Devon Bank

What Devon Bank does

Devon Bank is a privately held, family-owned community bank founded in 1945 in Chicago, Illinois, operating three full-service branches in the Chicagoland area (Chicago, Glenview, and Wheeling). The bank offers a comprehensive suite of personal and business banking products, including checking and savings accounts (Free Checking, Higher Current, Fresh Start, Legato Saver at 2.45% APY, CDs, HSA), credit and debit cards, safe deposit boxes, mortgages (conventional, FHA, VA, jumbo), home equity loans and HELOCs, commercial loans, SBA 7(a) and 504 financing, treasury management, remote deposit capture, ACH/wire services, and merchant processing (via FiTech by Deluxe). Its technology stack centers on Devon Connect, a 24/7 online and mobile banking platform available on iOS, Android, and Windows with mobile deposit capture ($2,500/day limit), P2P transfers, bill pay, and fraud protection tools (Positive Pay). The bank's business model is primarily net interest income from the spread on loans and deposits, supplemented by recurring account fees, wealth management advisory fees capped at 0.90% annually (versus an industry average of 1.25%–1.50%), trust and fiduciary services (55+ years operating), and donor-advised fund administration with a $2,500 minimum. Devon Bank is differentiated by a community-led go-to-market targeting immigrant, refugee, and faith-based customers, with multilingual staff speaking 30+ languages, specialized Islamic home financing (Murabaha/Ijara, available in 33 states since 2003) certified by the Shariah Supervisory Board of America, Heter Iska interest-free financing for Jewish customers, a Fresh Start second-chance checking product, and a Well-Rounded Debit Series with seven charity round-up buckets tied to the Loundy Charitable Foundation. The bank was designated a Minority Depository Institution (MDI) by the FDIC in 2025 and has received Outstanding CRA ratings in four of the last eight FDIC examinations, supporting over 30 nonprofit organizations annually.

Name

Devon Bank

Legal name

Devon Bank

Website

https://devonbank.com

Company type

Private

Founded year

1945

Operating status

Operating

Headcount range

101–250 employees

Short description

Devon Bank is a privately held, family-owned community bank founded in 1945, operating three branches in the Chicagoland area. It provides personal banking, commercial and SBA loans, mortgages, wealth management, and faith-based Islamic and Jewish financing serving diverse immigrant and underserved communities.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110), Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Islamic Corporate Banking (FSABAGAC)

Keywords

• Community banking services
• Commercial lending
• Islamic finance
• Wealth management
• Mortgage lending

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income (Loans and Deposits): Devon Bank generates revenue primarily through the spread between interest earned on loans (mortgages, commercial loans, consumer credit cards, student loans, Islamic financing) and interest paid on deposits (checking, savings, CDs, money market accounts). As a community bank founded in 1945 serving the Chicago area, this is the core revenue driver.
2. Fee-Based Income: The bank earns fees from various services including: monthly maintenance fees on accounts (e.g., $6/month for Higher Current account), overdraft/returned item fees (not charged on Fresh Start accounts), safe deposit box rental, wire transfer fees, business account service fees, merchant processing fees (via FiTech by Deluxe partnership), and credit card fees. These represent recurring fee revenue streams.
3. Higher Current Account Monthly Fee: The Higher Current premium checking account charges a $6 monthly fee in exchange for enhanced benefits including identity theft monitoring, cellular phone protection, shopping rewards, travel discounts, health savings, debit advantage/buyer's protection, and accidental death & dismemberment insurance.
4. Wealth Management and Trust Services: The Trust and Wealth Management department (55+ years in operation) generates revenue through advisory fees, trusteeship services, investment management, and custodianship. Devon Bank Wealth Management charges up to 0.90% annually (vs. industry average of 1.25-1.50%), covering managed and self-directed IRA services, revocable and irrevocable trusts, special needs trusts, guardianship services, donor-advised funds, and managed investment portfolios.
5. Islamic and Faith-Based Financing Products: Murabaha and Ijara home financing products generate revenue through profit margins on cost-plus transactions. These products are offered in 33 states. The Heter Iska product serves Jewish customers avoiding interest. Revenue comes from profit-sharing arrangements and transaction fees related to Islamic-compliant financing structures.
6. Commercial Lending and SBA Loans: Revenue from commercial real estate mortgages, revolving lines of credit, term loans, SBA 7(a) loans ($150,000 to $5 million) and SBA 504 loans ($300,000 to $5.5 million), Islamic commercial financing (Murabaha and Ijara), equipment financing, and accounts receivable/inventory financing. Interest and fees on these loans represent a significant revenue stream.
7. Student Loan Referral Partnership: Devon Bank partners with College Ave Student Loans to provide private student loan products. Revenue is generated through referral/partnership arrangements rather than direct lending. The bank earns revenue by directing customers to College Ave for student financing.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels8 records

Core offering

Devon Bank is a full-service community bank founded in 1945 that provides personal and business banking, commercial and residential mortgage lending, faith-based Islamic and Jewish financing (Murabaha, Ijara, Heter Iska), trust and wealth management services, treasury management, and digital banking through Devon Connect. The bank operates three branches in Chicagoland with locally-based decision-making and serves customers in 33 states for its faith-based financing products.

Product overview

Devon Bank is a community bank offering a comprehensive suite of banking products and services organized across personal banking, business banking, lending, faith-based financing, trust and wealth management, and digital banking channels. The core digital banking platform is Devon Connect, providing 24/7 online and mobile access for both consumer and business customers. Personal banking includes checking accounts (Free Checking, Higher Current Account, Fresh Start Checking), savings accounts (Passport Savings, Legato Saver with 2.45% APY), debit/credit cards, and safe deposit boxes. Business banking encompasses treasury management, electronic payments (ACH/wires), remote deposit capture, merchant services, and fraud protection. Lending products include mortgages (conventional, FHA, VA, jumbo), home equity loans and HELOCs, commercial loans, SBA financing, and student loans through a College Ave partnership. The bank specializes in faith-based financing including Islamic finance products (Murabaha, Ijara, Heter Iska) with Shariah Board approval, available in 33 states for home financing. Trust and wealth management services span guardianships, special needs trusts, Shariah-compliant investing, charitable trusts, donor-advised funds, and IRAs. Digital channels include Devon Connect, Mobile Banking apps for iOS/Android/Windows, and associated services like external transfers, bill pay, and wire transfers.

Differentiator

Problem solved

Functional benefit

Brands

• Devon Islamic Finance: Islamic/Shariah-compliant financing division offering Murabaha, Ijara, and Heter Iska financing products for home purchases, refinancing, and commercial real estate.

Products and services

• Free Checking Account A no-fee personal checking account with no minimum balance requirement, unlimited transactions, free debit MasterCard, free online and mobile banking, and free first check order; targets general consumers seeking basic personal banking.
• Higher Current Premium Checking Account A premium checking account charging $6/month that bundles IDProtect identity theft monitoring, cell phone protection, shopping rewards, travel discounts, health savings, debit advantage/buyer's protection, and AD&D insurance; targets consumers wanting packaged benefits.
• Fresh Start Checking A second-chance checking account for customers rebuilding their banking history with no minimum balance, no monthly fees, no NSF fees, no overdraft fees, free debit card, and free MoneyPass ATM usage; targets underbanked and credit-challenged individuals.
• Tiered Now Checking Interest-bearing checking account requiring $1,000 minimum daily balance with no monthly fees when the minimum is met; targets consumers wanting modest interest on operating balances.
• Tiered Money Market Account Interest-bearing money market account requiring $2,500 minimum daily balance with tiered rates, six preauthorized transactions per month, and free checks/online banking; targets consumers seeking higher-yield liquid accounts.
• Passport Savings Account Tiered interest savings account with no minimum daily balance requirement, free online banking, and six preauthorized transfers per statement cycle; targets general consumer savers.
• Legato Saver Online Savings Account Online-only high-yield savings account offering 2.45% APY for balances up to $500,000 with no minimum balance and no monthly fees; targets digital-first consumers.
• Certificates of Deposit (CDs) CDs with terms from 30 days to 2 years offering fixed interest rates, credited monthly, quarterly, or annually to a Devon checking or savings account; targets consumers seeking guaranteed returns.
• Health Savings Account (HSA) Interest-bearing HSA with no monthly fee, free Debit Mastercard, free monthly statements with check images, and variable interest; targets individuals enrolled in high-deductible health plans.
• Personal Debit MasterCard Devon Bank Debit MasterCard with EMV chip providing 24/7 cash access and purchase capabilities, working with the MoneyPass ATM network for surcharge-free nationwide access; targets personal banking customers.
• Consumer Credit Cards Personal credit cards with competitive introductory rates and rewards programs, available as both unsecured and secured options; targets active Devon Bank consumer customers.
• Well-Rounded Debit Series (Round-Up Program) A round-up debit card program where purchases are rounded to the nearest dollar and the difference is directed to savings, mortgage paydown, charitable donations across seven designated charity buckets, or donor-advised funds.
• Safe Deposit Boxes Safe deposit boxes in sizes from 5x2 inches ($25/year) to 18x18 inches ($205/year) at Chicago, Glenview, and Wheeling branches, with discounts for auto-debit from Devon accounts.
• Mortgage Loans Comprehensive mortgage lending including Conventional/Fixed-Rate, Adjustable-Rate Mortgages (ARM), FHA Loans, VA Loans, and Jumbo Loans; targets home buyers and homeowners in Illinois.
• Home Equity Fixed-Rate Loan Fixed-rate home equity loan with a maximum of $50,000 and flexible terms; available only in Illinois, targets homeowners seeking fixed-payment home equity borrowing.
• Home Equity Lines of Credit (HELOC) Variable-rate HELOC tied to prime with interest-only payments for the first five years and no closing costs; available only in Illinois, targets homeowners needing flexible revolving credit.
• Commercial Loans Business financing including Revolving Lines of Credit, Term Loans, Commercial Mortgages, Specialized Loans, and SBA 7(a) ($150K–$5M) and SBA 504 ($300K–$5.5M) loans; targets small and mid-sized Chicago-area businesses.
• Islamic Commercial Financing Shariah-compliant commercial financing using Murabaha (cost-plus) and Ijara (leasing) structures for real estate purchases, construction, business equipment, trade goods, and letters of credit.
• Islamic Murabaha Home Financing Shariah-compliant home financing using the Murabaha (cost-plus) structure where Devon Bank purchases the property and resells it to the customer at a fixed price paid over time with no interest; available in 33 states and targets Muslim homebuyers.
• Heter Iska Interest-Free Financing Interest-free financing using a partnership agreement where profits are shared under strict reporting requirements; prepared with the Chicago Choshen Mishpat Institute and usable alongside conventional lending for residential and commercial purposes.
• Devon Connect for Business 24/7 online business banking enabling balance viewing, transaction history, account alerts, check images, internal/external fund transfers, secure messaging, fraud services management, ACH origination, and domestic/international wire transfers.
• Electronic Payments (ACH and Wire Transfers) ACH and wire transfer services for business clients enabling one-time or repetitive transactions for vendor payments, cash concentration, debt origination, and payroll with controlled frequency and dollar limits.
• Remote Deposit Capture Remote check deposit solution allowing businesses to scan and deposit checks from certified scanners at any business location, with online reporting and searchable check images.
• Merchant Services Payment processing solutions offered through FiTech by Deluxe, providing credit/debit card processing, EMV chip solutions, mobile and e-commerce programs, and various software processing solutions for business customers.
• Fraud Protection Services (Payee Positive Pay and ACH Positive Pay) Business security tools verifying checks against presented items and monitoring ACH activity, with online exception review and rules restricting which vendors can debit the account and setting transaction amount controls.
• Business Credit Card Multiple business credit card options with free 24/7 online account management; pricing not publicly disclosed and applicants apply for specific terms.
• Trust and Wealth Management Comprehensive trust services including corporate trusteeship, guardianships, special needs trusts, Shariah-compliant wealth management, irrevocable and charitable trusts, revocable living trusts, donor-advised funds, advisor-directed trusts, and managed/self-directed IRA services.
• Wealth Management for the Rest of Us Investment portfolio management and financial planning services for clients of all wealth levels charging up to 0.90% annually with no lock-up periods, operating as a fiduciary.
• Shariah-Compliant Wealth Management

Quantifiable outcome

• Serves customers in 33 states with Islamic home financing
• +5 more outcomes

Named customers9 records

Segments7 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature8 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• College Ave Student LoansminorGTM or Marketing PartnerDevon Bank partnered with College Ave Student Loans to provide private student loan products to customers. Devon Bank serves as a referral partner, directing customers to College Ave for undergraduate, graduate, and parent student loans. Devon Bank is credited as the referral source (utm_source=cbai) on the College Ave website. College Ave handles loan origination and servicing while Devon Bank benefits from the partnership through customer referrals and the ability to offer a comprehensive student loan product without holding the loans on its balance sheet.
• FiTech by DeluxecoreTechnology or IntegrationDevon Bank partnered with FiTech by Deluxe, described as one of North America's leading payment processors, to provide merchant processing services to business customers. Through this partnership, Devon Bank offers point-of-sale solutions including credit and debit card processing, EMV chip card solutions, mobile and e-commerce payment programs, and various software processing solutions. This partnership enables Devon Bank to offer comprehensive merchant services without building proprietary payment processing infrastructure.
• MoneyPass ATM NetworkcoreTechnology or IntegrationDevon Bank joined the MoneyPass ATM network, providing surcharge-free access to over 33,000 ATMs nationwide for Devon Bank debit card holders. This partnership enhances the value of Devon Bank's debit cards by eliminating out-of-network ATM fees when customers use MoneyPass ATMs, directly benefiting customers and reducing a major pain point associated with smaller community banks.
• MissionfulminorStrategic or Co-development PartnerDevon Bank partnered with Missionful to launch the Not-for-Profit Education Series, bringing together industry professionals and community leaders to share insights, explore innovative strategies, and support organizational growth among nonprofit organizations. The 2026 series includes workshops on grant funding and donor cultivation (July 2026), tools for nonprofit organizational success (September 2026), and building effective nonprofit boards (December 2026). This partnership positions Devon Bank as a community education leader and strengthens relationships with nonprofit organizations.
• Shariah Supervisory Board of AmericacoreStrategic or Co-development PartnerDevon Bank's Islamic financing products were developed with review and approval from the Shariah Supervisory Board of America, led by Mufti Muhammad Nawal-ur-Rahman. The Board issued a fatwa (religious ruling) approving Devon Bank's Murabaha and Ijara products after requested changes were made. This partnership provides religious certification that enables Devon Bank to offer Shariah-compliant financing to Muslim customers in 33 states, representing a core competitive differentiator.
• Loundy Charitable FoundationcoreStrategic or Co-development PartnerThe Loundy Charitable Foundation is an Illinois not-for-profit organization created by Devon Bank to serve and make grants in local communities. Devon Bank has 'sponsored' the creation of the Foundation and its Donor-Advised Fund, which allows the Foundation to receive charitable contributions, invest them, and distribute grants to charitable causes. The Foundation's unrestricted charitable account supports causes primarily in underserved areas of Cook, Lake, and DuPage Counties, Illinois. The Foundation also hosts the Well-Rounded Debit Card charity round-up program.
• Chicago Choshen Mishpat InstituteminorStrategic or Co-development PartnerDevon Bank uses a Heter Iska document prepared by the Chicago Choshen Mishpat Institute for its Jewish interest-free financing product. The Institute provides the legal framework that enables Devon Bank to offer Shariah-compliant-equivalent financing structures for Jewish customers seeking to avoid interest (Ribbis) under Jewish law. This religious certification supports the bank's faith-based banking differentiation.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Amalgamated Bank: Values-driven, mission-aligned commercial bank serving progressive/underserved communities nationwide. Closest mission peer: it offers retail/small business banking plus wealth and trust services with an explicit social-impact lens, mirroring Devon Bank's CRA and faith-based positioning but at substantially larger scale.
• Wintrust Financial: A large Chicago-area bank holding company built on a community-banking model with multiple local charters. Comparable regional franchise with diversified lending, wealth management, and specialty finance; serves as a regional incumbent against which Devon Bank competes for Chicago deposits.

Direct peers

• Guidance Residential: The largest US provider of Shariah-compliant home financing, offering Murabaha-based products across most states. Direct competitor to Devon's Islamic residential financing in the same niche market with overlapping customer segment.
• University Islamic Financial (UIF): A US-based Islamic home finance provider operating in multiple states. Comparable to Devon's faith-based residential lending program in product, structure, and target Shariah-compliant customer base.
• Sunrise Banks: A Minnesota-chartered community bank holding MDI designation that focuses on community development, business, and personal banking. Highly comparable size and structure to Devon Bank, both operating as MDIs emphasizing community reinvestment and underserved customer bases.
• Bridgewater Bank: A Twin Cities-based community commercial bank serving small businesses and consumers with comparable product set (commercial lending, treasury management, mortgages, and wealth management). Similar size and operating profile to Devon Bank.
• Howard Bank / WesBanco (Howard Bank): A mid-Atlantic community commercial bank that was acquired by WesBanco; pre-acquisition profile was highly comparable to Devon Bank—small footprint, business banking focus, commercial lending, and community orientation.

Emerging players

• Self-Help Federal Credit Union: Mission-driven CDFI and depository institution focused on serving low-wealth, minority, and immigrant communities with multilingual staff. Highly comparable to Devon's underserved-community, immigrant/refugee-focused community banking model.

Regional players

• Byline Bank: A Chicago-based community commercial bank serving small businesses and consumers across the Chicagoland area. Direct geographic peer operating in the same Illinois deposit market with overlapping business banking, treasury management, and lending services.
• Caldwell Trust Company: An FL-based fiduciary trust and wealth management firm similar in scale and orientation to Devon Bank's Trust & Wealth Management department, providing estate, trust, and investment management services to middle-market individuals and families.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/devonbank1945

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles25 records

Subsidiaries1 record

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 Devon Bank