Tri-County Financial Group

Name

Tri-County Financial Group

Legal name

Tri-County Financial Group, Inc.

Website

https://www.firststatebank.biz/

Company type

Public

Founded year

1986

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Offices of Bank Holding Companies (551111)

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industries

Student & Youth Banking (FSABAAAH), Corporate & Institutional Trust Services (FSAAANAB)

Keywords

• Community banking services
• Agricultural lending
• Commercial real estate loans
• Retail deposit products
• Treasury management services

Headquarters

HQ city

Mendota

HQ country

United States

HQ region

North America

Offices23 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Primary revenue stream from interest earned on loans (commercial real estate, agricultural, business term loans, auto loans, home mortgages, HELOCs, personal loans) minus interest paid on deposits. Q1 2026 net interest income was $13.7 million, up 18% YoY driven by increased yields on earning assets and lower funding costs.
2. Non-Interest Income: Fees from digital banking services, wire transfers, safe deposit box rental, merchant card processing, wealth management/trust services, and insurance products through First State Insurance subsidiary.
3. Deposit-Based Income: Interest-earning deposits including savings, money market accounts, and certificates of deposit generate spread income.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Tri-County Financial Group is a community bank holding company that operates First State Bank, delivering retail and commercial banking products including checking and savings accounts, certificates of deposit, IRAs, HSAs, consumer and commercial loans, agricultural lending, mortgage loans, credit cards, treasury management, merchant card processing, wealth management/trust services, and insurance products through its First State Insurance subsidiary. The bank distributes these offerings across 19 branches in North Central Illinois complemented by an online and mobile banking platform, serving individuals, small and mid-size businesses, and agricultural operations.

Product overview

Tri-County Financial Group operates First State Bank as a $1.6 billion community bank with 19 branches across north central Illinois, offering a comprehensive platform of banking products organized into five core areas: (1) Deposit Products including FSBPremier Checking, FSBStudent Checking, FSBChecking, FSBPlus Checking, FSBSavings, First Class Money Market, Certificates of Deposit (CDs), Individual Retirement Accounts (IRAs), and Health Savings Accounts (HSAs); (2) Business Banking comprising Small Business Checking, Business Plus Checking, Business Account Analysis Checking, Business Savings, and Business First Class Money Market; (3) Treasury Management services including ACH Services, ACH Positive Pay, Check Positive Pay, Merchant Card Services via CardConnect, Remote Deposit Capture, and FSBPayNow; (4) Lending Products encompassing Quilo personal loans, Home Mortgage Loans, HELOC, Auto Loans, Commercial Real Estate Loans, Business Term Loans, Agriculture Loans, Farm Machinery Loans, and Leasing Program; and (5) Supplementary Services including Personal and Business Credit Cards, First State Insurance (wholly-owned insurance subsidiary), and Wealth Management/Trust Services. The bank delivers these products through Digital Banking (online, mobile, and tablet), Zelle P2P payments, and Mobile Deposit functionality. The architecture combines a core Fiserv banking platform with digital front-end services, multiple third-party integrations (MoneyPass ATMs, IntraFi CDARS/ICS for extended FDIC coverage, DocuSign for e-signatures, QuickBooks for accounting exports, and Apple Pay/Samsung Pay/Android Pay for mobile payments), and operates First State Insurance as an affiliated insurance agency.

Differentiator

Problem solved

Functional benefit

Brands

• FSBPremier Checking: Premium checking account with competitive interest rates up to 2.00% APY on balances up to $25,000 with qualifications met
• FSBStudent Checking
• FSBChecking
• FSBPlus Checking
• Vista Club
• Quilo
• FSBMoney
• FSBPayNow

Products and services

• Digital Banking Online and mobile banking platform providing 24/7 account access, fund transfers, bill pay, mobile deposit, eStatements, and card management controls through web and native iOS/Android apps. For retail and business account holders of First State Bank.
• FSBPremier Checking High-interest personal checking account earning up to 2.00% APY on balances up to $25,000 when customers meet monthly qualification requirements including 10 POS transactions and 1 ACH or Zelle transaction per statement cycle. Includes ATM fee refunds up to $15/month and MoneyPass access. For individual consumer customers.
• FSBStudent Checking Free checking account for students aged 13-17 requiring joint guardian ownership, featuring parental card controls, unlimited check writing, and MoneyPass ATM access. For teenage students and their guardians.
• FSBChecking Basic all-inclusive personal checking account with unlimited check writing and free digital banking, with no monthly service fee or minimum balance requirements. For general individual consumers.
• FSBPlus Checking Interest-bearing personal checking account with competitive rates compounded daily and paid monthly, rewarding higher balances. Requires $1,000 minimum opening deposit. For individual consumer customers seeking interest on checking balances.
• FSBSavings Personal savings account with competitive interest on entire balance, compounded daily and paid quarterly, with $25 minimum deposit to open. For individual consumers building savings.
• First Class Money Market Tiered-rate interest-bearing account with direct check writing capability, $2,500 minimum deposit, offering higher rates for larger balances. For personal customers seeking money market yields.
• Certificates of Deposit (CDs) Fixed-rate term deposits with terms ranging from 32 days to 8 years, featuring higher returns than savings accounts with FDIC insurance and automatic renewal options. Current specials include 5-month CD at 3.54% APY, 7-month at 3.53%, 11-month at 3.79%, and 28-month at 3.89% APY with $1,000 minimum.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings in Traditional and Roth options, with no setup fees, competitive interest rates, and catch-up contributions for ages 50+. For individual retirement savers.
• Health Savings Account (HSA) Tax-advantaged medical savings account for HDHP holders, offering triple tax benefits with contributions, earnings, and withdrawals for qualified medical expenses all tax-free. For individual health-conscious savers enrolled in HDHP plans.
• Small Business Checking Business checking account with 50 free debit transactions per month, $500 minimum opening deposit, free online banking, mobile banking with mobile deposit, and eStatements. For small businesses with moderate transaction volumes.
• Business Plus Checking Interest-bearing business checking with competitive interest on all balance sizes, 50 monthly debit transactions, and waived fees for public funds and non-profits. For small and mid-size businesses seeking yield on operating cash.
• Business Account Analysis Checking High-volume business checking with unlimited monthly transactions at low per-item fees, detailed analysis statements, and $1 minimum opening deposit. For businesses with high transaction volumes.
• Business Savings Business savings account with $300 minimum deposit, 0.15% APY competitive rates credited quarterly, $3 quarterly service fee waived with $300 minimum balance, and free digital banking services. For businesses parking operating reserves.
• Business First Class Money Market Business money market with tiered rates for higher balances, direct check writing, $2,500 minimum deposit, and $1,000 average balance to avoid service charges. For businesses seeking money market yields with check access.
• IntraFi Network Deposits (CDARS & ICS) FDIC insurance network services enabling deposit coverage beyond the standard $250,000 limit up to $50 million through CDARS certificates and Insured Cash Sweep savings products. For individuals, businesses, and public funds holding large deposits.
• Treasury Management Comprehensive business treasury services including online/mobile banking, ACH processing, wire transfers, Positive Pay fraud protection, merchant card services, Remote Deposit Capture, and FSBPayNow online payment acceptance. For business customers managing cash flow, payroll, and payments.
• Merchant Card Services Credit and debit card processing through the CardConnect partnership, enabling businesses to accept major credit and debit cards with easy equipment setup and streamlined record-keeping. For retail and service businesses needing to accept card payments.
• FSBPayNow Online payment portal enabling businesses to accept customer payments through their website with one-time or recurring options, QuickBooks export, and robust reporting. For businesses seeking online payment acceptance.
• Quilo Quick unsecured personal loan for unexpected expenses, debt consolidation, or checking account replenishment with instantaneous funding, no fees, and fixed monthly payments. For individual consumers needing fast personal financing.
• Home Mortgage Loans Competitive mortgage financing for purchase, refinance, or construction of primary residence, second homes, vacation homes, or investment properties with fixed and adjustable rate options. For homebuyers and homeowners seeking mortgage financing.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity for large-scale improvements, medical expenses, or emergency reserves with flexible repayment and variable 8.50% APR. For homeowners with established equity seeking flexible credit access.
• Auto Loans Vehicle financing for new or used purchases with competitive rates (6.75% to 10.25% APR depending on vehicle age and term), easy preapproval process, and refinancing options to potentially lower existing rates. For individual consumers purchasing or refinancing vehicles.
• Commercial Real Estate Loans Financing for purchase, refinance, or construction of commercial properties including owner-occupied and investment properties with local decision-making and customized repayment terms. For commercial real estate investors and business owners acquiring or developing properties.
• Business Term Loans Working capital and equipment financing for business needs including inventory, facility improvements, and machinery with competitive rates and local processing. For businesses needing capital for growth, operations, or equipment.
• Agriculture Loans Competitive financing for agribusiness needs including livestock, vehicles, and real estate with lenders experienced in local agricultural standards and customized repayment terms. For farmers and agricultural operators across North Central Illinois.
• Farm Machinery Loans Equipment financing for new or used farm machinery with 5-year fixed rates at 6.750% APR, preserving working capital while staying competitive. For farmers and agribusinesses purchasing or refinancing equipment.
• Leasing Program Equipment leasing through BB Community Leasing Services partnership offering 100% financing, fixed rates, and tax-advantaged options for agriculture, commercial vehicles, construction, manufacturing, medical, municipal, and restaurant/hospitality industries. For businesses needing equipment without large upfront capital outlay.
• Personal Credit Cards Visa credit cards accepted worldwide with competitive rates, no annual fee, and increased purchasing power for personal expenses. For individual consumer cardholders.
• Business Credit Cards Business credit cards with ScoreCard bonus point program earning one point per dollar spent, redeemable for brand-name gifts and travel rewards, with no annual fee. For businesses seeking purchasing power and rewards.
• First State Insurance Independent insurance agency subsidiary offering home, auto, life, health, Medicare supplements, commercial, farm, and crop hail insurance through multiple carrier partnerships including Auto-Owners, Blue Cross/Blue Shield, and Progressive. For individuals, businesses, and agricultural operations needing insurance protection.
• Wealth Management / Trust Services Comprehensive trust and wealth management including trustee for personal and land trusts, IRA custody, investment management, revocable and irrevocable living trusts, estate administration, and guardianships. For high-net-worth individuals, families, and farm owners seeking trust and estate services.
• Zelle Peer-to-peer payment service integrated with digital banking enabling instant money transfers to friends and family using email or U.S. mobile numbers, with no fees for standard transactions and QR code functionality. For consumer and small business customers seeking fast P2P payments.

Quantifiable outcome

• Q1 2026 net income increased 73% year-over-year to $4.5 million
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor, core and supporting.

• Gehant BankminorOthers · 20 March 2020First State Bank acquired all deposits and assets of Gehant Bank with branches in West Brooklyn and Triumph, Illinois in March 2020, expanding presence in the market.
• First State InsurancecoreOthersWholly owned subsidiary since March 31, 2000, providing insurance products including home, auto, life, health, commercial, farm, and crop hail insurance. Expanded with Miller-Rowe agency acquisition in Earlville (2003) and Safranek Insurance Services in Paw Paw (2011).
• First State MortgagecoreOthersWholly owned mortgage subsidiary acquired March 15, 2011. Full service mortgage lender headquartered in Bloomington, IL, specializing in various loan programs.
• MoneyPasssupportingTechnology or IntegrationPartnership providing surcharge-free ATM access through MoneyPass network of thousands of ATMs nationwide. FSBPremier checking customers receive up to $15/month in ATM fee refunds when using non-MoneyPass ATMs.
• IntraFi Network DepositssupportingTechnology or IntegrationPartnership enabling CDARS (Certificate of Deposit Account Registry Service) and Insured Cash Sweep (ICS) products providing FDIC insurance coverage up to $50 million through network of participating banks.
• CardConnectsupportingTechnology or IntegrationMerchant card processing partnership through CardConnect enabling businesses to accept major credit and debit cards through First State Bank's merchant services.
• BB Community Leasing Services, Inc.supportingChannel Partner/ Reseller/ DistributorPartnership for equipment leasing program providing 100% financing for agriculture, commercial vehicles, construction, manufacturing, medical, municipal, and restaurant/hospitality equipment.
• AudioEyesupportingTechnology or IntegrationAccessibility partner providing AudioEye service to ensure website visitors of all abilities can access banking information and services online.

Scale indicators7 records

Recent moves10 records

Expansion highlights5 records

Direct peers

• First Busey Corporation: Public Illinois-based community bank holding company (NASDAQ: BUSE) with similar multi-product retail, commercial, and wealth management offerings across central Illinois. Tri-County operates in adjacent markets with an analogous community banking model, though at smaller scale.
• Old Second Bancorp: Public Illinois community bank (NASDAQ: OSBC) headquartered in Aurora, IL with branches across northern and central Illinois. Overlaps with Tri-County's western-suburban markets (St. Charles, Batavia, Geneva, North Aurora) and serves similar commercial and retail customers.
• First Mid Bancshares: Public Illinois community bank (NASDAQ: FMBH) operating across central and southern Illinois. Comparable footprint in central Illinois (Bloomington/Champaign/Springfield) with similar commercial, ag, and retail banking products.
• Banterra Bank: Illinois-based community bank serving southern and central Illinois with retail, commercial, and agricultural lending. Similar asset size band and product mix as Tri-County, including agricultural and commercial real estate lending.
• State Bank of Lincoln: Privately held Illinois community bank in central Illinois providing comparable deposit, ag, and commercial lending products. Represents a likely target or local competitor for Tri-County's M&A and customer acquisition activity.
• CIBM Bank (Central Illinois Bank): Central Illinois community bank offering retail, commercial, mortgage, and ag lending. Comparable size and operating model to Tri-County's First State Bank with overlapping central Illinois geographies.
• Nicolet Bankshares: Public community bank holding company (NYSE: NIC) operating primarily in Wisconsin and Michigan. Similar asset size band and community-bank operating model with comparable commercial and ag lending focus.
• QCR Holdings: Public multi-state community bank holding company (NASDAQ: QCRH) operating community banks across the Midwest. Comparable asset size, multi-product retail/commercial banking model, and similar M&A-driven growth strategy.

Broad incumbents

• Wintrust Financial Corporation: Large Chicago-area community banking franchise (NASDAQ: WTFC) with a community-bank-of-charters model plus wealth management and mortgage. Much larger than Tri-County but competes for similar customer relationships in the western Chicago suburbs.
• Heartland Financial USA: Multi-state community bank holding company (NASDAQ: HTLF) with operations across the Midwest and West. Comparable Illinois community banking presence and similar product breadth including commercial, ag, and treasury management.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/first-state-bank-il

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

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 Tri-County Financial Group