Bank Forward

What Bank Forward does

Bank Forward is a privately held FDIC-insured community bank founded in 1927 and headquartered in Fargo, North Dakota, operating 12 branch locations across North Dakota (10) and Minnesota (2), with smaller communities such as Bowdon, Hannaford, Wimbledon, and New Rockford anchoring its rural footprint. The company serves personal banking customers, small-to-medium businesses, and agricultural producers with a full suite of deposit products (checking, savings, money market, CDs, HSA, IRA), lending products (personal, commercial, agricultural, home mortgages), and ancillary banking services (wire transfer, ACH origination, Positive Pay fraud detection, safe deposit boxes, cashier's checks).

The institution is structured as four interconnected divisions under a unified regional brand: Bank Forward (core banking), Insure Forward (independent insurance agency offering personal, business, and crop lines), Tax Forward (tax preparation, planning, IRS audit representation, payroll, and accounting), and Invest Forward (investment advisory services through a partnership with Commonwealth Financial Network). Technology consists of a standard digital banking platform accessible via web and mobile applications (iOS and Android), with third-party integrations including Apple Pay, Google Pay, Samsung Wallet, and Elan Financial Services for credit card issuance. The bank also maintains a wholly-owned nonprofit subsidiary, Forward Foundation, established in 2012 as a 501(c)(3) supporting children and families in served communities.

Revenue is generated across multiple streams: net interest income from loans and deposits, insurance commissions from Insure Forward, investment advisory fees from Invest Forward, tax preparation and accounting fees from Tax Forward, and deposit-related service charges. Distribution is relationship-based, executed through physical branches, dedicated advisors and agents at each location, digital banking channels, and direct in-person service — a go-to-market model that prioritizes local decision-making and personalized advisory service over high-volume digital acquisition.

Name

Bank Forward

Legal name

Bank Forward

Website

https://bankforward.com

Company type

Private

Founded year

1927

Operating status

Operating

Headcount range

51–100 employees

Short description

Bank Forward is a privately held FDIC-insured community bank founded in 1927, operating 12 branches across North Dakota and Minnesota to deliver integrated banking, insurance, tax, and investment services to consumers, small businesses, and agricultural producers.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME/Industrial Development Banks (FSABAKAF)

Keywords

• Community banking services
• Personal and business banking
• Agricultural lending
• Independent insurance agency
• Investment advisory services

Headquarters

HQ city

Walker

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Traditional banking revenue from interest earned on loans (personal, business, commercial, agricultural, home mortgages) minus interest paid on deposits.
2. Insurance Commissions: Revenue from insurance products sold through Insure Forward including personal (auto, home, life, health, disability, RV, ATV, motorcycle), business (property, liability, workers comp, ag & farm, bonds), and crop insurance.
3. Investment Advisory Fees: Revenue from investment services offered through Invest Forward, facilitated by Commonwealth Financial Network partnership, including financial planning, portfolio management, and retirement planning.
4. Tax Preparation and Accounting Services: Fees for tax preparation, tax planning, IRS audit representation, payroll processing, and accounting services for individuals and businesses.
5. Deposit and Service Fees: Various banking fees including wire transfer fees, cashier's check fees, safe deposit box rental, and potentially other service charges.
6. Certificate of Deposit Interest Spreads: Revenue from CD products including 7-Month CD Special (3.60% APY), 15-Month CD Special, and various term CDs with competitive rates.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Bank Forward is a privately held community bank founded in 1927 that provides personal and business banking, insurance, tax preparation, and investment advisory services across North Dakota and Minnesota. Operating through 12 physical branches and digital banking channels, the bank offers deposit accounts, loans (personal, commercial, agricultural, home mortgages), credit/debit cards, and integrated financial services through its Insure Forward, Tax Forward, and Invest Forward divisions.

Product overview

Bank Forward is a multi-service financial institution offering banking, insurance, tax, and investment services through four interconnected divisions: Bank Forward (core banking), Insure Forward (insurance), Tax Forward (tax preparation/accounting), and Invest Forward (investment management). The company operates as a regional community bank with branches across North Dakota and Minnesota, providing personal and business banking products (checking, savings, loans, home loans), digital banking services, various insurance lines (personal, business, ag/farm, crop), tax services, and investment products through Commonwealth Financial Network. A Forward Foundation nonprofit supports local communities. The product architecture combines a core banking platform with integrated service divisions, all accessible through digital banking and mobile applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Commonwealth Financial NetworkcoreTechnology or IntegrationFinancial advisors of Invest Forward offer securities and advisory services through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. Securities are offered through this referral arrangement where Bank Forward receives a percentage of commissions and fees.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services provides credit card services including 24-hour cardmember service for consumer credit cards (1-800-558-3424) and business credit cards (1-866-552-8855), account monitoring through My Account Access portal.
• Power Plate MealsminorStrategic or Co-development PartnerForward Foundation partnered with Power Plate Meals and Brew Bird to provide 1,000 holiday dinners to families in need in communities served.
• Brew BirdminorStrategic or Co-development PartnerForward Foundation partnered with Power Plate Meals and Brew Bird to provide 1,000 holiday dinners to families in need in communities served.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bell Bank: Fargo-headquartered, employee-owned community bank with branches across North Dakota and Minnesota plus insurance and wealth divisions — directly mirrors Bank Forward's multi-service, upper-Midwest community banking model.
• First International Bank & Trust: North Dakota-headquartered independent community bank with ag, business, and personal banking across ND/MN and into the Dakotas — comparable footprint, ag specialization, and family/independent ownership profile.
• Cornerstone Bank (ND): North Dakota-based community bank serving small towns with personal, business, and ag lending — closely comparable in scale, footprint, and rural community-banking proposition.
• Starion Bank: North Dakota community bank with branches across ND and into MN, WI, and SD offering personal, business, ag, mortgage, and wealth services — directly comparable regional community-bank peer.
• Bremer Bank: Minnesota-headquartered regional bank with deep ag and small-business banking presence across the upper Midwest — overlapping geography and customer base, though materially larger than Bank Forward.
• Heartland Tri-State Bank: Midwest community/ag bank with comparable size and rural, agriculture-heavy lending book — useful comp for ag-portfolio economics and deposit-gathering in similar markets.
• Gate City Bank: North Dakota-based mutual community bank with strong ag and small-business franchise across ND/MN — comparable in size, structure focus, and ag-banking specialization.

Regional players

• Alerus Financial: Grand Forks-headquartered diversified financial services firm offering banking, mortgage, wealth, and retirement services in ND/MN — broader product set but overlapping regional customer base.

Broad incumbents

• AgCountry Farm Credit Services: Farm Credit System lender serving ND/MN with ag real estate, operating, and crop insurance products — not a direct deposit competitor, but the dominant ag-finance incumbent in Bank Forward's footprint.

Others

• Blue Cross Blue Shield of North Dakota (Insure Forward-type independent agencies as bundled financial peers): Regional independent insurance carriers act as upstream suppliers to Bank Forward's Insure Forward agency; representative of the multi-carrier agency model that defines Bank Forward's insurance arm.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/BankForward
• Facebookfacebook.com/Bank.Forward
• LinkedInlinkedin.com/company/bank-forward
• Xx.com/bankforward

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 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 Bank Forward