First Federal Bank & Trust

Name

First Federal Bank & Trust

Legal name

First Federal Bank & Trust

Website

https://efirstfederal.bank

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (522180), Funds, Trusts, and Other Financial Vehicles (525)

SIC

National Commercial Banks (6021), Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Digital Retail Banking (Online & Mobile) (FSABAAAF)

akta.pro secondary industries

Corporate & Institutional Trust Services (FSAAANAB), Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

Keywords

• Community banking services
• Personal deposit accounts
• Commercial lending products
• Trust and estate services
• Small business cash management

Headquarters

HQ city

Sheridan

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including personal loans, home loans, business loans, and commercial lending.
2. Deposit Services: Revenue from deposit products including checking, savings, CDs, and money market accounts with associated service fees.
3. Trust & Wealth Management: Fiduciary services including personal trust administration, estate planning, and investment management, partnered with SEI Investments for sophisticated investment resources.
4. Cash Management & Merchant Services: Fee-based business services including ACH origination, merchant processing, wire transfers, and business cash management solutions.
5. Card Services: Debit card transaction fees and interchange revenue from consumer and business debit Mastercard programs.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels4 records

Core offering

First Federal Bank & Trust is a mutual community bank founded in 1935, operating full-service branches in Sheridan, Wyoming and Billings, Montana. It provides personal banking (checking, savings, home loans, personal loans, debit/credit cards), business banking (checking, savings, commercial loans, SBA loans, and a Cash Management suite including ACH origination, Remote Deposit Capture, Positive Pay, and merchant services), and Trust & Estate Administration services delivered through a fiduciary team and SEI Investments partnership. Digital channels include online and mobile banking plus add-on tools such as Tap2Local mobile payment acceptance, ClickSWITCH deposit switching, and financial calculators.

Product overview

First Federal Bank & Trust is a mutual community bank founded in 1935, headquartered in Sheridan, Wyoming, operating branches in Wyoming and Montana. The company offers a unified banking platform combining personal and business banking products with digital services. Personal banking includes checking, savings, home loans, and personal loans. Business banking encompasses checking, savings, business loans, and an integrated Cash Management suite featuring ACH origination, Remote Deposit Capture, Positive Pay fraud protection, and merchant services. Digital services include online and mobile banking with secure messaging, plus add-on tools such as Tap2Local mobile payments, ClickSWITCH account migration, and financial calculators. Trust and estate administration services are provided through a partnership with SEI Investments. The bank operates as a federally insured mutual institution without stockholders, reinvesting profits into the communities it serves.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Checking accounts for individuals providing access to online banking, mobile app, and debit card services.
• Personal Savings Savings accounts including Piney Creek Savings and Grand Fir Savings with competitive rates for individual customers.
• Home Loans Mortgage and construction loan products for purchasing or building homes, including builder construction loans for individuals.
• Personal Loans Installment loans for funding special purchases or consolidating debt for individual borrowers.
• Business Checking Checking accounts designed for business operations with integrated cash management features for small and mid-sized businesses.
• Business Savings Savings accounts supporting business liquidity management for small and mid-sized businesses.
• Business Loans Comprehensive business lending including term loans, lines of credit, equipment financing, and SBA government-backed loans for small and mid-sized businesses.
• Cash Management Business banking suite including ACH origination, Remote Deposit Capture, Positive Pay fraud protection, merchant services, wire transfers, and Autobooks accounting integration for business clients.
• Trust & Estate Administration Fiduciary services including trust administration, estate planning, trustee services, and investment management through SEI Investments partnership, targeting high-net-worth individuals and families.
• Online & Mobile Banking Digital banking platform providing account access, bill pay, transaction history, and mobile check deposit via smartphone for personal and business customers.
• Tap2Local Mobile payment acceptance solution enabling business account holders and sole proprietors to accept contactless card payments through the bank's mobile app without additional hardware; supports Tap to Pay, payment links, and QR codes.
• ClickSWITCH Automated direct deposit switching service allowing customers to quickly migrate direct deposits from old banks to new First Federal accounts.
• Debit Cards Personal and business debit Mastercard cards with Instant Issue capability at branches, ATM fee refunds up to $10/month via MoneyPass network, and fraud protection.
• Credit Cards Credit card products including Visa Business Real Rewards for business customers, offered through an external credit card platform.
• Certificates of Deposit (CDs) Deposit specials including 3 Month CD (3.00%-3.10% APY), 7 Month CD (3.20%-3.30% APY), and 13 Month CD with tiered rates based on deposit amount.

Quantifiable outcome

• 90+ years of continuous community banking service
• +2 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

AI capability5 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• SEI InvestmentscoreStrategic or Co-development PartnerPartnership with SEI Investments provides First Federal Bank & Trust clients access to sophisticated investment resources and world-class asset management. SEI is a leading global provider of asset management and investment processing serving approximately 7,000 clients including banks, trust institutions, and high-net-worth families.
• MoovcoreTechnology or IntegrationMoov provides the underlying payment technology for Tap2Local, enabling mobile payment acceptance through the First Federal Bank & Trust mobile app. Moov processes card payments and handles merchant enrollment.
• MoneyPasscoreChannel Partner/ Reseller/ DistributorMoneyPass network provides coast-to-coast surcharge-free ATM access for First Federal customers. First Federal reimburses fees up to $10/month for MoneyPass ATM usage.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bank of Jackson Hole: Wyoming community bank serving Teton County with personal, business, and wealth management services. Comparable relationship-driven community banking model in Wyoming with similar SMB and HNW client focus.
• Glacier Bancorp: Kalispell, Montana-based community bank holding company with community bank subsidiaries across the Mountain West. Operates with a similar relationship-based community banking model targeting consumers, small businesses, and commercial clients in small and mid-sized markets.
• Big Horn Federal Savings Bank: Sheridan, Wyoming-based mutual savings institution serving Sheridan County with deposit, mortgage, and consumer lending products. Highly comparable to First Federal given shared hometown, mutual-style community focus, and overlapping Wyoming customer base.
• ANB Bank: Wyoming-headquartered community bank (subsidiary of Banner Corporation) operating across Wyoming, Colorado, and Utah. Directly competes in the same Sheridan-area market with comparable personal, business, and treasury management offerings for SMBs.
• Glacier Bank: Community bank subsidiary of Glacier Bancorp serving Montana and adjacent markets with personal, business, and wealth management services. Direct competitor in the Billings, Montana market and overlap in SMB and consumer banking products.
• First Interstate BancSystem: Montana-headquartered community bank holding company operating across Montana, Wyoming, Idaho, and surrounding states. Direct competitor in the same Wyoming/Montana footprint offering personal banking, business banking, and wealth services to similar customer segments.
• Pinnacle Bank: Nebraska-based community bank operating across Nebraska, Kansas, Iowa, Missouri, and Wyoming with a similar full-service community banking platform including personal, business, treasury management, and wealth services. Comparable mutual-style culture and product breadth.
• Stockman Bank: Montana-based community bank with branches across the state offering personal, business, agricultural, and wealth management services. Closely comparable in its community banking focus, rural footprint, and SMB lending orientation to First Federal's Wyoming/Montana model.

Broad incumbents

• WaFd Bank: Multi-state community bank (formerly Washington Federal) operating across the Western U.S. with a mutual-adjacent community focus. Larger and more geographically diverse than First Federal, but operates in the same community banking category with similar deposit and mortgage products.
• Heartland Financial USA (Veritex Community Bank): Multi-state community bank holding company (now part of Veritex) operating across the Midwest, Southwest, and Western U.S. Comparable in offering personal, business, treasury management, and wealth services, though at significantly larger scale and broader footprint than First Federal.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@firstfederalbanktrust6515
• Facebookfacebook.com/eFirstFederal
• LinkedInlinkedin.com/company/first-federal-savings-bank-sheridan-wy
• Instagraminstagram.com/firstfederalbankandtrust

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Federal Bank & Trust