First Bank & Trust

First Bank & Trust is a privately held community bank operating 22 branches across South Dakota and Minnesota, delivering personal banking, commercial and agricultural lending, mortgages, and wealth management to consumers, businesses, and high-net-worth clients under parent Fishback Financial Corporation.

Company typePrivate
Founded1902
HeadquartersBrookings, United States
Headcount501–1,000
GTM typeB2B and B2C
OfferingServices

What First Bank & Trust does

First Bank & Trust is a privately held community bank founded in 1902 in White, South Dakota, headquartered in Brookings, and operating as a subsidiary of Fishback Financial Corporation. The bank serves consumer, small-to-mid-size business, agricultural, and high-net-worth clients through 22 physical branches across 17 communities in South Dakota and Minnesota, supplemented by the "BANKeasy" digital banking platform that includes online, mobile, and mobile wallet access (Apple Pay, Google Pay). Geographic coverage spans rural South Dakota hubs (Brookings, Watertown, Madison, Vermillion, Garretson, White), the Sioux Falls metro (multiple branches including Dawley Farms and I-229 locations), and the Twin Cities (Edina, Roseville), with additional Minnesota communities (Cambridge, Pipestone, New Prague).

The product portfolio uses a platform-plus-modules architecture: core personal and business banking (checking, savings, money market, CDs, debit/credit cards, mortgages, consumer and commercial loans), specialized industry solutions (agricultural banking and lending, commercial real estate financing, SBA loans), and fee-based services including cash management, merchant services, trust and estate planning, retirement plan administration, and factoring/equipment financing through the First Line Funding Group. Wealth management is delivered via a partnership with Raymond James Financial Services, which embeds advisors within the branch network. In May 2026, the bank launched the Shell Performance Elite World Mastercard, a co-branded credit card issued through a fintech partnership with Imprint under a Mastercard license — this is the bank's primary fintech integration to date and adds interchange/transaction-fee revenue.

Revenue mechanics follow a traditional community banking model. Net interest income from lending — residential mortgages, commercial loans, commercial real estate financing, and ag lending — is the dominant revenue stream, supplemented by fee-based income from deposit account servicing, mortgage origination, wealth management advisory fees, treasury/cash management services, and interchange income from the Shell co-branded credit card program. The go-to-market is sales-led and relationship-based, combining dedicated branch bankers, market presidents for South Dakota and Minnesota, certified wealth advisors (CTFA, CFP, CFA, AIF, CES designations), and a multi-channel marketing mix of organic social (Facebook, Instagram, YouTube, LinkedIn), local community engagement, real-estate/professional referral networks, and direct advisor-led consultations. Digital banking operates as a secondary self-service channel for existing customers.

First Bank & Trust firmographics

Firmographics

Name: First Bank & Trust
Legal name: First Bank & Trust
Website: https://bankeasy.com
Company type: Private
Founded year: 1902
Operating status: Operating
Headcount range: 501–1,000 employees
Short description: First Bank & Trust is a privately held community bank operating 22 branches across South Dakota and Minnesota, delivering personal banking, commercial and agricultural lending, mortgages, and wealth management to consumers, businesses, and high-net-worth clients under parent Fishback Financial Corporation.
Ownership category
akta.pro rank

First Bank & Trust industry classification

Industry

NAICS: Commercial Banking (52211)
SIC: State Commercial Banks (6022)
akta.pro primary industry: Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)
akta.pro secondary industries: Real Estate (Commercial Property, REITs) (FSABACAH), Private Banking Lending (Securities-Backed, Real Estate, Structured Credit) (FSABADAE), Corporate & Institutional Trust Services (FSAAANAB)

Keywords

Community banking services
Commercial lending
Agricultural banking
Wealth management
Mortgage services

Where First Bank & Trust is headquartered

Location

Headquarters

HQ city: Brookings
HQ country: United States
HQ region: North America

Offices12 records

Markets served

First Bank & Trust business model

Business model

GTM type: B2B and B2C
Offering type: Services
Cost components: Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

Interest Income: Traditional banking revenue from lending activities including consumer loans, mortgages, commercial loans, and agricultural financing
Credit Card Revenue: Revenue from co-branded credit card partnerships including Shell Performance Elite World Mastercard, including interchange fees and merchant commissions
Fee-Based Services: Banking service fees including account maintenance, transaction fees, wealth management advisory fees, and mortgage origination fees
Commercial Banking Services: Business checking, cash management, merchant services, SBA loans, and commercial real estate financing

Pricing tiers

Model	Billing	Price
Other	Monthly	Personal banking accounts with various checking, savings, and money market options

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

First Bank & Trust product offering

Product offering

Core offering

First Bank & Trust is a community bank offering personal banking (checking, savings, credit cards, mortgages), business banking (commercial lending, cash management, SBA loans), agricultural banking, and wealth management (investment, trust, estate planning). The bank operates through 22 branch locations across South Dakota and Minnesota complemented by digital and mobile banking channels.

Product overview

First Bank & Trust operates as a community bank offering a comprehensive suite of banking products through a platform-plus-modules architecture. The core offerings include Personal Banking (checking, savings, credit cards, mortgages), Business Banking (commercial lending, cash management, SBA loans), and Wealth Management services. The bank provides specialized industry solutions for agriculture and commercial real estate, along with partnership services through Raymond James for investment management and financial planning. Digital banking capabilities are offered through web and mobile platforms with mobile wallet integration. The product portfolio includes proprietary and co-branded credit cards including Shell-branded cards, and specialized financing services like equipment leasing and factoring through First Line Funding Group.

Differentiator

Problem solved

Functional benefit

Brands

BANKeasy: Digital banking platform and brand used for the bank's online and mobile banking services

Companies that use First Bank & Trust

Customer profile

Segments5 records

Ideal customer profiles1 record

First Bank & Trust technology and API

Technology

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

First Bank & Trust partnerships and signals

Strategic signal

Partnerships

Four partnerships are on record, tiered core.

ImprintcoreTechnology or Integration · 18 May 2026Imprint is the fintech partner providing digital infrastructure and cardholder experience for the Shell Performance Elite World Mastercard. The partnership enables First Bank & Trust to offer a modern digital credit card platform with mobile wallet support, real-time transaction notifications, and digital account management.
ShellcoreGTM or Marketing Partner · 18 May 2026Shell partnered with First Bank & Trust and Imprint to launch the Shell Performance Elite World Mastercard co-branded credit card. The card offers cashback rewards redeemable as statement credits toward Shell purchases, deepening customer loyalty by rewarding everyday spending beyond fuel purchases.
MastercardcoreTechnology or Integration · 18 May 2026Mastercard provides the payment network license for the Shell Performance Elite World Mastercard. The card operates under a Mastercard license with issuance by First Bank & Trust, utilizing the global Mastercard payment infrastructure.
Raymond JamescoreStrategic or Co-development PartnerRaymond James Financial Services provides investment advisory and brokerage services through First Bank & Trust's wealth management platform. Raymond James advisors operate within First Bank & Trust branches offering financial planning, investment management, and retirement account services.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

First Bank & Trust competitors and assessment

Company assessment

Direct peers

Pathward Financial (formerly MetaBank): Community bank operating banking and fintech sponsorship businesses; directly comparable to FBT's strategic fintech partnerships including the Shell/Imprint credit card arrangement.
Heartland Financial USA (HTLF): Community bank holding company operating multiple bank brands in Midwestern and Western markets with similar full-service banking, commercial lending, and wealth management offerings.
First Interstate Bancsystem: Community bank holding company with footprint across rural and metro Western/Midwestern markets, offering personal/business banking, ag lending, and wealth management comparable to FBT.
Hills Bank and Trust Company: Iowa-based community bank with full-service personal/commercial banking, ag lending, and wealth management services. Closely comparable full-service community bank with similar customer segments.
WSFS Financial Corporation: Mid-Atlantic community/regional bank with full-service personal/commercial banking, mortgage, and wealth management offerings highly similar to FBT's product mix.
Bremer Bank: Midwestern regional bank serving Minnesota, North Dakota, and Wisconsin with comparable personal/business banking, ag lending, and wealth management. Same geography, customer segments, and full-service community banking model.
Great Western Bank (First Interstate Bank): Midwestern community bank offering personal/business banking, mortgage, ag lending, and wealth management across multi-state footprint. Direct overlap with FBT in target markets, product mix, and community bank operating model.

Broad incumbents

Wells Fargo: National bank with dense Midwest presence covering personal banking, business banking, mortgage, ag lending, and wealth management - overlapping across essentially every FBT segment.
CIT Bank: Digital-first bank with fintech and specialty lending focus, providing adjacent competition in deposit gathering, commercial deposits, and fintech partnerships similar to FBT's Imprint/Shell arrangement.
U.S. Bancorp: Large regional bank with significant Midwest presence offering competing products across all FBT's customer segments including consumer banking, commercial lending, mortgage, and wealth management.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

First Bank & Trust compliance and trust

Trust signal

Compliance3 records

First Bank & Trust financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First Bank & Trust leadership team

Management profile

Number of profiles

First Bank & Trust funding detail

Funding detail

Funding overview

Funding rounds

Investors

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

First Bank & Trust M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about First Bank & Trust

What does First Bank & Trust do?

Is First Bank & Trust a public or private company?

First Bank & Trust is a private company. It is currently operating.

When was First Bank & Trust founded?

First Bank & Trust was founded in 1902. It employs 501 to 1,000 people.

Where is First Bank & Trust based?

First Bank & Trust is headquartered in Brookings, United States, in the North America region.

How does First Bank & Trust make money?

Four revenue lines are on record. Interest Income is the primary driver. The others are credit Card Revenue, fee-Based Services and commercial Banking Services.

Who are First Bank & Trust's main competitors?

Direct peers on record are Pathward Financial (formerly MetaBank), Heartland Financial USA (HTLF), First Interstate Bancsystem, Hills Bank and Trust Company, WSFS Financial Corporation, Bremer Bank and Great Western Bank (First Interstate Bank). Broad incumbents are Wells Fargo, CIT Bank and U.S. Bancorp.

Does First Bank & Trust have an API?

No public API is recorded for First Bank & Trust.

What industry is First Bank & Trust in?

Its primary akta.pro industry code is FSABAAAI, Small Business Banking (Microbusiness/Sole Proprietor), with a secondary code of FSABACAH, Real Estate (Commercial Property, REITs). Its NAICS code is 52211 and its SIC code is 6022.