Woodford State Bank

What Woodford State Bank does

Woodford State Bank is a privately held, state-chartered community bank founded circa 1914 and headquartered in Monroe, Wisconsin, with five additional branches across Argyle, Blanchardville, Darlington, New Glarus, and South Wayne. It is the operating subsidiary of Woodford Bancshares Inc., a holding company, and serves retail consumers, small and medium businesses, agricultural operations, and commercial borrowers in Green, Lafayette, and Iowa Counties of southwestern Wisconsin. The bank holds a 5-star Bauer Financial rating and is FDIC-insured.

The bank operates a full-service community banking platform organized into personal banking (checking, savings, money market, CDs, credit and debit cards, mortgages, home equity, auto, personal, recreational, and student loans via Sallie Mae), business banking (checking, savings, money market, CDs, business and commercial loans, equipment leasing through AFN, and Visa credit cards via Elan), and agricultural lending (operating loans, lines of credit, livestock and dairy financing, FSA-guaranteed loans, and farm real estate). Underlying technology is standard community-bank infrastructure: iOS/Android mobile apps with 128-bit encryption, online banking with CheckFree/Fiserv bill pay, Zelle P2P, Shazam/Falcon fraud management, Shazam Brella card controls, IntraFi CDARS for multi-million-dollar FDIC coverage, Evolv merchant services, Positive Pay fraud prevention, and a ConnectFi-powered digital lending application portal.

Woodford State Bank's business model is a traditional net-interest-income community bank: spread between interest earned on loans (mortgage, consumer, business, agricultural) and interest paid on deposits (checking, savings, money market, CDs), supplemented by deposit and service fees, interchange from Elan Visa cards, merchant processing via Evolv, and referral income from Sallie Mae student loans and Harbour Investments. Distribution is exclusively direct-to-consumer across the six branches plus digital channels, with sales motion grounded in local relationship management, community sponsorship of 100+ organizations annually, and word-of-mouth referrals.

Name

Woodford State Bank

Legal name

Woodford State Bank

Website

https://woodfordstatebank.com

Company type

Private

Founded year

1914

Operating status

Operating

Headcount range

101–250 employees

Short description

Woodford State Bank is a privately held community bank founded circa 1914, operating six branches across southwestern Wisconsin to serve retail consumers, small businesses, agricultural operations, and commercial borrowers with full-service deposit, lending, and digital banking products.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Bank Branch / Retail Purchase Mortgages (FSALAAAA)

Keywords

• Community banking services
• Consumer lending products
• Agricultural financing loans
• Business banking solutions
• Deposit account services

Headquarters

HQ city

Monroe

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: The primary revenue driver for Woodford State Bank as a community bank — earning interest on loans (mortgages, consumer loans, business loans, agricultural loans, credit cards) and other credit products in excess of interest paid on deposits. Deposit accounts (checking, savings, money market, CDs) provide the funding base.
2. Deposit Account Fees & Service Charges: Monthly service charges, fall-below fees, excess transaction fees, paper statement fees, and other account-related fees across personal and business checking, savings, and money market accounts.
3. Loan Origination & Related Fees: Income generated from mortgage loans (construction, purchase, refinancing), home equity loans, auto loans, personal loans, recreational loans, business loans, agricultural loans, and commercial leases. Fee income from loan processing and servicing.
4. Merchant Card Processing: Revenue from merchant services including credit/debit card processing, POS equipment, virtual terminals, and online payment solutions via the Evolv partnership.
5. Credit Card Interchange: Woodford State Bank issues Visa credit cards through Elan Financial Services, generating interchange income on card transactions.
6. Student Loan Referral: Referral fees from Sallie Mae student loans; Woodford State Bank refers customers and receives compensation for each loan originated.
7. Equipment Leasing: Revenue from equipment leasing (commercial, agricultural, and municipal) via the AFN Leasing partnership. Income from lease payments, with flexibility to structure tax-advantaged terms.
8. Investment Services Referral: Tom Stauffacher / Harbour Investments Inc. provides investment services; Woodford State Bank earns referral or partnership income from this arrangement.
9. Community Room Rental: The Darlington Community Room is available for rental for meetings, parties, and gatherings, generating rental fee income.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels9 records

Core offering

Woodford State Bank is a community bank that provides deposit products (personal and business checking, savings, money market, CDs), consumer and commercial lending (mortgages, home equity, auto, personal, recreational, student, business, and agricultural loans), equipment leasing, merchant card processing, and digital banking services (online, mobile, Zelle) to individual consumers, small/medium businesses, and farm operators across southwestern Wisconsin. The bank supplements in-branch services with referral partnerships for investments (Harbour Investments), student loans (Sallie Mae), and FDIC coverage expansion (CDARS/IntraFi).

Product overview

Woodford State Bank offers a comprehensive community banking platform organized into personal banking, business banking, and resource/services categories. The personal banking suite includes three checking products (Elite Checking, Cash Back E-Checking, Basic Checking), two money market tiers (Personal Money Market, Platinum Money Market), savings accounts, CDs, and diverse lending products (home loans, home equity, auto, personal, recreational, and student loans via Sallie Mae partnership). Business banking encompasses three checking accounts (Basic Business Checking, Business Interest Checking, Commercial Checking), business money market, business CDs, business and agricultural loans, equipment leasing (through AFN Leasing), and business credit cards. Supplementary services include merchant services (via Evolv), ACH services, Positive Pay fraud protection, merchant remote deposit capture, Online and Mobile Banking with Zelle integration, CDARS/IntraFi for FDIC coverage enhancement, calculators, wire transfers, and secure file transfer. All products share common digital banking infrastructure including online/mobile platforms with 128-bit encryption, and the bank operates six physical branches across Wisconsin communities.

Differentiator

Problem solved

Functional benefit

Brands

• Woodford Bancshares Inc. The holding company for Woodford State Bank.

Products and services

• Elite Checking
• Cash Back E-Checking Personal checking account paying 1% cashback on the first $500 of monthly point-of-sale debit card spending, with a $250 minimum and e-statement/ACH/direct-deposit requirements.
• Basic Checking Entry-level personal checking account with a $100 minimum opening deposit, no minimum balance requirement, and no monthly service charge.
• Savings Account Personal savings account with a $50 minimum opening deposit, $25 minimum to avoid a $1 monthly service charge, and 0.10% APY interest compounded and credited monthly.
• Personal Money Market Personal money market account with check-writing privileges, $2,500 minimum opening, $10 monthly service charge if balance falls below minimum, and tiered interest rates up to 1.25% APY.
• Platinum Money Market Premium personal money market account requiring a $50,000 minimum opening deposit, with tiered rates reaching 2.50% APY on balances of $250,000 or more.
• Certificates of Deposit (Personal & Business) Personal and business certificates of deposit with $1,000 minimum opening, terms from 91 days to 60 months, fixed rates that change weekly, and standard early-withdrawal penalties.
• Home Loans Mortgage lending for home purchase, construction (convertible to a traditional mortgage), and refinancing, with local decision-making, competitive rates, and personalized loan officer assistance.
• Home Equity Loans Revolving credit lines secured by home equity, used for home improvements, large purchases, debt consolidation, and unexpected expenses.
• Auto Loans Financing for new and used vehicle purchases with competitive rates and a dedicated loan officer assigned to the customer throughout the buying process.
• Personal Loans Unsecured personal loans used for debt consolidation or general personal expenses, with flexible terms and competitive fixed rates.
• Recreational Loans Financing for recreational vehicles including motorcycles, RVs, and aircraft, with customized loan options and competitive rates.
• Student Loans (Sallie Mae Partnership) Higher education student loans offered in partnership with Sallie Mae for undergraduate and graduate students, with multiple repayment options, no origination fees, and no prepayment penalty.
• Personal Credit Cards Visa personal credit cards issued via Elan Financial Services, with zero fraud liability, 24/7 cardmember service, and mobile purchasing capability.
• Debit Cards (ShazamChek) Mastercard-branded debit card with EMV chip technology, Falcon Fraud Manager protection, and the Shazam Brella app for card on/off control, fraud alerts, and travel notice management.
• Investments Investment and financial planning services offered through partner Tom Stauffacher at Harbour Investments Inc., including retirement planning, 401(k) rollovers, IRAs, annuities, life insurance, and investment management.
• Basic Business Checking Business checking account for organizations with up to 500 transactions per month, $100 minimum to open, no minimum balance, no monthly maintenance fee, and $0.25 per excess transaction.
• Business Interest Checking Interest-earning business checking account with a $2,500 minimum opening, $10 monthly fee if balance falls below minimum, and 500 included monthly transactions.
• Commercial Checking Commercial checking account for higher-volume and complex business banking needs, with 1,000 included monthly transactions, $1,000 minimum to open, and a $10 monthly maintenance fee.
• Business Savings Account Business savings account with a $25 minimum balance, a $1 monthly service charge (waived for non-profits), and interest compounded and credited monthly.
• Business Money Market Business money market account requiring a $2,500 minimum balance to avoid a $10 monthly service charge, with interest compounded and credited monthly.
• Business CD Business certificates of deposit with a $1,000 minimum opening, multiple term options, and interest paid semi-annually.
• Business Loans Commercial lending for business purchases, inventory expansion, working capital, cash flow management, and commercial real estate financing.
• Ag Loans Agricultural lending suite for farm operators, including operating loans and lines of credit, livestock loans, machinery and equipment loans, FSA-guaranteed loans, short- and long-term farm real estate loans, and dairy expansion loans.
• Equipment Leasing Equipment leasing for commercial, agricultural, and municipal clients, with 100% financing, no down payment, fixed lease rates, tax-structured terms, and sale-leaseback available.
• Business Credit Cards Business credit cards issued via Elan Financial Services, offered in low-rate, cash-back, or flexible rewards variants, with free online expense reporting and zero fraud liability.
• Merchant Services Merchant card processing through Evolv, including smart terminals, virtual terminals, POS equipment, online and mobile payments, e-commerce, gift and loyalty programs, and PIN debit.
• Mobile Banking Mobile banking app for iOS and Android, supporting balance inquiries, transaction history, transfers, bill pay, mobile check deposit, and ATM/branch locator, secured with 128-bit encryption.
• Online Banking Web-based online banking platform with bill pay, e-statements, account management, and Positive Pay access for business customers, with self-service enrollment.
• Zelle Peer-to-peer payment service integrated into online and mobile banking, allowing customers to send and receive money directly from their Woodford State Bank checking accounts.
• CDARS Certificate of Deposit Account Registry Service that distributes customer deposits across a nationwide network of member banks to provide multi-million-dollar FDIC insurance coverage through a single banking relationship.
• IntraFi Cash Services (ICS) Cash sweep service from IntraFi Network LLC that places large cash deposits across a network of banks to provide multi-million-dollar FDIC insurance coverage through a single relationship.

Quantifiable outcome

• 100+ local organizations supported annually through donations and community programs.
• +3 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered minor and core.

• Ever.Ag (Matt Tranel)minorGTM or Marketing Partner · 28 February 2025Woodford State Bank hosted a Market Update seminar featuring Matt Tranel, Senior Dairy Market Advisor at Ever.Ag, providing Corn, Beans & Dairy market insights to the local agricultural community. Positive feedback led to plans for more educational seminars.
• IntraFi Network LLCcoreTechnology or IntegrationThrough IntraFi's CDARS and IntraFi Cash Services (ICS), Woodford State Bank provides customers with access to multi-million-dollar FDIC insurance coverage — well beyond the standard $250,000 limit. Deposits are placed across a nationwide network of financial institutions, all through Woodford State Bank as the single relationship.
• Evolv (Merchant Solutions)coreTechnology or IntegrationWoodford State Bank partners with Evolv to provide merchant card-processing services to business clients. Evolv offers smart terminals, virtual terminals, POS equipment, online payments, mobile payments, gift & loyalty programs, and SEO/web development services. Evolv helps businesses reduce processing costs and protect payment systems.
• AFN LeasingcoreTechnology or IntegrationAFN Leasing provides lease servicing for Woodford State Bank's equipment leasing program (commercial, agricultural, and municipal). Woodford State Bank originates and manages the customer relationship while AFN handles lease servicing.
• Harbour Investments Inc.minorGTM or Marketing PartnerWoodford State Bank partners with Tom Stauffacher of Harbour Investments Inc. / ClearStep Financial to provide investment services including financial planning, retirement planning, Roth IRAs, traditional IRAs, annuities, life insurance, 401(k) rollovers, and investment management. Securities are offered through Harbour Investments Inc.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services is the creditor and issuer of Woodford State Bank's Visa credit card programs (both personal and business). Elan provides zero fraud liability, 24/7 cardmember service, and card processing infrastructure. For missing credit cards, Elan can be reached at 800-558-3424.
• Shazam (Debit Card Network & Fraud Prevention)coreTechnology or IntegrationShazam provides the ShazamChek debit card network and Shazam Brella fraud prevention app for Woodford State Bank. Shazam's Falcon Fraud Manager helps prevent debit card fraud. The free Shazam Brella app offers card on/off controls, automated fraud alerts, travel notice management, and ATM locator.
• Badger State Cold StorageminorGTM or Marketing PartnerFeatured business customer with whom Woodford State Bank has a strong banking relationship, highlighted as a community partnership with a video testimonial.
• Pancho & Lefty'sminorGTM or Marketing PartnerFeatured restaurant business customer with a banking relationship highlighted through a community partnership video testimonial.
• Hawks Mill WineryminorGTM or Marketing PartnerFeatured local winery business customer highlighted through a community partnership video testimonial about the banking relationship.
• Green County Family YMCAminorGTM or Marketing PartnerFeatured non-profit community partner with a video testimonial highlighting the banking and sponsorship relationship.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Blackhawk State Bank: Wisconsin-based community bank of similar size operating a multi-branch retail and business banking model in southern Wisconsin. Direct overlap in geographic and product footprint with Woodford State Bank.
• State Bank of Cross Plains: Wisconsin community bank operating multiple branches across Dane and surrounding counties with comparable retail, business, and ag banking offerings. Closest scale and product-line peer.
• First National Bank of Platteville: Southwestern Wisconsin community bank with similar branch-based retail, ag, and small-business banking focus. Operates in counties adjacent to Woodford's service area.
• Commerce State Bank: Wisconsin community bank serving similar small-town retail and business customers with full deposit, lending, and digital banking capabilities comparable in scope to Woodford's.
• Mound City Bank: Small Wisconsin community bank with comparable retail/ag focus, multi-branch operations, and similar size band; closest in rural Wisconsin community banking profile.
• DMB Community Bank: Wisconsin-based community bank of similar scale offering retail deposits, mortgage, and business lending with a comparable community-anchored value proposition.

Broad incumbents

• Nicolet National Bank: Large Wisconsin-based community/commercial bank that competes across retail, business, ag, and mortgage banking in many of the same Wisconsin geographies, but at significantly greater scale and geographic reach.
• Associated Bank: Major Wisconsin-headquartered regional bank with broad retail, business, mortgage, and wealth offerings. Competes for the same households and small businesses across southern Wisconsin, but with vastly larger scale and product breadth.
• BMO Harris Bank: Large regional bank with extensive Wisconsin branch presence and full product suite. Represents the principal large-bank competitive threat to community banks like Woodford for retail deposits and consumer lending.
• Heartland Financial USA (Dubuque Bank and Trust / Wisconsin Bank & Trust): Multi-state community banking holding company with Wisconsin operations (Wisconsin Bank & Trust) competing in retail, business, and ag banking across southern Wisconsin at greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@WoodfordStateBank
• Facebookfacebook.com/woodfordstatebank
• Instagraminstagram.com/woodfordstatebank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Woodford State Bank