What Armstrong Bank does

Armstrong Bank is a privately-held, family-owned community bank founded in 1909 in Vian, Oklahoma, and headquartered in Muskogee, Oklahoma. Operating 29 branch locations across Oklahoma and Arkansas with nearly $3 billion in total assets (as of February 2024), the bank serves individual consumers, small-to-large businesses, agricultural operations, and non-profit organizations through a full-service retail and commercial banking model. The Armstrong family has controlled the bank since shortly after founding, with family members comprising the majority of the Board of Directors and fifth-generation family member Aston Armstrong Hudson serving as Chairman of the Board as of April 2023.

The bank's product surface spans personal banking (checking tiers — EZ, Gold, Gold Plus, Exclusive, Money Managers — savings, CDs, credit cards, consumer loans, IRAs, mortgages via Rocket Mortgage), business banking (commercial checking, savings, CDs, SBA loans, business loans, agriculture loans), and treasury management anchored by the Treasury Connect cash management platform with ACH origination, wire transfers, Commercial Bill Pay, and readiness for real-time payment networks (RTP and FedNow). Supporting technology integrations include Clover POS for merchant services, SmartPay Suite (powered by ProfitStars) for remote deposit capture and online payment sites, Autobooks for SMB accounting, Zelle for peer-to-peer transfers, and Apple Pay, Google Pay, and Samsung Pay for digital wallet transactions. The bank also operates Armstrong Investment Advisors through a partnership with Raymond James for investment advisory and brokerage services.

Revenue is generated primarily through net interest income from loans (consumer, mortgage, commercial, agriculture, SBA) and deposits, supplemented by transaction-based fees (account service charges, overdraft fees), interchange income from Mastercard debit and credit cards (with a Loyalty Points rewards program), merchant processing fees via Clover, and partnership referral economics from Rocket Mortgage and Raymond James. Distribution combines a 29-branch physical presence with digital banking (mobile app for iOS/Android, online banking at my.armstrong.bank), 24/7 telephone banking, and an extensive ATM network via the Allpoint partnership (55,000+ ATMs). Customer acquisition is relationship-driven and community-based, with strategic emphasis on local decision-making authority at each branch.

Name

Armstrong Bank

Legal name

Armstrong Bank

Website

https://armstrong.bank

Company type

Private

Founded year

1909

Operating status

Operating

Headcount range

251–500 employees

Short description

Armstrong Bank is a family-owned community bank founded in 1909, operating 29 branches across Oklahoma and Arkansas with nearly $3 billion in assets. It provides personal, business, agricultural, and treasury banking — including mortgages via Rocket Mortgage — to consumers, businesses, and non-profits.

Ownership category

akta.pro rank

Headquarters

HQ city

Okusu

HQ country

South Korea

HQ region

Asia

Offices25 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Primary revenue from interest earned on loans including mortgages, consumer loans, business loans, agricultural loans, and SBA loans. Interest earned on checking, savings, and CD accounts.
2. Account and Transaction Fees: Monthly service charges on checking accounts (e.g., $8/month Commercial Business), transaction fees for exceeding limits, overdraft charges (10% above prime rate), paper statement fees.
3. Credit Card Revenue: Interchange fees from Mastercard credit and debit cards. Armstrong Bank Loyalty Points program incentivizes card usage.
4. Merchant Services: Payment processing fees from merchant services including Clover POS systems, accepting credit/debit/mobile wallet payments.
5. Investment Services: Partnership with Raymond James for investment management, insurance products, annuities. Securities offered through Raymond James Financial Services, Inc.
6. Mortgage Partnership Revenue: Revenue from mortgage originations through Rocket Mortgage partnership. Eligible clients receive lender credit of 1% of loan amount up to $10,000.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Armstrong Bank is a family-owned community bank founded in 1909, operating 29 branches across Oklahoma and Arkansas with nearly $3 billion in assets. It provides personal and business deposit products (checking, savings, CDs), consumer and commercial loans (mortgages, auto, SBA, agricultural, business), debit and credit cards, digital and mobile banking, treasury/cash management (Treasury Connect), merchant services via Clover POS, and investment advisory through Armstrong Investment Advisors (partnering with Raymond James). Mortgage origination is delivered through a partnership with Rocket Mortgage.

Product overview

Armstrong Bank operates as a community-focused regional bank serving Oklahoma and Arkansas since 1909, offering a unified digital banking platform complemented by specialized product lines for personal, business, and agricultural customers. The core Digital Banking platform provides mobile and web access with Treasury Connect for commercial cash management, SmartPay Suite for merchant services, and Armstrong Rewards for debit card points. Personal banking includes checking (EZ, Gold, Exclusive, Money Managers), savings, CDs, credit cards, mortgages (via Rocket Mortgage partnership), consumer loans, IRAs, and investment management (via Raymond James). Business banking encompasses commercial checking, savings, CDs, SBA loans, general business loans, and agriculture loans. Additional services include digital wallets (Apple Pay, Google Pay, Samsung Pay), telephone banking, bill pay, financial calculators, and ancillary products like GAP insurance.

Differentiator

Problem solved

Functional benefit

Brands

• Armstrong Investment Advisors: Investment advisory services partnered with Raymond James, offering stocks, bonds, mutual funds, insurance products, and annuities.

Products and services

• Personal Checking Accounts Multiple consumer checking account options (EZ, Gold, Gold Plus for age 50+, Exclusive premier, Money Managers interest-bearing) with free Digital Banking, Debit Card, and Telephone Banking included. Targeted at families and individuals across Oklahoma and Arkansas.
• Personal Savings Accounts Consumer savings products including Regular Savings ($50 minimum, quarterly interest), Young Savers (under 18, no minimum), and Health Savings Account (HSA) with unlimited check writing for qualified medical expenses.
• Certificates of Deposit (CDs) Fixed-term personal savings certificates with terms from 91 days to 5 years, FDIC-insured, with flexible interest payment options (monthly, quarterly, or annually) and a 10-day grace period for automatic renewals.
• Credit Cards Mastercard personal credit cards including Classic (credit building) and Platinum (earning 3 Armstrong Bank Loyalty Points per dollar spent redeemable for travel, gift cards, merchandise, cash back), plus Business Mastercard Credit Cards with rewards and no annual fee.
• Mortgage Loans Home financing offered through a partnership with Rocket Mortgage, providing a simplified mortgage experience with exclusive 1% lender credit up to $10,000 on qualified mortgages for Armstrong Bank customers.
• Consumer Loans Personal lending including general secured loans, auto loans (new and used vehicle financing, refinancing), and recreational vehicle loans (boats, travel trailers, ATVs, tractors).
• IRAs Retirement savings including Traditional IRA (tax-deductible contributions), Roth IRA (tax-free withdrawals), and Coverdell Education Savings Account (CESA) for children's college savings.
• Investment Management Professional investment services through Armstrong Investment Advisors in partnership with Raymond James, providing access to mutual funds, insurance products, annuities, stocks, bonds, and financial planning.
• Business Checking Accounts Business checking options including Small Business ($100 opening, 200 free transactions), Commercial Business (per-check and per-item fees), Non-Profit Organization (no monthly service charge), and Investment Checking (earns interest, $1,000 minimum).
• Business Savings Accounts Business savings with $50 minimum opening balance, 6 free withdrawals per quarter, quarterly interest on balances above $50, FDIC-insured.
• Business CDs Business certificates of deposit with fixed interest rates and terms from 91 days to 5 years, FDIC-insured up to $250,000, with a 10-day grace period for penalty-free changes.
• SBA Loans Small Business Administration-backed loans including 7(a) Standard and Small Loan, SBA Express, Export Express, Export Working Capital, International Trade, Veterans Advantage, and CAPLines programs.
• Business Loans Commercial lending for businesses including vehicle financing, commercial real estate, construction, land development, equipment purchases, and SBA and government programs.
• Agriculture Loans Agricultural lending for Oklahoma and Arkansas farmers and ranchers including farm vehicles, equipment, livestock, operating lines of credit, land development, and unimproved land financing.
• Treasury Connect (Cash Management) Comprehensive commercial cash management platform providing ACH origination, wire transfers, Commercial Bill Pay, detailed reporting, customizable alerts, transaction downloads, E-Docs, EDI, stop payment services, and real-time payment readiness (RTP and FedNow).
• SmartPay Suite Business payment processing suite combining Remote Deposit Capture (for checks, ACH, and card processing) and SmartPay Express (online customized payment sites for one-time and recurring payments). Fully integrated with Treasury Connect.
• Merchant Services Payment processing solutions for businesses of all sizes including credit, debit, mobile wallet, and contactless payment options with real-time reporting, dedicated support, scalable solutions, competitive rates, and access to Clover POS systems.
• Digital Banking Platform 24/7 digital banking platform via web and mobile app providing customizable dashboard, mobile check deposit, bill pay, Zelle transfers, card management, travel notices, and E-Docs electronic statements.
• Debit Cards Mastercard debit cards providing access to over 55,000 Allpoint ATMs worldwide, card management through Digital Banking, fraud alerts, and integration with Armstrong Rewards program.
• Armstrong Rewards Points rewards program for debit card users where qualifying purchases accumulate points redeemable for cash back, gift cards, travel, and merchandise through an online catalog.
• Additional Loan Products Supplementary consumer loan products including GAP Insurance (vehicle loan protection), Extended Service Contracts (vehicle warranty), Credit Life Insurance, and Accident & Health insurance.
• Online Privacy and Security Services Digital security services including account number protection, firewall, two-factor authentication, scam identification guidance, identity theft protection resources, fraud reporting, and text/phone debit card fraud alerts (text 7 a.m.–9 p.m., voice 8 a.m.–9 p.m. local time).

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

AI capability2 records

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• Rocket MortgagecoreStrategic or Co-development Partner · 1 March 2024Armstrong Bank partnered with Rocket Mortgage to provide mortgage financing solutions to customers. The partnership combines Armstrong Bank's 115+ year community banking history with Rocket Mortgage's mortgage expertise. Eligible clients receive a lender credit equal to 1% of the loan amount, up to $10,000, when closing on a Qualified Mortgage through the dedicated program.
• Vast BanksupportingOthers · 29 April 2022Armstrong Bank acquired Vast Bank's Bixby branch location in August 2022 as part of a strategic realignment. This was one of several similar transactions between Vast Bank and Armstrong Bank.
• Raymond JamescoreTechnology or IntegrationArmstrong Investment Advisors partners with Raymond James to provide professional investment services including access to mutual funds, insurance products, annuities, stocks, and bonds. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.
• ClovercoreTechnology or IntegrationAccess to Clover POS systems for business merchant services including credit card processing, inventory tracking, employee management, reporting & analytics, gift & loyalty programs. Customizable through the Clover App Market.
• AutobookssupportingTechnology or IntegrationAutobooks provides accounting and payment solutions integrated into Treasury Connect for business customers to manage invoicing and payments.
• SmartPay Suite / ProfitStarscoreTechnology or IntegrationSmartPay Suite includes Remote Deposit Capture for processing checks, ACH, and debit/credit cards, and SmartPay Express for online customized payment sites. Fully integrated with Treasury Connect.
• BaZingsupportingGTM or Marketing PartnerOnline membership program included with Exclusive Checking and Gold Plus Checking accounts providing access to helpful services for families and discounts with local and national merchants.
• ZellecoreTechnology or IntegrationFast, safe, easy money transfer service integrated into digital banking. Send money directly to bank accounts using U.S. mobile numbers or email addresses with no fees from Armstrong Bank.
• AllpointsupportingTechnology or IntegrationATM network partner providing Armstrong Bank customers access to more than 55,000 ATMs worldwide.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• RCB Bank: RCB Bank is a community bank headquartered in Claremore, Oklahoma, with branches across Oklahoma and Kansas. It is a directly comparable peer in scale, geography, and product mix to Armstrong, competing in northeastern Oklahoma markets.
• SpiritBank: SpiritBank is an Oklahoma-based community bank with branches primarily in the Tulsa metropolitan area and surrounding counties. It is a direct peer in product offering (consumer, business, mortgage) and geography, competing for similar customers in markets adjacent to Armstrong's Bixby and Tulsa-area branches.
• Arvest Bank: Arvest Bank is one of the closest direct peers to Armstrong Bank: a community/regional bank headquartered in Northwest Arkansas with branches across Arkansas, Oklahoma, Missouri, and Kansas. It offers a similar full suite of consumer, business, mortgage, and treasury products and competes head-to-head in shared markets such as Fort Smith, Rogers, and Springdale.
• Simmons Bank: Simmons Bank is an Arkansas-headquartered regional bank offering consumer, business, mortgage, and treasury products across multiple southern states, with material overlap in the Arkansas markets where Armstrong operates (Fort Smith, Rogers, Springdale). It is a directly comparable community/regional bank peer.
• First National Bank of Oklahoma: First National Bank of Oklahoma is an Oklahoma-based community bank offering consumer and business banking across the state. It is comparable to Armstrong as a similarly sized Oklahoma-headquartered community bank serving overlapping personal and small business customers.
• BancFirst: BancFirst is Oklahoma's largest state-chartered community bank, with headquarters in Oklahoma City and a branch network spanning most of the state. It competes with Armstrong across consumer, business, agricultural, and treasury banking in overlapping Oklahoma markets.
• FirstBank (Arkansas): FirstBank is an Arkansas-headquartered community bank with branches across Arkansas and neighboring states. It competes with Armstrong in shared Arkansas markets such as Northwest Arkansas, offering a similar full suite of consumer, business, and mortgage products at comparable scale.

Broad incumbents

• BOK Financial: BOK Financial is one of the largest Oklahoma-based financial holding companies, operating BOK Bank, BOK Financial Securities, and other subsidiaries. It is a broad incumbent that competes with Armstrong across consumer, commercial, treasury, and capital markets products across Oklahoma and beyond.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/armstrongbank
• Facebookfacebook.com/armstrongbanking
• LinkedInlinkedin.com/company/armstrong-bank

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries1 record

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 Armstrong Bank