Platinum Bank

What Platinum Bank does

Platinum Bank is a privately held community bank headquartered in Oakdale, Minnesota (with a second branch in Plymouth), founded in 2007 to serve business owners throughout the Midwest. The bank offers a unified suite of commercial and retail products: Business Banking (including SBA Preferred Lender status across 504, 7(a), and Express programs, plus construction, equipment, real estate, working capital credit lines, and letters of credit), specialized lending verticals for campgrounds and charter schools, Cash Management (ACH origination, positive pay, remote deposit, merchant services, EDI reporting, insured cash sweep, same-day ACH, and domestic/international wires), Private Banking for executives and self-employed borrowers, and consumer deposit products including certificates of deposit with terms from 3 to 60 months. The bank was ranked #1 SBA Lender in Minnesota for 2025 and was recognized as a 2025 Best Places to Work employer by the Minneapolis/St. Paul Business Journal.

The underlying technology is a partner-built digital banking stack rather than an in-house platform. Core digital capabilities are delivered through Jack Henry's Banno platform under the "Platinum Bank Anywhere" brand, with iOS and Android mobile apps, online account access, bill pay, mobile check deposit, debit card controls, and transaction tagging. Cash management is augmented through an Autobooks integration for invoicing and payment processing, while customer-facing card experiences are extended via Google Wallet and Apple Wallet tokenization. Cybersecurity content is co-produced with Locknet Managed IT for client education. There is no public or partner-facing API, SDK, or developer portal, and no proprietary AI/ML capabilities are disclosed.

Platinum Bank's revenue model is a traditional community bank mix: net interest income from lending activities (SBA, commercial, construction, equipment, real estate, and personal loans) is the primary driver, supplemented by cash management transaction fees (ACH, positive pay, remote deposit, merchant services), deposit account maintenance and paper statement fees, and CD interest expense. Customer segments are primarily SMB business owners in the Midwest, with secondary segments of business executives/self-employed, campground owners, and charter schools. Go-to-market is relationship-led and sales-driven, executed through two physical branches, a digital self-serve channel, and a "Talk to a Banker" consultative funnel, with referral and word-of-mouth as a significant acquisition engine. The bank holds NMLS#673646, is FDIC-insured, and is subject to the Community Reinvestment Act.

Name

Platinum Bank

Legal name

Platinum Bank

Website

https://platinumbankmn.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

51–100 employees

Short description

Platinum Bank is a privately held Minnesota community bank founded in 2007 serving Midwest business owners through SBA lending, cash management, private banking, and specialized campground and charter school financing, distributed via two Twin Cities branches and a Jack Henry-powered digital platform.

Ownership category

akta.pro rank

Product category

Community and Commercial Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industry

Real Estate (Commercial Property, REITs) (FSABACAH)

Keywords

• Community banking services
• SBA lending programs
• Business cash management
• Commercial lending solutions
• Private banking services

Headquarters

HQ city

Plymouth

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Revenue from lending activities including business loans, SBA loans, real estate financing, equipment financing, and personal loans
2. Cash Management Fees: Fee income from cash management products including ACH origination, Positive Pay, remote deposit, merchant services, and other transaction-based services
3. Deposit Account Fees: Monthly maintenance fees, paper statement fees, and transaction fees from business and personal deposit accounts
4. Certificate of Deposit Interest: CD products offering terms from 3 months to 60 months with competitive APY rates, interest compounded quarterly

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Platinum Bank is a Minnesota community bank providing relationship-based commercial and personal banking to Midwest business owners. Its core offerings include business banking (checking, savings, CDs), SBA lending (504, 7(a), Express), specialized lending for campgrounds and charter schools, cash management (ACH origination, positive pay, wire transfers, remote deposit), digital banking via Platinum Bank Anywhere, and private banking services for executives.

Product overview

Platinum Bank is a Midwest community bank (founded 2007, headquartered in Minnesota) offering a unified suite of commercial and retail banking products. The core portfolio consists of Business Banking (encompassing specialized verticals for campgrounds and charter schools), Cash Management, Digital Banking via the Platinum Bank Anywhere platform, SBA Lending (as a Preferred SBA Lender), and Private Banking. Supporting these are deposit products including business and personal checking/savings accounts and Certificates of Deposit. The bank differentiates through local decision-making and relationship-based service for business owners in the Midwest.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Banking Comprehensive commercial banking services including campground lending, charter school financing, construction loans, equipment finance, letters of credit, real estate finance, and working capital credit lines, along with business deposit accounts (Essential Business Checking, Classic Business Checking, Platinum Business Savings, Certificate of Deposit) for Midwest business owners.
• Cash Management
• Digital Banking (Platinum Bank Anywhere)
• SBA Lending
• Private Banking
• Campground Lending
• Charter School Financing
• Certificate of Deposit (CD)

Quantifiable outcome

• #1 SBA Lender in Minnesota (2025)
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Small Business Administration (SBA)coreStrategic or Co-development PartnerAs a Preferred SBA Lender, Platinum Bank offers full access to all SBA loan programs including SBA 504, 7(a), and Express loans. The bank was ranked #1 SBA Lender in Minnesota for 2025.
• Jack HenrycoreTechnology or IntegrationJack Henry provides digital banking technology powering Platinum Bank's online and mobile banking platforms, including secure data handling and authentication services.
• Locknet Managed ITminorStrategic or Co-development PartnerLocknet Managed IT provides cybersecurity content for Platinum Bank's blog and resource center, covering topics like phishing, wire fraud, and other cyber threats to help educate business clients.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bremer Bank: Bremer Bank is a regional community bank headquartered in St. Paul, Minnesota, serving businesses and consumers across the Upper Midwest with commercial lending, treasury, and SBA programs—directly comparable to Platinum Bank's geography and SMB focus.
• Bell Bank: Bell Bank is a privately held community bank based in Fargo, North Dakota with a strong Minnesota presence, offering commercial banking, SBA, and cash management solutions to SMBs—directly comparable in business model and customer base.
• Stearns Bank: Stearns Bank is a Minnesota-based privately held community bank specializing in SBA lending and small business banking, making it a strong direct comparable to Platinum Bank's SBA-led SMB franchise.
• Alerus Financial: Alerus Financial is a Minnesota and North Dakota-based bank with commercial banking, treasury management, and specialty lending, serving a similar Upper Midwest SMB customer base.

Regional players

• Fidelity Bank (Minnesota): Fidelity Bank is a Twin Cities-based community bank serving SMBs and consumers with deposit and lending products, comparable in size and local market focus to Platinum Bank.
• Lake City Bank: Lake City Bank is an Indiana-based community bank with a strong commercial banking and SBA lending focus, broadly comparable as a community bank with SMB specialization outside Minnesota.
• First Bank & Trust (South Dakota): First Bank & Trust is a community bank with operations in the Upper Midwest, offering commercial lending and SBA programs to SMBs—comparable in regional scope and relationship-led model.

Broad incumbents

• Wintrust Financial: Wintrust is a community-focused banking network across the Midwest with SBA lending, commercial banking, and specialty finance capabilities—comparable at a broader incumbent level to Platinum Bank's franchise.
• Old National Bank: Old National Bank is a Midwest regional bank with commercial banking, SBA, and cash management offerings—comparable at a broader level as a community-oriented commercial bank.
• Heartland Financial (HTLF): Heartland Financial is a multi-state community banking franchise with commercial and SBA lending across the Midwest, broadly comparable as a larger community bank peer overlapping Platinum Bank's geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/platinum-bank_mn
• Xx.com/PlatinumBankMN

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 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 Platinum Bank