Waterford Bank, N.A.

What Waterford Bank, N.A. does

Waterford Bank, N.A. is a federally chartered, FDIC-insured community bank headquartered in Toledo, Ohio, serving consumers and businesses across northwest Ohio and southeast Michigan, with online account opening extended to Indiana residents. Operating under OCC supervision as a National Association bank since its 1949 founding, the institution runs three physical branches (Toledo headquarters, Perrysburg, and Clarkston) and competes on relationship-driven, locally decided banking rather than scale. Personal banking spans deposit accounts (Classic and Elite Checking, Savings, Premier Money Market, HSA), eDeposit products, mortgages, consumer loans, minor/youth accounts, and a Private Banking vertical for high net worth clients with VIP products and dedicated bankers. Business banking includes commercial checking and savings (Classic, Analysis, Non-Profit, IOLTA/IOTA), commercial and industrial lending, commercial real estate financing (funded via partnerships with 40+ life insurers, pension funds, CMBS lenders, and agency channels including Freddie Mac, Fannie Mae, and FHA), and a comprehensive treasury management suite (Positive Pay, ACH origination with same-day ACH, wire transfers, lockbox, remote deposit capture, merchant services, sweep accounts, zero balance accounts, CDARS and ICS for multi-million-dollar FDIC coverage).

The technology stack is built on commodity digital banking infrastructure rather than proprietary platforms: personal and business mobile apps on iOS and Android, online banking with Zelle peer-to-peer payments, Notifi real-time alerts, Card Valet and SecurLOCK Equip (Fiserv) for card controls, Apple Pay/Google Pay/Samsung Wallet for contactless payments, soft-token authentication for business online banking, and ShareFile for secure document exchange. Fraud protection is delivered through rules-based Positive Pay matching for both check and ACH transactions, which the bank reports prevented over $1.6 million in fraudulent transactions for clients in the prior year. No public API or developer platform is offered; all integrations are vendor-mediated.

Revenue is generated primarily through net interest income from loans (commercial, CRE, construction, mortgage, consumer, HELOCs) and securities, supplemented by deposit account fees (monthly maintenance on Classic $12, Elite $21, Business Classic $12, Business Classic with Interest $22, typically waived at balance thresholds), transaction-based fees ($0.35 per transaction above 225 free monthly transactions on business checking), treasury management service fees, and merchant services income. The bank's go-to-market combines sales-led relationship banking with direct-to-consumer digital acquisition, targeting six primary segments: individual consumers, HNW individuals, SMBs, non-profits, HDHP/HSA households and employers, and CRE investors. Distribution is omnichannel: branch-based relationship management for commercial and private banking clients, supplemented by self-serve digital channels for retail deposit acquisition and account servicing.

Name

Waterford Bank, N.A.

Legal name

Waterford Bank, N.A.

Website

https://waterfordbankna.com

Company type

Public

Founded year

1949

Operating status

Operating

Headcount range

101–250 employees

Short description

Waterford Bank, N.A. is a federally chartered, FDIC-insured community bank headquartered in Toledo, Ohio, offering personal and business banking — deposits, mortgages, commercial lending, treasury management, and private banking — to consumers, SMBs, non-profits, and CRE investors across Ohio, Michigan, and Indiana via three branches and digital channels.

Ownership category

akta.pro rank

Product category

Community 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

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), Private Banking Lending (Securities-Backed, Real Estate, Structured Credit) (FSABADAE), Real Estate (Commercial Property, REITs) (FSABACAH)

Keywords

• Community banking services
• Personal deposit accounts
• Commercial lending
• Treasury management solutions
• Mortgage and consumer loans

Headquarters

HQ city

Toledo

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

Revenue model

1. Net Interest Income: Revenue generated from the spread between interest earned on loans (mortgages, commercial loans, consumer loans, HELOCs) and interest paid on deposits (checking, savings, money market, CDs).
2. Deposit Account Fees: Monthly service fees on checking and savings accounts (e.g., $12 monthly for Classic Checking if balance requirements not met, $21 for Elite Checking). Transaction fees after free transaction limits.
3. Transaction Fees: Fees charged for transactions exceeding free limits. Business Classic Checking: first 225 transactions free, then $0.35 each. Also includes wire transfer fees and ACH fees.
4. Treasury Management Services: Fees for business services including account reconciliation, ACH origination, lockbox services, merchant services, remote deposit capture, wire transfers, and zero balance accounts.
5. Commercial Lending: Interest income from commercial real estate mortgages, construction loans, commercial and industrial loans, lines of credit, and business credit cards.
6. Mortgage Lending: Revenue from mortgage loans including traditional products, VA loans, and specialized programs like Doctors Only programs.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels8 records

Core offering

Waterford Bank, N.A. is a community bank providing personal and business banking services including deposit accounts (checking, savings, money market, CDs, HSAs), mortgage and consumer loans, commercial lending, and treasury management solutions such as Positive Pay fraud protection, ACH origination, lockbox, merchant services, and remote deposit capture. The bank serves individuals, high net worth clients, small-to-medium businesses, non-profits, and commercial real estate investors primarily in northwest Ohio and southeast Michigan.

Product overview

Waterford Bank, N.A. is a community bank offering a comprehensive suite of personal and business banking products and services. The personal banking portfolio includes deposit accounts (Classic Checking, Elite Checking, Classic Savings, Premier Money Market, Premier Plus Money Market, and HSA), electronic deposit products (eClassic, eElite, eCOD), Private Banking for high net worth clients, mortgage loans, consumer loans, and minor/youth accounts. The business banking suite encompasses business checking and savings accounts (Business Classic Checking, Business Classic Checking with Interest, Business Non-Profit Checking, Business Analysis Checking, IOLTA/IOTA, Business Classic Savings, Business Premier Money Market), commercial loans, and Treasury Management services. Digital banking is delivered through Mobile Banking Apps (personal and business), Online Banking platforms, and Zelle person-to-person payments. Treasury Management features include Positive Pay fraud protection, CDARS, ICS, merchant services, lockbox, remote deposit capture, wire transfers, and sweep accounts. Education tools include six financial calculators for loan amortization, mortgage calculations, retirement planning, CD laddering, and college savings.

Differentiator

Problem solved

Functional benefit

Products and services

• Waterford Classic Checking Basic personal checking account with unlimited check writing; $12 monthly fee waived with $1,500 average daily balance or $7,500 combined deposit relationship; first 225 transactions free, then $0.35 each.
• Waterford Elite Checking Interest-bearing personal checking account with variable monthly interest; $21 monthly fee waived with $3,500 average daily balance or $25,000 combined deposit relationship.
• Waterford Classic Savings Personal savings account with no monthly service fee or minimum balance; pays variable interest compounded and credited quarterly.
• Waterford Premier Money Market High-yielding personal money market account with limited check writing and free initial standard Waterford checks.
• Waterford Premier Plus Money Market Personal money market account with paired checking requirement; maintains higher interest rate when paired Waterford Bank checking account has 15 transactions or $5,000 in monthly deposits.
• Waterford HSA Single/Family Personal Health Savings Account with tax-advantaged contributions for qualified medical expenses, debit card access, and no monthly service fee or minimum balance.
• eDeposit Products (eClassic/eElite/eSavings/ePremier/eCD/eHSA) Online-openable versions of checking, savings, money market, CDs, and HSA accounts available for residents of Ohio, Michigan, and Indiana to open accounts digitally.
• Private Banking Premium banking service for high net worth individuals offering VIP Checking, VIP Money Markets, VIP HELOCs, personalized financial planning, and concierge-level service with dedicated private bankers.
• Mortgage Loans Residential mortgage lending including traditional loan products, VA loans, and Doctors Only programs, supported by a dedicated mortgage center for applications, rate calculations, and educational resources.
• Consumer Loans Personal loans and home equity lines of credit (HELOC) for financing projects and plans, with simplified application process and dedicated lending support.
• Minor Accounts Youth banking accounts including Under 7 Savings, Kids Savings (ages 5-12), Teen Savings (ages 13-15), Older Teen Savings (ages 16-18), and Older Teen Checking (ages 16-18) with age-appropriate features and parental controls.
• Waterford Business Classic Checking Basic small business checking account for businesses with less than 225 transactions per month; $12 monthly fee waived with $1,500 average balance; first 225 transactions free.
• Waterford Business Classic Checking With Interest Interest-bearing business checking account with variable monthly interest; $22 monthly fee waived with $25,000 average balance.
• Waterford Business Non-Profit Checking With Interest Interest-bearing checking for sole proprietors and not-for-profit organizations; fee waived with $5,000 average balance or $50,000 relationship.
• Waterford Business Analysis Checking Business checking account for moderate to high activity levels with monthly service fee offset by earnings credit on average collected balance.
• Waterford IOLTA/IOTA Interest on Lawyer/Title Account for lawyers and title companies to hold client funds; no monthly service fee or minimum balance requirement.
• Waterford Business Premier Money Market High-yielding business money market account with limited check writing, 50 free deposited items monthly, and variable interest compounded monthly.
• Commercial Loans Commercial and industrial lending providing credit facilities for working capital, equipment acquisitions, commercial real estate mortgages, and construction loans.
• Commercial Credit Cards Business credit cards providing cash flow access with management via SecurLOCK Equip mobile app and supporting business credit building.
• Treasury Management Comprehensive cash management services for businesses including account reconciliation, ACH origination with same-day ACH, mobile and online banking, CDARS, merchant services, Positive Pay fraud protection, lockbox services, wire transfers, sweep accounts, and zero balance accounts.

Quantifiable outcome

• Positive Pay helped clients prevent more than $1.6 million in fraudulent transactions last year

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

Integration8 records

Feature6 records

Partnerships

Eleven partnerships are on record, tiered core, major and supporting.

• Zelle (Early Warning Services, LLC)coreTechnology or IntegrationPartnership with Zelle to provide fast peer-to-peer payment services. Waterford customers can send and receive money directly from their accounts using email or mobile number through online banking or mobile app.
• CDARS (Certificate of Deposit Account Registry Service)coreTechnology or IntegrationMulti-million-dollar FDIC insurance coverage for certificate of deposit investments through CDARS. Customers work directly with Waterford Bank to make large deposits eligible for full FDIC insurance.
• ICS (Insured Cash Sweep)coreTechnology or IntegrationICS service provides multi-million-dollar FDIC insurance for large-dollar deposits. 100% FDIC insured and fully liquid unlike CDARS CD.
• Freddie Mac, Fannie Mae, FHAmajorStrategic or Co-development PartnerPartnership with permanent funding sources including Freddie Mac, Fannie Mae, and FHA loan programs for commercial real estate lending alongside 40+ Life Insurance Companies, Pension Funds, and CMBS lenders.
• ShareFile (Citrix)supportingTechnology or IntegrationPartnership with ShareFile for secure document transmission. Allows customers to send QuickBooks files, scanned statements, tax documents, and other files without email limitations or security concerns.
• Harland ClarkesupportingTechnology or IntegrationCheck printing partner for ordering personal and business checks online. Verisign secure and TruSecure certified ordering process.
• Google AnalyticssupportingTechnology or IntegrationCookies through Google Analytics for website analytics and understanding how visitors interact with the site.
• Meta (Facebook)supportingTechnology or IntegrationSocial media integration through Meta for sharing content and tracking engagement on Facebook platform.
• IntraFi Network DepositscoreTechnology or IntegrationIntraFi Network Deposits for CDARS and ICS services providing access to multi-million-dollar FDIC insurance coverage.
• Soft Tokens ProviderssupportingTechnology or IntegrationSoft token authentication delivering one-time passcode to smartphone through mobile app for enhanced business online banking security.
• Apple Pay, Google Pay, Samsung PaycoreTechnology or IntegrationDigital payment partnerships allowing Waterford debit cards to be added to Apple Pay, Google Pay, and Samsung Wallet for secure contactless payments.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Huntington Bancshares: Columbus, Ohio-based regional bank holding company with extensive commercial, retail, and treasury management operations across the Midwest. Comparable as a major Ohio-headquartered competitor serving overlapping SMB and consumer banking markets, though substantially larger than Waterford.
• Fifth Third Bank: Cincinnati-headquartered regional bank offering commercial, retail, and treasury management services across Ohio, Michigan, and the broader Midwest. Directly competes with Waterford in Ohio/Michigan SMB, consumer, and CRE lending segments.
• KeyBank: Cleveland-based super-regional bank with substantial Ohio and Michigan presence offering commercial, retail, and treasury management services. Competes with Waterford for middle-market commercial and CRE lending relationships in shared footprint.
• Flagstar Bank: Multi-state bank with significant Michigan and Ohio presence offering commercial, retail, and mortgage banking. Larger than Waterford but overlaps on consumer deposits and residential mortgage lending in shared markets.

Direct peers

• Independent Bank Corporation: Michigan-based community bank holding company providing commercial and retail banking across southeast Michigan. Closely comparable in size, model, and geography to Waterford, making it one of the most direct peer benchmarks.
• Mercantile Bank Corporation: Grand Rapids, Michigan-based community bank with commercial lending, CRE, and retail banking focus serving Michigan markets. Comparable community-bank profile, CRE orientation, and SMB focus as Waterford.
• First Financial Bank: Ohio-headquartered community bank offering commercial, CRE, and consumer banking with regional Midwest presence. Similar size and product mix as Waterford, with overlapping Ohio footprint.
• Civista Bank: Sandusky, Ohio-based community bank with commercial, consumer, and mortgage banking across northern Ohio. Closely comparable Midwest community bank with similar product suite including treasury management and CRE lending.
• Premier Bank: Youngstown, Ohio-based community bank providing commercial, retail, and treasury management services across Ohio markets. Similar size, community banking model, and product positioning as Waterford.

Regional players

• S&T Bank: Pennsylvania-based community bank with commercial, consumer, and treasury management services in western Pennsylvania. Comparable size and community-banking focus though operating in a different but adjacent regional footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xtwitter.com/WaterfordBankNA
• Facebookfacebook.com/waterfordbankna
• LinkedInlinkedin.com/company/waterford-bank-n-a-
• Instagraminstagram.com/waterfordbankna

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A1 record

Investments

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

Frequently asked questions about Waterford Bank, N.A.