Sherburne State Bank

What Sherburne State Bank does

Sherburne State Bank is a privately held, FDIC-insured state-chartered community bank founded in 1920 and headquartered in Monticello, Minnesota. It operates three branches in central Minnesota — Monticello (headquarters, 1200 State Highway 25 S.), Princeton (136 N Rum River Dr), and Becker — employing between 11 and 50 staff. The bank serves personal banking customers, small and medium-sized businesses, and home loan borrowers across Monticello, Princeton, Becker, and surrounding central Minnesota communities. Its core products are organized into four categories: Personal Banking (checking, savings, personal loans including auto, boat, ATV, mortgage, student, debt consolidation, and notary services), Home Loans (conventional, USDA, FHA, VA mortgages plus construction, land, home equity, and fix-up loans underwritten to Fannie Mae and Freddie Mac guidelines), Business Banking (business checking/savings, commercial real estate, construction, equipment financing, operating lines of credit, standby letters of credit), and Digital Banking (online and mobile with iOS/Android apps, bill pay, e-statements, mobile check deposit), supplemented by 24/7 telephone banking.

The bank's technology stack is built primarily on third-party infrastructure rather than proprietary development: the digital banking platform is delivered via CSI Web Digital Banking (mobile app identifier com.csiweb.digitalbanking.bk0376), with web access at sherburnestatebank.myebanking.net, alongside automated telephone banking at 1-877-261-5556. There is no API surface, no disclosed SDK, and no proprietary AI/ML components. Revenue is generated principally through net interest income from consumer, mortgage, and commercial loan portfolios, supplemented by deposit account fees, transaction fees (e.g., minimal monthly bill pay charge), and mortgage origination activity. Pricing is not publicly disclosed; customers are directed to contact branch representatives for account and loan terms.

The go-to-market motion is relationship-led and community-anchored, with stated value proposition centered on over 100 years of local presence, staff knowing customers by name, employees living in the same communities they serve, and positioning as a service-oriented alternative to large national banks. Marketing channels are limited to the bank's website (sherburnestatebank.com), Facebook (facebook.com/SherburneStateBank), and referral from satisfied customers across personal banking, business banking, and mortgage lending — with documented customer relationships ranging from 8 to 14 years.

Name

Sherburne State Bank

Legal name

Sherburne State Bank

Website

https://sherburnestatebank.com

Company type

Private

Founded year

1920

Operating status

Operating

Headcount range

11–50 employees

Short description

Sherburne State Bank is a privately held, FDIC-insured community bank founded in 1920, operating three branches in Monticello (HQ), Princeton, and Becker, Minnesota, serving personal, small business, and home loan customers with deposit services, consumer and commercial lending, and digital banking.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

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

akta.pro secondary industries

Real Estate (Commercial Property, REITs) (FSABACAH), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community banking
• Personal banking services
• Commercial lending
• Mortgage loans
• Small business banking

Headquarters

HQ city

Becker

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue from interest earned on loan portfolio including personal loans (auto, boat, ATV, home mortgage, student loans, debt consolidation), commercial real estate loans, construction loans, land development loans, and operating lines of credit. The bank offers conventional mortgages, USDA Rural Housing loans, FHA mortgages, and VA loans.
2. Deposit Account Fees and Services: Revenue from deposit account maintenance, transaction fees, and related banking services including checking accounts, savings accounts, and business checking/savings.
3. Digital Banking Services: Fees associated with bill pay services (minimal monthly charge), and potentially other digital banking value-added services.
4. Mortgage Origination: Revenue from originating and servicing mortgage loans including conventional, USDA, FHA, and VA products following Fannie Mae and Freddie Mac guidelines.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Sherburne State Bank is an independently owned community bank offering personal and business deposit accounts, personal and commercial loans, home mortgages (conventional, USDA, FHA, VA), construction loans, and digital banking services. It operates three branch locations in central Minnesota (Monticello, Princeton, and Becker) supplemented by online, mobile, and 24/7 telephone banking channels.

Product overview

Sherburne State Bank is an independently owned community bank offering a unified suite of banking products organized into four core categories: Personal Banking (checking, savings, personal loans, notary services), Home Loans (mortgages, construction loans, home equity products), Digital Banking (online/mobile banking with bill pay, e-statements, mobile deposit), and Business Banking (commercial lending, cash management services). The bank operates three branch locations in Becker, Monticello, and Princeton, Minnesota, and supplements its in-person services with 24/7 telephone banking and free coin counting at the Monticello branch.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking Personal banking services for individual consumers including checking accounts, savings accounts, personal loans (auto, boat, ATV, home mortgage, student loans, debt consolidation), and notary services.
• Home Loans Mortgage lending services including conventional mortgages following Fannie Mae and Freddie Mac guidelines, USDA Rural Housing loans, FHA mortgages, VA loans, construction loans, land development loans, home equity loans and lines of credit, and fix-up loans.
• Digital Banking Online and mobile banking platform providing 24/7 account access, balance inquiries, fund transfers, bill pay, e-statements, and mobile check deposit, delivered through CSI Web Digital Banking technology.
• Business Banking Commercial banking services for small and medium-sized businesses including business checking and savings accounts, commercial real estate financing, construction loans, land development financing, machinery and equipment financing, operating lines of credit, and standby letters of credit.
• Cash Management Business electronic services for SMB customers including remote deposit capture, online banking access, free e-statements, bill pay, and business debit cards.
• Telephone Banking 24/7 automated telephone banking service allowing account balance checks, fund transfers, and account management via toll-free number 1-877-261-5556.
• Notary Services On-staff notary services available during regular lobby hours at all branch locations, with special appointments available.
• Coin Counting Free coin counting service available at the Monticello branch for customers with active accounts.

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• FDIC (Federal Deposit Insurance Corporation)coreOthersSherburne State Bank is an FDIC member institution. The FDIC logo appears on the bank's website footer, indicating deposit insurance coverage. FDIC membership provides depositor protection up to the legal limit.
• Fannie MaecoreTechnology or IntegrationSherburne State Bank offers conventional mortgage loans following Fannie Mae guidelines. The bank adheres to Fannie Mae's guidelines for both home purchases and refinancing, ensuring competitive rates and flexible terms for qualified borrowers.
• Freddie MaccoreTechnology or IntegrationSherburne State Bank offers conventional mortgage loans following Freddie Mac guidelines. The bank works with Freddie Mac's guidelines for home purchases and refinancing, providing borrowers with access to conventional loan products.

Scale indicators3 records

Recent moves3 records

Expansion highlights3 records

Broad incumbents

• U.S. Bank: Large regional/national bank with deep Minnesota retail and commercial presence. Referred to in Sherburne testimonials as a 'big national bank' the community bank is explicitly positioned against.
• Wells Fargo: National bank with substantial Minnesota branch network, broadly competing in the same consumer/small-business/mortgage segments. Implicit benchmark against which community-bank differentiation is positioned.
• Old National Bank: Large regional bank with significant MN/WI/Midwest branch presence offering consumer, commercial, and mortgage banking. A broader incumbent competitor pursuing community-bank customers in the same geographies.

Direct peers

• Merchants Bank: Minnesota-based community bank with multiple branches across southern and central MN offering consumer and commercial banking. Closely comparable to Sherburne's footprint, product mix, and small-business lending focus.
• Bell Bank: Employee-owned community bank headquartered in Fargo with operations across MN and the upper Midwest. Mirrors Sherburne's community-led GTM, full personal/business/mortgage suite, and independently owned positioning.
• MidwestOne Bank: Midwestern community bank offering personal, business, and mortgage banking across IA/MN/WI/FL with a relationship-driven model. Comparable in scale, product set, and community-bank positioning to Sherburne State Bank.
• Bremer Bank: Minnesota-headquartered community bank offering personal, business, and mortgage banking across the Upper Midwest with a similar relationship-based model. Comparable in product breadth and geographic focus to Sherburne State Bank, though significantly larger.
• Frandsen Bank & Trust: Midwestern community bank holding company with branches in MN and surrounding states, offering a similar personal/business/mortgage suite. Comparable independent community-bank orientation to Sherburne State Bank.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/SherburneStateBank

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

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 Sherburne State Bank