First American Bank

What First American Bank does

First American Bank is a privately held regional bank founded in 1903 and headquartered in Elk Grove Village, Illinois, operating 61 branch locations across Illinois, Wisconsin, and Florida with approximately $7 billion in total assets as of January 2025 and 501-1,000 employees. The bank offers a comprehensive full-service product portfolio spanning personal banking (checking, savings, money market, CDs, mortgages, home equity, IRAs), business banking (business checking, treasury management, SBA loans, commercial real estate, merchant services, MSB banking), wealth management (advisory, investment management, private banking, trust and estate, retirement plan services), and a nationally distributed Health Account Services platform administering HSAs, FSAs, HRAs, and QTAs. Customer segments include individual consumers across life stages, middle market and closely held companies, affluent wealth clients, and employers/employees for benefits administration.

The technology stack is built on a digital banking platform with iOS and Android mobile apps, online account opening, Zelle, Apple Pay, Google Pay, debit cards issued on Mastercard rails, and credit cards issued through Elan Financial Services under Visa. Wealth management is delivered through a January 2025 strategic partnership with InvestCloud providing consolidated investment reporting for advisors and clients. Health Account Services integrates with Employee Navigator (announced March 2026) for broker and employer benefit administration, and HSA self-directed brokerage is powered by Charles Schwab with access to over 8,500 HSA-eligible investments. The ATM footprint leverages Allpoint and Presto! networks for 55,000+ surcharge-free access points nationwide. The bank holds SEC 13F-reportable equity positions in ServiceNow, Amphenol, Air Products and Chemicals, Qnity Electronics, and the SPDR S&P Regional Banking ETF.

Revenue mechanics are driven primarily by net interest income from lending activities (mortgages, commercial, consumer credit) and securities portfolio management, supplemented by deposit account and overdraft fees, treasury management fees, merchant services revenue, wealth advisory fees, and recurring HSA/benefit account administration revenue from nationwide employer relationships. Distribution is multi-channel: physical branches for relationship-based consumer and commercial banking, InvestCloud and Employee Navigator partnerships for digital wealth and benefits, and self-serve digital onboarding for deposit and HSA accounts. The bank is FDIC-insured, an Equal Housing Lender, and operates as an independent, privately held institution with no parent company or PE/strategic acquirer evidenced in the input data.

Name

First American Bank

Legal name

First American Bank

Website

https://firstambank.com

Company type

Private

Founded year

2026

Operating status

Operating

Headcount range

501–1,000 employees

Short description

First American Bank is a privately held, $7 billion-asset regional bank founded in 1903 with 61 branches across Illinois, Wisconsin, and Florida, serving consumers, middle market companies, wealthy clients, and employers through personal banking, commercial lending, wealth advisory, and nationally distributed HSA/benefit administration.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

Keywords

• Retail banking services
• Commercial banking
• Wealth management
• Mortgage lending
• Health savings accounts

Headquarters

HQ city

Elk Grove Village

HQ country

United States

HQ region

North America

Offices44 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: First American Bank generates revenue primarily through interest income from lending activities including mortgages, commercial loans, business loans, and consumer credit. The bank holds investment positions in various securities as part of its asset-liability management.
2. Banking Fees and Service Charges: Fee income from deposit account maintenance, checking accounts (various monthly fees ranging from $0-$25), overdraft fees, wire transfers, and other banking services.
3. Wealth Management Services: Revenue from investment management, financial planning, private banking, and retirement plan services delivered through partnership with InvestCloud and in-house wealth advisors.
4. Health Account Services: Revenue from administration of Health Savings Accounts (HSAs), Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), and Qualified Transportation Accounts (QTAs) for employers and individuals nationwide.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

First American Bank is a regional full-service community bank offering deposit accounts, consumer and commercial lending, credit and debit cards, treasury management, wealth advisory, and health benefit account administration to individuals, businesses, and employers across Illinois, Wisconsin, Florida, and (for Health Account Services) nationwide. Distribution is delivered through a 61-branch network, digital banking channels, wealth advisors, and strategic technology partnerships.

Product overview

First American Bank is a regional full-service bank offering a comprehensive portfolio of personal, business, and wealth management products. The bank operates as a single-platform banking institution organized across four main divisions: Personal Banking (checking, savings, mortgages, credit cards, and health benefit accounts), Business Banking (commercial lending, SBA loans, treasury management, and merchant services), Wealth Advisory (investment management, trust and estate services, and retirement plans), and Digital Banking (online and mobile banking platforms). The product portfolio includes the core Digital Banking platform as the customer-facing channel, complemented by specialized health savings account services powered by Employee Navigator, and a digital wealth management platform developed through a partnership with InvestCloud. The bank also offers debit cards via Mastercard and credit cards through Elan Financial Services, and HSA investments through a Charles Schwab-powered brokerage account.

Differentiator

Problem solved

Functional benefit

Brands

• First Forward: Insights and educational content brand for financial literacy, investment tips, and business insights.
• First American Bank Rewards
• First Forward Investment Insights

Products and services

• Checking Accounts Personal and business checking accounts with multiple tiers including Relationship Advantage Program, Everyday Rewards Checking, Optimal Checking, Free Checking, Fresh Start Checking, Student Checking, and Teen Checking accounts.
• Mastercard Debit Cards Mastercard debit cards with chip technology, fraud monitoring, Zero Liability Protection, and mobile wallet compatibility including Apple Pay and Google Pay.
• Credit Cards Credit card products issued through Elan Financial Services, accepted at millions of locations worldwide with zero fraud liability and mobile purchasing capability.
• Savings Accounts Savings products including Easy Savings, Minor Savings, and Student Savings accounts with competitive interest rates and FDIC insurance.
• Optimal Money Market Account High-yield money market account with competitive interest rates, FDIC insurance, free debit card, and access to 55,000 surcharge-free ATMs.
• Certificates of Deposit CD products with terms from 90 days to 60 months, including limited-time specials with promotional APY rates (7-month at 3.40% APY, 11-month at 3.65% APY).
• IRAs Individual Retirement Accounts for retirement savings with tax-advantaged contributions and growth.
• Mortgages Home loan products including Fixed-Rate, Adjustable-Rate, Jumbo, FHA, VA, Home Loans for Heroes, and Reverse Mortgage options.
• Home Equity Loans and HELOC Home equity financing including Fixed-Rate Home Equity Loans (5-year and 10-year terms) and Home Equity Line of Credit (HELOC).
• Health Savings Account (HSA) Tax-advantaged savings account for medical expenses with triple-tax advantages, investment options via Charles Schwab, and FDIC-insured checking portion.
• Healthcare Flexible Spending Account (FSA) Pre-tax benefit account for eligible medical, dental, and vision expenses not covered by health insurance, with grace period through March 15 of the following year.
• Health Reimbursement Account (HRA) Employer-funded health benefit account that reimburses employees for qualified medical expenses.
• Qualified Transportation Account (QTA) Pre-tax benefit accounts for transit and parking expenses, governed by IRC Section 132, with separate parking and transit accounts.
• Digital Banking Online and mobile banking platform providing 24/7 account access, bill pay, mobile deposit, account alerts, secure messaging, and external transfers.
• Business Checking Accounts Business banking accounts including Business Checking, Premium Business Checking, Commercial Checking, and Business Sweep Services.
• Business Loans Commercial financing including Working Capital Loans, Equipment Financing, Asset-Based Lending, Not-for-Profit Banking, Municipal Finance, ESOP Financing, Leveraged Buyouts, Trade Finance, and EXIM Bank programs.
• SBA Loans Small Business Administration loan programs including SBA Working Capital Programs (SBAExpress), SBA Export Loan Programs, SBA Term Loan Programs, and SBA 504 Loan Program.
• Commercial Real Estate Financing Commercial property financing including Investment Real Estate Finance and Acquisition and Development Finance.
• Treasury Management Business cash management services including Digital Business Services, Payables and Receivables Solutions, Business Fraud Prevention, Foreign Exchange, Merchant Services, and Card Services.
• Merchant Services Payment processing services for businesses to accept card transactions.
• Wealth Advisory Comprehensive wealth management services including Client Advisory, Investment Management, and Private Banking.
• Trust and Estate Services Trust and estate planning services including Trust and Estate Overview, Charitable Trust Services, and Estate and Guardianship Services.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• InvestCloudcoreTechnology or Integration · 8 January 2025Strategic partnership announced January 2025 to modernize First American Bank's digital wealth management platform. The collaboration provides FAB's clients, prospects, wealth advisors, and relationship managers with a unified technology platform offering consolidated investment data, reporting, documents, and mobile-friendly access to financial information. This modernization initiative reflects FAB's commitment to enhancing customer engagement and positions the bank as a leader in digital wealth management services.
• Employee NavigatorcoreTechnology or IntegrationSystem integration connecting First American Bank Health Account Services with Employee Navigator platform. The integration empowers brokers and employers to manage HSAs, FSAs, HRAs, and other benefit accounts through a single platform, reducing administrative work, improving accuracy, and enhancing the employee benefits experience.
• Elan Financial ServicescoreTechnology or IntegrationCredit card issuing partnership where Elan Financial Services is the creditor and issuer of First American Bank credit cards pursuant to a license from Visa U.S.A. Inc.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Byline Bancorp: Chicago-based community bank focused on small and middle market businesses, with personal and commercial banking services. Comparable size and product mix to FAB, with overlapping Chicago market presence and similar commercial banking orientation.
• First Busey Corporation: Illinois-based community bank serving consumer, business, and wealth management customers across the Midwest and Florida. Comparable in scale, product breadth, and multi-state presence including the Florida market where FAB also operates.
• Wintrust Financial Corporation: Chicago-area based community and commercial banking franchise offering personal, business, and wealth management services. Direct competitor in the Illinois market and direct talent source for FAB (Jim Turano joined FAB from Wintrust), with overlapping product lines and customer segments.
• Old Second Bancorp: Illinois-headquartered community bank offering personal, business, and wealth management services. Directly comparable as a Chicago-area private community bank with similar asset size range and customer focus on closely held businesses and consumers.

Broad incumbents

• Lakeland Financial Corporation: Indiana-based community bank offering commercial, retail, and wealth management services. Similar asset size and product breadth as a privately comparable community banking model, though operating in a different Midwest geography.
• Tompkins Financial Corporation: Northeast US community bank offering personal, business, and wealth management services. Similar asset size and full-service community banking model, though operating in New York, Pennsylvania, and Connecticut rather than the Midwest.
• Glacier Bancorp: Montana-based community banking franchise with multiple community bank subsidiaries across the Western US. Comparable multi-market community banking strategy and asset size range, though with a more decentralized subsidiary structure.
• Pinnacle Financial Partners: Tennessee-based regional bank with personal, commercial, and wealth management services. Comparable relationship-based commercial banking model targeting middle market businesses, with similar emphasis on local market expertise combined with full-service product offerings.
• S&T Bancorp: Pennsylvania-based community bank offering commercial, retail, and wealth management services. Comparable community banking scale and product breadth with relationship-driven commercial banking model, though serving a different regional market.

Regional players

• Bank of Hawaii Corporation: Hawaii-based regional bank with consumer, commercial, and wealth management services plus an investment services subsidiary. Comparable asset size range and full-service community banking model, though highly concentrated in a single regional market rather than FAB's multi-state footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/firstambank
• LinkedInlinkedin.com/company/first-american-bank
• Instagraminstagram.com/firstambank
• Xx.com/firstambank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments1 record

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

Frequently asked questions about First American Bank