BankCherokee
BankCherokee is a privately-held, family-owned community bank founded in 1908, serving the Twin Cities with commercial lending, SBA loans, business and personal banking, cash management, and investment advisory services.
- Company typePrivate
- Founded1908
- HeadquartersSaint Paul, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What BankCherokee does
BankCherokee is a privately-held, family-owned community bank founded in 1908, headquartered at 607 Smith Avenue S in Saint Paul, Minnesota, and operating branches across St. Paul and North Oaks. It serves the Twin Cities metro area with a full suite of retail and commercial banking products, including personal and business deposit accounts, SBA loans, commercial real estate lending, construction loans, equipment financing, working capital lines of credit, HELOCs, and specialized cash management services. Distinct customer segments include SMBs across diverse industries, retail consumers, nonprofit organizations, and veteran-owned businesses, the latter supported by dedicated SBA expertise and veteran-preferred lending programs.
The bank's digital infrastructure is built on Alkami's Digital Banking Platform, launched in February 2026 following a November 2025 rebrand from Cherokee Bank to BankCherokee. The platform powers Cherokee Online web banking, the iOS/Android BankCherokee Mobile App, and integrated features including Positive Pay fraud prevention, ACH Reporting, mobile check deposits, real-time alerts, and OTP authentication. Card services are issued through Fiserv EFT with after-hours fraud monitoring and surcharge-free ATM access via the MoneyPass network. Investment and wealth advisory services are delivered through Cherokee Investment Services, a subsidiary operating in partnership with Osaic Wealth (formerly Securities America), offering retirement planning, estate planning, ESG investing, and insurance products.
Revenue is generated through three primary streams: interest income on the loan portfolio (the dominant stream), deposit account fees including monthly maintenance charges on accounts below minimum balances, and commissions and advisory fees from Cherokee Investment Services. The bank distributes through both physical branches and digital self-serve channels, employs relationship-led sales supported by community marketing, and holds BauerFinancial's 5-star rating for 18 consecutive periods as of March 2024 alongside a 2025 MBA Community Champion recognition. The institution is FDIC-insured (Certificate ID 8537), NMLS-registered (458285), and designated an Equal Housing Lender.
BankCherokee firmographics
Firmographics- Name
- BankCherokee
- Legal name
- BankCherokee
- Website
- https://bankcherokee.com
- Company type
- Private
- Founded year
- 1908
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- BankCherokee is a privately-held, family-owned community bank founded in 1908, serving the Twin Cities with commercial lending, SBA loans, business and personal banking, cash management, and investment advisory services.
- Ownership category
- akta.pro rank
BankCherokee industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221), Portfolio Management and Investment Advice (523940)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI)
- akta.pro secondary industries
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)
Keywords
Where BankCherokee is headquartered
LocationHeadquarters
- HQ city
- Saint Paul
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
BankCherokee business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D, Others
Revenue model
- Interest Income: Traditional banking revenue from interest earned on loans including commercial real estate, SBA loans, construction loans, equipment financing, and working capital lines of credit
- Deposit Account Fees: Monthly maintenance charges on accounts below minimum balance requirements, service fees for various banking services
- Investment Services Commission: Revenue from Cherokee Investment Services, offered through partnership with Osaic Wealth/Securities America, including advisory fees and commissions on investment products
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | High Bridge High-Yield Money Market Savings Account |
| Subscription | Monthly | HELOC Spring/Summer Special |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
BankCherokee product offering
Product offeringCore offering
BankCherokee is a family-owned community bank in Saint Paul, Minnesota, that provides business and personal deposit accounts, commercial and SBA lending (SBA 7(a), SBA 504, CRE, C&I, working capital lines, equipment financing), cash management, personal loans and HELOCs, mobile and online banking delivered through the Alkami Digital Banking Platform, and investment advisory services through Cherokee Investment Services. Target customers are Twin Cities-area SMBs, individuals, nonprofits, and veteran-owned businesses.
Product overview
BankCherokee offers a comprehensive suite of banking products and services through both traditional channels and a modern digital banking platform. The core digital infrastructure is powered by Alkami's Digital Banking Platform, which provides integrated retail and business banking features including Positive Pay fraud protection and ACH Reporting. The bank also provides Cherokee Online (web-based), a Mobile App (iOS/Android), Business Plus for business online banking, and specialized products such as The High Bridge Money Market Account, Veteran Business Account, HELOC, and Cash Management services. Investment services are offered through Cherokee Investment Services (partnered with Securities America/Osaic Wealth). The product portfolio serves retail customers, business clients, and nonprofit organizations in the Twin Cities community.
Differentiator
Problem solved
Functional benefit
Brands
- Cherokee Investment Services: Investment services subsidiary offering retirement planning, estate planning, insurance, tax planning, and wealth management through partnership with Osaic Wealth, Inc.
Products and services
- Alkami Digital Banking Platform Core digital banking platform powering BankCherokee's retail and business banking experience with mobile check deposits, real-time alerts, Positive Pay fraud protection, and ACH Reporting for operational efficiency.
- Cash Management Cash management services for business customers including cash flow optimization, payment processing, and financial tools to help manage business finances effectively.
- Business Loans Business lending products for SMBs including SBA 7(a) and SBA 504 loans, commercial real estate loans, commercial C&I loans, working capital lines of credit, and equipment and vehicle loans.
- Business Accounts Business deposit accounts for SMBs across the Twin Cities, complemented by Business Plus online banking and veteran-designated checking.
- Nonprofit Banking (Community Checking) Banking services designed for nonprofit organizations, featuring Community Checking accounts and banking solutions tailored to help nonprofits manage their funds effectively.
- Veteran Business Account A designated checking account for veteran-owned businesses offering special incentives and reduced fees to support entrepreneurs who have served in the military.
- Cherokee Investment Services Wealth management and investment advisory services provided through a partnership with Osaic Wealth/Securities America, offering retirement planning, estate planning, investment management, ESG investing, and insurance products.
- Personal Accounts Personal banking accounts (checking, savings) for individuals in the Twin Cities metro area, served through branches, online, and mobile channels.
- Personal Loans Personal lending products for individual customers, including unsecured personal loans and HELOCs, offered alongside deposit accounts.
- HELOC (Home Equity Line of Credit) A home equity line of credit allowing customers to borrow against their home's equity; offered with a 5.25% introductory APR for 9 months up to 80% LTV as a promotional rate.
- The High Bridge Money Market Account A high-yield money market savings account with complete liquidity and variable interest on the entire balance, requiring a $25,000 minimum opening deposit (new money only) and $25,000 minimum daily ledger balance, FDIC insured.
- BankCherokee Mobile App A mobile banking application available on iOS and Android platforms providing mobile deposit, account management, card controls, fraud monitoring, and secure authentication via one-time passwords.
- Cherokee Online (Online Banking) Web-based online banking platform enabling customers to access accounts, transfer funds, pay bills, and manage finances through a secure web portal secured by OTP authentication.
- Contactless Debit Card New BankCherokee-branded debit cards featuring contactless (tap-to-pay) functionality, rolled out automatically to customers based on their existing card expiration months starting May 2026.
Quantifiable outcome
- 18 consecutive BauerFinancial 5-Star Ratings for financial strength and stability
- +1 more outcomes
Companies that use BankCherokee
Customer profileNamed customers8 records
Segments4 records
Ideal customer profiles4 records
BankCherokee technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature5 records
BankCherokee partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core.
- Alkami TechnologycoreBankCherokee launched Alkami's Digital Banking Platform in February 2026 following November 2025 rebranding. The platform provides feature-rich digital banking tools including Positive Pay and ACH Reporting for fraud prevention and operational efficiency for retail and business customers. This represents a significant technology upgrade enabling modern digital services.
- NeighborWorks Home PartnerscoreLong-term community partnership since 1981 (originally as Community Neighborhood Housing Services). BankCherokee provides ongoing support to help ensure Twin Cities residents have access to funding and education for housing. Partnership includes volunteer work, board service, and property improvement projects.
- Osaic Wealth, Inc. (formerly Securities America)coreSecurities offered through Osaic Wealth, Inc., member FINRA/SIPC. Cherokee Investment Services operates as affiliate providing investment advisory, retirement planning, estate planning, and insurance products through this partnership. Jonathan B. Kvasnik, ChFC serves as registered representative.
- U.S. Small Business Administration (SBA)coreBank participates in SBA lending programs including SBA 7(a) and SBA 504 loans, Paycheck Protection Program (PPP), and veteran-preferred lender programs. Offers specialized SBA products for small businesses and veteran-owned companies.
Scale indicators5 records
Recent moves5 records
Expansion highlights5 records
BankCherokee competitors and assessment
Company assessmentDirect peers
- Alerus Financial: Alerus is a regional bank and wealth management firm offering commercial banking, treasury, and investment services to businesses and consumers; comparable mix of lending and fee-based wealth services.
- Bell Bank: Bell Bank is an employee-owned, Midwestern community bank with comparable SMB commercial lending, treasury management, and digital banking offerings; similar scale and relationship-driven model make it a strong operating peer.
- Bridgewater Bank: Twin Cities-headquartered community bank focused on commercial, SBA, and private banking with similar SMB and HNW customer mix; direct geographic overlap and product portfolio.
- Lake City Bank: Indiana-based community bank with strong commercial lending and SBA expertise serving SMBs; similar relationship-banking model and tier-1 community bank financial profile.
- Nicolet National Bank: Nicolet is a Midwest community bank offering commercial lending, treasury management, and wealth services to SMBs across similar markets; comparable scale and product mix.
- MidWestOne Financial Group: Mid-sized community bank holding company serving small businesses and consumers across the Midwest; comparable commercial lending, deposit, and digital banking offerings.
- Old National Bank (formerly Bremer Bank): Old National is a Midwest regional bank that acquired Bremer Financial, the prior dominant community bank franchise in the Twin Cities; directly comparable in geography (upper Midwest), SMB and consumer banking focus, and community-bank operating model.
Emerging players
- Live Oak Bancshares: Digital-first community bank with a strong SBA lending franchise and modern technology stack; comparable SBA specialization, but operates nationally without geographic concentration.
Broad incumbents
- BMO Bank (formerly BMO Harris): Large national/regional bank with significant Twin Cities branch presence competing for the same SMB and consumer segments; broader balance sheet and product set make it a competitive benchmark.
- HTLF (Heartland Financial, now Veritex / HTLF merged entities): Multi-state community bank holding company with broader geographic footprint and similar community-bank customer focus; less directly competitive in Twin Cities but a useful scale benchmark.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
BankCherokee social profiles
Digital presenceBankCherokee compliance and trust
Trust signalCompliance4 records
BankCherokee financial estimates
Financial estimateRevenue estimate
Valuation estimate
BankCherokee leadership team
Management profileNumber of profiles
Profiles6 records
BankCherokee subsidiaries and ownership
Company hierarchySubsidiaries1 record
BankCherokee funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BankCherokee M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BankCherokee
What does BankCherokee do?
BankCherokee is a family-owned community bank in Saint Paul, Minnesota, that provides business and personal deposit accounts, commercial and SBA lending (SBA 7(a), SBA 504, CRE, C&I, working capital lines, equipment financing), cash management, personal loans and HELOCs, mobile and online banking delivered through the Alkami Digital Banking Platform, and investment advisory services through Cherokee Investment Services. Target customers are Twin Cities-area SMBs, individuals, nonprofits, and veteran-owned businesses.
Is BankCherokee a public or private company?
BankCherokee is a private company. It is classified as family owned and is currently operating.
When was BankCherokee founded?
BankCherokee was founded in 1908. It employs 101 to 250 people.
Where is BankCherokee based?
BankCherokee is headquartered in Saint Paul, United States, in the North America region.
How does BankCherokee make money?
Three revenue lines are on record. Interest Income is the primary driver. The others are deposit Account Fees and investment Services Commission.
Who are BankCherokee's main competitors?
Direct peers on record are Alerus Financial, Bell Bank, Bridgewater Bank, Lake City Bank, Nicolet National Bank, MidWestOne Financial Group and Old National Bank (formerly Bremer Bank). Live Oak Bancshares is listed as an emerging player. Broad incumbents are BMO Bank (formerly BMO Harris) and HTLF (Heartland Financial, now Veritex / HTLF merged entities).
Does BankCherokee have an API?
No public API is recorded for BankCherokee.
What industry is BankCherokee in?
BankCherokee's product category is Community Banking. Its primary akta.pro industry code is FSABAAAI, Small Business Banking (Microbusiness/Sole Proprietor), with a secondary code of FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 52211 and its SIC code is 6022.