Woodlands National Bank

What Woodlands National Bank does

Woodlands National Bank is a privately held community bank headquartered at 424 Main Street in Onamia, Minnesota, operating seven branch locations across the state (Onamia Main Street, Onamia Grand Market, Hinckley, Sturgeon Lake, Cloquet, Minneapolis, and Zimmerman). The bank is wholly owned by the Mille Lacs Band of Ojibwe, a federally recognized Native American tribe, as part of its economic diversification program, and operates under a 100-year heritage dating to its 1924 establishment. It serves individual consumers, small and medium businesses, nonprofit organizations, and home buyers in Minnesota, with personal loans extended into Wisconsin, emphasizing personal relationships, local decision-making, and service to rural and tribal communities.

The bank's product suite spans personal checking (Simple, Select, Select Plus, and Comfort for customers 55+), savings (Regular, Money Market, and UTMA Educational), certificates of deposit, vehicle and personal loans, overdraft protection, home improvement loans, and a diversified mortgage platform including Fannie Mae fixed-rate loans underwritten in-house in Onamia, USDA Rural Development loans, HUD Section 184 loans for Native American borrowers, construction loans, and bare-land financing. Business banking includes Prime and Community Prime (nonprofit) checking accounts, Success Checking for limited-transaction accounts, SBA Preferred Lender loans, FAST CASH working capital loans ($10,000-$100,000 with one-business-day decisioning), commercial real estate loans, term loans, lines of credit, and a cash management suite covering ACH origination, wire services, merchant card processing, Remote Deposit Capture, and Positive Pay fraud protection.

The technology stack is built on Fiserv for core, internet, and mobile banking, with Zelle for peer-to-peer payments, CheckFree for bill pay, FormStack for secure document submission, and iLendX/Deposit Director Flex for online account opening. Revenue is generated primarily through net interest income on commercial, SBA, mortgage, consumer, and vehicle lending, supplemented by deposit spread on savings and CDs, transaction fees on checking accounts, business cash management fees, and mortgage origination income. Mortgage servicing is retained in-house rather than sold to third parties, and all lending and deposit decisions are made locally within the communities served.

Name

Woodlands National Bank

Legal name

Woodlands National Bank

Website

https://woodlandsnationalbank.com

Company type

Private

Founded year

1924

Operating status

Operating

Headcount range

11–50 employees

Short description

Woodlands National Bank is a community bank in Minnesota, wholly owned by the Mille Lacs Band of Ojibwe, operating seven branches and offering personal banking, business banking, mortgages, SBA loans, and cash management services to consumers, small businesses, and Native American borrowers.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218), Commercial Banking (522110)

SIC

State Commercial Banks (6022), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

akta.pro secondary industries

Bank Branch / Retail Purchase Mortgages (FSALAAAA), SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Community banking services
• Small business lending
• Residential mortgage loans
• Deposit account products
• Cash management services

Headquarters

HQ city

Onamia

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue from interest earned on commercial loans, SBA loans, mortgage loans, vehicle loans, personal loans, and lines of credit. SBA Preferred Lender status enables streamlined processing of government-backed small business loans.
2. Business Cash Management Fees: Fees for cash management services including ACH services, wire transfers, merchant card processing, and Positive Pay fraud protection services for business customers.
3. Checking Account Fees: Monthly service charges, paper withdrawal fees, transit check deposit fees. Various checking account tiers with different fee structures based on balance requirements and transaction volumes.
4. Mortgage Origination and Servicing: Revenue from mortgage loan originations including Fannie Mae direct lending, USDA Rural Development loans, HUD Section 184 loans, and home equity products. Bank services its own loans rather than selling servicing to other institutions.
5. Savings and CD Interest Spread: Interest earned on deposit products including regular savings, money market accounts, educational savings (UTMA), and certificates of deposit. Interest is compounded daily and credited monthly or quarterly.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Woodlands National Bank is a community bank that delivers personal and business banking through seven Minnesota branches plus online and mobile channels. Core offerings include consumer deposit products (checking, savings, money market, educational savings, certificates of deposit), consumer lending (vehicle, personal, home improvement, home equity), residential mortgages (Fannie Mae, USDA Rural Development, HUD Section 184, in-house land/construction), and a full business banking suite that spans SBA Preferred Lender loans, FAST CASH working capital loans, lines of credit, commercial real estate and equipment term loans, plus Cash Management Services (ACH, wires, Remote Deposit Capture, merchant card processing, Positive Pay).

Product overview

Woodlands National Bank operates as a community bank offering a comprehensive suite of personal and business banking products through seven Minnesota branch locations. The bank provides traditional deposit products (checking, savings, CDs), lending services (consumer loans, mortgages, SBA loans), and business banking solutions (cash management, merchant services). Digital banking capabilities include online and mobile banking platforms powered by Fiserv, with integrated services such as Zelle for P2P payments, CheckFree bill pay, and Remote Deposit Capture. The bank is owned by the Mille Lacs Band of Ojibwe and holds SBA Preferred Lender status. Core products span personal checking (Simple, Select, Select Plus, Comfort), savings accounts (Regular, Money Market, Educational), mortgages (Fixed Rate, USDA Rural Development, HUD Section 184, In-House Programs), vehicle and personal loans, and business services including Prime Checking, SBA Loans, FAST CASH Loans, and Cash Management Services with ACH, wire transfer, and merchant card processing capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Zelle: A fast, safe and easy way to send money directly between bank accounts in the U.S., available through Woodlands National Bank's mobile banking app.
• SBA Preferred Lender
• FAST CASH Loans

Products and services

• Simple Checking Basic personal checking account with no minimum balance requirements, free online banking, and no check images; designed for everyday personal banking customers seeking a low-friction account.
• Select Checking Personal checking account requiring a $50 opening deposit with no minimum balance; a $5 monthly service charge applies if account requirements are not met.
• Select Plus Checking Premium personal checking account requiring a $1,000 opening deposit with tiered interest, free ATM/debit card, ID theft protection, online banking with bill pay, plus relationship benefits including 0.25% CD rate increases, 0.50% consumer loan rate decreases, and up to $300 mortgage origination fee discounts.
• Comfort Checking Personal checking account for customers aged 55 or older, providing check images with each monthly statement and tailored for senior banking needs.
• Regular Savings Basic savings account with a $50 minimum opening deposit and minimum balance, with interest compounded daily and credited quarterly at variable rates, designed for everyday personal savers.
• Money Market Savings Interest-bearing money market savings account with a $2,500 minimum opening deposit and balance, featuring tiered variable interest rates compounded daily and credited quarterly.
• Educational Savings (UTMA) UTMA college savings account with a $25 minimum opening deposit, fixed interest rates with semi-annual compounding, designed for parents funding a child's education.
• Certificates of Deposit Term deposit accounts with maturities ranging from 6 to 60 months, including special CDs requiring larger minimum deposits; subject to early withdrawal penalties based on term length.
• Prime Checking (Business) Interest-bearing business checking account with no minimum balance, where yields increase when paired with a business loan (0.40% APY) or Prime Line of credit (0.50% APY), including a $7 monthly service charge.
• Community Prime Checking Interest-bearing business checking account exclusively for non-profit organizations with a $50 minimum opening deposit, no monthly service charge, and yield increases tied to a business loan or Prime Line of credit.
• Success Checking (Business) Limited-transaction business checking account with a $50 opening deposit and no minimum balance, limited to 25 deposited items and 25 debits per statement cycle with per-item fees for excess activity.
• Vehicle Loans Consumer financing for autos, RVs, boats, motorcycles, off-road vehicles, and equipment, available for purchases from dealerships or private parties.
• Refinance Loans Refinancing option for existing vehicle loans, for borrowers whose credit has improved or whose original interest rate no longer reflects current rates.
• Secured Loans Loans secured by collateral such as vehicles or CDs, often offering lower interest rates than unsecured loans; vehicle model year must be 2015 or newer.
• Unsecured Personal Loans Personal loans that do not require collateral, underwritten on financial needs, personal assets, and credit history; available to Minnesota and Wisconsin residents.
• Overdraft Protection Line of credit linked to a checking account that covers transactions when the balance runs low, preventing bounced checks, missed payments, or debit card denials.
• Unsecured Home Improvement Loans Unsecured home improvement financing up to $10,000 with repayment terms up to five years; eligibility includes age 18+, one year of homeownership, one year of current employment, and a credit score of 690 or higher.
• Home Equity Lines of Credit / Loans Revolving home equity lines of credit and home equity loans allowing homeowners to borrow against property equity for vehicle purchases, vacations, college financing, home remodeling, and debt consolidation.
• Fixed Rate Mortgages Traditional fixed-rate residential mortgages, including 1–4 family owner-occupied and investment property financing plus manufactured home financing, underwritten directly as a Fannie Mae lender in Onamia, Minnesota.
• USDA Rural Development Loans USDA Rural Development loans offering 100% financing with no down payment for rural properties; sellers may contribute up to 6% toward closing costs, with the guarantee fee eligible to be rolled into the loan.
• HUD Section 184 Loans Home loans under the HUD Section 184 Indian Home Loan Guarantee Program for Native American borrowers enrolled in federally recognized tribes, offering 100% financing for qualifying lower-income borrowers, 97.75% financing for any qualifying income without PMI, and expanded debt ratios.
• In-House Loan Programs Specialized in-house residential lending programs covering bare land up to 160 acres, seasonal cabins, lakeshore homes, manufactured home financing, and construction loan programs.
• SBA Loans SBA-guaranteed small business loans under the bank's SBA Preferred Lender status with full delegation of lending authority, enabling streamlined processing and local underwriting decisions for Minnesota businesses.
• FAST CASH Business Loans Business working capital loans ranging from $10,000 to $100,000 (capped at 10% of annual revenue), with decisioning within one business day and funding within 2–3 business days, for Minnesota-based businesses operating 3+ years with $100,000+ annual revenue and 690+ credit scores.
• Lines of Credit (Business) Business lines of credit providing flexible revolving access to working capital for ongoing operational and short-term financing needs.
• Real Estate Loans (Commercial) Commercial real estate financing for business property purchases and refinances across the bank's Minnesota service area.
• Term Loans for Business Equipment Fixed-term financing tailored for business equipment purchases, providing predictable repayment schedules.
• Cash Management Services Integrated suite of business banking tools combining advanced internet banking with employee access controls, Remote Deposit Capture, bill pay, direct deposit, ACH origination, wire transfers, merchant card processing, and Positive Pay fraud protection for business customers.
• Online Banking (Personal) 24/7 internet banking platform for personal account management, transfers, bill pay, e-statements, and account review, with tutorials and click-through demos.
• Mobile Banking App - WNB MobileWay (Consumer) Fiserv-powered mobile banking application for iOS and Android providing real-time balances, money management, transaction viewing, transfers, bill pay, mobile check deposit, alerts, and Zelle P2P transfers for personal banking customers.
• Mobile Banking App - WNB MobileWay Business Mobile banking application for business customers providing iOS and Android access to business accounts, transfers, approvals, and cash management features.
• CardHub Debit card security and management tool allowing customers to enable travel notices, restrict transactions, and protect their debit cards from fraud and unwanted use.
• Online Account Opening Digital account opening platform powered by Deposit Director Flex (via iLendX) for self-service onboarding of Simple Checking and Regular Savings accounts.
• Mortgage Online LoanPay Xpress Online mortgage payment platform enabling borrowers to submit mortgage payments electronically.
• Secure Mortgage Document Portal Secure online portal powered by ApprovedFast for mortgage document submission and management throughout the loan origination process.
• Paycheck Protection Program (PPP) Forgiveness Service COVID-19 Paycheck Protection Program loan forgiveness services: loans of $150,000 or under apply through the SBA Direct Forgiveness portal, and loans over $150,000 apply through Woodlands National Bank's PPP Direct Forgiveness Portal.

Quantifiable outcome

• FAST CASH loan decisioning within 1 business day and funding within 2-3 business days
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature5 records

Partnerships

One partnership is on record.

• FiservcoreTechnology or IntegrationFiserv powers Woodlands National Bank's mobile banking application, providing the technology platform for real-time balances, money management, transfers, bill pay, check deposit, and alerts. Fiserv is a global provider of financial services technology.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Bell Bank: Bell Bank is a privately held community bank with mortgage and business banking operations in Minnesota and North Dakota. It competes with Woodlands for similar small business, mortgage, and consumer banking customers with a comparable relationship-driven community banking model.
• Lake Area Bank: Lake Area Bank is a Minnesota community bank offering personal banking, mortgages, and small business lending. It competes directly with Woodlands for similar small business, mortgage, and consumer customers in the greater Minnesota market with a comparable community banking model.
• Think Bank: Think Bank is a Minnesota-based community bank serving the Twin Cities and surrounding areas with personal banking, mortgages, and small business services. It directly competes with Woodlands in overlapping Minneapolis metro and greater Minnesota markets with similar deposit and loan products.
• Native American Bank: Native American Bank is a tribally-owned national bank serving Native American communities and tribal enterprises. It shares Woodlands' unique tribally-owned structure and HUD Section 184 loan expertise, directly competing for Native American mortgage and commercial lending customers.
• Star Bank: Star Bank is a small community bank in Minnesota offering personal and business banking services. It is comparable to Woodlands in size and structure, competing for similar small business and consumer customers in rural and small-town Minnesota markets.
• Pine Country Bank: Pine Country Bank is a small Minnesota community bank with personal and business banking services. It directly competes with Woodlands in central Minnesota for similar small business and consumer customers with a comparable relationship-driven community banking model.
• BlackRidgeBANK: BlackRidgeBANK is a Minnesota-based community bank offering personal and business banking, mortgages, and SBA lending. It directly competes with Woodlands in similar Minnesota markets with a comparable branch-based community banking model and SBA loan programs.

Broad incumbents

• Bremer Bank: Bremer Financial Services is one of the largest regional banks in Minnesota with a comparable community banking focus on personal, business, and agricultural lending. It competes directly with Woodlands in the same Minnesota markets but operates at significantly greater scale with broader geographic reach.

Regional players

• Bay Bank: Bay Bank is a tribally-owned community bank in Wisconsin serving Native American communities. It shares Woodlands' tribal ownership model and Native American banking focus but operates primarily in Wisconsin rather than Minnesota, making it a regional comparable rather than direct competitor.

Others

• Fiserv: Fiserv is the technology provider powering Woodlands National Bank's mobile banking platform and core banking infrastructure. It is included as an adjacent ecosystem participant whose technology capabilities directly enable Woodlands' digital product offering rather than as a banking competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/woodlands_bank
• Facebookfacebook.com/WoodlandsNationalBank

Compliance6 records

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 Woodlands National Bank