Quoin Financial Bank

What Quoin Financial Bank does

Quoin Financial Bank is an independent community bank headquartered in Miller, South Dakota, with additional branches in Highmore and Sioux Falls. The bank operates as a subsidiary of Independent Bancshares Inc., which also holds FM BANK, together representing close to $1 billion in combined assets across 9 branches (3 in South Dakota, 6 in Minnesota). Quoin serves four primary customer segments: agricultural clients (operating lines of credit, equipment financing, livestock loans, crop input loans), small business and commercial customers (term loans, SBA loans, commercial real estate, lines of credit), residential real estate borrowers (home mortgages including FHA, VA, and USDA Rural Development loans, plus HELOCs and home equity loans), and personal banking consumers (checking, savings, CDs, IRAs, credit cards). The bank employs 11-50 staff across its three locations with an officer team led by CEO Garry D. Peterka and President Laine C. Warkenthien.

The bank's technology infrastructure is built on third-party platforms: mobile banking is powered by Fiserv, while core processing is being transitioned from an in-house environment to Jack Henry & Associates' core processing platform and Banno Digital Platform as part of a multibank conversion announced in March 2026 by parent Independent Bancshares Inc. The bank offers digital wallet integration (Apple Pay, Samsung Pay, Google Pay), Remote Deposit Capture for business customers with duplicate detection and multifactor authentication, and access to surcharge-free ATMs through the Money Pass network. Consumer banking includes Kasasa-branded reward products (Kasasa Cash, Kasasa Cash Back, Kasasa Saver) for differentiation against larger competitors.

Quoin's revenue model is built on traditional community banking streams: net interest income from agricultural, commercial real estate, residential mortgage, and consumer lending (subscription/recurring); transaction fees from cash management, ACH origination, merchant card services, and remote deposit capture; consumer banking fees (overdraft, ATM, wire transfer); and credit card income from Visa programs including ScoreCard Rewards. Distribution relies on three physical branches with local decision-making authority, supplemented by 24/7 digital banking channels and community-based marketing. The bank holds FDIC insurance, Equal Housing Lender designation, and complies with USA PATRIOT Act and E-SIGN Act requirements.

Name

Quoin Financial Bank

Legal name

Quoin Financial Bank

Website

https://quoinbank.com

Company type

Private

Operating status

Operating

Headcount range

11–50 employees

Short description

Quoin Financial Bank is an independent community bank serving Miller, Highmore, and Sioux Falls, South Dakota. A subsidiary of Independent Bancshares Inc., it provides agricultural, commercial, mortgage, and personal banking products to local consumers and small businesses through three branch locations.

Ownership category

akta.pro rank

Headquarters

HQ city

Miller

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

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including agricultural, commercial real estate, residential mortgages, and consumer loans
2. Deposit Interest Expense: Interest paid to depositors on checking, savings, money market, and CD accounts
3. Business Service Fees: Fees from cash management, ACH origination, merchant card services, and remote deposit capture
4. Consumer Banking Fees: Account maintenance fees, overdraft fees, ATM fees, and wire transfer fees for personal banking customers
5. Credit Card Income: Annual fees and interchange income from Visa credit card programs including ScoreCard Rewards

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

Quoin Financial Bank is an independent community bank that provides personal and business banking products, agricultural and commercial lending, and residential mortgage financing through three South Dakota branches (Miller, Highmore, Sioux Falls) supported by online and mobile banking channels. The bank offers deposit products (checking, savings, money market, CDs, IRAs, HSAs), consumer loans (auto, personal, home equity, mortgages), and business services (cash management, remote deposit capture, merchant card services, SBA loans, letters of credit).

Product overview

Quoin Financial Bank is an independent community bank serving Miller, Highmore, and Sioux Falls, South Dakota. The bank operates as a subsidiary of Independent Bancshares Inc. and holds approximately $1 billion in combined assets with nine branches across Minnesota and South Dakota. The bank offers a comprehensive suite of personal, business, and agricultural banking products and services through its digital banking platform. Personal banking includes Kasasa Cash and Kasasa Cash Back reward checking accounts, Kasasa Saver savings, Statement Savings, Money Market Savings, Cash Management Accounts, Certificates of Deposit, Christmas Club Savings, HSAs, and IRAs. Lending products encompass auto loans, personal loans, personal lines of credit, home mortgages (including VA, USDA, and FHA programs), home equity loans, HELOCs, and mortgage refinancing. Business services include Advantage, Quoin, and Premier Checking accounts, Business Savings, Money Market Savings, Cash Management Savings, Business CDs, Business Credit Cards, and commercial lending including term loans, lines of credit, agriculture loans, equipment loans, real estate loans, letters of credit, and SBA loans. Digital banking services include online banking, mobile banking with mobile deposit, business online banking, merchant card services, Remote Deposit Capture (Merchant Source Capture), and Cash Management tools. The bank is transitioning from an in-house technology environment to Jack Henry & Associates' core processing platform and Banno Digital Platform, which will integrate with over 1,000 third-party fintechs.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Kasasa Cash Checking High-interest consumer checking account that refunds ATM withdrawal fees nationwide, with rewards earned based on account activity.
• Free Kasasa Cash Back Checking Consumer checking account that rewards users with cash back on debit card purchases and provides ATM withdrawal fee refunds.
• Advantage Checking (Personal) Personal checking account with no minimum balance requirements, no monthly maintenance charge, free eStatements, and free business debit card.
• Quoin Checking (Personal) Interest-bearing personal checking account for sole proprietors and non-profits with $10 monthly fee waived with $750 average daily balance.
• Premier Checking (Personal) Tiered interest-bearing personal checking for larger balances with $25 monthly fee waived with $5,000 minimum daily balance, unlimited check writing.
• Free Kasasa Saver Savings account that automatically transfers Kasasa Cash rewards, with no monthly maintenance fee or minimum balance requirements.
• Statement Savings Basic personal savings account with no minimum opening deposit or balance requirements and competitive variable interest.
• Money Market Savings Tiered-rate savings account for customers with larger deposits offering competitive variable interest rates with monthly compounding.
• Certificates of Deposit (CDs) Fixed-rate personal savings vehicles with terms from 30 days to five years and minimum deposits starting at $500.
• Christmas Club Savings Seasonal personal savings account that accumulates deposits throughout the year and disburses funds plus interest on November 1st for holiday expenses.
• Health Savings Account (HSA) Tax-advantaged personal savings account for medical expenses used in conjunction with high-deductible health plans.
• Individual Retirement Accounts (IRAs) Tax-advantaged personal retirement savings plans available in Traditional and Roth variants with catch-up contributions allowed for ages 50 and older.
• Auto Loans Consumer financing for new and used vehicles including recreational vehicles, boats, and motorcycles, with competitive rates and local decision-making.
• Personal Loans Unsecured consumer loans for various personal needs including debt consolidation, vacations, and medical expenses.
• Personal Lines of Credit Revolving consumer credit lines for ongoing personal needs that can be reused without reapplication.
• Visa Credit Card Consumer credit card accepted worldwide with competitive rates, travel accident insurance, pharmacy and vision discounts, and auto rental benefits.
• Home Mortgage Loans Residential mortgage financing with competitive fixed rates, pre-qualification, and government program options including VA, USDA Rural Development, and FHA loans.
• Home Equity Loans Fixed-rate consumer loans using home equity as collateral for home improvements, major purchases, or other financial needs.
• Home Equity Lines of Credit (HELOC) Revolving consumer credit lines secured by home equity allowing borrowers to draw funds as needed with payments based only on amounts utilized.
• Mortgage Refinance Loans Refinancing options for existing residential mortgages to lower interest rates, reduce monthly payments, or accelerate payoff timelines.
• Advantage Checking (Business) Business checking account with no minimum balance requirements, no monthly service fees, and unlimited check writing privileges.
• Quoin Checking (Business) Interest-bearing business checking for sole proprietors and non-profits with unlimited check writing and fee waived with $750 average daily balance.
• Premier Checking (Business) Tiered interest-bearing business checking for larger commercial customers with higher balances, fee waived with $5,000 minimum daily balance.
• Business Savings Basic business savings account with no minimum balance, competitive variable interest, and free online banking access.
• Business Money Market Savings Money market account for businesses with larger deposits offering competitive variable rates and $1,000 minimum to avoid monthly fee.
• Business Certificates of Deposit (CDs) Business CDs with terms from 30 days to five years, minimum $500 deposit, with Change-A-Rate option for terms of 24 months or longer.
• Agriculture Loans Comprehensive agricultural financing including operating lines of credit, equipment financing, livestock loans, term loans, and crop input loans for farmers and agricultural businesses.
• Term Loans Business financing for equipment acquisition, technology upgrades, or vehicle purchases with competitive rates and flexible terms with local decision-making.
• Business Lines of Credit Revolving business credit lines for immediate cash flow needs, working capital, inventory, or equipment repairs with competitive variable rates.
• Equipment Loans Financing for new or used business equipment with competitive rates and customized repayment terms to preserve working capital.
• Real Estate Loans (Commercial) Commercial real estate and investment property financing with competitive rates, construction loans with permanent financing options, and refinancing services.
• Letters of Credit Bank guarantee instruments for business transactions requiring payment or service delivery assurance, useful for international commerce and large purchase guarantees.
• Small Business Administration (SBA) Loans SBA-guaranteed loans with easier qualification, competitive rates, flexible repayment terms, and low down payments for small business growth.
• Business Credit Cards Visa business credit card with worldwide acceptance, low APR, $50 annual fee, travel rewards, and ScoreCard Rewards program.
• Cash Management Business cash flow optimization service featuring sweep accounts, ACH origination, multi-user access controls with transaction limits, and secured authentication.
• Remote Deposit Capture Merchant Source Capture electronic check deposit service using desktop scanners, enabling businesses to deposit checks 24/7 with duplicate detection and multifactor authentication.
• Merchant Card Services Payment processing services for merchants accepting debit cards, credit cards, and gift cards with competitive rates and local service.
• Mobile Banking with Mobile Deposit Smartphone application providing account access, transfers, bill pay, ATM/branch location search, and remote check deposit functionality powered by Fiserv.
• Online Banking & Bill Pay Free internet-based account management providing 24/7 access to account balances, transfers, and bill payment with automatic and recurring payment options.

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Jack Henry & AssociatescoreTechnology or Integration · 24 March 2026Independent Bancshares Inc., parent company of Quoin Financial Bank and FM BANK, selected Jack Henry to modernize technology infrastructure. Both banks are transitioning from in-house environment to Jack Henry's core processing platform and Banno Digital Platform. The move aims to standardize operations, enhance digital banking capabilities, and leverage Jack Henry's open architecture with over 1,000 third-party fintech integrations.
• Money PasscoreTechnology or IntegrationQuoin Financial Bank is part of Money Pass, one of the largest surcharge-free ATM networks in the United States. Customers can access thousands of surcharge-free ATMs coast to coast and in Puerto Rico through the Money Pass network.
• FiservcoreTechnology or IntegrationFiserv powers Quoin Financial Bank's mobile banking application, providing online banking and bill pay services. The mobile banking app allows customers to access accounts, transfer funds, deposit checks, and manage cards from their smartphones.
• Independent Bancshares Inc.coreStrategic or Co-development PartnerParent holding company of FM BANK and Quoin Financial Bank. The company is modernizing both banks' technology infrastructure by transitioning to Jack Henry's core processing platform and Banno Digital Platform. The multibank conversion covers close to $1 billion in combined assets across 9 branches.

Scale indicators3 records

Recent moves4 records

Expansion highlights4 records

Direct peers

• First PREMIER Bank: South Dakota-based community bank offering personal, business, and ag lending with multiple branches — directly comparable in geography, scale, and product mix to Quoin Financial Bank.
• The First National Bank in Sioux Falls: Independent community bank headquartered in Sioux Falls providing consumer, business, mortgage and treasury services in the same South Dakota footprint.
• Pathward Financial (formerly MetaBank): Sioux Falls-headquartered bank with community banking operations and a heavy tech/fintech overlay, sharing the same regional market and digital banking posture.
• Great Western Bank (now divested to First Interstate): Multi-state community/regional bank with strong ag and small-business focus across the upper Midwest and Great Plains — same customer profile and loan mix as Quoin.
• Dacotah Bank: Community bank with deep ag-lending franchise across the Dakotas, comparable in size, branch footprint, and ag/commercial/consumer product mix.
• Bell Bank: Employee-owned Upper Midwest community bank offering personal, business, and ag lending — closely mirrors Quoin's independent community-bank model and product depth.
• Plains Commerce Bank: South Dakota-headquartered community bank focused on ag, commercial, and consumer banking in rural Dakotas — strongly comparable in geography and vertical specialization.

Broad incumbents

• Heartland Financial USA (HTLF): Multi-state community-bank holding company operating across the Midwest and Southwest with ag and commercial banking arms — broader portfolio but same community-bank model.
• First Interstate Bank: Large regional bank with significant ag, commercial, and consumer operations across the Midwest and West — comparable customer segments despite larger scale.
• U.S. Bancorp (U.S. Bank): Large national commercial bank with major Sioux Falls presence and national ag-finance franchise — competes directly for the same deposit and lending customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/QuoinBank
• LinkedInlinkedin.com/company/quoin-financial-bank

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 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 Quoin Financial Bank