What Choice Bank does

Choice Bank is a privately held community bank operating as a division of Choice Financial Group, headquartered in Fargo, North Dakota. Founded in 2001, the bank serves small businesses, farmers and ranchers, individual consumers, and nonprofit organizations across North Dakota and Minnesota through more than 40 branch locations, plus online and mobile banking channels. Its core products include business banking, personal banking, SBA lending (where it holds SBA Preferred Lender status and ranks #1 by 7(a) unit count in North Dakota and #8 in Minnesota), residential mortgages through the wholly-owned Choice Home Loans division, wealth management, and insurance services acquired via the December 2021 purchase of Bernier Insurance.

Revenue is generated through traditional banking mechanics: net interest income from commercial, agricultural, residential, and SBA loans; deposit-related fees and spreads; SBA origination fees; and mortgage origination fees through Choice Home Loans. The bank distributes products primarily through a regional branch network staffed by relationship bankers, supported by business and personal online banking platforms, a dedicated SBA lending team, and a digitally enabled Ag Supplier Finance application designed for farmers. Marketing emphasizes a PeopleFirst relationship model, community giving through the Wishing Well and Member Impact Fund programs, and educational content for business and consumer audiences.

The bank is FDIC insured, is an Equal Housing Lender, and holds SBA Preferred Lender status. It has received recognition as a top performing bank by S&P Global, a top performing community bank by the ICBA, and the #1 agricultural lender in North Dakota by the American Bankers Association. Leadership includes Brian L. Johnson (Choice Bank President), Tom Jasper (Chief Operating Officer), Michael Zenk (Market President), Todd Borchardt (Langdon Location President and 2023 ICBA 40 Under 40 recipient), and Cristen Purdy (Market President for SBA and Community Impact Lending). The ownership structure is traditional private community banking without venture capital or private equity sponsorship.

Name

Choice Bank

Legal name

Choice Financial Group

Website

https://bankwithchoice.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Choice Bank is a privately held community bank (division of Choice Financial Group) operating 40+ branches across North Dakota and Minnesota, serving small businesses, farmers, and individual consumers with SBA lending, mortgages, ag financing, and personal and business banking services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

State Commercial Banks (6022), National Commercial Banks (6021)

akta.pro primary industry

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)

akta.pro secondary industries

Agricultural & Rural Development Banks (FSABAKAE), Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Bank Branch / Retail Purchase Mortgages (FSALAAAA)

Keywords

• Community banking services
• Commercial lending
• Residential mortgages
• Agricultural financing
• Small business loans

Headquarters

HQ city

Fargo

HQ country

United States

HQ region

North America

Offices16 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. Interest Income from Lending: Traditional banking revenue from interest earned on loans including commercial loans, agricultural loans, residential mortgages, and SBA loans
2. Deposit Services: Interest-bearing and non-interest-bearing deposit accounts for individuals and businesses
3. SBA Loan Origination: Fee income from originating SBA 7(a) loans as Preferred Lender with streamlined processing capabilities
4. Home Loan/Mortgage Banking: Residential mortgage originations including first-time home buyer, conventional, FHA, VA, construction, and home equity products through Choice Home Loans division

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Choice Bank is a community bank that provides a full array of banking solutions to businesses and individuals across North Dakota and Minnesota. Core offerings include Business Banking (commercial loans, SBA lending, insurance, succession planning, and employee benefits), Personal Banking (savings, checking, financial planning), Home Loans through the Choice Home Loans division (purchase, refinance, construction, FHA, VA, home equity, vacation home, investment property, and jumbo), Ag Supplier Finance for farmers through local retailers, SBA MARC loans for manufacturers, and Wealth Management services.

Product overview

Choice Bank is a community bank offering a unified banking platform that combines Business Banking, Personal Banking, Home Loans, SBA Lending, and Wealth Management services. The core product portfolio includes comprehensive business banking with insurance and employee benefits, personal banking across multiple life stages, and the Choice Home Loans division offering purchase, refinance, and construction financing across multiple programs (First Time Home Buyer, Conventional/Conforming, FHA, VA, Construction, Home Equity, Vacation Home, Investment Property, and Jumbo loans). Specialized offerings include the Choice Bank Ag Supplier Finance program for agricultural financing and the SBA MARC Loan Program for manufacturers. Additional services include wealth management, fraud protection tools (ACH Verify, Check Verify), and community programs like the Wishing Well and Choice Footprints Award.

Differentiator

Problem solved

Functional benefit

Brands

• Choice Home Loans: A division of Choice Financial Group specializing in residential mortgage lending including first time home buyer loans, construction loans, VA loans, FHA loans, home equity loans and lines of credit, vacation home financing, investment property loans, and jumbo loans.

Products and services

• Business Banking Comprehensive business banking services for business clients in North Dakota and Minnesota, covering banking, insurance, succession planning, and employee benefits with quick decisions, direct access to decision makers, and dedicated relationship support.
• Personal Banking Personal banking services for individual customers across life stages, covering savings, checking, education savings, retirement planning, and home buying support.
• Home Loans (Choice Home Loans) Residential mortgage and home financing offered through the Choice Home Loans division, spanning First Time Home Buyer, Conventional/Conforming, FHA, VA, Construction, Home Equity loans and lines of credit, Vacation Home, Investment Property, and Jumbo loans (2026 limit $832,750) for individual homebuyers in North Dakota and Minnesota.
• Choice Bank Ag Supplier Finance Low-cost financing for farmers and ranchers purchasing seed, fertilizer, and chemicals through local agricultural retailers, accessed via a device-responsive online application that delivers immediate approval or denial notifications.
• SBA Lending Small Business Administration lending including SBA 7(a) loans for small businesses and the SBA MARC Loan Program for manufacturers, originated under SBA Preferred Lender status that allows Choice Bank to approve, book, and service SBA loans directly. Ranked #1 in North Dakota for 7(a) loan units and top 8 in Minnesota by loan count.
• Wealth Management Wealth management and investment services providing comprehensive financial planning and portfolio management for customers seeking investment and retirement solutions.

Quantifiable outcome

• Ranked #1 for SBA 7(a) loan units in North Dakota
• +3 more outcomes

Named customers6 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

Integration2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Great Plains Food BankcoreStrategic or Co-development PartnerChoice Bank committed $100,000 over five years ($20,000/year) to Great Plains Food Bank's hunger-relief efforts, with additional $100,000 contribution to Harvesting Hope Campaign in 2026. Partnership supports mobile food pantry distributions and food recovery efforts.
• YouthLinkminorStrategic or Co-development Partner$40,000 donation to support young people ages 16-24 experiencing homelessness in Minneapolis. One of 26 nonprofit recipients of Choice Bank's 2025 community development donations.
• Lake Agassiz Habitat for HumanityminorStrategic or Co-development Partner$60,000 donation to construct homes for those living in poverty in Clay County, MN. Partnership supports affordable housing development in the Moorhead community.
• The LinkminorStrategic or Co-development Partner$60,000 donation to support youth and families experiencing homelessness, young people who are survivors of sex trafficking, and youth involved in the juvenile justice system in Minneapolis.
• Small Business Administration (SBA)coreStrategic or Co-development PartnerSBA Preferred Lender status enables Choice Bank to approve, book, and service SBA loans without sending applications to SBA for credit decisions, reducing approval time by 6-8 weeks. Ranked #1 SBA 7(a) lender in North Dakota and top 8 in Minnesota.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Bell Bank: Fargo-headquartered community bank serving North Dakota and Minnesota with full-service business banking, SBA lending, mortgages, and ag finance — a direct geographic and product-line peer to Choice Bank in the same Upper Midwest market.
• Gate City Bank: Fargo-based community bank and one of the largest in North Dakota, offering business banking, mortgages, and consumer deposits across the same ND/MN footprint as Choice Bank — directly competing for the same small business and consumer relationships.
• Bremer Financial: Minnesota-headquartered regional community bank offering commercial, ag, SBA, and consumer banking across Minnesota and western Wisconsin — overlapping with Choice Bank's Minnesota expansion markets and SBA/ag focus.
• Alerus Financial: Grand Forks, ND-based community bank and financial services company providing commercial banking, mortgage, and wealth management across North Dakota and Minnesota — competing head-to-head with Choice in the same two-state region.
• Starion Bank: Bismarck-based North Dakota community bank offering business, ag, and consumer banking with similar SBA lending and ag specialization, serving overlapping geographies including Bismarck where Choice also has branch presence.
• Cornerstone Bank: North Dakota community bank offering commercial, ag, and consumer banking with strong SBA lending presence — a comparable mid-sized community bank peer competing in the same ND/MN markets.
• First International Bank & Trust: North Dakota-headquartered community bank with multi-state presence across the Upper Midwest, offering ag, commercial, SBA, and consumer banking — directly comparable to Choice Bank's regional community banking model.
• Heartland State Bank: Regional community bank serving North Dakota and Minnesota with commercial, ag, and consumer banking products — overlapping with Choice Bank's branch network and customer segments in the Upper Midwest.

Broad incumbents

• U.S. Bancorp: Large national/regional bank with significant North Dakota and Minnesota retail and commercial banking presence — competes with Choice Bank on small business and ag lending while offering broader product breadth at scale.
• Wells Fargo: Major national bank with substantial branch presence across North Dakota and Minnesota — competes for consumer deposits, mortgages, and small business banking relationships that Choice Bank serves.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubevimeo.com/choicebank
• Facebookfacebook.com/bankwithchoice
• LinkedInlinkedin.com/company/choicebank
• Instagraminstagram.com/choicebank
• Xx.com/bankwithchoice

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Choice Bank