Premier Banks

What Premier Banks does

Premier Banks is a privately held, family-owned community banking organization headquartered in Maplewood, Minnesota, operating under two charters (Premier Bank and Premier Bank Minnesota) with combined assets of approximately $1.78 billion and $146 million in capital as of 2024. Founded in 1974 as Maplewood State Bank, the company has grown to 20 physical branch locations across the Twin Cities metro, Rochester, and outstate Minnesota, serving small to mid-sized businesses, individual consumers, and nonprofit/faith-based organizations. Its product portfolio spans business loans (including SBA 504, 7(a), and Express), commercial and consumer lending, cash management services (Positive Pay, ACH origination, wire transfers, sweep accounts, Remote Deposit Capture), personal and business deposit products (checking, savings, money market, CDs, HSAs), debit and credit cards through Elan Financial Services, and specialty nonprofit banking products.

The core technology platform is a traditional core banking system augmented by separate Premier Digital Banking portals for each charter, native mobile apps for iOS and Android, and integrations with Plaid (external account verification), MoneyPass (surcharge-free ATM network), IntraFi (network deposit insurance), Deluxe (check reordering), and Higher Standards (merchant processing). A major digital banking platform migration is scheduled for May 2026, introducing enhanced Business Positive Pay with payee matching, improved ACH processing, new wire services, and personal account aggregation/financial tools. The bank employs approximately 51-100 staff, with leadership staffed by the Regan family (Sean O. Regan as Chair; Kelly J. Regan as VP Marketing; Casey O. Regan as CEO of Premier Bank Minnesota; Patrick O. Regan as Board Chair of Premier Bank Minnesota; Katie J. Nath as VP, Legal Counsel) alongside an experienced executive team led by Jeffrey D. Hatton (CEO), Corey R. Heimer (President), Jeffrey W. Miller (CFO), and Frank P. Streit (EVP, Chief Lending Officer).

The revenue model is a conventional community bank construct: net interest income from commercial and consumer loans (term loans, real estate, lines of credit, construction, jumbo mortgages up to $3M, home equity, consumer loans for vehicles and home improvements) supplemented by transaction-based fees (account maintenance, overdraft, wire, stop payments, safe deposit, cash management) and fee income from IntraFi network deposits. Distribution runs through the branch network (primary physical channel) and digital/mobile banking, supported by multilingual service (Spanish, Hmong, Russian, Dutch). Marketing emphasizes community involvement, family ownership, 50 years of operating history, and personal service rather than automated channels.

Name

Premier Banks

Legal name

Premier Bank and Premier Bank Minnesota

Website

https://premierbanks.com

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

51–100 employees

Short description

Premier Banks is a family-owned Minnesota community bank operating 20 branches under two charters with $1.78 billion in combined assets, serving SMBs, consumers, and nonprofit organizations with traditional lending, deposits, cash management, and digital banking services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industry

Affluent/Premier Retail Banking (Mass Affluent) (FSABAAAG)

Keywords

• Community banking services
• Commercial lending
• Consumer mortgages
• Cash management
• Mobile banking

Headquarters

HQ city

Minneapolis

HQ country

United States

HQ region

North America

Offices20 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Premier Banks generates revenue primarily through interest earned on loans including commercial term loans, real estate financing, lines of credit, construction loans, jumbo loans, home equity products, and consumer loans for vehicles and other purchases.
2. Fee-Based Services: Revenue from banking fees including account maintenance, overdraft services, wire transfers, stop payments, safe deposit boxes, and business cash management services.
3. Deposit Insurance Services: IntraFi network services for FDIC insurance coverage on large cash balances, generating fee income.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Premier Banks is a family-owned community banking organization operating 20 branches across Minnesota under two charters (Premier Bank and Premier Bank Minnesota). It offers a full suite of deposit and loan products for businesses and consumers, including commercial and consumer lending, cash management, mortgage loans, checking and savings accounts, and nonprofit/faith-based banking services, delivered through physical branches and digital/mobile banking channels.

Product overview

Premier Banks operates as a dual-brand regional bank (Premier Bank and Premier Bank Minnesota) offering traditional banking products through 20 Minnesota branch locations. The core digital offering is the Digital Banking platform, available as separate portals for Premier Bank and Premier Bank Minnesota. This is supported by a Mobile Banking App for iOS and Android. Business services include Loans, Cash Management, Checking, Savings, and Debit/Credit Cards. Personal services include Checking, Mortgage and Consumer Loans, Savings, and Debit/Credit Cards. Specialty services target nonprofits/faith-based organizations. The product portfolio also includes prepaid Visa Gift Cards and surcharge-free ATM access via the MoneyPass network. All products are delivered through physical branches, digital banking channels, and the mobile app.

Differentiator

Problem solved

Functional benefit

Products and services

• Business Loans Commercial lending products including term loans, real estate financing, lines of credit, nonprofit lending, and SBA loans (504, 7(a), Express) for small and mid-sized businesses.
• Cash Management Business cash management suite providing ACH origination, sweep accounts, wire transfers, Positive Pay fraud prevention, IntraFi network deposits, and remote deposit capture for business customers.
• Business Checking Business checking accounts offering Debit MasterCard, eStatements, Mobile Banking, and add-on services including ACH processing, Positive Pay, and IntraFi network deposits for different business sizes.
• Business Savings Business savings options including regular savings, money market savings, certificates of deposit (3-month to 5-year terms), and Health Savings Accounts for business customers.
• Business Debit and Credit Cards Business payment cards including Debit MasterCard for checking account holders and credit card options (low rate, cash back, flexible rewards) issued through Elan Financial Services.
• Nonprofit and Faith-Based Services Specialized banking services for nonprofits and faith-based organizations, including nonprofit checking, loans, a Visa CommUNITY Card with no personal guarantee requirement, and merchant processing through Higher Standards.
• Personal Checking Personal checking account options including eChecking and Classic, with Debit MasterCard, Apple Pay, CardValet app, Bill Pay with eStatements, and overdraft protection.
• Mortgage and Consumer Loans Home financing including construction loans, jumbo loans (up to $3 million), home equity lines of credit, second mortgages, and consumer loans for vehicles, boats, and home improvements.
• Personal Savings Personal savings accounts including savings and money market savings options for short and long-term financial goals.
• Personal Debit and Credit Cards Personal payment cards including Debit MasterCard for deposit account holders and Visa credit cards with flexible purchasing power and 24/7 cardmember service.
• Premier Digital Banking Premier Bank's online and mobile banking platform enabling account access, fund transfers, bill payment, ACH origination, wire transfers, eStatements, and fraud prevention tools including Positive Pay for personal and business customers.
• Mobile Banking App Mobile application for iPhone and Android allowing users to check balances, pay bills, transfer funds, and deposit checks remotely via Mobile Deposit Capture.

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 and minor.

• IntraFicoreTechnology or IntegrationIntraFi provides FDIC insurance network services that allow Premier Banks to offer additional FDIC coverage for large cash balances through CD, checking, and money market savings options. Premier Banks actively promotes this service to business customers seeking enhanced deposit insurance.
• MoneyPasscoreTechnology or IntegrationPremier Banks participates in the MoneyPass ATM network to provide surcharge-free ATM access to customers nationwide. MoneyPass is a large network of ATMs operated by Fiserv member financial institutions.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services provides credit card services for Premier Banks business and personal credit cards, including zero fraud liability protection. Elan issues cards under Visa and Mastercard licenses.
• DeluxeminorChannel Partner/ Reseller/ DistributorDeluxe provides check printing and reordering services for Premier Banks customers. Premier Banks offers in-house custom check printing services as well as Deluxe reorder options through their digital banking platform.

Scale indicators5 records

Recent moves15 records

Expansion highlights6 records

Regional players

• Wings Financial Credit Union: Minnesota-based large credit union serving consumer and employee-affinity segments in the Twin Cities. Competes with Premier Banks on consumer deposits and lending within overlapping regional geography, though structurally organized as a member-owned cooperative.

Broad incumbents

• Wells Fargo: National bank with significant Minnesota branch presence serving mass-market consumer and SMB segments. Comparable as a direct competitor for retail deposits and small-business banking in Premier Banks' core geography.
• U.S. Bancorp: Minneapolis-headquartered national bank with deep Twin Cities branch density. Competes with Premier Banks for commercial and consumer relationships but operates with much broader scale, treasury management depth, and technology investment.
• Old National Bancorp: Large Midwest regional bank (formerly including Minnesota-based KleinBank) with substantially broader asset base, full digital stack, and consumer/business product breadth. Comparable as a larger incumbent competing for the same Minnesota SMB and consumer customers.

Direct peers

• Bremer Bank: Minnesota-headquartered regional community bank operating across the Twin Cities, western Wisconsin, and the Dakotas. Directly comparable to Premier Banks in geography, business/consumer banking mix, and relationship-driven community model.
• Bell Bank: Employee-owned, family-led regional bank headquartered in Fargo, ND with growing Minnesota presence. Comparable to Premier Banks on size band, full-service commercial/consumer banking, and culture-driven differentiation.
• Cornerstone National Bank & Trust: Palatine, IL-chartered community bank with multi-state Midwest focus. Comparable to Premier Banks on private-banking, commercial lending, and relationship-banking model for SMB and consumer segments.
• BankCherokee: Twin Cities community bank serving businesses and consumers in Minnesota. Similar asset scale and customer mix (small/mid-sized businesses, consumer lending) make it a direct competitive peer to Premier Banks.
• Sunrise Banks: Minneapolis-based community bank focused on small business, nonprofit, and consumer banking. Closely comparable to Premier Banks in Minnesota footprint, nonprofit/faith-based specialty, and CDFI-style community focus.

Others

• IntraFi Network (FDIC-insured deposit sweep provider): Partner/infrastructure provider rather than a direct competitor. Relevant because Premier Banks leverages IntraFi's cash sweep and FDIC insurance network services to retain large business deposits, making it a strategic enabler of the bank's deposit-gathering model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/premierbanksMN
• LinkedInlinkedin.com/company/premier-banks
• Instagraminstagram.com/premierbanksMN
• Xx.com/premierbanks

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

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 Premier Banks