1st National Bank of Scotia

What 1st National Bank of Scotia does

1st National Bank of Scotia is an independently owned and operated community bank founded on November 19, 1923 as Glenville Bank in the Village of Scotia, New York, and renamed to its present form by 1956. The bank is a wholly owned subsidiary of Glenville Bank Holding Co., Inc., and operates through two adjacent insurance affiliates: Scotia Insurance Agency, Inc. (d/b/a FNB Financial Services) and Scautub Agency, LLC. The bank is FDIC-insured, headquartered at 201 Mohawk Avenue, Scotia, NY, and operates 51-100 employees across nine public branches plus one restricted-access branch at the GE Global Research facility in Niskayuna, spanning Albany, Saratoga, and Schenectady counties in the Capital Region of New York.

The product platform spans personal banking (checking, savings, CDs, IRAs, mortgages, home equity, auto/boat/personal loans, and credit cards), business banking (Small Business, Commercial, Business NOW, and Community Checking; business loans; SBA and government program lending; aviation financing), and merchant services via Clover from Fiserv. The technology stack is predominantly vendor-sourced: 1st Scotia Mobile (iOS/Android) for consumer mobile banking with Zelle P2P, mobile deposit, and SecurLOCK Equip card controls; 1st Business eBanking (Fiserv ebanking-services.com) with ACH origination, wire transfers, positive pay, and the Flex Business multi-entity tool; FIS Global DirectLink for remote deposit capture; Autobooks for embedded invoicing; and ZSuite (ZEscrow/ZRent) for escrow and rent-collection workflows in property management, legal, healthcare, and municipal verticals. Wealth management is delivered through 1st Scotia Wealth Management (a trade name) via a broker-dealer relationship with Osaic Institutions, Inc. (Member FINRA/SIPC), with named advisors in Niskayuna and Colonie offices. Insurance products are distributed through the Scautub Agency partnership.

Revenue is generated primarily through net interest spread on deposits and loans (CD/IRA deposits, mortgage rates as low as 5.375% APR on 5/1 ARM, home equity intro APR 3.99%, vehicle loan APRs 5.64%-10.25%, and personal loan APRs 6.00%-12.00%), supplemented by transaction and service fees (Sure Pay overdraft at $35/item up to $500 limit, business checking per-item fees of 15¢-35¢, merchant processing through Clover), insurance agency commissions from Scautub, wealth advisory revenue through Osaic, and small-business platform revenue from Autobooks. On April 1, 2025, the bank announced a leadership reorganization that separated the previously combined President/CEO role: Robert Dieterich was promoted to President & COO (32 years tenure) and John Buhrmaster transitioned to CEO (former ICBA chairman), alongside an announced $200 million five-year growth goal.

Name

1st National Bank of Scotia

Legal name

First National Bank of Scotia

Website

https://firstscotia.com

Company type

Private

Founded year

1923

Operating status

Operating

Headcount range

51–100 employees

Short description

1st National Bank of Scotia is an independently owned community bank, founded 1923 in Scotia, NY, serving the Capital Region across nine branches with personal and business banking, lending, merchant services, insurance, and wealth management products.

Ownership category

akta.pro rank

Headquarters

HQ city

Scotia

HQ country

United States

HQ region

North America

Offices11 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Revenue model

1. Personal Loan Interest Income: Interest charged on personal loans (auto-secured, collateral-secured, unsecured, stock-secured) with APRs ranging from 6.00% to 12.00% based on collateral type and creditworthiness; minimum loan amount $4,000.
2. Certificates of Deposit & IRA Interest Spread: Spread between yields earned on deposits (CDs, IRAs) and rates paid; current CD specials include 9-month at 3.75% APY for new money/relationship customers.
3. Mortgage Loan Interest: Interest income from fixed-rate (15, 20, 30-year) and adjustable-rate mortgages (5/1, 7/1, 10/1, 15/1 ARM) with rates as low as 5.375% APR; supports up to 97% LTV.
4. Vehicle Loan Interest Income: Interest on auto, motorcycle, marine, motorhome, travel trailer, ATV, snowmobile, and jetski loans with APRs from 5.64% to 10.25% depending on vehicle age and type; 0.25% rate reduction for online application with e-closing and auto pay.
5. Overdraft Protection Fee Income: Sure Pay overdraft service with $35 fee per item allowing overdrafts up to $500; debit card ATM fees; check-by-phone convenience fee of $20.
6. Business Checking Account Service Fees: Monthly service charges and per-item fees on business checking accounts (Small Business, Commercial, Business NOW, Money Market, Community Checking); per-transaction fees of 15¢ to 35¢ on items exceeding allowances.
7. Merchant Services Processing Fees: Transaction-based revenue from Clover POS (by Fiserv/First Data Merchant Services LLC) merchant processing for restaurants, retailers, and service businesses.
8. Insurance Agency Commissions: Commissions on personal (auto, home, umbrella, motorcycle, ATV, boat), business (BOP, workers' comp, NYS disability, commercial auto), and life insurance products through partnership with Scautub Agency, LLC.
9. Wealth Management / Investment Services: Investment advisory revenue through 1st Scotia Wealth Management, which operates under a trade name of the bank with representatives in Niskayuna and Colonie offices; services offered via Osaic Institutions, Inc. (Member FINRA/SIPC).
10. Small Business Invoicing Platform (Autobooks): Embedded invoicing, payment acceptance, and accounting feature inside business online banking offered via Autobooks partnership; integrated with online banking.

Pricing tiers

Go-to-market motion4 records

Distribution channels12 records

Marketing channels15 records

Core offering

1st National Bank of Scotia is an independently owned, FDIC-insured community bank operating 9 branches across the Capital Region of New York. It delivers personal and business deposit accounts, consumer and commercial loans, mortgages, home equity products, credit cards, and digital banking, complemented by partner-distributed insurance (Scautub Agency) and wealth management (1st Scotia Wealth Management via Osaic Institutions).

Product overview

1st National Bank of Scotia delivers a unified community-banking platform that combines a wide portfolio of personal and business deposit, lending, and digital products with partner-distributed insurance and wealth services. The core platform spans personal checking, savings, CD/IRA, mortgage, home equity, consumer loans, and personal/business credit cards (including debit cards with SecurLOCK Equip controls and instant text alerts) delivered through the bank's Online Banking portal and the 1st Scotia Mobile app. On top of that core, the bank layers digital add-ons — Mobile Deposit, Mobile Wallet (Apple Pay, Google Pay, Samsung Pay), Zelle P2P payments, the 1st Business eBanking cash-management suite, Flex Business, Remote Deposit Capture, Autobooks, Merchant Services powered by Clover from Fiserv, and the ZSuite business tools (ZEscrow and ZRent) — together forming a modular online and in-branch banking ecosystem. Specialty programs (First Time Homebuyer, Centennial ARM, No PMI "Borrow More, Pay Less", Homebuyer Dream grants, Overdraft Protection via Sure Pay, Student Loans through Sallie Mae, and eLoan Pay / Customer Console self-service loan payment) round out the consumer offering, while Small Business Recovery Grants via the Federal Home Loan Bank of York and 1st Scotia Wealth Management (through Osaic Institutions) and insurance through Scautub Agency extend the bank into the broader financial-services ecosystem for individuals, families, and businesses across the Capital Region of New York.

Differentiator

Problem solved

Functional benefit

Brands

• First Scotia Wealth Management: Wealth management and financial advisory trade name of First National Bank of Scotia, offered through Osaic Institutions, Inc.
• FNB Financial Services

Products and services

• Personal Checking Accounts
• Personal Savings Accounts
• Certificates of Deposit (CDs) and IRAs
• Auto, Boat and Personal Loans
• Mortgage Lending
• Home Equity Lending
• Personal Credit Cards
• Business Checking Accounts
• Business Loans
• Business Credit Cards
• Mobile Banking (1st Scotia Mobile App)
• 1st Business eBanking (Cash Management)
• Merchant Services (Clover)
• ZSuite (ZEscrow and ZRent)
• Prepaid Cards (Gift, Reloadable, Travel)
• First Scotia Wealth Management (Investments)
• Insurance Services (Scautub Agency partnership)

Quantifiable outcome

• Celebrated 100th anniversary (founded 1923)
• +6 more outcomes

Named customers4 records

Segments6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

Feature9 records

Partnerships

13 partnerships are on record, tiered core, major and minor.

• Scautub Agency, LLCcoreGTM or Marketing PartnerInsurance agency partnership providing personal (auto, home, umbrella, motorcycle, ATV, boats), business (BOP, workers' comp, NYS disability, commercial auto/umbrella), and life insurance products. Scautub has been providing insurance coverage to families and businesses in the Capital Region since 1926. Operates from 108 N. Ballston Avenue, Scotia, NY. Insurance products are not FDIC insured and may go down in value.
• Osaic Institutions, Inc.coreStrategic or Co-development PartnerWealth management and investment products partnership. Through 1st Scotia Wealth Management (trade name of First National Bank of Scotia), the bank offers investment advisory services via Osaic Institutions, a Member FINRA/SIPC. Representatives are located in Niskayuna (Cynthia Powell) and Colonie (Paul Cardone). Osaic and the bank are not affiliated; products are not FDIC insured and are subject to investment risk.
• Federal Home Loan Bank of YorkmajorStrategic or Co-development PartnerGrant program partnership for the Small Business Recovery Grant program. Since 2021, 1st National Bank of Scotia has distributed $150,000 to 36 local businesses and non-profits in partnership with FHLB York. In December 2024 the bank celebrated the third consecutive year of the partnership.
• Clover Network (Fiserv / First Data Merchant Services LLC)coreTechnology or IntegrationMerchant services partnership via Fiserv (a leading global provider of payments and financial technology). Offers Clover POS hardware lineup including Clover Go, Compact, Flex/Flex Pocket, Mini, Station Solo, Station Duo, Kiosk, and Virtual Terminal with EMV chip, Apple Pay, Samsung Pay acceptance. Merchant Processing Agreement with First Data Merchant Services LLC required.
• AutobookscoreTechnology or IntegrationInvoicing and payment acceptance integration embedded inside the bank's online business banking platform. Enables small businesses and non-profits to invoice customers, accept digital payments, and manage accounting more easily. Integrates with Small Business Checking, Commercial Checking, and Community Checking accounts.
• Zelle (Early Warning Services, LLC)coreTechnology or IntegrationPeer-to-peer payments integration within the 1st Scotia Mobile app. Zelle and related marks are wholly owned by Early Warning Services, LLC and used under license. Allows customers to send and receive money in minutes to U.S. bank accounts using email or mobile number; available across checking products.
• ZSuite (ZEscrow and ZRent)coreTechnology or IntegrationAPI-first escrow and sub-accounting platform (ZEscrow) for property managers, landlords, municipalities, law firms, real estate offices, healthcare companies, and funeral homes. ZRent is a digital rent collection platform free for customers and tenants. Includes DocuSign integration for W-9 collection and customizable interest calculation.
• Fiserv (ebanking-services platform)coreTechnology or IntegrationUnderlying technology provider powering the bank's 1st Business eBanking platform (firstscotia.ebanking-services.com). Provides ACH origination, wire transfers, Enhanced Payee Check Positive Pay, ACH Positive Pay, tiered authority levels, mobile deposit, dual verification, and customizable account alerts. Powers Flex Business for multi-entity management.
• FIS Global (DirectLink Remote Deposit)coreTechnology or IntegrationRemote deposit capture platform for business customers via DirectLink Client (dlmlr11.fisglobal.com). Allows scanning of checks from the office with web-based image and report access; deposit information stored for 24 months.
• Allpoint NetworkmajorChannel Partner/ Reseller/ DistributorSurcharge-free ATM network providing Advantage and Student Checking customers access to over 55,000 participating ATMs globally. ATMs are located in popular retail stores across the U.S. and around the globe. Accessible via Allpoint ATM locator and mobile app.
• SUM (Surcharge-Free ATM Network)minorChannel Partner/ Reseller/ DistributorSurcharge-free ATM network allowing customers to avoid extra fees when using another financial institution's ATM; look for the SUM logo at participating locations.
• Glenville Bank Holding Co., Inc. (Bank Holding Company)coreStrategic or Co-development PartnerBank holding company (parent of 1st National Bank of Scotia) referenced in the bank's Privacy Policy. Together with Scotia Insurance Agency, Inc. d/b/a FNB Financial Services and Scautub Agency, LLC, forms the affiliated family of companies for cross-marketing and information sharing purposes.
• Scotia Insurance Agency, Inc. d/b/a FNB Financial ServicescoreStrategic or Co-development PartnerInsurance affiliate of the bank's holding company; listed in Privacy Policy under "Affiliates" for cross-marketing and everyday business purposes (transactions and experiences information).

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Regional players

• Community Bank System, Inc. Public bank holding company (NYSE: CBU) headquartered in DeWitt, NY operating Community Bank N.A. with branches across upstate New York; competes for the same consumer and small-business relationships at greater scale.
• NBT Bancorp Inc. Public bank holding company (NASDAQ: NBTB) based in Norwich, NY with statewide retail-banking presence including Capital Region branches; comparable full-service community banking model at larger scale.
• Tompkins Financial Corporation: Public bank holding company (NYSE: TMP) based in Ithaca, NY operating Tompkins Community Bank and trust/wealth subsidiaries; comparable full-service community banking and wealth management mix across upstate NY.
• Chemung Financial Corporation: Public bank holding company (NASDAQ: CHMG) operating Chemung Canal Trust Company across upstate New York and Pennsylvania; similar full-service community banking and wealth management profile at slightly larger scale.
• Evans Bancorp, Inc. Public bank holding company (NYSE: EVBN) operating Evans Bank in Western New York; comparable consumer/small-business community banking model with similar size and product mix to 1st National Bank of Scotia.
• Berkshire Bank (Brookline Bancorp): Community-focused bank with upstate New York branches now part of Brookline Bancorp; competes in similar consumer and small-business segments in the Capital Region with broader product and technology investment.

Direct peers

• Broadview Federal Credit Union: Formerly SEFCU, member-owned credit union headquartered in the Capital Region serving consumers and businesses across Albany and surrounding counties; directly competes for retail deposit and loan share against community banks like 1st National Bank of Scotia.
• Arrow Financial Corporation: Parent of Ballston Spa National Bank (Saratoga County); operates a community-banking franchise across upstate New York competing head-to-head for retail and small-business deposits and loans in the Capital Region.
• Trustco Bank Corp: Public community bank (NASDAQ: TRST) headquartered in Glenville, NY - the same town as 1st National Bank of Scotia - with overlapping branches across the Capital Region and similar consumer/small-business lending focus. Closest direct geographic and product-line peer.
• Pioneer Bank: Privately held community bank headquartered in Albany, NY, serving the same Capital Region with comparable consumer deposits, mortgages, and small-business banking. Direct competitor for households and SMBs in Albany, Saratoga, and Schenectady counties.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/firstscotia
• Facebookfacebook.com/1stNationalBankofScotia
• LinkedInlinkedin.com/company/1st-national-bank-of-scotia
• Instagraminstagram.com/1stnationalbankofscotia

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 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 1st National Bank of Scotia