Refinance, IRRRL, FHA, Conventional, Jumbo, Hero Loan, Mortgage Refinance, Cash-Out Refinance). Digital banking services include Mobile Banking, Online Banking, Bill Pay, Chat with Mili, Card Controls, Mobile Deposit, Text Banking, eStatements, and Zelle integration. The Business Payments Suite powered by Autobooks provides integrated invoicing and payment acceptance for business customers. The bank differentiates through specialized military-focused services including Early Pay access, dedicated Recruiter Tools, VA lending expertise, and partnership programs like Heroes Round Up.

Differentiator

Problem solved

Functional benefit

Products and services

• Access Freedom Checking Free consumer checking account with no monthly service charge and no minimum balance, offering Early Pay (up to two days early access to direct deposits) and no-fee access to 40,000+ MoneyPass ATMs; intended for active and retired military, veterans, and their families.
• Access Rewards Checking Rewards consumer checking account offering competitive benefits for military members and their families.
• Access Investment Checking Consumer checking account designed for investment-focused banking needs, providing integrated financial services for military clients.
• Safe Spending Account Consumer spending account with safety controls to help manage and control daily finances.
• Student Checking Student-focused checking account within the bank's education banking products.
• Recruit Access Checking Dedicated checking account for military recruits with tools and resources to establish banking as they begin military service.
• Savings Account Personal savings account with $25 minimum opening deposit and a $100 minimum balance to avoid a $5 monthly service charge.
• Premier Money Market Higher-interest money market account offering competitive APYs (3.05% APY for 6 months at cited rate) with check-writing privileges and ATM access.
• Certificates of Deposit Consumer CDs providing guaranteed returns with fixed interest rates across multiple terms (e.g., 3.35% APY for 13 months, 3.15% APY for 12 months), with $500 minimum opening deposit.
• Student Savings Account Savings account for individuals under age 23, with no minimum balance requirement and no monthly service charge while under 23.
• IRA Individual Retirement Account offered in conjunction with Premier Money Market and CD products.
• Access Loan Personal loan offering fast approvals, easy funding, and flexible credit options to cover planned and unplanned expenses for military members and their families.
• Home Equity Line of Credit Revolving line of credit allowing homeowners to borrow against built-up equity in their homes, functioning like a credit card with lower interest rates.
• CD Term Loan Loan secured by certificate of deposit collateral, allowing customers to borrow against their CD savings.
• Credit Builder Secured Visa Credit Card Secured Visa credit card designed to help build or rebuild credit, with credit limit typically based on the customer's security deposit.
• VA Loan VA-backed mortgage program for eligible veterans, active-duty service members, and surviving spouses, featuring no down payment, no private mortgage insurance, competitive interest rates, and limited closing costs.
• VA Cash-Out Refinance Refinancing option for existing VA loans allowing veterans to borrow up to 100% of their home's value without incurring mortgage insurance.
• Interest Rate Reduction Refinancing Loan (IRRRL) VA Streamline Refinance loan designed to reduce the interest rate on an existing VA loan or refinance adjustable-rate mortgages to fixed rate.
• FHA Loan Federal Housing Administration-backed mortgage with competitive rates for qualified borrowers.
• Conventional Loan Standard mortgage loan not insured by the federal government, typically requiring higher credit scores and larger down payments than government-backed loans.
• Jumbo Loan Mortgage loan exceeding conforming loan limits for higher-value properties.
• Hero Loan Mortgage program designed for first responders, offering favorable terms for eligible applicants.
• Mortgage Refinance Options to refinance existing mortgages, including rate-and-term refinances and cash-out refinances.
• Cash-Out Refinance Refinance option allowing borrowers to access their home equity as cash by borrowing more than their current mortgage balance.
• Simple Business Checking Basic small business checking account with straightforward features for veteran-owned small businesses and small organizations.
• Business Checking Standard business checking account with comprehensive features for veteran-owned businesses and military-support organizations.
• Business Interest Checking Business checking account that earns interest on balances, combining transaction capabilities with yield for veteran-owned businesses.
• Analyzed Business Checking Business checking with analysis services to help businesses optimize cash flow and banking relationships.
• Business Savings Savings account for business owners to set aside funds for business expenses or emergencies.
• Business CDs Certificates of deposit for business accounts, offering guaranteed returns on business funds.
• Business Money Market Money market account for businesses with higher interest rates and limited withdrawal flexibility.
• Treasury Management Select Standalone cash management service priced at less than $30 per month providing ACH and Wire services at reduced cost, with payroll streamlining, bill pay, online account management, and Touch ID/Facial Recognition for mobile access.
• Line of Credit (Business) Business line of credit providing flexible access to funds for veteran-owned businesses.
• Term Loan (Business) Business term loan for fixed-length financing with regular payments for veteran-owned small businesses.
• SBA Loans Small Business Administration loans providing government-backed financing options for eligible veteran-owned businesses.
• Business Credit Card Credit card designed for business expenses with features tailored to veteran-owned businesses.
• Business Payments Suite Integrated invoicing, payment acceptance, and accounting platform powered by Autobooks for veteran-owned businesses and military-support organizations, enabling professional invoices, online/in-person payment acceptance via credit card and ACH, payment links, QR codes, and financial reporting.

Quantifiable outcome

• $1.9 million in deposits generated during Veteran Saves Week 2025 campaign
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• AutobookscoreTechnology or Integration · 17 June 2026Armed Forces Bank launched a new Business Payments Suite powered by Autobooks, offering integrated invoicing, payment acceptance, and accounting tools for veteran-owned businesses and military-support organizations such as VFW posts and Family Readiness Groups. The platform enables users to create professional invoices, accept online and in-person payments via credit card and ACH, generate payment links and QR codes, and access financial reporting tools directly within their bank account.
• Hope For The WarriorscoreGTM or Marketing Partner · 21 May 2026Armed Forces Bank partnered with Hope For The Warriors as part of its Heroes Round Up program, which allows bank clients to automatically round up debit card purchases to the nearest dollar with spare change donated to military-connected nonprofits. Hope For The Warriors is a national nonprofit founded in 2006 that has served over 187,000 post-9/11 veterans and military family members. The partnership reflects Armed Forces Bank's commitment to serving the military community through its banking platform.
• Hire Heroes USAcoreStrategic or Co-development Partner · 18 May 2026Armed Forces Bank announced a partnership with Hire Heroes USA to support service members, veterans, and military spouses with career and financial readiness resources during their transition to civilian life. The partnership combines Hire Heroes USA's employment support services—including free career coaching and resume assistance—with Armed Forces Bank's financial expertise. The partnership includes sponsorship of the 2026 Military Spouse of the Year Award at Hire Heroes USA's Annual Empowerment Gala.
• Academy BankminorStrategic or Co-development PartnerAcademy Bank is Armed Forces Bank's sister bank, a community bank serving Kansas, Missouri, Colorado, Arizona, and Arkansas. Both banks operate under Dickinson Financial Corporation.

Scale indicators10 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Navy Federal Credit Union: The largest military-focused financial institution (~$170B+ assets), serving active-duty, retired, and reserve members across all branches. Direct competitor for the same deposit, loan, and digital-banking wallet share that Armed Forces Bank targets.
• Andrews Federal Credit Union: Serves military and DoD-affiliated communities, particularly in the National Capital Region, with deposit and lending products. Overlaps with Armed Forces Bank in military-segment customer acquisition and VA lending.
• First Command Financial Services: Financial services firm focused exclusively on military families and their advisors, providing banking-adjacent advisory, lending, and investment products. Targets the same military-affiliated household wallet as Armed Forces Bank.
• USAA: Iconic military-focused bank and insurer serving active-duty, veterans, and families with banking, insurance, and wealth products. Sets the bar for military-segment digital experience and is Armed Forces Bank's most direct competitor for member mindshare.
• Service Credit Union: Military-focused credit union serving active-duty, veterans, and families with deposit, lending, and digital banking products. Direct comparison point for community-led GTM and on-base member engagement strategies.
• PenFed (Pentagon Federal Credit Union): Large credit union serving military, DoD civilians, and broader membership with deposit, mortgage, and consumer lending products. Competes for the same VA-loan and consumer banking demand among military families.
• Security Service Federal Credit Union: Serves military and broader Texas/southwest membership with full-service banking and mortgage products. Competes with Armed Forces Bank in military-lending and consumer deposit segments.

Regional players

• Fort Sill Federal Credit Union: Oklahoma-based credit union serving Fort Sill and broader military community with deposit and lending products. Competes regionally on-base and is a useful comparison point for branch economics and member acquisition in a defined military geography.

Broad incumbents

• Bank of America Military Banking: Bank of America's military-affiliated banking program with nationwide branch and ATM reach. Competes for the same active-duty and veteran deposit relationships, leveraging significantly larger scale and digital capabilities.
• Chase Military Banking: JPMorgan Chase's military-focused banking program offering checking, savings, and lending to service members as part of a much larger national franchise. Competes with Armed Forces Bank on digital UX and product breadth without the niche focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@ArmedForcesBank1907
• Facebookfacebook.com/ArmedForcesBank
• LinkedInlinkedin.com/company/armed-forces-bank
• Instagraminstagram.com/armedforcesbank
• Xx.com/armedbank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

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 Armed Forces Bank