State Savings Bank

What State Savings Bank does

State Savings Bank is a privately held, FDIC-insured community bank headquartered in Traverse City, Michigan, with its original charter dating to 1901 in Frankfort. It is a subsidiary of CS Bancorp alongside Central State Bank, operates 11+ banking offices and loan centers across northern Michigan (Benzie, Grand Traverse, Leelanau, Otsego, Mecosta, Roscommon, Crawford, and Tuscola counties), and serves individual consumers, small and medium businesses, agricultural clients, and — since the May 2026 Clearstead partnership — wealth-management customers seeking investment and trust services. The bank employs 51-200 people (LinkedIn shows approximately 63) and positions itself on personal service and community presence rather than scale.

The product set spans the full community-bank range: personal and business deposit accounts (checking, savings, money market, CDs, IRAs, Visa debit and credit), lending products (mortgage, home equity, consumer, commercial, agricultural, construction, and condominium loans), merchant services, treasury/cash management (ACH, wire, positive pay, remote deposit, sweep accounts), and payroll services. The technology stack is conventional: an online banking platform (cuFlex-based), a mobile banking app with mobile deposit, mobile wallet (Apple Pay/Google Pay), Zelle P2P, Visa card rails, and SecurLOCK Equip for card controls. In May 2026 the bank extended its offering into wealth management through a strategic partnership with Clearstead, a Midwest independent advisory firm, providing financial planning, investment management, estate planning, trust services, and tax planning without standing up an in-house advisory function.

Revenue is generated primarily through net interest income on the loan book (mortgage, commercial, agricultural, consumer, construction) funded by the deposit base, supplemented by transaction and account fees, merchant services revenue, payroll service fees, and referral economics from the Clearstead wealth-management partnership. Go-to-market is community-led: marketing emphasizes local employees, branch presence, community involvement, and a "Yes, I can!" service philosophy rather than digital acquisition channels. Distribution combines a regional physical branch and loan-center network with self-serve online and mobile channels and an inside-sales customer care center reachable by phone, chat, email, and text.

Name

State Savings Bank

Legal name

State Savings Bank

Website

https://ssbankmi.com

Company type

Private

Founded year

1901

Operating status

Operating

Headcount range

101–250 employees

Short description

State Savings Bank is a privately held, FDIC-insured community bank founded in 1901 in Frankfort, Michigan. It serves consumers, small businesses, and agricultural clients across northern Michigan with deposit accounts, lending, treasury services, and wealth management via a Clearstead partnership.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Commercial Banking (52211)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Treasury, Cash Management & Liquidity Tools (Sweeps, Cash Concentration) (FSAGAAAG)

Keywords

• Retail banking services
• Community banking
• Consumer lending
• Commercial lending
• Digital banking

Headquarters

HQ city

Frankfort

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including mortgage loans, home equity loans, consumer loans, commercial loans, agricultural loans, and construction loans. Interest rate spreads between deposits and lending form the primary revenue source.
2. Fee-based Services: Revenue from banking fees including account maintenance, ATM transactions, overdraft fees, wire transfer fees, and merchant services. Also includes revenue from foreign currency exchange and other banking services.
3. Investment and Trust Services: Partnership with Clearstead provides customers access to investment management, financial planning, estate planning, and trust services. Revenue likely generated through referral arrangements or revenue sharing with the partner firm.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

State Savings Bank is a full-service community bank offering personal and business deposit accounts (checking, savings, money market, CDs, IRAs), consumer and commercial lending products (mortgage, home equity, consumer, commercial, agricultural, construction, condominium loans), digital banking services (online banking, mobile app, Zelle, mobile deposit, mobile wallet), and business services (merchant services, treasury/cash management, payroll). In May 2026, the bank expanded into wealth management through a partnership with Clearstead to offer investment and trust services. The bank serves northwest Michigan through 11+ branch and loan center locations with FDIC-insured deposits.

Product overview

State Savings Bank is a full-service community bank offering a comprehensive suite of traditional banking products and services. The bank's portfolio centers on personal and business deposit accounts (checking, savings, money market, CDs, IRAs), lending products (mortgage loans, home equity loans, consumer loans, commercial loans, agricultural loans, construction loans, and condominium loans), and digital banking services (online banking, mobile banking app, mobile deposit, mobile wallet, Zelle P2P payments). The bank has recently expanded its offerings through a partnership with Clearstead to provide Investment & Trust Services including financial planning, investment management, estate planning, and tax planning. Additional services include merchant services, treasury/cash management, payroll services, and card management tools. The core platform consists of traditional banking products supplemented by digital delivery channels and wealth management services.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal demand deposit accounts providing checking services for individual customers, including debit cards, online/mobile access, and overdraft protection options. Includes a free checking option and other tiered checking accounts with monthly maintenance fees.
• Personal Savings Accounts Interest-bearing deposit accounts for personal savings with competitive rates and FDIC insurance coverage.
• Money Market Accounts Interest-bearing deposit accounts offering higher rates than regular savings with limited check-writing privileges.
• Certificates of Deposit (CDs) Time deposit accounts with fixed terms and guaranteed rates, ranging from short-term to multi-year maturities. Early withdrawal penalties apply.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings accounts including Traditional, Roth, and SEP IRA options for individuals.
• Visa Credit Card Bank-issued credit card operating on the Visa payment network with various rewards and benefits programs for individual consumers.
• Visa Debit Card Debit card enabling point-of-sale purchases and ATM withdrawals directly from personal checking accounts on the Visa network.
• Mortgage Loans Home purchase financing including fixed-rate mortgages, adjustable-rate mortgages (ARMs), zero-down payment mortgages, and construction-to-permanent loans for individuals and families.
• Home Equity Loans Secured lending products allowing homeowners to borrow against accumulated equity in their homes, including fixed-rate loans and lines of credit.
• Consumer Loans Personal loans for various purposes including auto loans, debt consolidation, and other consumer needs.
• Construction Loans Short-term financing for residential and commercial construction projects, including land acquisition and building costs.
• Condominium Loans Specialized mortgage products for condominium purchases including fixed-rate and adjustable-rate options with competitive terms.
• Business Checking Accounts Commercial demand deposit accounts with features designed for business operations including merchant services integration.
• Business Savings Accounts Interest-bearing savings accounts designed for business owners to store excess operating funds.
• Business Money Market Accounts Business deposit accounts offering higher interest rates with limited transaction capabilities.
• Business Credit Card Credit card products designed for business spending with expense management features.
• Commercial Loans Business lending products including term loans, lines of credit, and commercial real estate financing for businesses of various sizes.
• Agricultural Loans Farm and agricultural financing including operating loans, equipment financing, land purchases, livestock loans, and Farmer Mac loans for family farms and ranches.
• Merchant Services Payment processing services enabling businesses to accept credit card, debit card, and electronic payments from customers.
• Treasury/Cash Management Cash management solutions including ACH services, wire transfers, positive pay, remote deposit, sweep accounts, and other treasury functions for business clients.
• Payroll Services Payroll processing services helping businesses manage employee compensation, deductions, and payroll tax filings.
• Online Banking Services Digital banking platform providing customers with 24/7 account access, bill payment, fund transfers, and account management through web browsers.
• Mobile Banking App Native mobile application for iOS and Android enabling customers to access banking services, check balances, transfer funds, deposit checks, send Zelle payments, and manage accounts from smartphones and tablets.
• Gift Cards and Travel Cards Prepaid card products for gifting purposes and travel spending with reloadable card options.
• Foreign Currency Exchange Foreign currency exchange services for customers traveling internationally.
• Investment & Trust Services Wealth management services offered through partnership with Clearstead including comprehensive financial planning, investment management, estate planning, trust services, tax planning and preparation, and retirement/education planning for individuals and families.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature6 records

Partnerships

One partnership is on record.

• ClearsteadcoreStrategic or Co-development Partner · 1 May 2026Partnership with Clearstead, a Midwest-based independent advisory firm, to provide customers with access to Investment and Trust services including Comprehensive Financial Planning, Investment Management, Estate Planning and Trust Services, Tax Planning and Preparation, and Retirement and Education Planning. Dan Druskovich, Regional President, stated the partnership enables access to broad range of investment tools and specialized expertise delivered with personal attention expected from State Savings Bank.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Lake-Osceola State Bank: Michigan community savings bank of comparable scale, also serving a regional northern/rural Michigan footprint with deposit, lending, and digital banking services — direct comparable in product mix and target customer.
• West Shore Bank: West Michigan community bank offering personal/business deposit and lending services with community-focused GTM closely paralleling State Savings Bank's northern Michigan operating model.
• Honor State Bank: Small community bank operating in northern Michigan's Benzie County, with overlapping branch territory and similar community-led GTM targeting retail and agricultural customers.
• Isabella Bank: Mid-Michigan community bank with multi-county branch presence and full personal/business/agricultural banking services — comparable scope, scale, and target customer base to SSB.
• Shelby State Bank: Small Michigan community bank (Shelby, MI) with comparable deposit/lending product suite serving rural western Michigan — similar scale, regulatory profile, and community-led GTM.

Broad incumbents

• Mercantile Bank Corporation: Grand Rapids, MI-based bank holding company with statewide commercial and retail banking services — larger Michigan peer that competes directly in commercial lending, treasury management, and SMB services.
• Independent Bank Corporation: Michigan-focused bank holding company (Ionia, MI) operating a comparable community banking model across multiple counties — direct competitor in retail/SMB deposits and lending statewide.
• Huntington National Bank: Columbus-based regional bank with the largest Michigan branch network; broad incumbent that competes with SSB in retail deposits, small business banking, mortgage, and wealth management across northern Michigan.
• Fifth Third Bank: Cincinnati-based regional bank with deep Michigan presence providing retail, commercial, mortgage, and treasury products — large-scale incumbent competing for the same northern Michigan SMB and consumer wallet.

Emerging players

• Lake Michigan Credit Union: Michigan's largest credit union, headquartered in Grand Rapids; competes with SSB for retail deposits, mortgage, and SMB banking relationships in western/northern Michigan with tax-advantaged pricing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/ssbankmi
• LinkedInlinkedin.com/company/state-savings-bank-michigan

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

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 State Savings Bank