Union Savings and Loan Association

What Union Savings and Loan Association does

Union Savings and Loan Association (operating as USLA Bank) is a privately held, FDIC-insured community savings and loan association founded in 1892 and headquartered in Connersville, Indiana. The institution operates four branches across three east central Indiana communities — Connersville (two locations), Greenfield, and Rushville — serving individual consumers, small and medium businesses, agricultural operators, and trust/estate clients with deposit products (Kasasa Cash Back and Saver, Preferred Plus, Choice, Superior, business checking tiers, money market, CDs, IRAs, HSAs), consumer and commercial lending (mortgage, home equity, auto, personal, farm, equipment, commercial real estate), merchant services, and trust and investment management. Differentiated customer-facing technology is delivered through third-party partnerships rather than proprietary development: Fiserv powers the online banking portal, mobile banking apps, and CardValet card management; Elavon provides merchant payment processing; and Wolters Kluwer underpins the online mortgage application workflow. Authentication security was upgraded to multi-factor 6-digit code verification, and a redesigned mobile-first website launched in May 2025.

Revenue is generated primarily through net interest spread on loans and deposits, supplemented by transaction and service fees (wire transfers, safe deposit boxes, notary, merchant processing via Elavon), and managed-services fees from trust administration, estate settlement, investment management, and fiduciary administration of scholarship trusts including the Paul and Jeannie Morris Education Trust and the John and Candace Cain Math, Science, and Nursing Scholarship. Pricing reflects standard community bank positioning — for example, 13-month CD specials at 3.75% APY, 1-year ARM mortgages at 6.25%, and consumer auto loans from 6.24% APR for top-tier credit — alongside a freemium Kasasa cash-back retail product designed for deposit acquisition.

Go-to-market is sales-led and community-led, with loan decisions made locally, face-to-face banker relationships, exclusive Connersville athletics sponsorship, customer appreciation events featuring local businesses, and a Board of Directors composed of local business owners and professionals. There is no parent company, no institutional investor, no public ticker, and no disclosed funding rounds, acquisitions, or M&A activity in the source material; financial scale metrics such as total assets, deposits, loan portfolio, and revenue are not publicly disclosed.

Name

Union Savings and Loan Association

Legal name

Union Savings and Loan Association

Website

https://uslabank.com

Company type

Private

Founded year

1892

Operating status

Operating

Headcount range

11–50 employees

Short description

Union Savings and Loan Association (USLA Bank) is a privately held FDIC-insured community savings and loan founded in 1892, serving individual consumers, small and medium businesses, and agricultural operations across four branches in east central Indiana with deposit, lending, merchant, trust, and investment management services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

akta.pro secondary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking services
• Consumer lending products
• Commercial loan financing
• Trust and estate administration
• Agricultural lending

Headquarters

HQ city

Connersville

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue stream from interest charged on mortgage loans, commercial loans, agricultural loans, auto loans, personal loans, and home equity lines of credit. Fixed and variable rate products with competitive pricing.
2. Deposit Interest Payments: Payment of interest to depositors on checking, savings, money market, and CD accounts. Spreads earned between loan rates and deposit rates.
3. Banking Service Fees: Fees from wire transfers, money orders, gift cards, prepaid cards, safe deposit boxes, notary services, and ATM transactions. Some account maintenance fees for accounts not meeting minimum balance requirements.
4. Merchant Services Revenue: Transaction processing revenue through Elavon Merchant Services partnership for business credit card processing, including PIN debit, credit, and electronic check processing.
5. Trust and Fiduciary Services: Revenue from trust administration, estate administration, investment management, and guardianship services. Trust officer services with specialized expertise.
6. Scholarship Administration: Administering education trust funds including Paul and Jeannie Morris Education Trust and John and Candace Cain Math, Science, and Nursing Scholarship on behalf of grantors.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Union Savings and Loan Association operates a community bank franchise providing personal and business depository accounts (checking, savings, money market, CDs, IRAs/HSAs), consumer and commercial lending (mortgages, home equity, auto, personal, commercial real estate, business/agricultural/equipment loans), merchant card processing through Elavon, and trust, estate, and investment management services. Distribution combines four Indiana branches (Connersville, Greenfield, Rushville) with Fiserv-powered online banking, iOS/Android mobile apps (consumer and business), CardValet, and 24-hour telephone banking.

Product overview

Union Savings and Loan Association operates a community bank offering a comprehensive suite of financial products and services. The core banking platform includes personal checking (Kasasa Cash Back, Preferred Plus, Choice, and Superior accounts), savings accounts (including Kasasa Saver, Kids Savings, and Club Savings), and CD/IRA products. Business banking encompasses three checking tiers (Business Preferred Plus, Business 1000, and Business Analysis Checking), business savings, and merchant services via Elavon. Lending products span consumer loans (mortgage, home equity, auto, personal) and commercial lending (real estate, equipment, farm loans, and working capital). Trust and wealth management services include trust administration, estate administration, and investment management. Digital banking is delivered through online banking (powered by Fiserv), mobile banking apps (consumer and business), and telephone banking. Additional services include ATM/debit cards (MasterCard), HSA accounts, safe deposit boxes, wire transfers, digital wallets, notary services, and QuickBooks/Quicken integration. The bank also provides scholarship administration through trust services.

Differentiator

Problem solved

Functional benefit

Brands

• Kasasa Cash Back Checking: A checking account that pays cash back rewards on everyday purchases, earning up to 4% cash back on debit card purchases.
• Kasasa Saver
• Business PreferredPlus Checking
• Business 1000 Checking
• Business Analysis Checking

Products and services

• Kasasa Cash Back Checking Free consumer checking account that earns up to 4% cash back on debit card purchases (capped at $8/month) and refunds nationwide ATM withdrawal fees up to $15/month when monthly qualifications are met; targeted at individual consumers who use debit cards and direct deposit.
• Preferred Plus Checking Free no-minimum-balance consumer checking account with one complimentary box of standard checks per year; designed for budget-conscious individual customers.
• Choice Checking Interest-bearing consumer checking account that pays Super NOW rates on balances above $1,000, with a $5 monthly service charge waived on $300+ average balance; targets consumers seeking a return on operating cash.
• Superior Checking Interest-bearing checking account for customers age 62 and older, with unlimited standard checks and a $5 monthly service charge waived on $100+ average balance; targeted at senior retail customers.
• Kasasa Saver Free linked savings account that earns 0.50% APY up to $50,000 when paired with Kasasa Cash Back checking and monthly qualifications are met; designed to automatically capture cash-back rewards from the linked checking into savings.
• Kids Savings Account Youth savings account with a $5 minimum opening deposit and quarterly statements; targeted at children and parents introducing kids to saving.
• Club Savings Account Goal-based savings account designed for holiday and event savings through recurring automatic deposits.
• Savings Account Standard consumer savings account paying 0.10% APY quarterly, with $25 minimum opening deposit, no minimum balance requirement, no service charge, and unlimited transactions; designed for general personal saving.
• Money Market Account Money market deposit account paying 0.25% APY; for individuals seeking higher-yield insured deposits with limited transactional access.
• Certificates of Deposit (CDs) Fixed-rate certificate of deposit products with terms from 91 days to 10 years, $500 minimum opening deposit, and IntraFi CDARS-eligible FDIC coverage; targets individual consumers and businesses seeking insured time deposits.
• Traditional IRA Tax-deferred fixed-rate individual retirement account with $500 minimum opening deposit, quarterly interest payments, and statutory early-withdrawal penalty; for long-term retirement savings.
• Roth IRA After-tax Roth individual retirement account offering tax-free growth and qualified withdrawals; for consumers seeking tax diversification in retirement.
• Health Savings Account (HSA) Tax-advantaged Health Savings Account for individuals with high-deductible health plans, with interest paid on balances over $1,000 and catch-up contributions for age 55+.
• Business Preferred Plus Checking Free small-business checking account with no minimum balance, $100 opening deposit, and $500 overdraft privilege for businesses with under 300 debit transactions per month.
• Business 1000 Checking Mid-volume business checking for 101-300 monthly debit transactions, with $100 minimum opening deposit, $1,000 average balance to avoid $10 monthly service charge, and $500 overdraft privilege.
• Business Analysis Checking High-volume business checking account for over 300 debit transactions per month, with usage-based monthly fees, unlimited transactions, $100 opening deposit, and $500 overdraft privilege.
• Business Savings Account Business savings account with $25 minimum opening deposit, no balance requirement, no service charge, unlimited transactions, and quarterly interest payments; for businesses holding operating reserves.
• Business Money Market Account Business money market account paying monthly interest, with $100 minimum opening deposit and a $5 service charge waived on $1,000+ average daily balance; for higher-yielding business cash management.
• Merchant Services Payment processing for business customers via the Elavon Merchant Services partnership, including credit, PIN debit, corporate P-cards, international payments, electronic checks, EBT, EMV terminals, e-commerce, mobile payments, and next-day funding.
• Mortgage Loans Fixed- and adjustable-rate residential mortgage loans, including 1-year ARM, 3- and 5-year fixed-to-ARM products, and 15, 20, and 30-year fixed terms; insured loans up to 97% LTV available.
• Home Equity Line of Credit Revolving credit line secured by home equity, with flexible rates and draw structures for home improvements, education, debt consolidation, or other consumer needs.
• Auto Loans Indirect and direct vehicle financing for cars, trucks, motorcycles, RVs, and other vehicles, with risk-based pricing and terms from 36 to 72 months.
• Personal Loans Unsecured and secured personal loans for short-term consumer financing needs as an alternative to high-rate credit card borrowing.
• Commercial Real Estate Loans Fixed- and variable-rate loans for the purchase, expansion, or refinancing of commercial real estate, with flexible structures matched to the business's cash flow.
• Business Loans Working capital, equipment, inventory, and technology financing lines for small and medium businesses for growth and day-to-day operations.
• Farm Loans Agricultural lending including farm real estate loans, equipment financing, and operating lines of credit, with structures tailored to seasonal farm cash flows.
• Equipment Loans Equipment financing for heavy-duty machinery, tools, and business equipment, with straightforward application and affordable terms.
• Trust Administration Professional trust management services including administration, estate planning, investment management, guardianship, charitable gifting, and succession planning, delivered by a locally staffed Trust Department.
• Estate Administration Executor and personal-representative services for settling estates, covering asset safeguarding, debt payment, tax filing, and beneficiary distribution.
• Investment Management Account Discretionary portfolio management with independent buy and sell decisions based on the client's objectives, risk tolerance, and market outlook; clients retain ownership of the underlying securities.
• USLA Mobile Banking App Native mobile banking application for iOS and Android that lets consumers view balances, deposit checks, transfer funds, and manage their accounts on a smartphone.
• USLA Business Mobile Banking App Mobile banking application for business customers that supports transaction approval, ACH and wire transfers, internal fund transfers, and online bill pay.
• Online Banking Fiserv-powered web banking portal that supports fund transfers, balance alerts, text banking, check deposit, online bill pay, eStatements, and QuickBooks/Quicken data export.
• Telephone Banking 24-hour automated telephone banking line at 888-76-UNION for account information, transfers, and lost/stolen card reporting.

Quantifiable outcome

• Local loan decisions without corporate bureaucracy
• +1 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability1 record

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Elavon Merchant ServicescoreTechnology or IntegrationPartnership providing merchant payment processing services including PIN debit, credit, corporate P-cards, international payments, electronic checks, and EBT. Offers Smart Terminals, chip card/EMV terminals, e-commerce, and mobile payment solutions for business customers.
• FiservcoreTechnology or IntegrationTechnology partnership providing online banking platform with advanced authentication, encryption, and firewall protection. Also provides CardValet mobile card management application.
• Alliance One Credit Union ATM NetworkcoreTechnology or IntegrationATM network partnership providing USLA customers access to over 5,000 fee-free ATMs nationwide.
• Paul and Jeannie Morris Education TrustcoreOthersTrust fund administered by USLA providing full-tuition scholarships for Connersville High School and Lincoln High School graduates attending 2 or 4 year colleges, technical schools, or apprenticeships.
• John and Candace Cain Math, Science, and Nursing Scholarship TrustminorOthersTrust administered by USLA providing up to $10,000 scholarships for students pursuing undergraduate degrees in math, science, or nursing. For Connersville and Lincoln High School graduates.
• Apple App Store / Google PlaycoreTechnology or IntegrationMobile app distribution through Apple App Store and Google Play Store for USLA mobile banking application and USLA Business Banking application.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• First Merchants Bank: Indiana-headquartered community bank serving consumers and small businesses across central Indiana, including Muncie (close to USLA's footprint). Comparable product mix in personal/business banking and similar community-banking positioning.
• Lake City Bank: Indiana community bank known for relationship banking, business lending, and agricultural finance. Closely comparable to USLA on community focus, ag lending emphasis, and small-business service model.
• Star Financial Bank: Indiana-based community bank providing personal, business, and wealth management services in Indiana markets. Directly comparable to USLA on community positioning, consumer/business banking products, and treasury/wealth offerings.
• Centier Bank: Indiana's largest private-family-owned bank, serving consumers and small businesses with relationship-based banking. Similar community-bank ethos and product breadth as USLA, including wealth services.
• German American Bank: Indiana-headquartered community bank with personal, business, ag, and wealth management lines. Comparable to USLA across the full product suite including commercial/ag lending and trust capabilities.
• The National Bank of Indianapolis: Indiana-focused community bank serving consumers and businesses with personal banking, mortgages, treasury, and wealth services. Comparable community-bank posture to USLA, including strong personal-relationship focus.

Broad incumbents

• Old National Bank: Indiana-headquartered regional bank with a much larger footprint but operating across many of the same Indiana geographies as USLA. Overlaps on consumer, business, mortgage, and wealth services, and is a likely consolidator candidate.
• WSFS Bank: Philadelphia-area community savings institution with consumer, business, and wealth management lines. Closely comparable to USLA as a community-focused savings institution with a similar product breadth and trust capabilities.
• Northwest Bank: Midwest-based community bank offering consumer, business, and mortgage banking in small-town markets. Highly comparable business model of relationship banking in small/rural communities analogous to USLA's footprint.

Others

• Beacon Credit Union: Indiana-based member-owned financial cooperative serving central/eastern Indiana with similar products to USLA. Not a direct competitor in ownership structure but a parallel community financial institution competing for the same customer households in Indiana.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@USLAbank
• Facebookfacebook.com/USLAbank
• LinkedInlinkedin.com/company/uslabank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 Union Savings and Loan Association