Sturgis Bank & Trust Company

What Sturgis Bank & Trust Company does

Sturgis Bank & Trust Company is a Michigan-chartered community bank founded in 1905 and headquartered in Sturgis, operating 16 physical branches across southwest Michigan. The bank serves individual consumers and small-to-mid-market local businesses with personal and business deposit products (checking, savings), consumer and commercial lending (home mortgages, HELOCs, construction loans, small business loans), and trust and investment services delivered through a trust department and affiliate network (Ayres-Oak Insurance, Oakleaf Financial Services via Raymond James, Oak Title Services). The holding company, Sturgis Bancorp, Inc., trades on OTCMKTS under ticker STBI with a market capitalization of approximately $50.89 million as of April 2026.

The bank's core technology stack centers on a recently deployed MANTL (Alkami) omnichannel onboarding platform that enables deposit accounts to be opened in under five minutes online or under ten minutes in-branch, with 85%+ of application decisions (including KYC, AML, and BSA compliance) automated. Customers access accounts via a dedicated online banking portal, iOS and Android mobile applications with 24/7 access, and a recently introduced one-time-password two-factor authentication flow. Distribution combines 16 physical branches with self-serve digital channels and an affiliate network.

Sturgis Bank's revenue mechanics are traditional spread-based banking: Q1 2026 (quarter ended February 26, 2026) quarterly revenue of $11.20 million was driven by net interest income on a $1.0 billion asset base and $908 million in deposits, with a tax-equivalent net interest margin of 3.70% (up from 3.53% year-over-year). Net income of $1.9 million and EPS of $0.88 reflect core profitability from lending and deposit franchise; a $0.18 quarterly dividend was declared in April 2026 at the highest level in company history.

Name

Sturgis Bank & Trust Company

Legal name

Sturgis Bancorp, Inc.

Website

https://sturgisbank.com

Company type

Public

Founded year

1905

Operating status

Operating

Headcount range

101–250 employees

Short description

Sturgis Bank & Trust Company is a 1905-founded Michigan community bank operating 16 branches across southwest Michigan, offering personal and business deposit accounts, consumer and commercial lending, and trust and investment services to retail customers and local SMBs.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

Keywords

• Community banking services
• Commercial and consumer lending
• Personal and business banking
• Trust and investment services
• Home equity lending

Headquarters

HQ city

Sturgis

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Traditional banking revenue from spread between interest earned on loans and interest paid on deposits. Tax-equivalent net interest margin of 3.70% as of Q1 2026, up from 3.53% year-over-year.
2. Deposit-Based Banking Services: Total deposits of $908 million as of Q1 2026, generating fee income from deposit accounts, online banking, and related services.
3. Commercial and Retail Lending: Loan portfolio including home mortgages, small business loans, and construction financing serving individuals, families, and businesses in southwest Michigan communities.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Sturgis Bank & Trust Company is a Michigan-based community bank operating 16 branches that provides personal and business banking products including checking, savings, home mortgages, home equity lines of credit, construction loans, and small business lending. The bank supplements core deposits and lending with a Trust & Investments division offering wealth management and estate planning services, delivered through a combination of physical branches and digital banking channels (online and mobile).

Product overview

Sturgis Bank & Trust Company is a Michigan-based community bank operating 16 branches that offers a unified portfolio of personal and business banking services alongside trust and investment management. The core products are Personal Banking and Business Banking, supplemented by a Trust & Investments division and a promotional Home Equity Line of Credit (HELOC) with a 6-month introductory rate of 4.74% APR. All core banking services are delivered through the bank's digital channels (online and mobile banking) and physical branch network, with the bank having recently partnered with MANTL (an Alkami solution) to power omnichannel account opening — enabling retail deposit accounts to be opened in under five minutes online or under 10 minutes in-branch, with automated KYC, AML, and BSA compliance checks. The bank also provides ancillary services including construction loans, mortgage lending, and fraud protection.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking
• Business Banking
• Trust & Investments
• Home Equity Line of Credit (HELOC)
• Home Mortgages
• Construction Loans
• Online and Mobile Banking

Quantifiable outcome

• 85% of application decisions automated including KYC, AML, and BSA compliance checks
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• MANTL (Alkami Solution)coreTechnology or Integration · 13 May 2026MANTL, an Alkami solution team, partnered with Sturgis Bank to deploy their omnichannel onboarding suite. This enables retail customers to open deposit accounts in under 5 minutes online or under 10 minutes in-branch, while automating over 85% of application decisions including KYC, AML, and BSA compliance checks. The partnership also supports the bank's planned 'Banking Brought to You' initiative to onboard local businesses outside traditional branches.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Mercantile Bank Corporation: Michigan-based community bank (NASDAQ: MBWM) operating across the state with similar deposit-gathering, commercial lending, and consumer banking services to Sturgis. Directly comparable in business mix, geographic focus, and customer profile (Michigan SMBs and consumers).
• Independent Bank Corporation: Michigan-headquartered community bank holding company (NASDAQ: IBCP) providing commercial and consumer banking across Michigan. Closely comparable to Sturgis in product set, community-banking model, and regional Midwest footprint.
• ChoiceOne Financial Services: Michigan-based community bank (OTC: COFS) operating branches across western Michigan with similar SMB and consumer lending focus. Closely comparable by geography, customer profile, and asset size relative to Sturgis.
• Isabella Bank: Michigan community bank with branches concentrated in central/northern Michigan offering consumer, commercial, and trust services. Comparable community-banking orientation, branch-led distribution, and trust services offering similar to Sturgis.
• Mackinac Financial Corporation: Upper Michigan-based community bank (NASDAQ: MFNC) offering similar deposit, lending, and treasury-management services to local businesses. Comparable community-bank model with a similar asset scale and SMB customer base.
• German American Bancorp: Midwestern community bank holding company (NASDAQ: GABC) operating across Indiana and Kentucky with similar commercial, retail, and wealth services. Comparable by community-bank model, asset size, and branch-led distribution strategy.
• First Mid-Illinois Bancshares: Mid-Illinois community bank holding company (NASDAQ: FMBH) providing commercial, retail, and wealth-management services to small-town and rural communities. Comparable in scale, community-banking philosophy, and customer mix to Sturgis.

Broad incumbents

• Lakeland Financial Corporation: Indiana-based community bank holding company (NASDAQ: LKFN) operating Lake City Bank with a broader Midwest footprint and similar commercial, treasury, and consumer banking services. Comparable in community-banking strategy and product mix, though larger in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sturgisbank
• LinkedInlinkedin.com/company/sturgis-bank-&-trust-company
• Xx.com/sturgisbank

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries4 records

Funding overview

Funding rounds1 record

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 Sturgis Bank & Trust Company