Great Midwest Bank

What Great Midwest Bank does

Great Midwest Bank, S.S.B. is a mutual savings bank founded in 1935 and headquartered in Brookfield, Wisconsin, operating eight branches across greater Milwaukee, Madison, and Chilton. The bank serves Wisconsin consumers through a relationship-led retail banking model centered on residential mortgage lending, including purchase, construction, renovation, home equity, HELOC, jumbo, and portfolio loans, complemented by deposit products (checking, savings, CDs, IRAs), consumer and business credit cards issued through Elan Financial Services, and wealth management delivered via IAG Wealth Partners. Its "Common Sense Lending" philosophy and human-reviewed underwriting by local loan officers are positioned as deliberate alternatives to algorithmic decisioning, particularly for self-employed and low-to-moderate income borrowers served through dedicated CRA loan officers and programs such as the FHLB Chicago Down Payment Plus grants and WHEDA government-backed loans.

The bank's technology stack is conventional: an Ellie Mae loan origination system powers the Borrower Portal, PayBill.com handles mortgage payment processing, Deluxe supports check ordering, and 24/7 phone banking and online/mobile channels with two-factor authentication round out the digital layer. Revenue is generated from net interest spread on residential mortgage and consumer loan portfolios, deposit margins, transaction and service fees, and managed wealth services. The "Simply Giving" community reinvestment program, including volunteer build days, food drives, financial literacy (SHARP Literacy), and CRA partnerships with organizations such as Habitat for Humanity, Feeding America Eastern Wisconsin, and Block Build Milwaukee, is a central element of brand positioning and customer acquisition.

As a mutual savings bank owned by depositors rather than public shareholders, Great Midwest Bank is not required to publicly disclose financial results. The institution maintains eight branches, 101-250 employees, and capital reserves above FDIC minimums, with no parent company, no public ticker, no funding rounds, and no disclosed M&A activity in the available record. The bank's operating focus remains Wisconsin retail consumers, with Spanish-language loan officer support and CRA programs serving underserved communities in the Milwaukee metro.

Name

Great Midwest Bank

Legal name

Great Midwest Bank, S.S.B.

Website

https://greatmidwestbank.com

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

101–250 employees

Short description

Great Midwest Bank is a Wisconsin mutual savings bank operating eight branches across greater Milwaukee, Madison, and Chilton, offering residential mortgage, deposit, and consumer lending products to Wisconsin homeowners, first-time buyers, and low-to-moderate income borrowers through a human-reviewed, community-focused lending model.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institutions, Not Federally Chartered (6036), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industry

Bank Branch / Retail Purchase Mortgages (FSALAAAA)

Keywords

• Retail banking services
• Mortgage lending
• Community banking
• Consumer deposits
• Home equity loans

Headquarters

HQ city

Brookfield

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income - Mortgage Loans: Primary revenue from interest on home mortgage loans including purchase mortgages, construction loans, renovation loans, home equity loans, jumbo loans, and portfolio loans. Fixed and adjustable rate products generating interest income over loan terms.
2. Interest Income - Consumer Lending: Interest revenue from consumer credit cards and other personal banking lending products.
3. Deposit Margins: Spread income from deposit-taking operations including checking accounts, savings accounts, CDs, and IRAs. FDIC-insured deposits generating net interest income.
4. Fee Income: Transaction and service fees from checking accounts, credit cards, ATM usage, and other banking services.
5. Wealth Management Services: Revenue from wealth management and financial planning services through IAG Wealth Partners partnership.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Great Midwest Bank is a Wisconsin-based mutual savings bank that provides residential mortgage lending (purchase, construction, renovation, refinance, home equity, jumbo, and portfolio loans) and consumer banking services including checking, savings, CDs, IRAs, and credit cards. It operates 8 branches across the Milwaukee, Madison, and Chilton areas, supplemented by online and mobile banking channels, with local loan officers servicing loans in-house.

Product overview

Great Midwest Bank operates as a community-focused regional bank offering a comprehensive suite of banking and lending products centered around its 'Simply Local' philosophy. The core product portfolio centers on mortgage lending products including Home Mortgage Loans, Home Construction Loans, Home Renovation Loans, Home Equity Loans (HELOAN), Home Equity Lines of Credit (HELOC), Jumbo Loans, Portfolio Loans, and Mortgage Refinancing options. These are complemented by deposit products (Checking Accounts, Savings Accounts, CDs & IRAs), Online and Mobile Banking platforms, Credit Cards through Elan Financial Services, and Wealth Management services via IAG Wealth Partners. The bank's lending approach emphasizes 'Common Sense Lending' with human-reviewed applications rather than algorithmic approvals, and includes specialized programs for first-time homebuyers (Down Payment Plus Program) and CRA-mandated community lending initiatives. Products are primarily served through eight Wisconsin branch locations in the greater Milwaukee and Madison areas.

Differentiator

Problem solved

Functional benefit

Brands

• Simply Giving: Charitable initiative focused on volunteering, educating, and donating to Wisconsin communities
• Bankquility
• Common Sense Lending
• Seasons of Simply Giving

Products and services

• Home Mortgage Loans Personalized mortgage loans for purchasing existing homes with locally-serviced loans and multiple term options. Targeted at Wisconsin homeowners in the greater Milwaukee, Madison, and Chilton areas.
• Home Construction Loans Loans for building new homes with interest-only payments during the construction period (typically six to nine months) and draws paid directly to contractors. For Wisconsin residents building new homes.
• Home Renovation Loans Financing for home improvement projects including kitchen and bathroom remodels, room additions, and energy-efficient upgrades. Includes minor renovation and major renovation one-time close options. For Wisconsin homeowners.
• Home Equity Loans (HELOAN) Second mortgage loans providing a lump sum based on home equity, typically with fixed interest rates initially. Funds can be used for home projects, debt consolidation, or major purchases. For Wisconsin homeowners.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with a 10-year drawing period, allowing borrowers to withdraw funds as needed and pay interest only on amounts used. For Wisconsin homeowners.
• Jumbo Loans Mortgage loans exceeding conventional conforming loan limits for higher-value properties, with private mortgage insurance options available for low down payment scenarios. For buyers of higher-value Wisconsin properties.
• Portfolio Loans Non-conforming home loans that remain in the bank's investment portfolio rather than being sold to Fannie Mae or Freddie Mac, with flexible underwriting and alternative income/credit evaluation. Designed for self-employed individuals and other non-traditional borrowers in Wisconsin.
• Mortgage Refinancing Rate-and-term and cash-out refinance options allowing Wisconsin homeowners to replace existing mortgages with new loans to lower payments, change terms, or access home equity.
• Checking Accounts Personal checking account products including the Simply Checking account with local branch service. For individual consumers in Wisconsin.
• Savings Accounts Personal savings account products for depositing and growing funds, including options for children's savings accounts. For Wisconsin consumers and families.
• CDs & IRAs Certificate of Deposit (CD) products for fixed-term savings with guaranteed returns, and Individual Retirement Accounts (IRAs) for tax-advantaged retirement savings. For Wisconsin savers and retirees.
• Online Banking Internet-based banking platform enabling account access, transactions, bill pay, and management, with two-factor authentication (2FA) for enhanced security. For Wisconsin account holders.
• Mobile Banking Smartphone application enabling banking services on mobile devices, allowing customers to manage accounts, transfer funds, and access banking features remotely. For Wisconsin account holders.
• Credit Cards Consumer and business credit card products issued through Elan Financial Services, with separate login portals for consumer and business cardholders. For Wisconsin residents and small businesses.
• Wealth Management (IAG Wealth Partners) Wealth management and financial planning services through IAG Wealth Partners, providing investment management, retirement planning, and wealth advisory services with WealthVision login for account access. For Wisconsin customers seeking investment and retirement planning.
• Down Payment Plus Program First-time homebuyer assistance program providing forgivable grants for down payment costs, administered in partnership with the Federal Home Loan Bank of Chicago. For income-eligible first-time Wisconsin homebuyers.
• Home Renovation Loan Rate Program Low-interest home improvement loan for income-eligible borrowers or those in low-to-moderate income areas, with fixed rates for five years and maximum loan amounts of $20,000 based on home equity. For Wisconsin LMI homeowners.

Quantifiable outcome

• 90+ years in business since 1935
• +2 more outcomes

Named customers9 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

Integration4 records

Feature3 records

Partnerships

14 partnerships are on record, tiered core and minor.

• SHARP LiteracycoreStrategic or Co-development Partner · 11 November 2019Educational partnership promoting financial literacy in Milwaukee, Racine, and Waukesha schools serving 8,500+ students in 41 urban schools. Partnership includes video content creation for parents and activity pages for financial education.
• Block Build MilwaukeecoreStrategic or Co-development PartnerAnnual home repair initiative for seniors, low-income families, and veterans. GMB serves as sponsor and volunteer participant. CRA loan officer Brenda Brown serves on Block Build Board of Directors.
• Feeding America Eastern WisconsincoreStrategic or Co-development PartnerPartnership for annual Stuff The Bus food drive (Wisconsin's largest), volunteer food sorting events, and ongoing hunger relief efforts in eastern Wisconsin.
• Habitat for HumanitycoreStrategic or Co-development PartnerVolunteer build days where employees participate in home construction and repair projects supporting affordable housing.
• Camp Hometown HeroesminorStrategic or Co-development PartnerFree week-long overnight summer camp for children (ages 7-17) who have lost a parent, sibling, or loved one who served in the U.S. military. GMB provides volunteer days and financial support.
• Ronald McDonald House Charities Eastern WisconsinminorGTM or Marketing PartnerGolf Classic event sponsorship supporting families of seriously ill children.
• Garding Against CancerminorGTM or Marketing PartnerAnnual sponsorship supporting Coach Greg Gard and Wisconsin Men's Basketball Team initiative raising funds for cancer research and care in Wisconsin.
• Wisconsin Housing & Economic Development Authority (WHEDA)coreChannel Partner/ Reseller/ DistributorChannel partnership offering WHEDA mortgage programs including Fannie Mae Advantage and FHA loans for Wisconsin homebuyers. GMB originates and services these government-backed loans.
• IAG Wealth PartnersminorChannel Partner/ Reseller/ DistributorWealth management and financial planning services partnership for customers seeking investment and retirement planning.
• Housing Resources, InccoreStrategic or Co-development PartnerCRA partnership providing home counseling services to prospective low and moderate-income homebuyers.
• Acts HousingcoreStrategic or Co-development PartnerCRA partnership providing financial counseling to individuals and families to become ready to buy a home.
• Clarke SquareminorStrategic or Co-development PartnerNeighborhood organization supported through FHLBank Chicago Targeted Impact Fund grant for community development.
• Special Olympics WisconsinminorStrategic or Co-development PartnerSeasons of Simply Giving partnership promoting Polar Plunge fundraiser through radio messaging and social media.
• Alzheimer's Association Wisconsin ChapterminorStrategic or Co-development PartnerSeasons of Simply Giving partnership promoting Walk to End Alzheimer's events across 27 Wisconsin locations.

Scale indicators8 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Town Bank: Wisconsin community bank (Heartland Financial subsidiary) with branches across the Milwaukee metro and similar residential mortgage and consumer banking products.
• Horicon Bank: Wisconsin community bank with residential mortgage lending and personal banking focus, comparable in scale and geographic concentration to GMB.
• Bank Five Nine: Wisconsin community bank serving the Milwaukee area with personal banking, mortgage, and wealth services — overlapping customer base and product suite.
• Hometown Bank: Wisconsin community bank with mortgage lending and consumer deposit products; comparable footprint and target borrower segments.
• Community First Bank: Wisconsin-based community bank offering mortgage, deposit, and small business products in overlapping markets with GMB.
• Commerce State Bank: Wisconsin community bank offering mortgage, deposit, and consumer banking products in overlapping markets; comparable scale and product mix to GMB.
• North Shore Bank: Wisconsin-based mutual savings bank headquartered in Brookfield with a similar branch network across the Milwaukee metro; almost identical business model (mutual savings, mortgage-led, community focus), making it the closest direct comparable.
• Waukesha State Bank: Wisconsin community bank operating in the greater Milwaukee/Waukesha market with comparable deposit, mortgage, and small business offerings — a near-substitute for GMB within the same geography.
• Investors Community Bank: Wisconsin-headquartered community bank focused on business and consumer banking with mortgage lending emphasis, serving similar Wisconsin demographics and competing for the same borrower segments.

Broad incumbents

• Associated Bank: Wisconsin-headquartered regional bank with the largest branch network in the state and full-service mortgage and consumer banking; a much larger established competitor operating in the same Milwaukee/Madison geographies as GMB.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/simplylocalbank
• Facebookfacebook.com/greatmidwestbank
• LinkedInlinkedin.com/company/great-midwest-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Great Midwest Bank