Park State Bank
Park State Bank is a privately held community bank founded in 1916 in Duluth, Minnesota, serving individual consumers and small businesses across 18 Minnesota branches with checking, savings, mortgages, business loans, treasury management, and specialty cannabis banking.
- Company typePrivate
- Founded1916
- HeadquartersDuluth, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Park State Bank does
Park State Bank is a privately held community bank founded in 1916 in Duluth, Minnesota, and operated as a subsidiary of Park Financial Group, Inc. The bank offers a full suite of consumer and commercial banking products through 18 branch locations spanning Northern Minnesota, the Duluth/North Shore corridor, and the Minneapolis metro, complemented by online and mobile banking platforms on iOS and Android, telephone banking, and MoneyPass ATM network access. Core product lines include checking, savings, money market, CDs, IRAs, Visa rewards credit cards, personal loans, auto and RV loans, home equity, residential mortgages (Conventional, FHA, USDA, VA, Construction, Jumbo, second-home), and business banking — including treasury management modules such as Positive Pay, ACH origination, wire transfers, remote deposit capture, and merchant services. The bank also offers specialty cannabis banking for legally operating cannabis-related businesses.
The revenue model is a traditional community bank net interest income model supplemented by transaction and fee revenue. Deposit products and loan products (mortgages, construction loans, business loans, home equity, personal loans, auto loans) generate interest spread revenue; treasury management, merchant services, external transfers ($1.00 per outbound transfer), and CD specials generate fee and spread income. GTM is sales-led and relationship-based, with dedicated business bankers and mortgage loan originators embedded in each regional market. Customer concentration is distributed across individual consumers and small businesses, with disclosed named commercial relationships including Destination Fitness (Minnesota SMB) and a $3.1M / $6.9M joint financing with Native American Bank for Tava House Properties in Woodland Park, Colorado. The bank holds over $1 billion in combined assets, is FDIC-insured, and operates under Patriot Act and Equal Housing Lender compliance frameworks.
Park State Bank firmographics
Firmographics- Name
- Park State Bank
- Legal name
- Park State Bank
- Website
- https://parkstatebank.com
- Company type
- Private
- Founded year
- 1916
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Park State Bank is a privately held community bank founded in 1916 in Duluth, Minnesota, serving individual consumers and small businesses across 18 Minnesota branches with checking, savings, mortgages, business loans, treasury management, and specialty cannabis banking.
- Ownership category
- akta.pro rank
Park State Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
Keywords
Where Park State Bank is headquartered
LocationHeadquarters
- HQ city
- Duluth
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Park State 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, Others
Revenue model
- Interest Income: Traditional lending revenue from mortgages, business loans, personal loans, home equity products, and construction loans. The bank serves individuals and small businesses with various loan products.
- Deposit Products: Checking accounts, savings accounts, Certificates of Deposit, Individual Retirement Accounts generating fee and interest spread income.
- Treasury Management Services: Business cash management, merchant services, ACH origination, wire transfers, and positive pay services for business customers.
- Merchant Services: Credit card, debit card, and gift card processing services for business clients with competitive rates and flexible pricing.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | 30-Year Fixed Rate Construction Loan |
| Other | Monthly | 15-Year Fixed Rate Construction Loan |
| Other | Multi-year contract | CD Special 7-Month |
| Other | Multi-year contract | CD Special 13-Month |
| Transaction based/ take rate | Pay-as-you-go | External Transfers |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels5 records
Park State Bank product offering
Product offeringCore offering
Park State Bank is a full-service independent community bank providing personal banking, business banking, and mortgage lending services to individuals and small businesses across Minnesota. The bank offers deposit products (checking, savings, CDs, IRAs), consumer and commercial loans, credit cards, treasury management, merchant services, and digital banking through an 18-branch network and online/mobile platforms. Founded in 1916 and now owned by Park Financial Group, Inc., it holds over $1 billion in combined assets.
Product overview
Park State Bank is a community bank offering a comprehensive suite of banking products through a unified banking platform with both personal and business banking services. The core offerings include checking and savings accounts, loans (personal, auto, mortgage, business), and credit cards. Digital banking services are delivered through Online Banking (web platform) and Mobile Banking App (iOS/Android native app), with features including Mobile Deposit, Bill Pay, eStatements, and External Transfers. Business services expand on this with Treasury Management modules including Positive Pay, ACH Origination, Wire Transfers, and Remote Deposit Capture. The bank also offers Mortgage services with various loan types (Conventional, FHA, USDA, VA, Construction) through its mortgage lending platform. Specialty services include Cannabis Banking for legally operating businesses.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Checking Accounts
Companies that use Park State Bank
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles4 records
Park State Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Park State Bank partnerships and signals
Strategic signalScale indicators9 records
Recent moves9 records
Expansion highlights5 records
Park State Bank competitors and assessment
Company assessmentBroad incumbents
- Old National Bank: Larger Midwest community bank with significantly broader geographic footprint but overlapping commercial, retail, and mortgage products. Useful as a larger-scale comparable for community banking economics.
- Glacier Bancorp: Community bank holding company that has consistently grown via acquisition of community banks, mirroring Park State Bank's roll-up playbook but at much larger scale. Highly relevant as a comparable M&A-driven community banker.
- Heartland Financial (HTLF / HTLF Bank): Multi-charter community bank holding company operating across the Midwest and West with community banking subsidiaries of comparable size. Comparable as a multi-state community banking consolidator and acquirer.
Direct peers
- ChoiceOne Financial: Michigan-based community bank of similar asset size with full-service personal, business, and mortgage banking. Comparable on community-bank scale, product breadth, and regional Midwestern orientation.
- Bremer Bank: Minnesota-headquartered community bank with similar full-service personal, business, and wealth offerings and a regional Upper Midwest footprint. Most directly comparable to Park State Bank on geography, product set, and customer segments.
- Bell Bank: Employee-owned Upper Midwest community bank of similar scale with a comparable relationship-led model and growing commercial and mortgage origination. Comparable on community-bank ethos, geography, and growth trajectory.
- MinnWest Bank: Minnesota-based community bank focused on agribusiness, commercial, and retail banking. Comparable on Minnesota-centric footprint and small business / consumer lending mix.
- Lake City Bank: Indiana-based community bank with strong commercial and mortgage franchises and consistent top-tier performance rankings. Comparable on community banking model, performance metrics, and product mix.
- Nicolet National Bank: Wisconsin-headquartered community bank of similar size with a multi-state Upper Midwest footprint and full commercial/retail product set. Comparable on regional community banking model and scale band.
Regional players
- First Bank (North Carolina): Community bank with a relationship-led, full-service retail and commercial model serving small businesses and consumers. Comparable on business model and customer segments, though serving a different region.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Park State Bank social profiles
Digital presencePark State Bank compliance and trust
Trust signalCompliance3 records
Park State Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Park State Bank leadership team
Management profileNumber of profiles
Profiles10 records
Park State Bank subsidiaries and ownership
Company hierarchySubsidiaries1 record
Park State Bank funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Park State Bank M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Park State Bank
What does Park State Bank do?
Park State Bank is a full-service independent community bank providing personal banking, business banking, and mortgage lending services to individuals and small businesses across Minnesota. The bank offers deposit products (checking, savings, CDs, IRAs), consumer and commercial loans, credit cards, treasury management, merchant services, and digital banking through an 18-branch network and online/mobile platforms. Founded in 1916 and now owned by Park Financial Group, Inc., it holds over $1 billion in combined assets.
Is Park State Bank a public or private company?
Park State Bank is a private company. It is classified as corporate owned and is currently operating.
When was Park State Bank founded?
Park State Bank was founded in 1916. It employs 11 to 50 people.
Where is Park State Bank based?
Park State Bank is headquartered in Duluth, United States, in the North America region.
How does Park State Bank make money?
Four revenue lines are on record. Interest Income is the primary driver. The others are deposit Products, treasury Management Services and merchant Services.
Who are Park State Bank's main competitors?
Broad incumbents on record are Old National Bank, Glacier Bancorp and Heartland Financial (HTLF / HTLF Bank). Direct peers are ChoiceOne Financial, Bremer Bank, Bell Bank, MinnWest Bank, Lake City Bank and Nicolet National Bank. First Bank (North Carolina) is listed as a regional player.
Does Park State Bank have an API?
No public API is recorded for Park State Bank.
What industry is Park State Bank in?
Park State Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 5221 and its SIC code is 6022.