First National Bank of America

What First National Bank of America does

First National Bank of America (FNBA) is a privately held, nationally chartered bank founded in 1955 in East Lansing, Michigan, and operating today under FDIC insurance with NMLS #413209. The bank maintains three physical branches in Michigan (East Lansing as headquarters, Grand Rapids, and Traverse City) while delivering deposit and mortgage products nationwide through digital channels. Its strategic identity is anchored in two franchises: (1) a deposit franchise built around rate-competitive consumer products — CDs up to 4.25% APY (120-month), Elevate Checking up to 4.50% APY with activity-based tiers, a 4.00% promotional high-yield savings product, and IRA/HSA accounts; and (2) a non-QM mortgage franchise originating alternative-doc loans for self-employed borrowers, ITIN holders, credit-challenged consumers, and unique property types (vacant land, mobile homes, non-warrantable condos, barndominiums), available in all 50 states.

The technology stack comprises an online account management portal, native iOS and Android mobile apps, a redesigned 2024 loan customer portal, and trademarked proprietary products such as the FlexFirst HELOC — a first-lien home equity line of credit that integrates a checking account with an automatic end-of-day balance sweep to accelerate principal paydown. The Dual Core Loan Program allows a single Non-QM facility to finance a second property against existing equity. Non-recourse IRA real estate loans extend the platform into self-directed retirement investors. Business banking is delivered through commercial lenders (Mike McCarthy, Sue Hansen, Angie Hanks) covering Michigan, with payment-processing tools (Payment Wizards, Remote Deposit Capture, Customer Payment Portal, Lockbox) powered in part through a SmartPay (ProfitStars) integration. Allpoint provides access to 55,000+ surcharge-free ATMs, extending physical reach beyond the three branches.

The revenue model is a classic spread-plus-fee banking construct: net interest income from deposit gathering funding a national mortgage origination book, supplemented by loan servicing and business-banking transaction fees. Distribution is hybrid — online self-serve for deposits and account opening (under 5 minutes), inside-sales mortgage loan officers for non-QM origination, and physical branches for Michigan commercial and relationship banking. Subsidiaries include First National Acceptance Company (FNAC, acquired/created 1974 in the note-buying industry), Rose Land and Finance, and Rose Acceptance Company. The bank employs 251–500 people and operates with no disclosed parent company or outside private equity sponsor.

Name

First National Bank of America

Legal name

First National Bank of America

Website

https://fnba.com

Company type

Private

Founded year

1955

Operating status

Operating

Headcount range

251–500 employees

Short description

First National Bank of America is a nationally chartered Michigan-based bank (founded 1955) offering competitive deposit products and nationwide Non-QM mortgages serving self-employed borrowers, ITIN holders, and unique property buyers across all 50 states.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

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

SIC

National Commercial Banks (6021)

akta.pro primary industry

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

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Retail banking services
• Non-QM mortgage lending
• Certificate of deposit
• High-yield savings accounts
• Commercial lending

Headquarters

HQ city

East Lansing

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income - Deposits: FNBA earns interest spread by paying low rates on deposit accounts (checking, savings, CDs) and lending at higher rates. The bank offers competitive CD rates (up to 4.25% APY on 120-month CDs) and high-yield savings (4.00% promotional APY for 6 months), attracting deposits used to fund mortgage lending.
2. Mortgage Lending - Origination and Servicing: Revenue from originating and servicing non-QM mortgage loans. Products include purchase mortgages, refinances, FlexFirst HELOCs, land loans, self-directed IRA loans, and commercial real estate loans. Available nationwide across all 50 states.
3. Business Banking Fees: Revenue from business checking accounts, business analysis checking, business high-yield savings, business money market savings, and payment processing solutions including Payment Wizards, Remote Deposit Capture, Customer Payment Portal, and LockBox services.
4. Service Fees and Charges: Fees including $10 monthly service fee for accounts falling below minimum balance requirements, early withdrawal penalties on CDs (90-720 days of interest depending on term), and various loan servicing fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

First National Bank of America is a nationally chartered bank that provides FDIC-insured deposit products (interest-bearing checking, high-yield savings, CDs, IRAs), specialized Non-QM mortgage lending (self-employed, ITIN, vacant land, unique properties, HELOCs), and business banking services (checking, savings, commercial real estate loans, SBA 504 loans, payment processing solutions). Deposits are available nationwide online; mortgage products are offered in all 50 states; commercial lending is concentrated in Michigan across three branch locations.

Product overview

First National Bank of America operates as a nationally chartered bank offering a comprehensive suite of banking and lending products. The company provides a unified banking platform with three tiers of personal checking accounts (Elevate, Signature, and Relationship Checking), multiple savings options including High-Yield Savings and Health Savings Accounts, and Certificates of Deposit with terms from 3 months to 10 years. Their lending portfolio centers on Non-QM (Non-Qualified Mortgage) products designed for borrowers outside traditional lending criteria, including Self-Employed Home Loans, ITIN Home Loans, Vacant Land Loans, and Unique Property Loans for non-warrantable condos, mobile homes, and barndominiums. The bank also offers the FlexFirst HELOC (a first lien HELOC with integrated sweep-account functionality) and the Dual Core Loan Program for multi-property financing. Business banking includes checking, savings, money market accounts, commercial real estate loans, and SBA 504 loans. Payment processing solutions encompass Payment Wizards, Remote Deposit Capture, Customer Payment Portal, and Lockbox services. Digital banking is delivered through online and mobile platforms with ATM network integration via Allpoint.

Differentiator

Problem solved

Functional benefit

Brands

• Non-QM Mortgage Loans: Alternative mortgage financing for borrowers who fall outside traditional lending criteria, including self-employed individuals, those with credit challenges, and unique property types.
• FlexFirst HELOC
• Non-Recourse IRA Loans
• Dual Core Loan Program

Products and services

• Elevate Checking Interest-bearing personal checking account with tiered variable rates earning up to 4.50% APY. Requires three monthly qualifying activities: $1,000+ in electronic deposits, 10 debit card transactions, and an online sign-in. Designed for individuals seeking high yield on everyday checking balances with FDIC insurance.
• Signature Checking Personal interest-bearing checking account with no monthly qualifying requirements, earning up to 2.75% APY on balances over $250,000 and 2.51% APY on lower balances. Includes a $10 service fee if the balance falls below $1,000.
• Relationship Checking Personal checking account offered exclusively to existing FNBA mortgage customers, earning up to 2.51% APY plus a relationship benefit of up to 1% annually on the outstanding FNBA mortgage balance. Requires a $1,000 minimum opening deposit.
• High-Yield Savings Tiered variable-rate personal savings account offering a 4.00% APY promotional rate for the first 6 months on new accounts funded with new money, then tiered rates up to 3.51% APY at higher balance bands. Requires a $1,000 minimum opening deposit.
• Statement Savings Traditional personal savings account with a $100 minimum opening deposit, interest-bearing, accessible via online and mobile banking, with an optional ATM card.
• Health Savings Account Health Savings Account for individuals covered by high-deductible health insurance plans, earning competitive interest rates with a $50 minimum opening deposit. Designed to receive pre-tax HSA contributions and pay qualified medical expenses.
• Certificate of Deposit (CD) FDIC-insured time-based savings product with fixed interest rates and terms ranging from 3 months to 10 years, requiring a $1,000 minimum opening balance. IRA CDs are also offered at the same rates for 12-60 month terms. Early withdrawal penalties range from 90 to 720 days of interest depending on term.
• Traditional and Roth IRAs FDIC-insured Traditional and Roth Individual Retirement Accounts that accept rollovers from 401(k) or other IRAs, offering CD-equivalent rates with FDIC insurance up to $250,000 per account holder.
• Self-Employed Home Loans Non-QM mortgage program for self-employed borrowers that accepts alternative income documentation — bank statements, profit & loss statements, and 1099s — in place of W-2s and tax returns. Available nationwide across all 50 states.
• ITIN Home Loans Non-QM mortgage financing for borrowers who use an Individual Taxpayer Identification Number (ITIN) rather than a Social Security Number. Available nationwide in all 50 states.
• Vacant Land Loans Non-QM financing for the purchase or refinance of vacant land, covering buildable lots, income-producing land, and recreational properties. Loan sizes range from $100,000 to $1,200,000.
• Unique Property Loans Non-QM financing for non-traditional property types including non-warrantable condos, mobile or manufactured homes, and barndominiums that fall outside conventional mortgage guidelines.
• FlexFirst HELOC First lien home equity line of credit combined with an integrated checking account whose automatic daily sweep applies end-of-day balances to reduce the HELOC principal, potentially accelerating payoff and reducing total interest paid. Replaces a primary mortgage.
• Dual Core Loan Program Non-QM loan program that allows a borrower to tap equity in an existing property to finance a second property, reducing or eliminating the traditional down payment. A single Non-QM loan covers two properties.
• Non-Recourse IRA Real Estate Loans Real estate loans in which the self-directed IRA, rather than the individual, is the borrower. Available nationwide for residential properties, structured as non-recourse so the individual incurs no personal liability.
• Business Checking Business checking account supporting up to 300 transactions per month with no monthly service charge and full online and mobile banking access. Targeted at Michigan small businesses.
• Business Analysis Checking Business checking account with analysis features that monitor and track transactions across multiple accounts, helping businesses maximize earnings credit and reduce fees.
• Business High-Yield Savings Business savings account with tiered interest rates up to 3.25% APY. Requires a $1,000 minimum opening deposit and waives the monthly maintenance fee when the minimum balance is maintained.
• Business Money Market Savings Business money market savings account offering competitive interest with up to 6 withdrawals per month, including up to 3 by check, plus easy reconciliation and online banking access.
• Commercial Real Estate Loans Commercial real estate loans financing apartments, mixed-use properties, retail, office, 1-4 unit family rentals, and special-use properties. Available in Michigan only through the bank's commercial lenders.
• Small Business Loans Small business financing for Michigan businesses covering lines of credit, building improvements, business acquisition financing, and SBA 504 loans.
• Payment Wizards Payment processing solution enabling telephone-based payments via ACH Direct Debit from checking, savings, or credit card accounts, with automation and accounts receivable export capabilities. Targeted at FNBA business banking customers.
• Remote Deposit Capture Electronic check deposit solution using a desktop scanner, allowing businesses to remotely deposit checks into their business account from their office. Powered by the third-party SmartPay (ProfitStars) platform.
• Customer Payment Portal Web-based payment portal that allows businesses to accept single or recurring payments from checking, savings, or credit card accounts with 24/7 customer access.
• Lockbox Payment processing solution that redirects customer check payments to FNBA for processing, with customized reports and daily posting files compatible with accounts receivable software.
• Online Banking Digital banking platform enabling account access, balance viewing, transaction monitoring, alerts, bill pay, and secure messaging with bankers, accessible via web browser.
• Mobile Banking Mobile banking application for iOS and Android devices that enables account management, mobile check deposits, bill pay, and access to the Allpoint network of 55,000+ surcharge-free ATMs.

Quantifiable outcome

• Up to 4.50% APY on Elevate Checking accounts
• +4 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

One partnership is on record.

• AllpointcoreOthersPartnership with Allpoint, the largest national surcharge-free ATM network, providing FNBA customers access to 55,000+ surcharge-free ATMs across the United States. This extends physical banking access beyond FNBA's three branch locations.

Scale indicators4 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Axos Financial: Axos Financial is a digital-first bank offering consumer and business deposit products with competitive yields, mortgages, and specialty lending, distributed entirely online with no traditional branch network. Comparable to FNBA in serving nationwide digital deposit and lending customers with rate-competitive products.
• loanDepot: loanDepot operates a large Non-QM and alternative mortgage lending business serving self-employed, ITIN, and non-conforming borrowers nationwide. It directly competes with FNBA's core Non-QM mortgage franchise and represents the scale leader in the same specialty segment.
• Third Federal Savings & Loan: Third Federal is a community-focused savings institution offering competitive CD and savings rates nationally with a regional branch presence. It parallels FNBA's blend of high-yield deposit products and mortgage lending with a community-bank operating philosophy.
• First Internet Bank: First Internet Bank is an FDIC-insured, direct-to-consumer online bank offering competitive CD rates, high-yield savings, and consumer lending. Like FNBA, it operates without a traditional branch network, sources deposits nationally via digital channels, and targets rate-sensitive consumers seeking alternatives to incumbents.
• Live Oak Bank: Live Oak Bank is a digitally focused, FDIC-insured bank that lends nationally into specialty niches (SBA, USDA, specialty mortgage) while gathering deposits online. Its business model of combining digital deposit gathering with niche lending expertise directly parallels FNBA's Non-QM mortgage-led strategy.
• Angel Oak Mortgage Solutions: Angel Oak Mortgage Solutions is a specialty Non-QM lender focused on self-employed, non-conforming, and alternative-income borrowers. It competes directly with FNBA in the Non-QM self-employed and unique-property segments that define FNBA's core mortgage differentiation.

Broad incumbents

• Marcus by Goldman Sachs: Marcus is the consumer banking arm of Goldman Sachs offering high-yield savings and CDs nationally via digital channels. As a broad incumbent in online deposit gathering, it competes directly with FNBA's deposit franchise and serves as a benchmark for institutional credibility.
• Ally Financial: Ally is a large, publicly traded digital bank offering nationally distributed high-yield savings, CDs, checking, and consumer mortgage products. It competes directly with FNBA for rate-sensitive online deposit customers and represents the scaled incumbent benchmark FNBA must differentiate against.
• Discover Bank: Discover Bank is a large direct-to-consumer bank offering nationally distributed savings, CDs, and mortgage products. Comparable to FNBA in targeting online deposit and mortgage customers outside the traditional branch-based banking model.
• Flagstar Bank: Flagstar Bank is a regional bank with a substantial specialty mortgage origination platform, including non-conforming products. It competes with FNBA across multiple state mortgage markets and shares a similar blend of traditional deposit banking and specialty mortgage lending.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@FirstNationalBankofAmerica
• Facebookfacebook.com/firstnatlbankofamerica
• LinkedInlinkedin.com/company/fnba
• Instagraminstagram.com/firstnationalbankofamerica

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 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 National Bank of America