First Federal Savings Bank

What First Federal Savings Bank does

First Federal Savings Bank is a community bank founded in 1904 and headquartered in Evansville, Indiana, operating 10 branch locations and 14 ATMs across southwestern Indiana and northwestern Kentucky. The bank is a subsidiary of First Bancorp of Indiana, Inc., a publicly traded bank holding company that declared a quarterly cash dividend of $0.07 per share in March 2026 and reported Q3 2025 earnings of $437,000. Its customer base is anchored in individual consumers (checking, savings, CDs, HSAs, IRAs, mortgages, consumer loans, credit cards) and small-to-medium businesses (business accounts, SBA lending, treasury management, merchant services, Positive Pay, Remote Capture), with a secondary agricultural-borrower segment. The bank employs between 101 and 250 people, with leadership including CEO Michael Head, Chairwoman Sharon Reed Walker, and Vice Chairman Kenan Schultheis.

The bank's digital banking platform is built on Fiserv infrastructure and delivers a full self-service consumer and business experience: online banking, a mobile app (iOS and Android) with mobile check deposit, BillPay, Zelle person-to-person payments, Apple Pay and Google Pay digital wallet support, external transfers, eStatements, and card controls. Business customers additionally access Bizlink Business Online Banking, Positive Pay fraud prevention, Remote Capture desktop check scanning, and merchant services. Security features include 128-bit SSL encryption and two-factor authentication. Recent operational investments include Interactive Teller Machines (ITMs) across the branch network and a new High Yield Money Market Account product launched in 2025.

Revenue is generated primarily through traditional community-bank mechanics: net interest income from the spread between loan yields (mortgages, home equity, consumer, commercial, SBA, agricultural) and deposit costs (checking, savings, CDs, money market), supplemented by transaction fees from overdraft, wire transfers, safe deposit boxes, bill pay, Zelle, and merchant card processing. The go-to-market is direct-to-consumer and direct-to-SMB via the physical branch network and digital channels, with a community-engagement marketing approach (BFF Connect newsletter, blog content, ICBA co-marketing, local sponsorships) emphasizing 121+ years of local service and relationship banking rather than digital differentiation.

Name

First Federal Savings Bank

Legal name

First Federal Savings Bank

Website

https://firstfedsavings.bank

Company type

Private

Founded year

1904

Operating status

Operating

Headcount range

51–100 employees

Short description

First Federal Savings Bank is a 121-year-old community bank in Evansville, Indiana, operating 10 branches across Indiana and Kentucky. It serves consumers, small-to-medium businesses, and agricultural borrowers with deposits, mortgages, consumer and commercial lending, and Fiserv-powered digital banking under holding company First Bancorp of Indiana, Inc.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking services
• Consumer lending products
• Commercial lending solutions
• Treasury management services
• Digital banking platform

Headquarters

HQ city

Evansville

HQ country

United States

HQ region

North America

Offices12 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 on Loans: Traditional lending revenue from mortgages, consumer loans, and commercial loans including SBA loans. The bank offers various lending products including mortgage loans, home equity loans, consumer loans, auto loans, and business loans.
2. Deposit Interest Expense Recovery: Revenue generated from the spread between interest earned on loans and interest paid on deposits, including checking, savings, CDs, and money market accounts.
3. Service Charges and Fees: Fees from overdraft services, wire transfers, safe deposit boxes, and other account-related services.
4. Digital Banking Services: Revenue from digital banking services including bill pay, Zelle transfers, and card-related services.
5. Merchant Services: Payment processing services for business customers including credit card processing.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

First Federal Savings Bank is a community bank providing consumer and business deposit products (checking, savings, CDs, money market, HSAs, IRAs) and lending products (mortgages, home equity, auto, personal, SBA, and commercial loans), supported by Fiserv-powered online and mobile banking, BillPay, Zelle, mobile check deposit, digital wallet, treasury management (Bizlink, Positive Pay, merchant services), and a 10-branch, 14-ATM distribution network across Indiana and Kentucky.

Product overview

First Federal Savings Bank offers a comprehensive community banking platform with 10 branch locations across Evansville, Newburgh, Henderson, Petersburg, and Washington in Indiana and Kentucky. The bank's product portfolio is structured around three core pillars: Consumer Banking (personal checking, savings, CDs, HSAs, money market accounts, IRAs, and consumer lending including mortgages, home equity loans, and auto loans), Business Banking (business checking and savings accounts, commercial lending, SBA loans, and treasury management services), and Digital Banking Services (mobile and online banking powered by Fiserv, mobile check deposit, BillPay, Zelle P2P payments, digital wallet with Apple Pay and Google Pay, external transfers, card controls, and Bizlink business online banking). The digital banking services serve as the primary delivery channel for both consumer and business products, integrating account management, payments, and fraud protection capabilities through a unified mobile app and online platform.

Differentiator

Problem solved

Functional benefit

Brands

• BFF Connect: Official newsletter of First Federal Savings Bank published monthly, covering financial tips, community involvement, and bank updates.

Products and services

• Consumer Deposit Accounts Personal banking deposit products for individuals, including checking accounts, savings accounts, certificates of deposit, health savings accounts, money market accounts, and individual retirement accounts.
• Mortgage Loans Home mortgage lending services for individuals and families, including purchase mortgages and refinancing options with various term and rate structures.
• Consumer Loan Options Personal lending products for individuals, including auto loans, personal loans, and other consumer credit facilities.
• Home Equity Loans Home equity lending products allowing homeowners to borrow against accumulated equity in their properties.
• Consumer Credit Cards Credit card products for personal use offering revolving credit lines with various rewards, rates, and benefits programs.
• Business Deposit Accounts Deposit products for businesses, including business checking accounts and business savings accounts, used by local commercial customers for cash management.
• Business Loans and SBA Lending Commercial lending products for businesses, including Small Business Administration (SBA) loans and conventional business loans for operational and growth needs.
• Business Credit Cards Credit card products designed for business use with features such as expense tracking, employee cards, and credit lines for business expenses.
• Treasury Management Services Comprehensive cash management solutions for business clients, including deposit management, liquidity management, and payment processing services.
• Bizlink Business Online Banking Commercial online banking platform providing business clients with account management, cash management, and treasury services through a dedicated web portal.
• Remote Capture Business check deposit solution enabling commercial customers to scan and deposit checks from their own offices using desktop scanners.
• Positive Pay Fraud prevention service for business checking accounts that allows customers to review and approve checks before they are processed for payment.
• Merchant Services Payment processing services for business merchants enabling acceptance of credit, debit, and electronic payments at point-of-sale locations.
• Mobile Banking App Mobile banking application powered by Fiserv, allowing customers to check balances, transfer funds, deposit checks, pay bills, and receive real-time alerts on iOS and Android devices.
• Online Banking 24/7 online account management platform enabling customers to access balances, transfer funds, view transactions, and manage accounts through a web browser.
• BillPay Online bill payment service allowing customers to pay bills, manage billers, and set up recurring payments through online or mobile banking.
• Zelle P2P Payments Real-time person-to-person payment service integrated into online and mobile banking, enabling instant money transfers between bank accounts at participating financial institutions.
• Digital Wallet Mobile payment service supporting Apple Pay and Google Pay for contactless payments at participating merchants using smartphones and wearable devices.
• Safe Deposit Boxes Secure storage solution for valuable items and important documents available at select branch locations.

Quantifiable outcome

• Community banks fund nearly 60 percent of small businesses and more than 80 percent of agricultural loans nationally
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

One partnership is on record.

• Independent Community Bankers of America (ICBA)flagshipGTM or Marketing PartnerFirst Federal Savings Bank collaborates with ICBA on consumer financial education initiatives, producing joint guidance on topics including summer travel safety, elder abuse awareness, homeownership, and financial literacy. The partnership amplifies the bank's community banking message and provides credibility through ICBA's national platform while generating content for customer education and PR opportunities.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Fifth Third Bank: National regional bank with material Evansville and Indiana presence offering comparable consumer and business banking products, providing direct competitive pressure at larger scale.
• Old National Bank: Larger Indiana-based regional bank operating in Evansville and across the Midwest; offers similar deposit and lending products but at significantly greater scale and geographic breadth.
• Regions Bank: Southeast and Midwest-focused regional bank with branches across Kentucky and Indiana; offers consumer and commercial banking directly comparable to FFSB's product set at meaningfully larger scale.
• PNC Bank: National bank with established Evansville and Indiana retail branch presence; competes for consumer deposits, mortgages, and small business banking across FFSB's geography with much larger product breadth.
• JPMorgan Chase: Largest U.S. bank with growing retail presence in Indiana/Kentucky; competes aggressively on consumer deposits, digital banking, and small business banking, setting the digital-experience baseline community banks must match.

Direct peers

• Evansville Teachers Federal Credit Union: Community credit union headquartered in Evansville offering checking, savings, mortgages, and consumer lending — directly competing for the same local deposit and consumer loan wallet.
• First Financial Bank: Mid-sized community bank with Indiana and Ohio presence offering similar consumer deposit products, mortgage lending, and commercial banking services to overlapping SMB and household segments.
• German American Bank: Indiana-headquartered community bank with comparable consumer and business banking offerings and significant Southern Indiana footprint overlapping FFSB's Evansville market.
• Heritage Federal Credit Union: Local credit union serving the Evansville area with consumer deposit and loan products; competes for the same household banking relationships with tax and member-loyalty advantages.

Regional players

• Liberty Federal Credit Union: Indiana-based credit union providing consumer banking, mortgages, and deposit products across Indiana markets — comparable offerings and customer profile, with community credit-union positioning advantages.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/savingsfirst
• Facebookfacebook.com/firstfedevansville
• LinkedInlinkedin.com/company/first-federal-savings-bank-evansville-in

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

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 First Federal Savings Bank