Sullivan Bank
Sullivan Bank is a Missouri community bank founded in 1895, offering personal and business deposit, lending, insurance (via SBK Insurance Agency), and investment services (via Cetera) across 10 communities through 12 branches and digital channels.
- Company typePrivate
- Founded1895
- HeadquartersSullivan, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Sullivan Bank does
Sullivan Bank is a privately held, Missouri state-chartered community bank founded in 1895 in Sullivan, Missouri by the Shaffer brothers, with $7,000 in initial assets. The bank provides personal and business banking products — including checking, savings, certificates of deposit, debit and credit cards, personal loans, mortgages, auto loans, SBA loans, RMI (real estate, machinery, and equipment) loans, and treasury management services — to retail consumers and small/mid-sized businesses. It serves 10 Missouri communities (Sullivan, Cuba, Union, Labadie, Pleasant Hope, Sunrise Beach, Springfield, St. Clair, Eureka, and Jefferson City) through 12 branch and ATM locations, supplemented by a digital channel stack that includes a mobile banking app, online banking platform, Zelle person-to-person payments, Zix-powered secure email, and an online account-onboarding platform. The bank also distributes securities and insurance products through third-party partners — Cetera Investment Services LLC for investments and the wholly-owned SBK Insurance Agency (acquired April 2025 from Hoff Insurance) for home, auto, farm, life, and business insurance — under a unified "Sullivan Bank 360 Experience" platform.
The business model is that of a traditional community bank. Revenue is generated primarily from net interest income on the loan book (mortgages, personal, auto, SBA, RMI), supplemented by deposit account and transaction fees (monthly service charges, ATM fees, wire transfer fees at $10–$50, $30 NSF/overdraft and stop-payment fees), insurance commissions and premiums routed through SBK Insurance Agency, and referral/commission economics from the Cetera Investment Services relationship. The Priority Plus Checking product — 5.00% monthly interest on balances up to $25,000 when qualifications are met — is a clear consumer acquisition and deposit-gathering lever. Go-to-market is a hybrid direct-to-consumer model: physical branch service combined with digital self-serve, supported by a marketing strategy centered on community involvement (7,500+ volunteer hours, 150+ charity sponsorships, $125K+ in donations since 2022) and a quarterly "Gold Standard Newsletter" rather than paid acquisition. The bank is independently owned, governed by a nine-member Board of Directors including President & CEO Mike Hoffman, and operates without disclosed institutional, private equity, or venture capital ownership.
Sullivan Bank firmographics
Firmographics- Name
- Sullivan Bank
- Legal name
- Sullivan Bank
- Website
- https://sullivanbank.com
- Company type
- Private
- Founded year
- 1895
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Sullivan Bank is a Missouri community bank founded in 1895, offering personal and business deposit, lending, insurance (via SBK Insurance Agency), and investment services (via Cetera) across 10 communities through 12 branches and digital channels.
- Ownership category
- akta.pro rank
Sullivan Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank) (FSABAAAJ)
- akta.pro secondary industry
- SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)
Keywords
Where Sullivan Bank is headquartered
LocationHeadquarters
- HQ city
- Sullivan
- HQ country
- United States
- HQ region
- North America
Offices12 records
Markets served
Sullivan Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- Interest Income: Traditional lending revenue from mortgages, personal loans, business loans, and SBA financing
- Deposit Account Fees: Monthly service fees, ATM fees, wire transfer fees, and account research charges
- Transaction Fees: Fees from overdrafts, NSF items, stop payments, and wire transfers
- Insurance Services: Revenue from SBK Insurance Agency (acquired from Hoff Insurance), offering home, auto, farm, life, and business insurance products
- Investment Services: Securities and insurance products offered through Cetera Investment Services LLC
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Priority Plus Checking |
| Subscription | Monthly | Standard Checking |
| Transaction based/ take rate | Pay-as-you-go | ATM Fees |
| Transaction based/ take rate | Pay-as-you-go | Wire Transfers |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels4 records
Sullivan Bank product offering
Product offeringCore offering
Sullivan Bank is a Missouri-based community bank providing deposit products (checking, savings, certificates of deposit, debit and credit cards), consumer and commercial lending (mortgages, personal and auto loans, SBA loans, RMI loans), treasury management for businesses, and digital banking services. The bank also distributes insurance products through its wholly-owned subsidiary SBK Insurance Agency (acquired in April 2025) and offers wealth management through a partnership with Cetera Investment Services LLC, delivered across 12 physical locations and online/mobile channels.
Product overview
Sullivan Bank is a community bank offering a comprehensive suite of banking products and services across personal, business, and digital channels. The bank operates a unified Sullivan Bank 360 Experience platform that combines traditional branch banking with digital services. Core products include checking and savings accounts, CDs, loans (personal, mortgage, SBA, and RMI), treasury management, and credit cards. The bank expanded into insurance services in April 2025 through SBK Insurance Agency following an acquisition. Digital banking is delivered through mobile and online platforms featuring Zelle payments, secure alerts, and online tutorials. Additional services include investment products through Cetera Investment Services LLC and wealth management. The bank serves 10 Missouri communities through physical branches and ATMs, enhanced by MoneyPass network access for surcharge-free withdrawals.
Differentiator
Problem solved
Functional benefit
Brands
- SBK Insurance Agency: Subsidiary providing insurance services including home, auto, farm, life, and business insurance products
Products and services
- Personal Checking Accounts Personal checking account products for individuals, including a Priority Plus Checking tier that earns 5.00% interest monthly on balances up to $25,000 when qualifications are met, with no monthly service fees.
- Personal Savings Accounts Savings account products for individual customers to deposit and grow money.
- Certificates of Deposit (CDs) Time deposit accounts offering fixed-term interest rates for personal customers, including seasonal CD promotions like the Summer Savings CD.
- Debit and Credit Cards Card products including a Debit MasterCard with MoneyPass surcharge-free ATM access and credit card options, with custom card designs available for personal customers.
- Personal Loan Products Personal lending products for individuals including mortgages, auto loans, and other consumer credit facilities, supported by a Mortgage Center & FAQs resource and dedicated lender team.
- Business Checking Accounts Checking account solutions designed for business customers with features and fee structures tailored to commercial banking needs.
- Business Savings Accounts Savings products tailored for business customers to manage business finances.
- Business Certificate of Deposit Time deposit options for business customers seeking guaranteed returns on business funds.
- SBA Loans Small Business Administration loan programs offered through the bank for business financing needs.
- RMI Loans Real estate, machinery, and equipment loan programs for business customers.
- Treasury Management Services Comprehensive cash management and treasury services for business customers, supported by dedicated business login and business mobile banking channels.
- Mobile Banking Digital banking platform allowing customers to manage money anytime, anywhere using mobile devices, backed by human support when needed.
- Online Banking Internet banking platform with enrollment options, secure alerts, online tutorials, and Zelle person-to-person payment integration.
- Safe Deposit Boxes Secure storage services for valuables and important documents offered at bank branches.
- SBK Insurance Agency Insurance services offering Home, Auto, Farm, Life, and Business insurance products, operated as a wholly-owned subsidiary launched following the April 2025 acquisition of Hoff Insurance Agency.
- Investment and Wealth Management Services Wealth management and investment advisory services (SB Wealth Management) offered through Cetera Investment Services LLC, a FINRA/SIPC member; advisory services through Cetera Investment Advisers LLC.
Quantifiable outcome
- 5.00% interest on Priority Plus Checking balances up to $25,000
Companies that use Sullivan Bank
Customer profileSegments2 records
Ideal customer profiles2 records
Sullivan Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature4 records
Sullivan Bank partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Hoff Insurance Agency (now SBK Insurance Agency)coreAcquired by Sullivan Bank in April 2025, Hoff Insurance Agency was founded in 1976 by Richard Hoff. Steve Hoff continued the family legacy starting in 1992. The acquisition expanded Sullivan Bank's services to include insurance products including home, auto, farm, life, and business insurance.
- Federal Deposit Insurance Corporation (FDIC)coreSullivan Bank is a member of the FDIC, providing deposit insurance protection for customers. The bank is also a state-chartered institution by the State of Missouri.
Scale indicators7 records
Recent moves15 records
Expansion highlights5 records
Sullivan Bank competitors and assessment
Company assessmentDirect peers
- Hawthorn Bank: Missouri-headquartered community bank offering personal, business, mortgage, and wealth services across multiple branches in the state. Closely comparable to Sullivan Bank in size, geographic focus, and product mix.
- Midwest BankCentre: St. Louis-based community bank with similar branch-led retail and commercial banking model. Comparable in scale and product breadth, including SBA and treasury services.
- Legends Bank: Small Missouri community bank serving retail and small business customers with deposits, lending, and digital banking. Operates at a similar size and community-banking positioning as Sullivan Bank.
- Academy Bank: Mid-sized community bank offering personal and business banking with digital channels. Comparable product suite and customer segment to Sullivan Bank, though with a different geographic footprint.
- Lindell Bank & Trust Company: St. Louis-based community bank with personal, business, and wealth services. Closely comparable to Sullivan Bank in operating model, scale, and community-bank positioning.
Broad incumbents
- Great Southern Bank: Missouri-headquartered regional bank with broader branch network across multiple states. Overlaps with Sullivan Bank on consumer/SMB banking but at materially larger scale.
- Commerce Bank: Major Missouri-based regional bank offering retail, commercial, wealth, and treasury management. Competes with Sullivan Bank in Missouri metros but at much larger scale and product breadth.
- First Bank: Missouri-headquartered community-oriented bank with retail, commercial, and mortgage lending across multiple states. Comparable banking model but operates at significantly larger scale.
- UMB Bank: Large Missouri-headquartered bank with retail, commercial, wealth, and treasury services. Competes with Sullivan Bank in Missouri markets and serves as a larger incumbent benchmark for the community-bank business model.
Regional players
- Equity Bank: Community-focused bank headquartered in the Midwest (Kansas/Missouri footprint) with comparable retail and small-business banking services. Similar community-banking orientation with somewhat larger geographic spread.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Sullivan Bank social profiles
Digital presenceSullivan Bank compliance and trust
Trust signalCompliance3 records
Sullivan Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sullivan Bank leadership team
Management profileNumber of profiles
Profiles10 records
Sullivan Bank subsidiaries and ownership
Company hierarchySubsidiaries1 record
Sullivan Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sullivan Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sullivan Bank
What does Sullivan Bank do?
Sullivan Bank is a Missouri-based community bank providing deposit products (checking, savings, certificates of deposit, debit and credit cards), consumer and commercial lending (mortgages, personal and auto loans, SBA loans, RMI loans), treasury management for businesses, and digital banking services. The bank also distributes insurance products through its wholly-owned subsidiary SBK Insurance Agency (acquired in April 2025) and offers wealth management through a partnership with Cetera Investment Services LLC, delivered across 12 physical locations and online/mobile channels.
Is Sullivan Bank a public or private company?
Sullivan Bank is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Sullivan Bank founded?
Sullivan Bank was founded in 1895. It employs 101 to 250 people.
Where is Sullivan Bank based?
Sullivan Bank is headquartered in Sullivan, United States, in the North America region.
How does Sullivan Bank make money?
Five revenue lines are on record. Interest Income is the primary driver. The others are deposit Account Fees, transaction Fees, insurance Services and investment Services.
Who are Sullivan Bank's main competitors?
Direct peers on record are Hawthorn Bank, Midwest BankCentre, Legends Bank, Academy Bank and Lindell Bank & Trust Company. Broad incumbents are Great Southern Bank, Commerce Bank, First Bank and UMB Bank. Equity Bank is listed as a regional player.
Does Sullivan Bank have an API?
No public API is recorded for Sullivan Bank.
What industry is Sullivan Bank in?
Sullivan Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAAAJ, Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank), with a secondary code of FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs). Its NAICS code is 5221 and its SIC code is 6022.