Lake-Osceola State Bank

What Lake-Osceola State Bank does

Lake-Osceola State Bank (LOSB) is a privately-held community bank headquartered in Baldwin, Michigan, founded in 1908 to serve retail consumers and small-to-medium businesses across Lake County and the surrounding Northern Michigan region. The bank operates 12 branch locations across communities including Baldwin, Walkerville, Luther, Irons, LeRoy, and Evart, complemented by a digital channel built on the Banno platform that provides online banking, a mobile app with mobile deposit, debit card management controls, and 24/7 telephone banking. Its product set spans five tiers of personal checking accounts, savings products, money market accounts, CDs and IRAs, alongside business checking variants (including a specialized Association & Church Checking), remote deposit capture, online cash management, credit card processing, and Autobooks accounting integration.

The bank's revenue model is the traditional community bank spread plus fee model: primary income is net interest earned on a diversified loan portfolio covering personal loans, auto loans, recreational vehicle loans (boats, ATVs, RVs, snowmobiles), home mortgages, home equity loans and lines of credit, construction loans, business term loans, business lines of credit, commercial real estate loans, and SBA-backed small business loans. Secondary income is generated from service fees on deposit accounts (overdraft, ATM, account maintenance) and merchant credit card processing. LOSB's go-to-market is direct-to-consumer via physical branches combined with community engagement (Teach Children to Save Day, local festival sponsorships, financial education programs), with local decision-making cited as a key differentiator against larger regional and national competitors.

Name

Lake-Osceola State Bank

Legal name

Lake-Osceola State Bank

Website

https://losb.com

Company type

Private

Founded year

1900

Operating status

Operating

Headcount range

11–50 employees

Short description

Lake-Osceola State Bank is a privately-held Michigan community bank operating 12 branches across Northern Michigan, offering personal and business deposit accounts, consumer and commercial loans, and digital banking via the Banno platform to retail customers and small businesses.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

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

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industry

SBA/Government-Backed & Development Finance Loans (FSAKAGAI)

Keywords

• Community banking
• Retail banking services
• Consumer lending
• Commercial lending
• Small business banking

Headquarters

HQ city

Baldwin

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including personal loans (auto, RV, home), business loans, and commercial real estate loans. Traditional community bank interest spread model.
2. Service Fees: Fees from checking accounts, savings accounts, CDs, IRAs, and other banking services. Includes overdraft fees, ATM fees, and account maintenance fees.
3. Credit Card Processing: Revenue from credit card processing services offered to business customers.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Lake-Osceola State Bank is a community bank offering personal checking, savings, money market, CDs, and IRAs alongside business checking and treasury management products. It provides consumer lending (auto, recreational vehicle, boat, home mortgage, home equity, construction) and commercial lending (term loans, lines of credit, commercial real estate, SBA loans), supported by online, mobile, telephone, and in-branch banking channels across 12 Northern Michigan locations.

Product overview

Lake-Osceola State Bank (LOSB) is a community bank offering a comprehensive portfolio of personal and business banking products. The bank provides multiple checking account tiers (Personal eChecking, Simply Checking, Personal Interest Checking, Modern Checking, Supreme Checking) and savings options (Traditional Savings, Christmas Club, Money Market, CDs, IRAs) for personal customers. Business banking includes specialized checking accounts (Business eChecking, Traditional Business Checking, Basic Business Checking, Association & Church Checking) with additional services such as Online Cash Management, Remote Deposit, Credit Card Processing, and Autobooks accounting integration. The loan portfolio spans personal loans, auto loans, recreational vehicle loans, home mortgages, home equity products, construction loans, and comprehensive business lending including SBA loans. Digital banking is delivered through an online and mobile platform with features including Mobile Deposit, Telephone Banking, and eDocs. The bank operates multiple physical locations and emphasizes community involvement in Michigan.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal eChecking Electronic personal checking account with online and mobile banking access, bill pay, and digital account management features for individual consumers.
• Simply Checking Basic personal checking account offering simple, no-frills banking with essential features for everyday consumer use.
• Personal Interest Checking Personal checking account that pays interest on deposited balances, combining transaction convenience with yield benefits.
• Modern Checking Contemporary personal checking account with enhanced digital banking features and modern account management tools.
• Supreme Checking Premium personal checking account offering the most comprehensive checking features for individual banking customers.
• Traditional Savings Standard personal savings account allowing consumers to deposit funds and earn interest on balances.
• Christmas Club Seasonal savings account designed to help consumers set aside funds throughout the year for holiday expenses.
• Money Market Higher-yield personal savings account with competitive interest rates for customers maintaining larger balances.
• Certificates of Deposit Time deposit accounts with fixed terms and guaranteed rates offering depositors predictable returns.
• Individual Retirement Accounts (IRAs) Tax-advantaged retirement savings accounts, including Traditional and Roth IRA options, for personal banking customers.
• Business eChecking Electronic business checking account with digital banking features tailored to business customers.
• Traditional Business Checking Standard business checking account for businesses with traditional banking transaction needs.
• Basic Business Checking Entry-level business checking account with essential features for small businesses and startups.
• Association & Church Checking Specialized business checking account designed for non-profit organizations, associations, and religious institutions.
• Auto Loans Financing for new and used vehicle purchases at competitive rates for personal banking customers.
• Recreational Vehicle Loans Financing for recreational vehicles including RVs and outdoor recreation equipment for personal use.
• Boat Loans Specialized boat purchase financing with fixed rates, local decision-making, and flexible terms for individual borrowers.
• Recreational Loans (ATV, Snowmobile, Waverunner, Trailer) Financing for ATVs, four-wheelers, waverunners, snowmobiles, trailers, and other recreational vehicles with competitive rates and flexible terms.
• Home Mortgage Loans Long-term financing for purchasing residential properties, including purchase mortgages and refinancing options.
• Home Equity Loans Second mortgage loans allowing homeowners to borrow against accumulated equity in their property as a lump sum.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity providing flexible access to funds as needed for homeowners.
• Construction Loans Short-term financing for home construction projects, typically converting to permanent mortgages upon project completion.
• Business Term Loans Fixed-term loans for business capital needs including equipment purchases, expansion, and working capital financing.
• Business Lines of Credit Revolving credit facilities providing businesses flexible access to funds for ongoing operational needs.
• Commercial Real Estate Loans Financing for commercial property acquisition, development, and investment real estate.
• Small Business Loans (SBA) Small Business Administration-backed loans providing government-supported financing for eligible small businesses.
• Online Cash Management Digital treasury management tool enabling business customers to manage cash flow, transfers, and liquidity online.
• Remote Deposit Capture Service allowing business customers to deposit checks remotely using a scanner or compatible mobile device.
• Credit Card Processing Merchant services enabling businesses to accept and process credit and debit card payments from customers.
• Autobooks Accounting Integration Cloud-based accounting and invoicing platform integrated with business banking for automated bookkeeping, invoicing, and financial management.

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

One partnership is on record.

• BannocoreTechnology or IntegrationLake-Osceola State Bank uses Banno's online banking platform to provide streamlined, modern digital banking services to customers. The platform provides customizable dashboards, improved message center, easier payments, and card management features.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Regional players

• S&T Bank: Pennsylvania-based community bank operating in central and western Pennsylvania with comparable personal banking, business banking, and lending products. Similar community banking model and rural/mid-size market focus, though in a different geography.
• Civista Bank: Ohio-based community bank serving northwest Ohio and southeast Michigan with personal and business banking products. Comparable community banking scale and rural market orientation, with some Michigan overlap.

Broad incumbents

• WesBanco, Inc. Multi-state community bank holding company based in Wheeling, West Virginia with operations across OH, PA, WV, and KY. Offers full-service personal and business banking similar to LOSB but at significantly larger scale across multiple states.

Direct peers

• Independent Bank Corporation: Ionia, Michigan-based bank holding company operating Independent Bank with branches across Michigan. Offers the same community banking value proposition with personal/business accounts, mortgages, and commercial lending—closely comparable rural banking focus.
• ChoiceOne Financial Services: Sparta, Michigan-based community bank holding company for ChoiceOne Bank, serving western and central Michigan with personal and business banking products. Highly comparable size and rural community banking focus.
• Isabella Bank Corporation: Michigan-based community bank holding company headquartered in Mount Pleasant, serving central and northern Michigan with comparable personal and business banking products. Closely comparable rural community banking model with overlapping geographic presence.
• Lake Michigan Credit Union: Grand Rapids-based credit union and one of Michigan's largest, serving similar geographic markets across western and northern Michigan. While structured as a credit union rather than bank, it competes directly for the same personal and small business banking customers.
• Mercantile Bank Corporation: Grand Rapids, Michigan-based community bank holding company offering commercial, retail, and wealth management services. Comparable Michigan-focused community banking model with personal and business banking, though larger in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/lostatebank
• LinkedInlinkedin.com/company/lake-osceola-state-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Lake-Osceola State Bank