First State Bank and Trust

Community Bankingfsbt.com

First State Bank and Trust is a privately held, FDIC-insured community bank founded in 1914 in Bayport, Minnesota, serving retail and small-business customers across Minnesota and Wisconsin through branch, online, and mobile channels with personal, business, and wealth/trust services.

Company typePrivate
Founded1914
HeadquartersBayport, United States
Headcount51–100
GTM typeB2B and B2C
OfferingServices

What First State Bank and Trust does

First State Bank and Trust ("FSBT") is a privately held community bank founded in 1914 and headquartered at 950 Highway 95 North, Bayport, Minnesota. The institution is FDIC-insured (Routing # 091911551) and serves retail and small-to-mid-business customers primarily across Minnesota and Wisconsin, with a concentrated presence in the St. Croix Valley. It operates three business units: Personal Banking (checking, savings, HSAs, CDs, mortgages, consumer loans, credit cards, debit cards, digital banking, insurance), Business Banking (business checking and savings, lines of credit, equipment loans, SBA loans, short-term notes, real estate loans, cash management, commercial insurance), and Investments (trusts and estates, investment advisory, retirement planning), with insurance cross-sold through affiliated Valley Agencies.

The technology stack is standard community-bank infrastructure rather than a differentiated platform. Core capabilities include Online Banking, a native iOS and Android mobile banking app, Remote Deposit Anywhere (RDA) for mobile check capture, BillPay, eStatements, 128-bit encryption with 24/7 monitoring, and Mastercard debit cards accepted worldwide. Third-party integrations extend utility and lock-in: Apple Pay and Google Pay for tokenized debit-card payments, and Quicken and QuickBooks data export for personal/SMB cash-management workflows. Trust services are run on an external trust platform (Infovisa) and credit-card servicing runs through Elan Financial Services, signaling outsourced technology dependencies rather than proprietary systems.

FSBT earns revenue primarily through net interest income on its loan portfolio (mortgages, consumer loans, equipment loans, real estate loans, SBA loans, credit cards) and through fee-based income from deposit accounts, digital banking services, wire transfers, and cash management. Distribution is hybrid: in-person branch locations across MN/WI complemented by self-serve digital channels. Pricing is not publicly disclosed; rates are quoted on inquiry. The customer segments are horizontally structured across retail and SMB with no enterprise or large-corporate segment, and there are no named-anchor customer dependencies. The bank has no disclosed parent, no funding rounds, no M&A activity, no leadership changes, and no disclosed financial metrics, consistent with a stable, independently owned community-bank operating posture rather than a high-velocity growth or venture-backed model.

First State Bank and Trust firmographics

Firmographics

Name: First State Bank and Trust
Legal name: First State Bank and Trust
Website: https://fsbt.com
Company type: Private
Founded year: 1914
Operating status: Operating
Headcount range: 51–100 employees
Short description: First State Bank and Trust is a privately held, FDIC-insured community bank founded in 1914 in Bayport, Minnesota, serving retail and small-business customers across Minnesota and Wisconsin through branch, online, and mobile channels with personal, business, and wealth/trust services.
Ownership category
akta.pro rank

First State Bank and Trust industry classification

Industry

Product category: Community Banking
NAICS: Commercial Banking (52211), Depository Credit Intermediation (5221)
SIC: State Commercial Banks (6022)
akta.pro primary industry: Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)
akta.pro secondary industries: Directed Trust & Trust Advisory Services (FSAAANAK), Corporate Trust Services (Trustee, Agent & Escrow Roles) (FSAEAKAB)

Keywords

Community banking services
Consumer deposit accounts
Commercial lending
Mortgage lending
Trust and estate planning

Where First State Bank and Trust is headquartered

Location

Headquarters

HQ city: Bayport
HQ country: United States
HQ region: North America

Offices1 record

Markets served

First State Bank and Trust business model

Business model

GTM type: B2B and B2C
Offering type: Services
Cost components: Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

Interest Income: Traditional bank revenue from interest earned on loans including mortgages, consumer loans, equipment loans, real estate loans, SBA loans, and credit cards.
Service Fees: Fee-based income from deposit accounts, digital banking services, wire transfers, cash management, and other banking services.

Pricing tiers

Model	Billing	Price
Subscription	Monthly	Personal checking and savings accounts with various tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

First State Bank and Trust product offering

Product offering

Core offering

First State Bank and Trust is a community bank providing FDIC-insured personal and business deposit accounts, consumer and commercial lending products, and trust and investment services. Its offering spans checking and savings accounts, certificates of deposit, mortgages, consumer loans, credit and debit cards, business loans including SBA loans, cash management, plus estate planning, investment advisory, and retirement planning services. Banking delivery combines physical branches with online and mobile banking capabilities.

Product overview

First State Bank and Trust offers a comprehensive community banking platform providing personal, business, and investment services. The core banking products include checking and savings accounts, certificates of deposit, mortgages, consumer loans, credit cards, and debit cards. Digital banking capabilities include Online Banking, Mobile Banking with Remote Deposit Anywhere, BillPay, and eStatements. Business services encompass commercial loans (Lines of Credit, Equipment Loans, SBA Loans, Real Estate Loans), Cash Management, and commercial insurance. Trust and Wealth services include Trusts & Estates, Investments, and Retirement Planning. The bank operates through a traditional branch network with digital channels complementing in-person services, positioning itself as a community bank serving Minnesota and Wisconsin.

Differentiator

Problem solved

Functional benefit

Products and services

Personal Checking Accounts Personal checking accounts including an eChecking option for managing day-to-day finances.
Personal Savings Accounts Personal savings accounts for accumulating funds over time.
Health Savings Accounts (HSA) Tax-advantaged accounts for individuals with high-deductible health plans to save for medical expenses.
Certificates of Deposit (CDs) Time deposit accounts with fixed terms and rates for both personal and business customers.
Business Checking Accounts Business checking accounts designed for commercial operating needs.
Business Savings Accounts Business savings accounts for organizational fund accumulation.
Mortgages Home mortgage loans for purchasing or refinancing residential properties.
Consumer Loans Personal loans for purchasing vehicles, recreational vehicles, motorcycles, boats, snowmobiles, home improvements, vacations, medical expenses, or taxes.
Credit Cards Credit card products offering flexible purchasing power, mobile purchasing capability, zero fraud liability, and 24/7 cardmember service.
Debit Cards Mastercard debit cards enabling cash withdrawals, deposits, and purchases worldwide, with immediate deduction from checking accounts.
Online Banking Web-based online banking platform available 24/7 for account management, transfers, loan payments, data downloads, transaction history, eStatements, and alerts.
Mobile Banking Mobile banking app allowing users to check balances, transfer funds, pay bills, deposit checks, and receive alerts on any device.
Personal Insurance Personal insurance products offered through Valley Agencies with access to over 25 insurance carriers.
Lines of Credit Business credit lines providing flexible borrowing capacity for operational needs.
Equipment Loans Business loans specifically designed for purchasing equipment.
Short-Term Notes Business financing option for short-term capital needs.
Real Estate Loans Commercial real estate financing for business property purchases or improvements.
SBA Loans Small Business Administration-backed loans supporting business growth and expansion.
Cash Management Business banking service helping companies manage cash flow and financial operations efficiently.
Commercial Insurance Commercial insurance products offered through Valley Agencies with access to over 25 insurance carriers.
Trusts & Estates Trust services including estate planning, trust administration, and corporate trustee services for managing and distributing assets.
Investment Services Investment advisory and planning services for growing and managing wealth.
Retirement Planning Financial planning services for retirement including employer retirement accounts, savings accounts, and investment advisory services.

Companies that use First State Bank and Trust

Customer profile

Segments3 records

Ideal customer profiles3 records

First State Bank and Trust technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Integration5 records

First State Bank and Trust partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

Valley AgenciesminorOthersValley Agencies is a non-financial affiliate of First State Bank and Trust. It has been serving the St. Croix Valley communities and surrounding areas since 1914, offering insurance products through over 25 carriers.

Scale indicators2 records

Recent moves5 records

Expansion highlights5 records

First State Bank and Trust competitors and assessment

Company assessment

Regional players

ChoiceOne Bank: Michigan-based community bank with full personal, business, and wealth services; operates outside FSBT's geography but is a like-for-like community bank with comparable suite of deposit, lending, and trust products.
S&T Bank: Pennsylvania-headquartered community bank with consumer, commercial, and wealth management lines; useful regional analog for FSBT's diversified community banking + trust model, though serving a different geography.
CNB Bank: Pennsylvania community bank delivering retail, business, mortgage, and wealth services; comparable mix of bank + trust offerings to FSBT, though outside the Midwest footprint.

Direct peers

Bank First Corporation: Wisconsin community bank with personal, business, and mortgage lending plus wealth management; closely comparable asset size and product mix to FSBT, with similar regional Midwest focus.
Eastwood Bank: Minnesota-based independent community bank offering personal and business banking with mortgage and wealth services; comparable in scale and regional scope to FSBT.
Frandsen Bank & Trust: Upper-Midwest community bank and trust company delivering deposits, lending, and trust services across MN and WI; near-identical business model to FSBT including the trust franchise.
Merchants Bank: Independent Minnesota community bank serving southern MN and western WI with personal, business, mortgage, and treasury services; same regional footprint and customer segments as FSBT.
Nicolet National Bank: Wisconsin-based community bank offering consumer and business banking with dedicated wealth and trust services; directly mirrors FSBT's full-service community-bank-plus-trust model in the upper Midwest.
Highland Bank: St. Paul, Minnesota-based community bank with personal and business banking services; geographically adjacent to FSBT and a relevant in-market analog for shared customer demographics in the Twin Cities region.

Broad incumbents

Bremer Bank: Larger MN/WI-headquartered financial services franchise with full banking, wealth, and insurance; operates a broader portfolio than FSBT but in the same dual-state region, making it a key local incumbent peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

First State Bank and Trust compliance and trust

Trust signal

Compliance1 record

First State Bank and Trust financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First State Bank and Trust leadership team

Management profile

Number of profiles

First State Bank and Trust funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

First State Bank and Trust M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First State Bank and Trust

What does First State Bank and Trust do?

Is First State Bank and Trust a public or private company?

First State Bank and Trust is a private company. It is classified as unknown and is currently operating.

When was First State Bank and Trust founded?

First State Bank and Trust was founded in 1914. It employs 51 to 100 people.

Where is First State Bank and Trust based?

First State Bank and Trust is headquartered in Bayport, United States, in the North America region.

How does First State Bank and Trust make money?

Two revenue lines are on record. Interest Income is the primary driver. The others are service Fees.

Who are First State Bank and Trust's main competitors?

Regional players on record are ChoiceOne Bank, S&T Bank and CNB Bank. Direct peers are Bank First Corporation, Eastwood Bank, Frandsen Bank & Trust, Merchants Bank, Nicolet National Bank and Highland Bank. Bremer Bank is listed as a broad incumbent.

Does First State Bank and Trust have an API?

No public API is recorded for First State Bank and Trust.

What industry is First State Bank and Trust in?

First State Bank and Trust's product category is Community Banking. Its primary akta.pro industry code is FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings), with a secondary code of FSAAANAK, Directed Trust & Trust Advisory Services. Its NAICS code is 52211 and its SIC code is 6022.