American Federal Bank

What American Federal Bank does

American Federal Bank is an employee-owned community bank founded in 1891, headquartered in Fargo, North Dakota, and operating 13 branch locations across northwestern Minnesota and southern North Dakota within the Red River Valley and Lakes Region. Approximately 70% of the institution is owned by employees and directors, a structure that supports decentralized local decision-making on credit and customer relationships. The bank serves three primary segments — agriculture, business/commercial, and personal/consumer — with mortgage banking as a secondary segment, and is recognized as the oldest-continuing business in East Grand Forks with superior performance ratings from national financial services rating organizations.

The bank's product set spans deposit accounts (American Free, Relationship Checking, American Advantage, Ag Partner Checking, Small Business Checking, Business Partner Checking, savings, money market, CDs, HSA), lending products (ag loans and leasing, commercial real estate, business loans and lines of credit, SBA/USDA/FSA government-guaranteed programs, personal loans, mortgages, home equity, HELOC), and fee-based services (Cash Management with ACH, wires, Positive Pay, Remote Deposit Capture via ezDeposit; Merchant Services powered by Heartland Payment Systems; credit cards via Elan Financial Services; investments via LPL Financial through the American Federal Investments subsidiary; and crop insurance via American Federal Insurance Services, Inc.). The underlying technology stack is a traditional community banking platform with online and mobile banking, a Card Control feature for debit card management, an Online Financial Manager for business customers with QuickBooks/CSV export, and integrations with Apple Pay, Google Pay, Samsung Pay, MoneyPass, and IntraFi ICS.

Revenue is generated through traditional banking mechanisms: net interest income on the loan portfolio (ag, commercial real estate, business, personal, mortgage), transaction and monthly fees on business and personal deposit accounts, interchange and processing fees on merchant services and credit cards, fee sharing from the LPL Financial investment partnership, and crop insurance distribution. GTM is sales-led and relationship-based, with experienced Ag, Business, and Personal Bankers acting as trusted advisors under a Market President model; the bank recruits proactively and makes credit decisions locally. The bank is FDIC-insured and operates as an Equal Housing Lender (NMLS ID 457211).

Name

American Federal Bank

Legal name

American Federal Bank

Website

https://americanfederalbank.com

Company type

Private

Founded year

1891

Operating status

Operating

Headcount range

101–250 employees

Short description

American Federal Bank is an employee-owned community bank founded in 1891, headquartered in Fargo, ND, operating 13 branches across northwestern Minnesota and southern North Dakota. It serves agriculture, business, and personal customers with deposits, loans, mortgages, merchant services, cash management, crop insurance, and investments.

Ownership category

akta.pro rank

Headquarters

HQ city

Fargo

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest on loans including agricultural loans, commercial real estate loans, business loans, and personal/mortgage loans
2. Business Checking Account Fees: Monthly maintenance fees, per-check fees, deposited item fees for Small Business Checking and Business Partner Checking accounts
3. Business Loans, Leasing and Lines of Credit: Fees and interest from business lines of credit, equipment loans, commercial real estate loans, and leasing services
4. Agriculture Banking Products: Revenue from Ag loans, leasing, lines of credit, crop insurance partnerships, and agribusiness money market savings accounts
5. Business Credit Cards: Credit card revenue through Elan Financial Services partnership for business and personal credit cards with low rate, cash back, and flexible rewards options
6. Investment Services: Revenue sharing from LPL Financial partnership for securities and advisory services offered through American Federal Investments subsidiary
7. Human Resources Consulting: Recruitment and staffing services for banking positions across market areas

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

American Federal Bank is an employee-owned community bank providing deposit accounts, loans, credit cards, mortgages, crop insurance, merchant payment processing, and investment advisory services to individuals, businesses, and agricultural operations across the Red River Valley of northwestern Minnesota and southern North Dakota. The bank operates 13 branch locations supplemented by online, mobile, and telephone banking channels, and serves as a USDA Farm Service Agency Preferred Lender with deep expertise in agribusiness financing.

Product overview

American Federal Bank is an employee-owned community bank offering a comprehensive suite of banking products across personal, business, agriculture, and mortgage segments. The core offering includes checking and savings accounts (with specialized variants like American Free, Relationship Checking, Ag Partner Checking), certificates of deposit with retirement and HSA options, personal and business credit cards, personal and commercial loans, and mortgage products. Digital banking is delivered through Online Financial Manager (business) and standard Online/Mobile Banking (consumer). Specialized services include Cash Management with ACH/Wire/Positive Pay for businesses, Merchant Services for payment processing, Crop Insurance through American Federal Insurance Services, and investment services via LPL Financial. The bank emphasizes local decision-making with 14 branch locations across Minnesota and North Dakota, serving the Red River Valley agricultural region with particular expertise in agribusiness banking.

Differentiator

Problem solved

Functional benefit

Brands

• American Federal Insurance Services, Inc. Crop insurance subsidiary offering Multi-Peril Crop Insurance, Crop Hail Insurance, and other agricultural insurance products including Pasture/Rangeland/Forage (PRF), Margin Protection (MP), Livestock, and SCO/ECO coverage.

Products and services

• Personal Checking Everyday consumer checking accounts in three tiers: American Free Checking (no minimum balance, no monthly fee), Relationship Checking (tiered variable interest for customers meeting combined balance thresholds), and American Advantage Checking (interest-bearing for customers 50+ or employed by business clients).
• Personal Savings Savings accounts for individual consumers including American Savings (variable rate tiers), Retirement Savings (liquid retirement option), and Money Market Savings (tiered rates for larger balances).
• Certificates of Deposit (CDs) FDIC-insured term deposits with fixed rates and maturities from 91 days to 60 months, including Retirement CDs, Roth IRAs, Direct Rollover IRAs, and HSA CDs with laddering options. Minimum $1,000 deposit to open.
• Health Savings Account (HSA) Tax-advantaged account for high-deductible health plan holders earning tiered interest on $2,500 minimum balance, with HSA debit card for qualified medical expenses and free direct deposit.
• Personal Credit Cards Credit card options for individual consumers including low rate, cash back, and flexible rewards programs issued through Elan Financial Services with mobile payment capability and zero fraud liability.
• Personal Loans Flexible consumer installment financing for vehicles, campers, recreation, and other personal purposes, with banker advisory support.
• Mortgage Loans Residential mortgage financing including purchase loans, refinancing, construction loans, home equity loans, HELOCs, and first-time home buyer programs, with decisions and servicing handled locally.
• Business Checking Three business checking tiers: Small Business Checking ($500 minimum balance to avoid $8 monthly fee), Business Partner Checking (larger volumes with earnings credit based on 90-Day Treasury Bill rate), and American Advantage Checking (for employees of business clients).
• Merchant Services Payment processing for businesses accepting all major card types including chip cards, Apple Pay, Google Pay, and Samsung Pay, with next-day funding and 24/7 U.S.-based customer service, powered by Heartland Payment Systems.
• Cash Management Services Business cash management including ACH Origination, Wires, Business Bill Pay, IntraFi ICS deposits, Positive Pay fraud protection, Mobile Deposit, Remote Deposit Capture (ezDeposit), account sweeps, and Business Debit Cards.
• Business Credit Cards Business credit cards with low rate, cash back, or flexible rewards options, including free online expense reporting, employee cards at no fee, mobile payments, and zero fraud liability.
• Business Loans, Leasing and Lines of Credit Business financing including lines of credit, equipment and working capital loans, commercial real estate loans, leasing services, and SBA loan programs.
• Online Financial Manager Business online banking platform enabling account access, ACH origination, bill payment, wire transfers, 60-day transaction history, QuickBooks/CSV export, and multi-user access controls.
• Agricultural Loans, Leasing and Lines of Credit Agricultural financing including annually renewable lines of credit (fixed/variable rates), machinery, equipment, and livestock loans (up to 75% FMV, 7-year terms), ag real estate loans (up to 25 years), agribusiness leasing, and government-guaranteed FSA, SBA, and USDA programs.
• Ag Partner Checking Checking account designed for larger ag operations with check volumes, featuring earnings credit based on the 90-day Treasury Bill rate to offset service charges.
• Agribusiness Money Market Savings Short-term investment account for farming operations with tiered interest rates, $5 monthly fee (waivable), FDIC insurance, and up to 6 monthly transfers.
• Crop Insurance Crop insurance products including Multi-Peril Crop Insurance (MPCI), Crop Hail Insurance, Pasture/Rangeland/Forage (PRF), Margin Protection, Livestock, and SCO/ECO coverage offered through partnerships with leading crop insurance companies.
• American Federal Investments Securities, advisory, and insurance products offered through LPL Financial (Registered Investment Advisor, FINRA/SIPC member) by licensed representatives of American Federal Investments, a subsidiary of American Federal Bank.

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• LPL FinancialcoreStrategic or Co-development PartnerAmerican Federal Investments, a subsidiary of American Federal Bank, partners with LPL Financial to provide securities and advisory services to clients. LPL Financial is a Registered Investment Advisor and member of FINRA/SIPC. The partnership enables American Federal to offer investment products, retirement planning, and wealth management services through licensed representatives.
• Heartland Payment Systems (Wells Fargo Bank, N.A.)coreTechnology or IntegrationMerchant services powered by Heartland Payment Systems, a registered ISO of Wells Fargo Bank, N.A. (Concord, CA) and The Bancorp Bank (Philadelphia, PA). Provides payment processing accepting all major payment types including debit, credit, chip cards, Apple Pay, Google Pay, and Samsung Pay with next-day funding available.
• USDA Farm Service Agency (FSA)coreStrategic or Co-development PartnerAmerican Federal is a Preferred Lender with USDA Farm Service Agency, the highest level of lender status. Provides beginning farmer programs, guaranteed loan programs for real estate, equipment, and operating loans. Local decision-making combined with FSA programs helps clients secure financing.
• USDA Business & Industry ProgramminorStrategic or Co-development PartnerUSDA B&I program makes business financing solutions available to clients in communities smaller than 50,000. Provides government-guaranteed loans similar to SBA but for larger projects, available to cooperatives and nonprofit entities.
• Small Business Administration (SBA)minorStrategic or Co-development PartnerSBA loan programs make business financing available to small business clients for specific purposes. Government-guaranteed loans help businesses that may not otherwise qualify for credit with flexible terms and competitive rates.
• NAU Country Insurance CompanycoreChannel Partner/ Reseller/ DistributorAmerican Federal Insurance Services, Inc. partners with leading crop insurance companies including NAU Country Insurance Company to offer Multi-Peril Crop Insurance (MPCI), Crop Hail Insurance, and other insurance products to protect agricultural operations.
• Visa/Mastercard (via Elan Financial Services)coreTechnology or IntegrationBusiness and personal credit cards issued through Elan Financial Services under Visa and Mastercard licenses. Provides zero fraud liability, mobile payment capability, and 24/7 cardmember service.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bell Bank: Fargo-headquartered community bank with broad ag, business, and personal banking across the Red River Valley and Upper Midwest; closely matches American Federal's geography, employee-ownership-inspired culture (also ESOP-owned), and product breadth.
• Starion Bank: North Dakota-headquartered community bank operating across the Bismarck-Mandan and Red River Valley regions, with comparable ag, business, and consumer banking offerings and community-bank scale.
• Cornerstone Bank: Community bank serving north-central and northwestern North Dakota with agriculture, business, and personal banking; directly comparable footprint, scale, and ag-lending orientation.
• Alerus Financial: Grand Forks, ND-based diversified financial services company offering banking (commercial, ag, consumer, mortgage), retirement, and benefits services; comparable North Dakota footprint with broader wealth/benefits adjacencies.
• Bank Forward: Employee-owned community bank headquartered in North Dakota serving ag, business, and consumer customers across the Red River Valley — near-identical ownership model and geography to American Federal.
• First International Bank & Trust: North Dakota-headquartered community bank with ag lending expertise, serving North Dakota, Minnesota, and South Dakota with retail, commercial, and mortgage products.
• Choice Bank: Fargo-based community bank providing business, ag, and personal banking with online-account-friendly digital capabilities; regional peer sharing the Fargo-headquarters base.
• AgCountry Farm Credit Services: Farm Credit System association providing loans, leases, and crop insurance to farmers and agribusinesses across North Dakota, Minnesota, and Wisconsin; directly competes for ag loans in American Federal's core segment.

Broad incumbents

• Bremer Financial Services: Large Upper Midwest regional bank serving Minnesota, North Dakota, and Wisconsin with broad commercial, ag, and consumer capabilities; a larger incumbent operating in American Federal's footprint with overlapping product set.
• Heartland Financial USA (HTLF): Multi-bank holding company with community-bank subsidiaries across the Midwest and Southwest; broader incumbent that competes in ag, business, and consumer banking in some of American Federal's markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• Facebookfacebook.com/AmFedBank
• LinkedInlinkedin.com/company/amfedbank
• Xx.com/amfedbank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

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 American Federal Bank