Northwest Bank

Name

Northwest Bank

Legal name

Northwest Bank

Website

https://nw.bank

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF)

akta.pro secondary industry

Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank) (FSABAAAJ)

Keywords

• Community banking services
• Consumer deposit accounts
• Agricultural lending
• Commercial banking
• Wealth management services

Headquarters

HQ city

Spencer

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, Supply Chain

Revenue model

1. Interest Income: The bank generates revenue primarily through interest earned on loans including mortgages, business loans, agricultural loans, personal loans, and credit cards. Interest is also earned on deposits and investment securities.
2. Fee Income: Monthly maintenance fees on checking and savings accounts, overdraft fees, ATM fees, and various transaction-based fees. Also includes fees for services like wire transfers, stop payments, and official checks.
3. Merchant Card Processing: Revenue from credit and debit card processing services through partnership with Professional Solutions. Fees are charged per transaction for businesses accepting card payments.
4. Treasury Management Services: Fees for business banking services including ACH origination, wire transfers, Positive Pay, remote deposit capture, lockbox services, and payroll card programs.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Northwest Bank is a family-owned community bank providing personal checking and savings (Compass account family, Money Market, HSA, CDs/IRAs), business banking and treasury management services, mortgage and home equity lending, agricultural loans, merchant card processing, and wealth management to consumers and businesses across Iowa and Nebraska. Distribution combines a branch network and dedicated business, ag, and wealth advisors with an integrated Online & Mobile Banking platform supporting bill pay, mobile deposit, Zelle, and QuickBooks/Quicken integration.

Product overview

Northwest Bank operates as a family-owned community bank serving Iowa and Nebraska with a comprehensive banking platform. The product portfolio centers on the Compass checking account family (Compass Free, Digital, Cash, Rewards, and Relationship accounts) as a core personal banking hub, supplemented by specialized savings products including Health Savings Account, First Time Homebuyer Savings, and certificates of deposit/IRAs. Business banking offerings include Choice Business Checking, Simple Business Checking, Commercial Analysis, and Community Checking accounts, paired with Treasury Management services (Positive Pay, ACH/Wires Origination, Merchant Card Processing). Digital banking is delivered through integrated Online & Mobile Banking platforms with features including Credit Sense credit monitoring, Card Secure, Digital Wallet, Mobile Deposit, and Zelle payments. The bank also offers lending products (mortgages, home equity, personal and business loans) and Wealth Management services across 20+ locations. Key integrations include Quicken/QuickBooks Direct Connect for accounting sync, Zelle for peer payments, and IntraFi Network for FDIC sweep services.

Differentiator

Problem solved

Functional benefit

Brands

• Compass Rewards: High-yield checking account offering competitive interest rates on balances up to $25,000 with 3.14% APY for qualifying accounts
• Compass Cash
• Compass Relationship
• Compass Digital
• Compass Free
• Treasure Seekers
• Student Savings
• Choice Business
• Simple Business
• Community Checking
• Business Money Market

Products and services

• Compass Free Account Basic personal checking account with no monthly maintenance fee, contactless debit card, and e-statements for customers seeking simple, low-cost banking.
• Compass Digital Account Digital-first personal checking account with no paper checks and no overdraft fees, designed for customers who prefer online and mobile banking.
• Compass Cash Account Personal checking account earning 1.50% cash back on debit card purchases up to $8 per statement cycle, with no monthly maintenance fees.
• Compass Rewards Account High-yield personal checking earning up to 3.14% APY on balances up to $25,000 with qualifying activities (e-statements, 12+ debit card purchases, online/mobile banking access).
• Compass Relationship Account Tiered interest-bearing personal checking account requiring a $50,000 total consumer relationship across deposits and loans, with free standard checks and overdraft privilege.
• Compass Savings Account Personal savings account offering 0.90% APY on balances up to $20,000, available exclusively to Compass Rewards or Compass Cash checking account holders.
• Statement Savings Account Basic personal savings account with tiered interest rates (0.40%-0.55% APY) and a $2 monthly fee waived at $50 average daily balance.
• Money Market Account Personal variable-rate savings account with tiered interest rates up to 2.02% APY at $500,000+, requiring a $1,000 minimum opening balance.
• Student Savings Account Savings account for students ages 11-22 with competitive rates on balances up to $20,000 and free ATM card access.
• Treasure Seekers Savings Account Youth savings account for children 10 and under featuring a pirate-themed treasure chest incentive where deposits of $5+ earn loot rewards.
• Health Savings Account (HSA) Tax-exempt personal account for qualifying medical expenses with tiered interest rates, free debit card and checks, and $3 monthly fee waived at $10,000 balance.
• First Time Homebuyer Savings Account Specialized savings account for Iowa residents purchasing their first home, offering 0.60% APY with tax benefits and automatic deposit bonuses.
• Certificate of Deposit (CD) FDIC-insured fixed-term savings with guaranteed earnings and competitive rates, including Event Saver CD (6-60 month terms) and special rates like 3.76% APY for 11-month terms.
• Individual Retirement Account (IRA) Retirement savings accounts including Traditional IRA, Roth IRA, and Health Savings Plan with tax-deferred or tax-free growth options.
• Online & Mobile Banking Digital banking platform providing 24/7 account access via desktop and mobile devices, enabling balance checks, transfers, bill payments, mobile deposits, and account management for personal customers.
• Business Online Banking Comprehensive online cash management platform for businesses offering real-time balances, check imaging, transaction search, ACH origination, wire transfers, Positive Pay integration, and QuickBooks/Quicken Direct Connect.
• Business Mobile Banking Mobile banking app for business customers enabling balance viewing, internal transfers, ACH/wire approvals, mobile deposits, and approval alerts.
• Choice Business Checking Business checking account with first 150 items free and optional Treasury Services, designed for businesses requiring comprehensive cash management.
• Simple Business Checking Basic business checking designed for sole proprietors and small businesses with low transaction volumes, offering first 50 items free.
• Commercial Analysis Checking Analysis-style checking for high-volume businesses with simplified monthly statements and earnings credit to offset service fees.
• Commercial Analysis With Interest Interest-bearing analysis checking account for high transaction volume businesses with monthly service charges varying based on usage.
• Community Checking No-fee business checking account designed for not-for-profit organizations, with no monthly transaction fees and free debit cards.
• Business Savings Account Business savings account with $1,000 opening balance and $5 monthly fee waived at $1,000 daily balance, offering competitive variable interest rates.
• Business Money Market Account Tiered interest-bearing business savings with up to six transactions per statement cycle and optional overdraft protection linking to business checking.
• Insured Cash Sweep (ICS) Multi-million-dollar FDIC protection service through IntraFi Network, allowing deposits to be swept across multiple FDIC-insured banks while maintaining a single-bank relationship.
• Positive Pay Fraud prevention service that verifies checks and ACH transactions against issued files, notifying businesses of exceptions for approval or rejection.
• ACH & Wires Origination Electronic payment services enabling direct deposit payroll, vendor payments, and same-day wire transfers with file submission before 5:00 p.m. CST.
• Merchant Card Processing Credit and debit card processing through Professional Solutions partnership, offering contactless terminals, low rates, and 24/7 technical support for businesses.
• Mortgage Loans Home mortgage financing with competitive rates and personalized solutions delivered by dedicated mortgage bankers; recognized as a Top Mortgage Lender by the Iowa Finance Authority.
• Home Equity Line of Credit Revolving credit line secured by home equity for flexible borrowing with variable rates.
• Private Banking Personalized banking services for high-net-worth individuals including dedicated bankers and customized financial solutions.
• Wealth Management Comprehensive wealth management services delivered across 20+ locations in Iowa and Nebraska, including investment management and financial planning for individuals and families.

Quantifiable outcome

• Over 25,000 students educated through financial literacy programs since 2012
• +2 more outcomes

Named customers9 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core and supporting.

• Professional SolutionscoreTechnology or IntegrationPartnership with Professional Solutions to offer credit card processing services to business customers. Provides state-of-the-art contactless chip terminals at no additional cost, low processing rates, no hidden fees, and 24/7 technical support. Enables businesses to accept credit and debit card payments.
• IntraFi NetworkcoreTechnology or IntegrationThrough IntraFi's ICS (IntraFi Cash Service), Northwest Bank offers FDIC insurance coverage beyond the standard $250,000 limit by placing deposits across multiple FDIC-insured banks in the IntraFi network. Provides multi-million dollar FDIC protection while maintaining single-bank relationship for customers.
• ZellecoreTechnology or IntegrationPartnership with Early Warning Services for Zelle peer-to-peer payment integration, allowing customers to send money to friends and family directly from their Northwest Bank accounts.
• Quicken and QuickBookssupportingTechnology or IntegrationDirect Connect integration with Quicken and QuickBooks accounting software, allowing business customers to automatically update their accounting records with banking transactions.
• Iowa Bankers AssociationcoreStrategic or Co-development PartnerStrategic partnership with Iowa Bankers Association for industry advocacy, professional development, consumer credit school, and banking industry initiatives. Dwigh tConover served as Chairman of the Iowa Bankers Association.
• Federal Reserve Bank CDIAC CommitteesupportingStrategic or Co-development PartnerGreg Post serves on the Federal Reserve Bank CDIAC Committee, providing input on community development and engagement.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• First National Bank of Omaha: Family-owned Nebraska-based commercial bank offering comparable consumer, business, ag, mortgage, and wealth management services. Highly comparable due to similar family-owned governance, Midwest footprint, and full-service community banking model.
• MidWestOne Financial Group: Iowa-based community bank holding company of similar size offering commercial banking, wealth management, and treasury services across the Midwest. Directly comparable in operating geography, business model, and customer segments.
• West Bancorporation: Iowa-based community bank holding company operating West Bank, providing commercial and consumer banking in Iowa. Comparable in scale, governance (public but locally controlled), and Iowa-centric operating model.
• QCR Holdings: Quad Cities-based community bank holding company operating multiple community bank charters across the Midwest. Comparable in community banking model, similar asset size, and focus on relationship-based commercial and consumer banking.
• Pinnacle Bancorp: Nebraska-based privately-held community bank holding company offering banking and wealth management services across Nebraska, Kansas, Iowa, Missouri, and Colorado. Comparable in private family-influenced ownership, ag lending exposure, and community banking focus.
• Heartland Financial USA (HTLF): Multi-state community bank holding company operating more than a dozen community bank charters across the Midwest, West, and Southwest. Comparable in community banking model and diversification across multiple charters, though larger and publicly traded.
• First Interstate BancSystem: Community-focused bank holding company resulting from Great Western Bancorp acquisition, operating across the Midwest and Mountain West. Comparable in community banking model and multi-state branch banking approach.
• S&T Bancorp: Pennsylvania-based community bank holding company providing commercial, consumer, and wealth management services. Comparable in community banking focus, relationship-based model, and similar asset size, though operating in a different geography.

Broad incumbents

• UMB Financial Corporation: Larger Midwestern bank holding company headquartered in Kansas City offering commercial, consumer, and wealth management services. Comparable in Midwest presence and product breadth, but operates as a much larger diversified regional bank rather than community-focused franchise.
• Commerce Bancshares: Missouri-based bank holding company operating Commerce Bank across multiple Midwest and Southwest states. Comparable in Midwest regional banking, consumer and commercial product mix, and wealth management offerings, but significantly larger in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/northwest_bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries2 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 Northwest Bank