First National Bank & Trust

What First National Bank & Trust does

First National Bank & Trust is a privately held, FDIC-insured national bank headquartered in Iron Mountain, Michigan, founded in 1887 as the First National Bank of Iron Mountain and rebranded in 2002 when it added trust and wealth management services. The bank operates five physical branches across Michigan's Upper Peninsula — Iron Mountain (Downtown and South), Kingsford, Iron River, and Menominee — along with dedicated First National Wealth Management and Trust offices in Iron Mountain and Marquette, serving individual consumers, small and medium businesses, veterans, and wealth management clients through a relationship-based community banking model.

The bank delivers a full-service retail and commercial banking product suite spanning personal checking, savings and CDs, consumer loans, mortgage loans, business checking/savings, business loans, merchant services, equipment leasing, debit/credit cards, and overdraft protection. Technology infrastructure includes an online and mobile banking platform (iOS and Android), SmartMoney Personal Financial Manager with spending analysis and net worth tracking, MyCardRules card security controls, Autobooks digital invoicing for business customers, eStatements, bill pay, mobile deposit, and digital wallet integration (Apple Pay, Google Pay, Samsung Pay). A dedicated Digital Services Center was established in 2020 to support platform development. Affiliated subsidiaries — First National Mortgage Company, First Choice Insurance Agency, and First National Trust & Wealth Management — extend the offering into mortgage, insurance, and fiduciary services.

Revenue is generated primarily through net interest income from diversified lending activities (consumer, mortgage, commercial), supplemented by deposit and service fees (overdraft, ATM, wire), transaction fees from merchant services and mortgage origination, advisory fees from the LPL Financial wealth management partnership, and referral fees from the College Ave student loan partnership. GTM combines branch-based personal bankers (sales-led), digital self-service enrollment (product-led), and community engagement targeting local families, business owners, veterans, and wealth clients. Customer segments span individual consumers (primary), SMBs (primary), wealth management clients, and veterans, with a hybrid segmentation approach. The bank operates as a standalone entity with no parent company, serving only the Michigan Upper Peninsula market.

Name

First National Bank & Trust

Legal name

First National Bank & Trust

Website

https://fnbimk.com

Company type

Private

Founded year

1887

Operating status

Operating

Headcount range

101–250 employees

Short description

First National Bank & Trust is a privately held community bank founded in 1887 in Iron Mountain, Michigan, operating five branches across the Upper Peninsula to deliver consumer, business, mortgage, and wealth management banking services to local individuals, SMBs, and veterans.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Portfolio Management and Investment Advice (523940)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight) (FSAAABAF)

akta.pro secondary industries

Onshore Private Banking (Domestic HNW/UHNW) (FSAAABAA), High-Net-Worth (HNW) Private Banking (FSABADAB)

Keywords

• Community banking
• Retail banking
• Mortgage lending
• Wealth management
• Small business banking

Headquarters

HQ city

Iron Mountain

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Traditional banking interest income from lending activities including consumer loans, mortgage loans, business loans, and commercial lending. The bank offers competitive rates on various loan products and earns spread income on these lending activities.
2. Deposit and Service Fees: Fee income from deposit accounts including checking and savings accounts, overdraft fees, ATM fees, wire transfer fees, and account maintenance fees.
3. Trust and Wealth Management: Investment management, financial planning, estate planning, and trust services through partnership with LPL Financial. Revenue generated from advisory fees and investment management services.
4. Mortgage Banking: Mortgage origination services through mortgage web center, with home purchase and refinance loans. Also offers home equity lines of credit.
5. Merchant Services: Payment processing and merchant services for business customers including card processing solutions.
6. Student Loan Partnership: Referral partnership with College Ave Student Loans for undergraduate, graduate, and parent loans, as well as student loan refinancing. Bank earns referral fees for leads generated.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

First National Bank & Trust is an independently owned, FDIC-insured community bank headquartered in Iron Mountain, Michigan, providing a comprehensive suite of personal and business banking products. Core offerings include checking, savings, CDs, consumer and mortgage loans, business lending, merchant services, equipment leasing, and trust and wealth management services, delivered through five branch locations in Michigan's Upper Peninsula, online and mobile banking platforms, and a specialized trust office in Marquette.

Product overview

First National Bank & Trust is an independently owned, full-service community bank headquartered in Iron Mountain, Michigan, offering a comprehensive suite of banking products. The core offering consists of Consumer Banking (checking, savings, CDs, consumer loans, mortgages) and Business Banking (checking, savings, business loans, merchant services, equipment leasing). Digital banking capabilities include an online/mobile banking platform with integrated Personal Financial Manager (SmartMoney PFM), eStatements, and Bill Pay services. The bank also provides Trust & Wealth Management services through affiliated entities, and partners with College Ave for student loans and LPL Financial for investment management. Card services include debit cards, credit cards with local photo options, and Digital Wallet Pay (Apple Pay, Google Pay, Samsung Pay). A suite of over 50 financial calculators supports customer planning needs.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Personal checking account products with various account types to meet individual banking needs of consumers in Michigan's Upper Peninsula.
• Savings & CDs Savings accounts and Certificate of Deposit (CD) products for personal banking customers, providing interest-bearing deposit options.
• Consumer Loans

Quantifiable outcome

• Committed to responding to all loan requests within 24 hours

Named customers2 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

Integration7 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Federal Home Loan Bank of IndianapoliscoreStrategic or Co-development Partner · 1 January 2025FNB participated in the 2025 Elevate Small Business Grant program, distributing $10,000 grants to Proformance Pros LLC and Kopach Filters LLC. This community support initiative helps local small businesses with growth and continuity.
• College Ave Student LoansminorGTM or Marketing PartnerReferral partnership for student loan products. FNB refers customers to College Ave for undergraduate, graduate, and parent loans, as well as student loan refinancing. College Ave provides easy online application and instant credit decisions.
• LPL FinancialcoreStrategic or Co-development PartnerFNB provides referrals to financial professionals of LPL Financial for investment management and wealth planning services. LPL provides securities and advisory services through registered representatives who may also be employees of FNB. Creates conflict of interest disclosure as FNB receives compensation for referrals.
• First National Mortgage CompanyminorOthersAffiliate company related by common ownership or control. One of several affiliated companies including nonfinancial companies such as First Choice Insurance Agency, Inc.
• First Choice Insurance Agency, Inc.minorOthersNonfinancial affiliate company related by common ownership or control. Part of the First National Bank & Trust family of companies providing insurance products and services.

Scale indicators3 records

Recent moves15 records

Expansion highlights5 records

Direct peers

• IncredibleBank: Headquartered in Marquette, Michigan, IncredibleBank is a community bank operating across the Upper Peninsula—the same geographic market as FNB. Closest direct peer given overlapping UP branch footprint and similar full-service consumer/business/wealth mix.
• Honor Bank: Michigan-based independent community bank serving northern Michigan communities with deposit, lending, and digital banking products. Comparable in scale, independent-ownership profile, and emphasis on relationship banking in small markets.
• mBank: Michigan community bank offering full-service personal and business banking, mortgages, and treasury management. Similar employee scale, independent profile, and focus on Michigan small-business and consumer lending markets.
• ChoiceOne Bank: Michigan-based community bank providing personal, business, and wealth services across west and northern Michigan. Comparable in branch count, community-banking model, and full-service product range including investment/wealth advisory.
• Level One Bank: Michigan community bank serving individuals and businesses with deposit, lending, treasury, and digital banking. Similar size, independent-ownership structure, and focus on relationship-led community banking with digital integration.
• Range Bank: Northern Michigan community bank (headquartered in Negaunee) serving the UP and northern Lower Peninsula. Direct regional competitor with overlapping UP territory and similar community-banking product set.
• Northpointe Bank: Grand Rapids, Michigan-based community bank offering personal, business, and mortgage services with a strong digital delivery model. Comparable independent-ownership structure and tech-led community banking approach.

Broad incumbents

• Mercantile Bank Corporation: Michigan-based commercial banking franchise with broader statewide branch network and full suite of treasury, mortgage, and wealth services. Larger than FNB but comparable in independent-ownership profile and Michigan market focus.
• Nicolet National Bank: Upper-Midwest community bank (Wisconsin/Upper Peninsula) providing full-service community and commercial banking plus wealth management. Larger franchise with overlapping UP/Michigan presence and similar multi-state community banking philosophy.

Regional players

• Bell Bank: Employee-owned Upper Midwest community bank (North Dakota/Minnesota) with full consumer/business/wealth services. Comparable in employee-ownership profile, full-service community banking model, and investment/wealth management capabilities, though operating in a different region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/fnbimk
• YouTubeyoutube.com/channel/UCNxncP8NGdQsUEIM-V5Pvyw
• Facebookfacebook.com/fnbimk
• LinkedInlinkedin.com/company/the-first-national-bank-&-trust-company-of-iron-mountain

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries4 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 First National Bank & Trust