Granite Bank
Granite Bank is a privately held, family-owned community bank in Cold Spring and Champlin, Minnesota, offering personal and business banking, mortgage lending, insurance, and investment planning to individuals, small businesses, farmers, and homebuyers across Central Minnesota and the Twin Cities Metro.
- Company typePrivate
- Founded1902
- HeadquartersCold Spring, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Granite Bank does
Granite Bank is a privately held, family-owned community bank headquartered in Cold Spring, Minnesota, operating under a charter originally established in 1902 and rebranded under its current name in 2015 when the Reiter family acquired The First National Bank of Cold Spring. The bank serves individuals, families, small businesses, agricultural operators, real estate investors, and homebuyers across Central Minnesota and the Twin Cities Metro area through two physical branches (Cold Spring and Champlin, the latter acquired in 2022 via the Maple Bank transaction), supplemented by online and mobile banking channels. Its product set spans personal and business deposit accounts (checking, savings, money market, CDs), consumer and commercial loan products, SBA Preferred Lender small business financing, a dedicated mortgage division offering conventional, FHA, VA, USDA, construction, and jumbo loans, a wholly-owned insurance subsidiary (Granite Insurance Agency) licensed in seven states, and an investment planning practice covering retirement, 401-K, and 1031 exchange services. Revenue is generated primarily through net interest income on lending and deposits, with ancillary fee income and insurance commissions; pricing is largely quote-based and not publicly disclosed, while the business checking account is positioned as free with no minimum balance. Distribution combines community-oriented in-person relationship banking with a field sales motion (112+ mortgage loan officers, dedicated commercial lenders), a digital account opening and self-service channel, and a channel partnership with RE/MAX Results for mortgage referrals.
Granite Bank firmographics
Firmographics- Name
- Granite Bank
- Legal name
- Granite Bank
- Website
- https://granitebank.com
- Company type
- Private
- Founded year
- 1902
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Granite Bank is a privately held, family-owned community bank in Cold Spring and Champlin, Minnesota, offering personal and business banking, mortgage lending, insurance, and investment planning to individuals, small businesses, farmers, and homebuyers across Central Minnesota and the Twin Cities Metro.
- Ownership category
- akta.pro rank
Granite Bank industry classification
Industry- Product category
- Community Banking
- NAICS
- Depository Credit Intermediation (5221), Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (52218), Portfolio Management and Investment Advice (523940)
- SIC
- Savings Institutions, Not Federally Chartered (6036), State Commercial Banks (6022)
- akta.pro primary industry
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
- akta.pro secondary industries
- Bank-Affiliated Retail Wealth Management (FSAAAAAB), Treasury & Liquidity Operations (Cash Positioning, Funding, Collateral Ops) (FSABALAH)
Keywords
Where Granite Bank is headquartered
LocationHeadquarters
- HQ city
- Cold Spring
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Granite 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 - Lending: Primary revenue from interest earned on mortgage loans, business loans, agricultural loans, personal loans, and home equity products. The bank has grown its mortgage division strategically and serves small businesses, families, entrepreneurs, real estate investors, and agricultural customers.
- Interest Income - Deposits: Interest earned from deposit accounts including checking, savings, money market accounts, and certificates of deposit.
- Fee Income: Various banking fees including potential account fees (though many accounts are advertised as free), overdraft protection fees, and other service charges.
- Insurance Products: Granite Insurance Agency offers home, auto, life, renters, boat/RV/motorcycle, liability insurance, and annuities. The insurance agency is an affiliate company providing additional revenue streams.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Granite Business Checking - Free all-around checking with no minimum balance |
| Other | Monthly | Granite Business Savings - Basic savings account for small balances |
| Other | Monthly | Granite Business Money Market - For large account balances |
| One time/ perpetual license | Pay-as-you-go | Business Certificate of Deposit - Guaranteed returns for businesses |
Go-to-market motion3 records
Distribution channels6 records
Marketing channels7 records
Granite Bank product offering
Product offeringCore offering
Granite Bank operates as a community-focused regional bank providing personal and business deposit accounts (checking, savings, CDs, IRAs/HSAs), consumer and commercial loans (including SBA Preferred Lender loans, agricultural loans, operating lines of credit, and personal loans), a dedicated residential mortgage division offering conventional, FHA, VA, USDA, construction, HELOC, and jumbo loans, and insurance products through its wholly-owned Granite Insurance Agency affiliate. Services are delivered through two Minnesota branches in Cold Spring and Champlin, complemented by online and mobile banking platforms with cash management tools such as remote deposit capture and ACH origination.
Product overview
Granite Bank operates as a community-focused regional bank offering a unified banking platform with personal banking, business banking, mortgage lending, and insurance services. The core product portfolio includes personal and business deposit accounts (checking, savings, CDs) alongside corresponding loan products. The Mortgages by Granite Bank division provides residential mortgage products including conventional, FHA, VA, USDA, construction, and jumbo loans. Granite Insurance Agency, a subsidiary brand, offers home, auto, life, renters, and other insurance products. Digital banking services including mobile app, online banking, and cash management tools complement the branch-based services. The bank also provides investment planning and SBA lending as specialized lending modules.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Banking Personal deposit accounts including checking, savings, CDs, IRAs, Roth IRAs, and HSAs, along with personal loans for vehicles, boats/RVs/ATVs, credit cards, and overdraft protection. Designed for individual consumers and families seeking relationship-based community banking.
- Business Banking Business deposit accounts (checking, savings, CDs) and business loans including real estate, non-real estate, agricultural loans, SBA lending, operating lines of credit, commercial lending, and business credit cards. Designed for small businesses, entrepreneurs, and commercial enterprises.
- Mortgages by Granite Bank Residential mortgage lending division offering conventional loans, FHA loans, VA loans, USDA loans, construction loans, condo loans, refinance options, HELOCs, bridge loans, jumbo loans, and lot/land loans. Serves individual homebuyers and real estate investors.
- Granite Insurance Agency
Quantifiable outcome
- Grown from $80 million to $300 million in assets since 2015
- +2 more outcomes
Companies that use Granite Bank
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Granite Bank technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature3 records
Granite Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- RE/MAX ResultscoreMarketing services agreement and desk rental partnership with RE/MAX Results, a regional real estate brokerage. The partnership aims to support RE/MAX agents with mortgage expertise and enhance the home buying experience for their clients.
Scale indicators4 records
Recent moves6 records
Expansion highlights6 records
Granite Bank competitors and assessment
Company assessmentDirect peers
- Stearns Bank: St. Cloud, MN-based community bank known for SBA lending and small-business banking. Directly comparable to Granite Bank in Minnesota community-banking focus, SBA Preferred Lender positioning, and small-business / commercial loan emphasis.
- Merchants Bank: Minnesota-headquartered community bank offering personal, business, and mortgage banking with a similar relationship-driven model. Closely matches Granite Bank's deposit, lending, and community-bank product mix within the same regional footprint.
- Pine Country Bank: Small, family-oriented Minnesota community bank. Comparable as a similarly sized rural Minnesota community bank serving small businesses, farms, and households with a relationship-based model.
Regional players
- Nicolet Bankshares: Wisconsin-based community bank holding company. Comparable community-banking model with similar mix of deposit taking, commercial lending, and mortgage banking, though operating in an adjacent rather than overlapping geography.
- MidWestOne Financial Group: Iowa and Minnesota-headquartered community bank holding company. Comparable in regional Midwest community-banking footprint and mix of commercial, agricultural, and mortgage lending, though larger and more geographically dispersed than Granite Bank.
Broad incumbents
- Heartland Financial USA (Unison Financial): Multi-state community bank holding company and active acquirer of community banks. Comparable in community-banking business model and acquisition-led growth strategy, though substantially larger and more geographically diversified than Granite Bank.
- Glacier Bancorp: Multi-state community bank holding company built largely through community-bank acquisitions. Comparable as a consolidator playbook and community-banking orientation, although at materially larger scale and broader geographic reach than Granite Bank.
- Old National Bank: Large community bank serving the Midwest. Comparable community-banking model with personal, business, mortgage, and wealth services, though operating at substantially greater scale than Granite Bank.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Granite Bank social profiles
Digital presenceGranite Bank compliance and trust
Trust signalCompliance4 records
Granite Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Granite Bank leadership team
Management profileNumber of profiles
Profiles13 records
Granite Bank subsidiaries and ownership
Company hierarchySubsidiaries2 records
Granite Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Granite 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 Granite Bank
What does Granite Bank do?
Granite Bank operates as a community-focused regional bank providing personal and business deposit accounts (checking, savings, CDs, IRAs/HSAs), consumer and commercial loans (including SBA Preferred Lender loans, agricultural loans, operating lines of credit, and personal loans), a dedicated residential mortgage division offering conventional, FHA, VA, USDA, construction, HELOC, and jumbo loans, and insurance products through its wholly-owned Granite Insurance Agency affiliate. Services are delivered through two Minnesota branches in Cold Spring and Champlin, complemented by online and mobile banking platforms with cash management tools such as remote deposit capture and ACH origination.
Is Granite Bank a public or private company?
Granite Bank is a private company. It is classified as family owned and is currently operating.
When was Granite Bank founded?
Granite Bank was founded in 1902. It employs 251 to 500 people.
Where is Granite Bank based?
Granite Bank is headquartered in Cold Spring, United States, in the North America region.
How does Granite Bank make money?
Four revenue lines are on record. Interest Income - Lending is the primary driver. The others are interest Income - Deposits, fee Income and insurance Products.
Who are Granite Bank's main competitors?
Direct peers on record are Stearns Bank, Merchants Bank and Pine Country Bank. Regional players are Nicolet Bankshares and MidWestOne Financial Group. Broad incumbents are Heartland Financial USA (Unison Financial), Glacier Bancorp and Old National Bank.
Does Granite Bank have an API?
No public API is recorded for Granite Bank.
What industry is Granite Bank in?
Granite Bank's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSAAAAAB, Bank-Affiliated Retail Wealth Management. Its NAICS code is 5221 and its SIC code is 6036.