First State Bank of Rosemount.

What First State Bank of Rosemount. does

First State Bank of Rosemount is a privately held, family-owned community bank headquartered at 3025 145th Street West in Rosemount, Minnesota, operating under FDIC insurance, NMLS registration #405862, and Equal Housing Lender designation. The institution traces its origin to 1909 as the State Bank of Rosemount, was renamed to its current form in 1931, and has been owned by the Toombs family since August 1949, making it the oldest family-owned and operated business in Rosemount. The bank serves individual consumers, small and medium-sized businesses, and youth depositors in Rosemount and the surrounding Dakota County area through a single physical branch supplemented by digital channels.

The product portfolio spans core deposit accounts (Advantage, Classic, and eStatement personal and business checking; Sprout, Classic, Advantage, and Elite tiered savings), time deposits (CDs with terms from 182 days to 8 years and traditional/Roth IRAs), and a full lending suite covering consumer loans, mortgages (Conventional, FHA, VA, Rural Development, Construction, HELOC, refinance), commercial loans (CRE, equipment, SBA, operating lines of credit, letters of credit), credit cards (Visa Platinum and Visa Rewards Platinum Business via ScoreCard), and student loans via the iHELP/ZuntaFi partnership. Supporting technology is sourced from third-party vendors — NetTeller for online banking, Banno for business digital onboarding, SHAZAM for card processing and the Brella fraud-alert app, MasterCard and Visa for network services, and Money Pass for surcharge-free ATM access — rather than proprietary systems.

The business model is a traditional spread-plus-fee community bank. Primary revenue derives from interest income on loans and CD deposit spreads (CD APYs of 2.75%–4.04%), supplemented by transaction fees including $25 overdraft/NSF items, $5 paper statement fees, $10–$40 wire transfer fees, $1.50 foreign ATM fees, and credit card interchange. Go-to-market is relationship-led with local, non-automated loan underwriting; distribution combines the single Rosemount branch, 24/7 telephone banking at 1-800-875-2111, iOS/Android mobile app with Touch ID and Remote Deposit Anywhere, and community engagement (donations, financial literacy education at local schools, social media presence). The bank currently employs approximately 14 staff, with Mark Toombs serving as President since 2014 and Jim Toombs as Vice President of Loans.

Name

First State Bank of Rosemount.

Legal name

First State Bank of Rosemount

Website

https://fsbrosemount.com

Company type

Private

Founded year

1909

Operating status

Operating

Headcount range

11–50 employees

Short description

First State Bank of Rosemount is a family-owned community bank founded in 1909 in Rosemount, Minnesota, offering personal and business deposit accounts, mortgages, commercial loans, and digital banking services to local consumers, SMBs, and youth depositors.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Savings Institutions, Not Federally Chartered (6036), State Commercial Banks (6022)

akta.pro primary industry

First-Time Homebuyer (FTHB) Mortgage Origination (FSALAAAG)

akta.pro secondary industry

Private Banking Lending (Securities-Backed, Real Estate, Structured Credit) (FSABADAE)

Keywords

• Community banking
• Personal banking services
• Commercial lending
• Mortgage lending
• Digital banking

Headquarters

HQ city

Rosemount

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue from interest earned on various loan products including consumer loans, mortgages, home equity loans/lines of credit, commercial loans, and CD/Savings secured loans.
2. Account and Service Fees: Monthly maintenance fees, overdraft fees ($25), NSF fees, paper statement fees ($5), wire transfer fees (incoming $10, outgoing $20, international $40), ATM fees ($1.50 foreign), card replacement fees ($5).
3. Credit Card Interchange: Revenue from credit card transactions including Visa Platinum Business Card and ScoreCard Visa Platinum Business Card with rewards programs.
4. Certificate of Deposit Interest Spreads: Interest earned on customer CD deposits with rates ranging from 2.75% to 4.04% APY depending on term length.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

First State Bank of Rosemount is a community bank providing a full suite of personal and business banking products including checking, savings, certificates of deposit, IRAs, mortgages, home equity, consumer loans, commercial loans, debit and credit cards, and digital banking services (online banking, mobile app, bill pay, P2P transfers, Remote Deposit Anywhere). Revenue is generated primarily through interest income on lending products and account/service fees.

Product overview

First State Bank of Rosemount is a community bank offering a comprehensive suite of personal and business banking products. The portfolio centers on core deposit accounts (checking, savings, CDs, IRAs), diverse lending products (personal loans, mortgages, commercial loans), and digital banking services (online banking, mobile app, bill pay, P2P transfers, Remote Deposit Anywhere). The bank differentiates through relationship-based service as a family-owned institution, supported by educational tools (financial calculators), card services (MasterCard debit, Visa credit), and ancillary services (wire transfers, safe deposit boxes, merchant services, student loans via iHELP partnership).

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Personal checking accounts offered in three tiers — Advantage Checking, Classic Checking, and eStatement Checking — with varying minimum balance requirements, monthly fees, and interest-earning features for individual consumers managing daily spending.
• Personal Savings Personal savings accounts available in Sprout (children), Classic, Advantage, and Elite tiers, offering tiered interest rates, minimum balance requirements, and withdrawal limits for individual savers.
• Personal Loans Flexible personal lending products including consumer loans, CD/Savings secured loans, personal lines of credit, debt consolidation loans, overdraft protection, and unsecured loans for individuals needing financing for various personal needs.
• Mortgage Products Residential mortgage offerings including Conventional Loans, Non-Conforming Loans, FHA Loans, VA Loans, Rural Development Loans, Construction Loans, Refinance options, Home Equity Lines of Credit (HELOC), and Home Equity Loans for home purchase and refinancing.
• Certificates of Deposit (CDs) Fixed-rate Certificates of Deposit with terms from 182 days to 8 years, minimum opening balances as low as $500, FDIC-insured up to $250,000, automatic renewal, and a 7-day grace period at maturity.
• Individual Retirement Accounts (IRAs) Traditional and Roth IRAs offering tax-advantaged retirement savings with terms from 18 months to 5 years and minimum opening balances starting at $250 for tax-deferred or tax-free growth.
• Debit Cards MasterCard debit cards with SHAZAM fraud protection, surcharge-free ATM access at SHAZAM and Money Pass networks, and SHAZAM Brella app integration for transaction alerts and card control.
• Credit Cards Visa Platinum credit cards including Visa Rewards Platinum Business Card (ScoreCard rewards program earning one point per dollar on retail purchases) with chip security, zero fraud liability, and travel benefits.
• Online Banking NetTeller-based internet banking platform available 24/7 with account access, fund transfers, bill pay, eStatements, downloadable transaction history for Quicken/Quickbooks, and financial calculators.
• Mobile Banking App Mobile banking application for iOS and Android devices featuring Touch ID/PIN authentication, balance viewing, mobile deposits, mobile bill pay, person-to-person payments, and fund transfers.
• Commercial Loans Business lending products for small and medium-sized businesses including Commercial Real Estate Loans, Equipment Loans, Business Term Loans, SBA Small Business Loans, Operating Lines of Credit, and Letters of Credit.
• Business Checking Business checking accounts available as Classic Business Checking with monthly maintenance fees and transaction fees, and eStatement Business Checking with $0 monthly maintenance and 25 free debit/credit items per month.
• Business Savings Business savings accounts in Classic, Advantage, and Elite tiers with tiered interest rates, minimum balance requirements, and withdrawal limitations for businesses.
• Merchant Services Payment processing services enabling businesses to accept credit cards, debit cards, gift cards, and checks, with equipment and support provided.
• Safe Deposit Boxes Secure safe deposit boxes available in multiple sizes (3x5 to 10x10) at the Rosemount branch with annual rental fees ranging from $40 to $140.
• iHELP Student Loans Private student loan program offered in partnership with iHELP by ZuntaFi providing undergraduate, graduate, and consolidation loans with competitive interest rates, no origination or repayment fees, and flexible repayment options.
• Telephone Banking 24-hour automated telephone banking service accessible at 1(800) 875-2111 providing account information and basic transactions without internet access.
• Wire Transfer Services Local and international wire transfer services for moving funds between accounts at different institutions, with incoming ($10), outgoing domestic ($20), and outgoing international ($40) fees.

Quantifiable outcome

• 115+ years in continuous operation in Rosemount
• +2 more outcomes

Named customers4 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

Integration9 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• iHELP by ZuntaFicoreTechnology or IntegrationPrivate student loan program partner providing undergraduate, graduate, and refinance student loan options. iHELP offers competitive interest rates, no origination or repayment fees, flexible repayment options, and easy online application. Bank refers customers to iHELP for private student loan needs after exhausting federal options.
• SHAZAMcoreTechnology or IntegrationDebit and credit card processing network and fraud protection provider. SHAZAM Brella app provides real-time fraud alerts, card blocking/unblocking, and travel pause features. Manages Shazam Fraud Disputes Department for charge dispute resolution.
• NetTellercoreTechnology or IntegrationOnline banking service provider enabling internet banking platform with 128-bit SSL encryption, account management, transfers, bill pay, and security features including auto-logout after 10 minutes of inactivity.
• MasterCardcoreTechnology or IntegrationDebit card network partner enabling purchases at over 21 million locations worldwide and ATM access at 900,000+ locations. Also issuer of Visa Platinum Business Card and ScoreCard Visa Platinum Business Card.
• VisacoreTechnology or IntegrationCredit card issuing partner for Visa Platinum and Visa Rewards Platinum credit cards with chip security, zero fraud liability, and travel benefits.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Others

• SHAZAM: Debit and core banking technology vendor partner of First State Bank of Rosemount. Included as an ecosystem participant given the bank's heavy reliance on SHAZAM for debit processing and fraud services.

Direct peers

• Cornerstone National Bank & Trust: Independent community bank in the Midwest offering personal and business banking products. Comparable scale, family/independently operated positioning, and community-banking value proposition.
• Lake Area Bank: Minnesota-based independent community bank serving the South Metro/Twin Cities suburbs. Closely comparable to First State Bank of Rosemount in scale, single-market community banking model, and full-service consumer/commercial product suite.
• First National Bank of Northfield: Independent community bank in southern Minnesota serving small-town and suburban Twin Cities markets. Similar scale, deposit-and-loan focus, and local decision-making model to First State Bank of Rosemount.
• State Bank of New Prague: Small-town Minnesota community bank offering personal and commercial banking products. Highly comparable single-market community banking franchise with similar local-relationship value proposition.
• KleinBank (now Magnifi Financial): Minnesota community bank with roots in the Twin Cities metro. Comparable in offering full personal and business banking products to a similar South Metro customer base with relationship-driven service.

Regional players

• BankVista: Minnesota community bank headquartered in Savage serving the South Metro. Comparable local-market community banking focus with overlapping customer geography.
• Think Bank: Minnesota-headquartered retail banking institution serving the Twin Cities and surrounding markets. Comparable in product offerings and target customer segment but larger scale than First State Bank of Rosemount.

Broad incumbents

• Frandsen Bank & Trust: Multi-state community banking franchise with Minnesota presence. Comparable community-banking positioning but materially larger asset base and geographic footprint.
• Merchants Bank (Minnesota): Larger Minnesota community bank with multiple branches across southeastern Minnesota. Comparable full-service product suite but broader geographic reach and greater scale than First State Bank of Rosemount.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/fsbrosemount
• Facebookfacebook.com/First-State-Bank-of-Rosemount-1558630544413271
• LinkedInlinkedin.com/company/fsbrosemount

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 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 First State Bank of Rosemount.