Honor Bank
Honor Bank is a 109+ year community bank in northern Michigan offering personal and business banking, mortgage lending, treasury management, and wealth management through 8 branches and 3 commercial loan centers serving SMBs, consumers, law firms, nonprofits, and municipalities.
- Company typePrivate
- Founded1917
- HeadquartersHonor, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Honor Bank does
Honor Bank is a community bank founded in 1917 in Honor, Michigan, operating under the privately-held holding company Honor Bancorp, Inc. The bank serves small to medium-sized businesses, individual consumers, law firms, nonprofits, and municipalities across northern Michigan through 8 branch locations and 3 commercial loan centers in Bear Lake, Benzonia, Buckley, Copemish, Honor, Lake Ann, Ludington, Petoskey, and Traverse City. Its product portfolio spans business banking (Launch, Growth, and Ascend checking tiers; SBA lending; commercial loans), personal banking (checking, savings, mortgages, HELOCs, credit cards), treasury management (ACH origination, remote deposit capture, merchant services), and wealth management delivered through a partnership with Old Mission Investment and Trust.
The bank's technology infrastructure includes iOS and Android mobile banking apps with mobile deposit, a web-based online banking platform, QuickBooks integration via Intuit DirectConnect, two-factor authentication via secure tokens, remote deposit capture for businesses, Zelle for person-to-person payments, and Apple Pay/Google Pay digital wallet support. Revenue is generated primarily through net interest income from commercial and consumer lending (the dominant stream), supplemented by tiered business checking account fees ($10-$35/month with balance-based waivers), treasury management service fees ($25/month for online treasury management, $30/month plus per-item charges for remote deposit capture), money market deposit interest spreads, and interchange income from credit card programs issued through Elan Financial Services.
Honor Bank's go-to-market approach is community-led, emphasizing 109+ years of regional presence, local decision-making, and a stated commitment of returning ten dollars to the community for every dollar invested in the form of small business and consumer loans. Distribution combines physical branch presence with self-serve digital channels (mobile app, online banking, 24/7 phone banking) and direct enterprise sales through commercial loan centers and courier service for business customers. The bank holds FDIC insurance and is recognized as a Top Three Financial Institution in Michigan (2023).
Honor Bank firmographics
Firmographics- Name
- Honor Bank
- Legal name
- Honor Bancorp, Inc.
- Website
- https://myhonorbank.com
- Company type
- Private
- Founded year
- 1917
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Honor Bank is a 109+ year community bank in northern Michigan offering personal and business banking, mortgage lending, treasury management, and wealth management through 8 branches and 3 commercial loan centers serving SMBs, consumers, law firms, nonprofits, and municipalities.
- Ownership category
- akta.pro rank
Honor Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (52211)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
Keywords
Where Honor Bank is headquartered
LocationHeadquarters
- HQ city
- Honor
- HQ country
- United States
- HQ region
- North America
Offices11 records
Markets served
Honor Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Interest Income from Loans: Honor Bank earns interest income from various loan products including commercial loans, business lines of credit, mortgages, home equity loans, construction loans, and personal loans. This represents the primary revenue stream for the community bank.
- Business Checking Account Fees: Monthly maintenance fees ranging from $10-$35 depending on account tier (Launch, Growth, Ascend), with fee waivers for meeting average daily balance requirements. Additional transaction fees apply for items beyond included limits.
- Personal Banking Fees: Fees from personal checking accounts, with Basic Checking free with e-Statements and premium accounts like High Performance Checking offering interest earnings with fee structures.
- Business Credit Cards: Credit card products issued through Elan Financial Services, generating interchange income and potential fees from card usage.
- Money Market Account Interest: Interest-bearing money market accounts including Bayfront Money Market with tiered APY rates up to 3.30% for balances $1M+
- Treasury Management Services: Monthly fees of $25 for online treasury management, Remote Deposit Capture at $30/month plus per-item charges, merchant services through 1NPS
- Business Debit Card (CardCash): Cash back rewards program offering up to 1% back on qualified non-PIN business debit card purchases, earning based on tiered monthly spending thresholds
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Launch - Best for startups and early-stage businesses with $1,000 average daily balance to waive $10 monthly fee |
| Subscription | Monthly | Growth - Best for growing and established businesses with $7,500 average daily balance or $15,000 combined deposit to waive $20 monthly fee |
| Subscription | Monthly | Ascend - Interest-bearing account for operationally complex businesses with $50,000 average daily balance to waive $35 monthly fee |
| Subscription | Monthly | Bayfront Money Market - Tiered interest rates with $5,000 minimum to open |
| Subscription | Monthly | Basic Personal Checking - Free checking with debit card access |
| Subscription | Monthly | Online Treasury Management - Full cash flow control tools |
| Subscription | Monthly | Remote Deposit Capture - Mobile check deposit service |
Go-to-market motion1 record
Distribution channels7 records
Marketing channels8 records
Honor Bank product offering
Product offeringCore offering
Honor Bank is a community bank that provides personal and business banking products to northern Michigan consumers and small-to-medium businesses. Its product set spans checking, savings, money market accounts, CDs, mortgages and HELOCs, SBA and commercial loans, treasury management, Remote Deposit Capture, merchant services, credit cards, and wealth management delivered through the Old Mission Investment and Trust partnership. Distribution combines eight physical branches, three commercial loan centers, and full online/mobile banking channels.
Product overview
Honor Bank is a community bank offering a unified portfolio of banking products organized into personal and business banking lines. Personal banking includes checking accounts, savings, CDs, money markets, credit cards, home loans, HELOCs, HSAs, and digital banking tools. Business banking encompasses checking (Launch/Growth/Ascend tiers), savings, money markets, SBA lending, treasury management with ACH and Remote Deposit Capture, merchant services, and specialized nonprofit/municipal/law firm accounts. Wealth management is delivered through partnership with Old Mission Investment and Trust. Digital services include online/mobile banking with QuickBooks integration, Apple Pay/Google Pay digital wallets, Zelle P2P payments, and CardCash debit rewards.
Differentiator
Problem solved
Functional benefit
Products and services
- Business Banking Comprehensive business banking services including checking accounts, savings, money markets, CDs, business loans, SBA lending, credit cards, and treasury management solutions for small to medium-sized businesses in northern Michigan.
- Personal Banking Personal banking services including checking accounts, savings accounts, CDs, money market accounts, personal credit cards, home loans, home equity lines, and overdraft protection for individual consumers across northern Michigan.
- Home Loans / Mortgage Services Mortgage lending including conventional loans, jumbo loans, USDA-Rural Development loans, Fannie Mae HomeReady loans, construction loans, lot and land loans, condo loans, vacation and investment property loans, and refinancing options.
- Home Equity Lines of Credit (HELOCs) Home equity lines of credit allowing customers to borrow against their home equity for improvements, college expenses, or land purchases, with easy access to funds and competitive rates.
- Wealth Management (Old Mission Investment and Trust Partnership) Comprehensive wealth management services delivered in partnership with Old Mission Investment and Trust, including portfolio management, trust services, investment management, personal trust, business retirement plans, and financial planning under fiduciary standards.
- Treasury Management Online treasury management tools including ACH services for electronic payments and deposits, employee direct deposit, tax payment services, and secure tokens for multi-factor authentication, priced at $25/month with ACH first 60 days free.
- Remote Deposit Capture Electronic check deposit service allowing businesses to scan checks directly into their account via desktop scanner or mobile app, with faster fund availability and complete control over who can scan and send checks, priced at $30/month plus $0.17/item.
- Merchant Services Payment processing services offering next-day funding, competitive rates, 24/7 technical support, and mobile credit card scanners for business customers, delivered through the 1NPS partner.
- Courier Service Business courier pickup service where Honor Bank representatives come to the business location to pick up deposits and other banking materials, managed by Treasury Management Officer Jess Ashmore.
- Business Checking Accounts Business checking accounts with three product tiers (Launch for startups at $10/month, Growth for established businesses at $20/month, and Ascend for operationally complex businesses at $35/month), fee waivers available with minimum average daily balances and combined deposit thresholds.
- Nonprofit and Organization Checking Accounts Specialized checking accounts for nonprofits and community organizations, including interest-bearing options (Community, Steward tiers) for established organizations.
- Municipal Checking Accounts Checking accounts designed for municipalities and public funds, with interest-bearing options for larger entities (Civic, Secure tiers).
- Law Firm Accounts (IOLTA) Specialized accounts for law firms including operating accounts with fee transparency and IOLTA (Interest on Lawyers Trust Account) accounts for holding client funds in compliance with bar requirements, exemplified by Kuhn Rogers PLC.
- Business Credit Cards Business credit card options including low rate, cash back, and flexible rewards cards with features like free online expense reporting and no fee for additional employee cards, issued through Elan Financial Services.
- SBA Lending Small Business Administration-backed loans including 7(a) loans for business establishment and expansion, and 504 loans for fixed asset purchases like real estate and equipment.
- Bayfront Money Market Premium money market account with tiered interest rates starting at $5,000 minimum, offering APY ranging from 0.30% to 3.30% depending on balance tier, and a $25 monthly maintenance fee waived with the $5,000 minimum.
- Business Money Market Business money market savings with six tiers of premium interest, competitive rates, and ready access to funds with limitations on withdrawals per cycle.
- Personal Checking Accounts Personal checking options including Basic Checking (free with e-Statements and free debit card), Honored Teens account for ages 13-17, and High Performance Checking with interest earnings and free checks.
- Health Savings Accounts (HSAs) Tax-advantaged health savings accounts for qualified medical expenses with no setup or annual fees and tax-deductible contributions.
- Digital Wallet (Apple Pay, Google Pay) Mobile payment solutions allowing customers to add Honor Bank debit or credit cards to Apple Pay or Google Pay for contactless payments online, in-store, and in-app on iPhone, Android, and other Apple and Google devices.
- Overdraft Protection Overdraft Privilege service providing discretionary overdraft coverage and linked savings-to-checking transfer protection for personal and business account coverage.
- Safe Deposit Boxes Secure storage for valuables and important documents, available at select branch locations in various sizes.
- 24hr EZ Phone Banking Automated touch-tone telephone banking service available 24/7 at 800-325-0981 for balance inquiries, transaction history, fund transfers, and PIN changes, with live help during business hours.
Quantifiable outcome
- For every dollar invested in Honor Bank, ten dollars returns to the community as loans
- +2 more outcomes
Companies that use Honor Bank
Customer profileNamed customers4 records
Segments5 records
Ideal customer profiles5 records
Honor Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature4 records
Honor Bank partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Old Mission Investment and TrustcoreHonor Bank partners with Old Mission Investment and Trust to provide comprehensive wealth management services to clients across northern Michigan. Old Mission offers portfolio management, trust services, tax planning, estate planning, retirement planning, and business retirement plan services under fiduciary standards. The partnership allows Honor Bank to offer services beyond traditional banking.
- Michigan State Housing Development AuthorityminorState agency providing funding support for housing development projects. Honor Bank participates as a funding source alongside this authority for community housing initiatives.
- 20Fathomscore20Fathoms is a nonprofit technology accelerator founded in Traverse City in 2018. Honor Bank partners with 20Fathoms to support technology entrepreneurship and economic development in northern Michigan, helping build a year-round economy.
- Rotary CharitiesminorLocal charitable organization providing funding support for community projects. Rotary Charities is one of the funding sources for the Crystal Commons housing development project alongside Honor Bank.
- Homestretch HousingminorHousing development organization seeking funding for the Crystal Commons project in Weldon Township. Honor Bank serves as one of the funding sources for this 12-unit housing development (first phase of 32-unit planned development).
- Federal Home Loan Bank of IndianapolisminorFHLBank Indianapolis provides grant funding opportunities for housing development. Homestretch Housing sought $1 million grant from this organization for the Crystal Commons project that also involves Honor Bank funding.
Scale indicators6 records
Recent moves7 records
Expansion highlights5 records
Honor Bank competitors and assessment
Company assessmentDirect peers
- Independent Bank Corporation: Michigan-based community bank holding company with retail, commercial, and mortgage banking across the state, including northern Michigan communities. Closely comparable to Honor Bank in product mix, customer segments, and community-bank model.
- Mercantile Bank Corporation: Grand Rapids-headquartered Michigan community bank providing commercial, retail, and mortgage banking with a regional branch network. Directly comparable in community-bank positioning, commercial lending focus, and Michigan footprint.
- Isabella Bank: Michigan community bank serving central and northern Lower Peninsula with full-service personal and business banking. Closely comparable community-bank model, branch-based distribution, and SMB commercial lending orientation.
- mBank: Michigan-based community bank with branches in the Lower and Upper Peninsula offering personal, business, and mortgage banking. Comparable in scale, community-bank model, and regional Michigan focus, with overlap in northern Michigan service areas.
- Northwestern Bank: Michigan-based community bank headquartered in Traverse City with personal and business banking across northern Michigan. Directly comparable in geography, community-bank model, and customer segments, with overlapping branch markets.
- Level One Bank: Michigan community bank serving Metro Detroit, Lansing, and Grand Rapids with personal, business, and SBA lending. Comparable in product mix and small-business commercial lending focus, though more metro-oriented than Honor Bank.
Regional players
- Lake Michigan Credit Union: Largest credit union in Michigan with branches across western and northern Michigan including Traverse City. Competes directly with Honor Bank for retail deposits and consumer lending in overlapping geographies but operates under a member-owned cooperative structure.
- Consumers Credit Union: Michigan-based credit union serving western Michigan with personal and business banking products. Competes for retail deposits and consumer lending in markets geographically adjacent to Honor Bank's footprint.
Broad incumbents
- Huntington Bancshares: Large regional bank with deep Michigan footprint including northern Michigan, offering retail, commercial, SBA, treasury management, and wealth services. Competes with Honor Bank across most product lines but at vastly greater scale.
- Fifth Third Bank: Major regional bank with substantial Michigan branch network and full commercial banking capabilities including SBA lending. Competes with Honor Bank for SMB and retail customers across the state, including in northern Michigan where Honor Bank's former commercial lenders came from.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Honor Bank social profiles
Digital presenceHonor Bank compliance and trust
Trust signalCompliance1 record
Honor Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Honor Bank leadership team
Management profileNumber of profiles
Profiles14 records
Honor Bank funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Honor Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Honor Bank
What does Honor Bank do?
Honor Bank is a community bank that provides personal and business banking products to northern Michigan consumers and small-to-medium businesses. Its product set spans checking, savings, money market accounts, CDs, mortgages and HELOCs, SBA and commercial loans, treasury management, Remote Deposit Capture, merchant services, credit cards, and wealth management delivered through the Old Mission Investment and Trust partnership. Distribution combines eight physical branches, three commercial loan centers, and full online/mobile banking channels.
Is Honor Bank a public or private company?
Honor Bank is a private company. It is classified as unknown and is currently operating.
When was Honor Bank founded?
Honor Bank was founded in 1917. It employs 101 to 250 people.
Where is Honor Bank based?
Honor Bank is headquartered in Honor, United States, in the North America region.
How does Honor Bank make money?
Seven revenue lines are on record. Interest Income from Loans are the primary driver. The others are business Checking Account Fees, personal Banking Fees, business Credit Cards, money Market Account Interest, treasury Management Services and business Debit Card (CardCash).
Who are Honor Bank's main competitors?
Direct peers on record are Independent Bank Corporation, Mercantile Bank Corporation, Isabella Bank, mBank, Northwestern Bank and Level One Bank. Regional players are Lake Michigan Credit Union and Consumers Credit Union. Broad incumbents are Huntington Bancshares and Fifth Third Bank.
Does Honor Bank have an API?
No public API is recorded for Honor Bank.
What industry is Honor Bank in?
Honor Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 52211 and its SIC code is 6022.