The State Bank of Faribault

What The State Bank of Faribault does

The State Bank of Faribault is a privately held, family-owned community bank headquartered in Faribault, Minnesota, operating under a Minnesota state banking charter since its founding on December 20, 1919. The bank is currently led by Chairman of the Board and President John R. Carlander, representing four generations of Carlander family ownership, with Matt Carlander serving as Vice President of Business Development. As of the source data, the bank holds over $350 million in assets and operates three branch locations — the main office at 428 Central Avenue and West Mall Branch at 202 Western Avenue in Faribault, plus a third location at 6867 Boudin St NE in Prior Lake opened in June 2019.

The bank's product offering spans the full retail and small-business banking stack: deposit products (personal and business checking, savings, CDs, and IRAs); lending products (home loans sourced through an external mortgage platform, consumer loans, business loans, and specialized agriculture loans for the surrounding farming community); and transaction products (debit cards, Visa Platinum credit cards issued through TCM Bank, N.A., merchant processing, and remote deposit capture). Digital delivery is handled through the SBF Mobile App on iOS and Android, an online banking platform at my.tsbf.com, telephone banking, and digital wallet support for Apple Pay and Google Pay. Business customers additionally receive Autobooks accounting integration and cash management services. Wealth management is delivered through the SBF Investment Center, a partnership channel with LPL Financial that provides brokerage, advisory, retirement planning, annuity, and insurance products.

Revenue is generated primarily through net interest income from the loan portfolio and deposit spread, with secondary fee-based income from account services, card interchange, merchant processing, and referral economics from the LPL Financial partnership. The bank is FDIC-insured and designated as an Equal Housing Lender. Customer base is concentrated in Faribault and surrounding southern Minnesota communities, spanning individual consumers, small to medium-sized businesses, and agricultural operations. The bank's value proposition rests on local decision-making authority, multi-generational community presence, and a one-to-one relationship model that larger regional and national competitors cannot replicate at the micro-market level.

Name

The State Bank of Faribault

Legal name

The State Bank of Faribault

Website

https://tsbf.com

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

11–50 employees

Short description

The State Bank of Faribault is a family-owned community bank founded in 1919 and headquartered in Faribault, Minnesota, serving personal, small-business, and agricultural customers across three Minnesota branches with deposits, loans, digital banking, and wealth services through LPL Financial.

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)

akta.pro primary industry

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

akta.pro secondary industries

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB)

Keywords

• Retail banking services
• Community banking
• Agricultural lending
• Business banking
• Deposit accounts

Headquarters

HQ city

Faribault

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, Others

Revenue model

1. Interest Income: Interest earned on loans including home loans, consumer loans, agriculture loans, and business loans. Primary revenue driver for the bank.
2. Deposit Interest Expense Recovery: Spread between interest earned on loans and interest paid on deposits
3. Fee-based Services: Various banking fees including account maintenance, transaction fees, debit card fees, merchant processing, and business services
4. Investment Services through LPL Financial: Securities and advisory services offered through LPL Financial partnership including brokerage, investment management, and insurance products

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

The State Bank of Faribault is a community bank that provides deposit products (checking, savings, CDs, IRAs), lending services (home loans, consumer loans, business loans, and agriculture loans), card products (debit cards, Visa Platinum credit cards issued through TCM Bank, N.A.), and digital banking channels (online banking, SBF Mobile App, telephone banking, Apple Pay/Google Pay, remote deposit). It also offers merchant processing, cash management, accounting integration via Autobooks, and investment and advisory services through a partnership with LPL Financial.

Product overview

The State Bank of Faribault is a community bank offering a comprehensive suite of banking products across personal and business segments. The core banking infrastructure includes deposit products (checking, savings, CDs/IRAs), lending services (home loans, consumer loans, business loans, agriculture loans), and card products (debit cards, credit cards). Digital banking services are delivered through Online Banking, Mobile Banking (iOS/Android apps), and Telephone Banking platforms. The bank also provides value-added services including Digital Wallets (Apple Pay/Google Pay integration), Remote Deposit capture, Merchant Processing, and Cash Management for business customers. Through the SBF Investment Center partnership with LPL Financial, the bank offers investment and wealth management services including brokerage, retirement planning, and insurance products. The SBF Vacation Vault program provides group travel services as a community engagement offering.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Personal checking account products offered to individual consumers with various fee structures and benefits.
• Personal Savings Savings account products for personal banking customers with competitive interest rate options.
• Certificates of Deposit and IRAs Certificate of Deposit and Individual Retirement Account products offered in various term lengths and rate structures.
• Consumer Loans
• Home Loans
• Credit Cards
• Business Checking
• Cash Management
• Business Loan Products
• Agriculture Loans
• Business Credit Card
• Merchant Processing
• SBF Investment Center
• Mobile Banking
• Online Banking

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• LPL FinancialcoreStrategic or Co-development PartnerSBF Investment Center, through LPL Financial, provides a wide range of investment products and services including full-service brokerage, investments, annuities, retirement plans, and insurance products. Securities and advisory services are offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC). The State Bank of Faribault and SBF Investment Center are not registered as broker-dealer or investment advisor.
• iHelpminorGTM or Marketing PartnerJoint marketing partner for financial products and services as disclosed in the bank's privacy policy.
• Credit Card CompaniesminorGTM or Marketing PartnerJoint marketing partners for credit card products. Credit cards are issued through TCM Bank, N.A.
• TCM Bank, N.A.coreChannel Partner/ Reseller/ DistributorTCM Bank, N.A. issues the State Bank of Faribault Visa Platinum credit cards, providing credit card products to bank customers.

Scale indicators2 records

Recent moves12 records

Expansion highlights5 records

Broad incumbents

• Associated Bank: A regional bank with significant presence across Minnesota and the upper Midwest offering personal, business, and wealth services. Competes in the same geographic and product space at significantly larger scale.
• Bremer Bank: A larger Minnesota-headquartered regional bank serving personal, business, and agricultural customers across the upper Midwest. Broader geographic footprint and product suite, but operates in overlapping territory and competes directly for the same community banking relationships.
• Old National Bank: A large regional community bank with branches across the Midwest. Operates an analogous community banking model at materially greater scale, providing a relevant incumbent benchmark.

Direct peers

• Bell Bank: An employee-owned community bank headquartered in Fargo, North Dakota, with branches across the upper Midwest. Similar community banking philosophy, relationship-driven lending, and agricultural lending exposure.
• Lake Area Bank: A small community bank headquartered in Lindstrom, Minnesota, serving personal and small business customers with a relationship-based model. Similar in scale, Minnesota footprint, and full-service community banking approach.
• Merchants Bank (Winona): A Minnesota-headquartered community bank with multiple branches across southern Minnesota, serving personal, business, and agricultural customers. Comparable in size, community banking model, and product breadth to State Bank of Faribault.
• Frandsen Bank & Trust: A Minnesota-based community banking group operating multiple community banks across the upper Midwest with relationship-based personal and business banking. Comparable in scale, multi-branch community banking model, and ag exposure.
• Pine Island Bank: A small community bank in Pine Island, Minnesota offering personal, business, and agricultural banking. Highly comparable to State Bank of Faribault in rural Minnesota positioning and product mix.
• Northfield Bank (First National Bank of Northfield): A community bank in Northfield, Minnesota (adjacent to Faribault in Rice County) serving personal, business, and agricultural customers with a similar relationship-based model. Closely comparable in geography, scale, and product mix to State Bank of Faribault.

Emerging players

• Chime: A digital-first neobank offering consumer checking, savings, and credit products. Represents the emerging competitive threat from branchless, digital-native entrants targeting the same mass-market consumer deposit base as State Bank of Faribault.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/tsbf1919
• Facebookfacebook.com/statebankoffaribault
• LinkedInlinkedin.com/company/the-state-bank-of-faribault

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 The State Bank of Faribault