Central Savings Bank

What Central Savings Bank does

Central Savings Bank is a privately held community bank founded on December 2, 1902, headquartered at 511 Bingham Avenue in Sault Ste. Marie, Michigan. The bank operates nine branch locations and a 16-ATM network across Michigan's Eastern Upper Peninsula (EUP), serving individual consumers, small-to-medium businesses, and consumer/commercial loan borrowers in rural communities such as DeTour Village, Cedarville, Pickford, Rudyard, Kinross, St. Ignace, Mackinac Island, and Pickford. With $400M+ in total assets and 60+ employees, the bank is FDIC-insured and a member of the Federal Reserve System, with Equal Housing Lender designation. Its go-to-market blends direct-to-consumer relationship banking through physical branches with product-led growth via online and mobile self-service channels.

The bank offers a full-service personal and business product set: personal checking and savings accounts (No Charge Checking, Now Checking, Statement Savings, Money Market), CDs and IRAs, debit and credit cards (issued via Elan Financial Services), mortgages, HELOCs, and consumer loans for auto, boat, RV, and personal use, plus business checking, savings, CDs, credit cards, debit cards, and commercial loans. Revenue is generated primarily through net interest income on the loan portfolio and through fee streams including $25 overdraft/NSF charges, a recurring $5.95/month bill pay subscription after a 3-month free trial, and credit card interchange. Digital infrastructure is delivered through third-party vendors: CSB on Command mobile app (Mobile Foundry), iBanking Services online platform, Elan Financial Services for cards, and Google Analytics 4 for web analytics. Differentiators emphasized are local decision-making authority, same-day consumer loan closings, and 120+ years of community presence.

Business model is a traditional community-bank net-interest-margin franchise layered with light fee income. Customer acquisition relies on community involvement, branch foot traffic, a network of 13+ local realtor referral partnerships, and digital touchpoints. Recent activity (2021 leadership succession, 2024 cluster of digital product launches including Credit Insights and CSB Loan Pay Xpress, 2019 Universal Banker/Cash Recycler remodel) signals steady modernization rather than expansion. No active M&A pipeline, geographic expansion beyond the EUP, or AI-driven product capabilities are evident in the source data.

Name

Central Savings Bank

Legal name

Central Savings Bank

Website

https://centralsavingsbank.com

Company type

Private

Founded year

1902

Operating status

Operating

Headcount range

11–50 employees

Short description

Central Savings Bank is a community bank founded in 1902 in Sault Ste. Marie, Michigan. With 9 branches and $400M+ in assets, it serves Eastern Upper Peninsula retail and small business customers with full-service personal banking, mortgages, and consumer and commercial loans.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Savings Institutions and Other Depository Credit Intermediation (522180)

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

Credit Cards & Revolving Credit (FSABAAAC), Prime Unsecured Personal Loans (Installment) (FSAKAAAA)

Keywords

• Retail banking services
• Community banking
• Consumer lending
• Mortgage loans
• Business banking

Headquarters

HQ city

Sault Sainte Marie

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 from Loans: Primary revenue from interest earned on mortgage loans, consumer loans (auto, personal, recreational vehicles), commercial loans, and home equity lines of credit. Loans offered include fixed and adjustable rate residential mortgages, construction financing, HELOCs, and business loans.
2. Deposit Account Fees: Monthly maintenance fees on savings and checking accounts (waived for certain balance thresholds or senior customers), overdraft/NSF fees of $25 per item, and various transaction fees.
3. Bill Pay Service: $5.95 monthly service charge after free 3-month trial period. Generates recurring subscription revenue from bill payment service.
4. Credit Card Interchange: Revenue from credit card transactions through Elan Financial Services partnership. Cards offered include low rate, cash back, and flexible rewards options.
5. Certificate of Deposit Interest Spreads: CDs offered in terms from 1 to 60 months with minimum $100 balance, earning interest that creates spread revenue for the bank.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

Central Savings Bank is a full-service community bank offering personal and business deposit accounts (checking, savings, CDs, IRAs), debit and credit cards, and a full lending suite including mortgages, HELOCs, consumer loans (auto, boat, RV, debt consolidation), and commercial loans. Distribution is through 9 branches and 16 ATMs in Michigan's Eastern Upper Peninsula, supplemented by online banking and the CSB on Command mobile app with Credit Insights, Bill Pay, CSB Loan Pay Xpress, and Mobile Wallet.

Product overview

Central Savings Bank is a full-service community bank offering a comprehensive portfolio of personal and business banking products. The bank operates a traditional branch-based banking model complemented by digital services including online banking, mobile banking via the CSB on Command app, and Mobile Wallet. Personal banking products include checking accounts (No Charge Checking, Now Checking), savings accounts (Statement Savings, Money Market), CDs + IRAs, debit cards, credit cards, mortgages, HELOCs, and consumer loans. Business banking encompasses business checking, business savings, business CDs, business credit cards, and business debit cards. Lending services cover mortgages (fixed/adjustable rate, construction, vacant land, vacation homes), HELOCs, consumer loans (auto, boat, RV, debt consolidation), and commercial loans. Digital add-on services include Credit Insights (credit monitoring), CSB Loan Pay Xpress (loan payments), Bill Pay, and multiple overdraft coverage options. The bank serves the Eastern Upper Peninsula of Michigan with 9 branch locations and more than $400 million in assets.

Differentiator

Problem solved

Functional benefit

Brands

• CSB: Shortened brand name/abbreviation used for Central Savings Bank in various contexts including CSB on Command Mobile app, CSB Loan Pay Xpress, and general communications.

Products and services

• Personal Checking Accounts Personal checking account products including No Charge Checking with no service charges and Personal Now Checking with interest-bearing options and minimum balance requirements, targeted at individual consumers in the EUP market.
• Personal Savings Accounts Statement Savings Account with monthly interest compounding and Personal Money Market Account with $500 minimum balance for higher-yield savings, for individual consumers.
• CDs + IRAs
• Debit Cards
• Credit Cards
• Business Checking
• Business Savings
• Business CDs
• Business Credit Cards
• Business Debit Cards
• Mortgages
• Home Equity Line of Credit (HELOC)
• Consumer Loans
• Commercial Loans
• Mobile Banking (CSB on Command) Mobile banking service via the CSB on Command app providing fraud alerts, security features, check deposits, eStatements, card control, and access to Credit Insights for personal and business account holders.
• Bill Pay
• Mobile Wallet
• Online Banking
• CSB Loan Pay Xpress Online loan payment service allowing payments from non-CSB accounts via ACH at no cost, with debit/credit card payment options available for a fee, for loan customers.
• Additional Banking Services

Quantifiable outcome

• Over $400 million in assets demonstrates financial stability and scale

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services provides credit card issuing services for Central Savings Bank's personal and business credit card programs. Elan provides zero fraud liability protection and powers the card program with 24/7 customer service. Cards are issued pursuant to licenses from Visa U.S.A. Inc. and Mastercard International.
• Local Realtor NetworkcoreChannel Partner/ Reseller/ DistributorCentral Savings Bank maintains referral relationships with local real estate agents including Century 21 Advantage Plus, Real Estate One Northern Properties, Keller Williams Northern Michigan, Coldwell Banker Schmidt, Drummond Island Realty, Horizon Realty U.P., Key Realty, RE/MAX Northstar, McDonald Realty, Smith & Company, State Wide Real Estate Curtis, Superior Shores Realty, and Rosie's Grand Marais Realty.

Scale indicators5 records

Recent moves13 records

Expansion highlights4 records

Broad incumbents

• Fifth Third Bank: Fifth Third Bank is a large Midwest regional bank with significant Michigan retail and commercial banking operations spanning Ohio, Michigan, Kentucky, Indiana, Illinois, and Florida. It competes in the same deposits, consumer lending, and mortgage categories as CSB at substantially greater scale, with broad digital and commercial capabilities.
• PNC Financial Services: PNC Financial Services is one of the largest U.S. commercial banks with an extensive branch and ATM network in Michigan alongside national digital capabilities. As a diversified regional/national incumbent offering retail deposits, mortgages, consumer lending, and commercial banking across the same state footprint, it represents both a competitor and potential acquirer profile.
• Huntington Bancshares: Huntington Bancshares is a major regional bank holding company with deep Michigan retail, commercial, and mortgage banking presence through hundreds of branches across the state. As a large, multi-product incumbent competing in CSB's markets and product categories (deposits, mortgages, consumer/commercial loans), it represents the dominant competitive set CSB competes against.
• Wells Fargo: Wells Fargo is a national banking franchise with branch and digital coverage across Michigan offering retail deposits, mortgages, credit cards, and commercial banking as part of a national portfolio. As a broad incumbent with overlapping capabilities, it is a key competitive reference point for CSB's deposit and lending pricing decisions.

Direct peers

• Isabella Bank: Isabella Bank is a Michigan-based community bank headquartered in Mt. Pleasant, operating dozens of branches across central and northern Michigan with a similar full-service deposit/lending product set and comparable rural-market focus. The closely overlapping product, customer, and geographic profile make it a direct peer for benchmarking growth, deposit mix, and lending yields.
• mBank: mBank is a Michigan-based community bank headquartered in Manistique with a multi-branch footprint across the Upper Peninsula and northern Lower Michigan. It offers an analogous product mix (deposits, consumer/commercial loans, mortgages, digital banking) to a similarly-sized private community bank serving regional Michigan markets, making it a structurally close comparable to CSB.
• ChoiceOne Financial: ChoiceOne Financial is a Michigan-based community bank holding company headquartered in Sparta, operating branches across western and northern Michigan with consumer/commercial loans and digital banking services. Its mid-size community-bank profile and full-service Michigan banking product mix make it a strong direct comparable.
• Mercantile Bank Corporation: Mercantile Bank is a Michigan-chartered community bank holding company headquartered in Grand Rapids with a deposit and commercial-lending franchise across Michigan, including an active SBA and commercial real estate lending practice. Its full-service personal and commercial product line and Michigan community-bank structure closely mirror CSB's business model.
• Honor Bank: Honor Bank is a Michigan community bank headquartered in Honor (Interlochen area) with branches across northern Lower Michigan offering deposit accounts, mortgages, and small-business lending. It serves a comparably rural Northern-Michigan customer base with a community-bank operating model, making it a relevant direct comparable.
• Independent Bank Corporation: Independent Bank is a Michigan-chartered community bank holding company headquartered in Ionia operating across Michigan's Lower Peninsula with deposits, mortgages, and commercial banking. Its community-bank product set, Michigan geographic concentration, and private mid-size structure closely parallel CSB's footprint and operating model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/central-savings-bank

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 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 Central Savings Bank