State Bank Financial

What State Bank Financial does

State Bank Financial is a privately held community bank founded in 1858 and headquartered at 401 Main Street, La Crosse, Wisconsin, with additional branches in Sparta and Marshfield. Recognized as Wisconsin's second-oldest bank and Western Wisconsin's oldest community bank, the institution serves retail consumers, small-to-mid-size businesses, agricultural operators, and wealth management clients across the Coulee Region and adjacent western Wisconsin and southeastern Minnesota markets. The bank is regulated by the Federal Reserve Bank of Minneapolis, FDIC-insured, and holds SBA Preferred Lender status alongside a WHEDA lender designation maintained since August 1991.

The product set spans personal deposit and loan products (Basic, CashBack, Independence, and Fifty Checking accounts; Junior Banker, Money Market, CD, HSA, and IRA savings products; mortgages, HELOCs, personal loans, and Visa cards), business banking (Business Simplifier, Maximizer, and Analyzed Checking, treasury management for collections, disbursements, and risk management, SBA and commercial loans, equipment leasing, and letters of credit), and agricultural lending capped at $1,302,000 under FSA-guaranteed programs. The digital banking platform is delivered through the Digital One Flex online system (upgraded January 2025) and the SBF Mobile Banking app on iOS and Android, with mobile deposit, card controls, Zelle, and Apple Pay/Samsung Pay/Google Pay integration. Wealth management services are offered through a strategic partnership with Raymond James Financial Services, anchored by a Platinum Banking premium tier.

The business model is a traditional community bank net interest income engine supplemented by fee-based streams: deposit service charges, debit and credit card interchange, treasury management fees, equipment leasing, SBA loan fees, and referral fees from the Raymond James wealth partnership. Distribution is branch-led with local decision-making, supplemented by direct sales through mortgage originators, the Small Business Advisory Group, and agricultural lending officers, and self-service digital channels. GTM is sales-led, with relationships and community presence positioned as the primary acquisition and retention mechanisms.

Name

State Bank Financial

Legal name

State Bank Financial

Website

https://statebankfinancial.bank

Company type

Private

Founded year

1858

Operating status

Operating

Headcount range

51–100 employees

Short description

State Bank Financial is a privately held community bank founded in 1858, serving retail, small business, agricultural, and wealth management customers across western Wisconsin through branches in La Crosse, Sparta, and Marshfield and a Digital One Flex digital banking platform.

Ownership category

akta.pro rank

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

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community banking services
• Personal checking accounts
• Business lending solutions
• Agricultural financing
• Small business loans

Headquarters

HQ city

Minneota

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Interest earned on loan portfolio including mortgages, personal loans, business loans, agricultural loans, and SBA loans
2. Deposit Account Fees: Service charges, maintenance fees, and transaction fees on checking and savings accounts
3. Wealth Management Referrals: Referral fees from Raymond James Financial Services for investment and financial planning services offered to wealth management clients
4. Credit Card Fees: Transaction fees and interchange from Visa debit and credit card programs
5. Treasury Management Services: Fees for business banking services including collections, disbursements, and fraud protection solutions

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

State Bank Financial is an independent community bank offering personal and business deposit accounts, lending products, treasury management, and wealth management services to individuals, small-to-mid-size businesses, and agricultural customers in western Wisconsin. The bank provides deposit products (checking, savings, CDs, IRAs), consumer and commercial loans (mortgages, home equity, auto, SBA, agricultural, equipment, commercial real estate), digital banking (Digital One Flex online and mobile app with mobile deposit, card controls, and Zelle), and wealth management through a partnership with Raymond James Financial Services.

Product overview

State Bank Financial is a community bank offering a comprehensive suite of personal, business, and wealth management products. The core banking platform includes personal checking accounts (CashBack Checking, Basic Checking, Independence Checking, Fifty Checking), personal savings (Junior Banker, Preferred Money Market, CDs, HSA, IRAs), and credit products (Visa cards, home loans, personal loans). Business banking encompasses various checking accounts (Business Simplifier, Maximizer, Analyzed), savings, and Treasury Management Solutions including Collections, Disbursements, and Risk Management. Specialized lending includes SBA loans, Agriculture Loans, Equipment Loans & Leasing, and Letters of Credit. Digital banking is delivered through Digital One Flex online platform and mobile app with features like mobile deposit, card controls, Zelle, and mobile wallet support. Wealth management services are offered through a partnership with Raymond James Financial Services for investments and financial planning. Premium services include Platinum Banking for high-value customers with exclusive lending offers and priority service.

Differentiator

Problem solved

Functional benefit

Brands

• CashBack Checking: A checking account that earns 3% cash back on debit card purchases up to $20 per month.
• Junior Banker
• Platinum Banking
• Hometown Mortgages
• Small Business Advisory Group

Products and services

• CashBack Checking Personal checking account earning 3% cash back on debit card purchases up to $20 per month with no monthly maintenance fees, free online banking, free debit card, free eStatements, and free Zelle access.
• Basic Checking Basic personal checking account with essential banking features, free online banking, free debit card, and no monthly maintenance fees for individual consumers.
• Independence Checking Personal checking account designed for specific customer segments such as seniors, with no monthly maintenance fees and free online banking access.
• Fifty Checking Personal checking account for customers aged 50 and over with age-specific benefits.
• Junior Banker Savings Children's savings account paying 3.00% APY on balances below $10,000, designed to introduce children to saving.
• Preferred Money Market Personal money market savings account with competitive interest rates for individual savers seeking higher yields than standard savings.
• Certificates of Deposit (CDs) Term deposit accounts for individual consumers seeking fixed-rate savings over a specified term.
• Health Savings Account (HSA) Tax-advantaged savings account for individuals to set aside funds for qualified medical expenses.
• Individual Retirement Accounts (IRAs)

Quantifiable outcome

• 227 PPP loans processed, protecting 3,000+ jobs during COVID-19
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Raymond James Financial ServicescoreStrategic or Co-development PartnerInvestment services partnership offering securities, managed investments, and financial planning through Raymond James Financial Services, Inc. Securities offered through RJFS, Member FINRA/SIPC. State Bank Financial is not a registered broker/dealer and is independent of Raymond James.
• Elan Financial ServicesminorGTM or Marketing PartnerJoint marketing partner for financial products and services. Elan Financial Services provides credit card processing and services.
• EWH AccountingcoreStrategic or Co-development PartnerThought leadership partnership delivering educational programs for small businesses including Cash Flow Essentials, Tax Essentials, and Sales Essentials workshops. State Bank Financial and EWH Accounting are not affiliated businesses and are independently owned and operated.
• Federal Reserve Bank of MinneapoliscoreOthersRegulatory examination and CRA Performance Evaluation conducted by Federal Reserve Bank of Minneapolis. Most recent CRA Performance Evaluation dated March 2024.
• Small Business Administration (SBA)coreOthersSBA Paycheck Protection Program (PPP) lending partner under the CARES Act. Processed 227 applications protecting 3,000+ jobs during the pandemic.
• WHEDA (Wisconsin Housing and Economic Development Authority)coreOthersWHEDA lender since August 1991 providing affordable housing financing programs for Wisconsin residents including first-time home buyer options with 3% down payment programs.
• Kane Street Community Garden / Hunger Task ForceminorOthersCommunity partnership supporting local food security initiatives through the Kane Street Community Garden which harvested 34,000+ pounds of produce for donation.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Town Bank: Wisconsin community bank offering consumer and business banking products including SBA lending and treasury management. Comparable in size, product breadth, and Wisconsin community bank focus.
• Investors Community Bank: Wisconsin-based community bank with similar asset class and emphasis on business and agricultural lending. Directly comparable as a Wisconsin community bank serving similar customer segments.
• Commerce State Bank: Wisconsin-based community bank of similar asset size serving small businesses, consumers, and offering agricultural lending. Directly comparable in scale, product mix, and regional community bank operating model.
• Citizens Community Bancorp: Wisconsin-headquartered community bank holding company with community banking operations of similar scale. Comparable as a Wisconsin community banking franchise serving consumer and small business customers.
• PyraMax Bank: Wisconsin-based community bank formerly operating as a savings institution. Comparable in size, geographic focus on Wisconsin markets, and full-service community banking model including business and consumer lending.
• Bank of Sun Prairie: Wisconsin community bank serving similar small business, consumer, and agricultural segments. Comparable in scale and community banking operating philosophy with local decision-making.
• Monona Bank: Wisconsin community bank offering consumer, business, and mortgage lending. Comparable in scale and full-service community banking model within Wisconsin markets.
• Blackhawk Bank: Wisconsin community bank providing commercial, agricultural, and consumer lending. Directly comparable as a Wisconsin-based community bank with similar small business and ag lending focus.

Broad incumbents

• Nicolet National Bank: Wisconsin-based community bank holding company with broader regional footprint and larger asset base. Comparable in community banking focus and Wisconsin geographic exposure, though operates at greater scale.
• Associated Bank: Wisconsin-headquartered regional bank with significantly larger asset base serving consumer, business, and commercial customers across multiple states. Comparable in Wisconsin community banking roots but operates at much broader scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/statebankfinancial
• LinkedInlinkedin.com/company/state-bank-financial

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 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 State Bank Financial