Bank of Lake Mills
- Company typePrivate
- Founded1893
- HeadquartersLake Mills, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
Bank of Lake Mills firmographics
Firmographics- Name
- Bank of Lake Mills
- Legal name
- Bank of Lake Mills
- Website
- https://bankoflakemills.com
- Company type
- Private
- Founded year
- 1893
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Bank of Lake Mills industry classification
Industry- Product category
- Community Banking
- NAICS
- Commercial Banking (52211), Commercial Banking (522110), Credit Card Issuing (52221), Credit Card Issuing (522210)
- SIC
- State Commercial Banks (6022)
- akta.pro industry
- Branch & In-Person Banking (Teller/ATM Networks)SME Deposits & Business Accounts (Operating, Savings, CDs)Financial & Insurance/Banking (Commerical, Retail & Consumer)/Commercial Banking (SME & Middle Market)Bank & Credit Union Personal Loans (Unsecured Installment)Business / Corporate Credit CardsCredit Cards & Revolving Credit
Keywords
Where Bank of Lake Mills is headquartered
LocationHeadquarters
- HQ city
- Lake Mills
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Bank of Lake Mills business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- Interest Income from Lending: Primary revenue stream from interest earned on mortgage loans, commercial loans, personal loans, and other credit products extended to customers.
- Deposit Account Interest Spread: Revenue generated from the spread between interest paid on deposits (checking, savings, CDs, money market) and interest earned on loans and investments.
- Business Checking and Savings Account Fees: Monthly maintenance fees, per-debit charges, and minimum balance fees for business checking accounts ($200 minimum, $10 monthly fee plus $0.25 per debit if balance falls below $200 or average balance of $750 not met).
- Business Money Market and Savings Fees: Monthly maintenance fees for business savings ($1 if balance below $25) and money market accounts ($6 if balance below $2,500).
- Personal Account Fees: Monthly paper statement fee of $3 for Interest Advantage Checking if not enrolled in online statements; $1 monthly fee for savings accounts if balance falls below $25.
- Safe Deposit Box Rental: Annual rental fees for safe deposit boxes ranging from $25 to $95 per year depending on size.
- Merchant Services Revenue Share: Revenue sharing arrangement with Wind River Payments for providing payment processing services to business customers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | 10 Month CD Special: $2,500 minimum, 3.92% Rate / 4.00% APY |
| Subscription | Multi-year contract | 19 Month CD Special: $2,500 minimum, 4.02% Rate / 4.10% APY |
| Subscription | Multi-year contract | 26 Month CD Special: $2,500 minimum, 4.11% Rate / 4.20% APY |
| Subscription | Monthly | Interest Advantage Checking: Balance $10,000 or less earns 1.98% APY; Balance over $10,000 earns 0.50% APY on portion exceeding $10,000 |
| Subscription | Monthly | High-Yield Money Market: $50,000 minimum, 3.75% Rate / 3.82% APY |
| Subscription | Monthly | Business Checking: $200 minimum opening, $10 monthly maintenance plus $0.25 per debit if requirements not met |
| Subscription | Monthly | Business Savings: $25 minimum balance, $1 monthly fee if balance falls below $25 |
| Subscription | Monthly | Business Money Market: $2,500 minimum opening, $6 monthly fee if balance falls below $2,500 |
| Unit Pricing | Annual | Safe Deposit Boxes: Sizes ranging from 3x5 to 12x12 |
| Transaction based/ take rate | Monthly | Business Visa Credit Cards: Multiple options with 0% introductory APR for 6 months |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels6 records
Bank of Lake Mills product offering
Product offeringCore offering
Bank of Lake Mills is a community bank that accepts deposits and extends credit through personal and business checking, savings, money market, and CD/IRA accounts, as well as mortgage, personal, and commercial loans including SBA-backed financing. It also distributes Visa credit cards via TCM Bank and merchant services via Wind River Payments, delivering these through two Wisconsin branch locations and digital/mobile banking channels.
Product overview
Bank of Lake Mills is a community bank offering a comprehensive suite of personal and business banking products and services. The portfolio includes personal deposit products (checking, savings, money market, CDs/IRAs), lending (mortgages, personal loans, commercial loans, SBA programs), credit cards (personal and business Visa cards through TCM Bank), and merchant services. Digital banking capabilities encompass online/mobile banking, bill pay, money management tools, remote deposit capture, and ACH services. The bank differentiates through local decision-making, community involvement, and supplementary services like financial calculators, safe deposit boxes, and school pride Mascot Debit Cards that donate percentages back to local schools.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Checking Personal deposit accounts including Interest Advantage Checking, requiring a $25 minimum opening balance.
- Personal Savings & Money Market Savings accounts including Personal Savings (0.10% APY, $25 minimum), Money Market Account (tiered rates up to 0.50% APY, $2,500 minimum), and High-Yield Money Market Account (3.75% APY, $50,000 minimum with new money requirement).
- CDs & IRAs Certificate of Deposit products ranging from 91-day to 4-year terms, with current specials at 10 Month (4.00% APY), 19 Month (4.10% APY), and 26 Month (4.20% APY). Also offers IRA options including the 18 Month Variable IRA.
- Mortgage Loans Residential mortgage loan products including purchase, construction, and refinancing options underwritten with local decision-making by an experienced lending team.
- Personal Loans Consumer lending products, including personal loans for various needs, financed through the bank's retail lending officers.
- Personal Visa Credit Cards Visa credit card products issued through TCM Bank, N.A. with rewards, cash back, and travel options, zero fraud liability, and mobile payment capabilities.
- Business Checking Business deposit account with a $200 minimum opening, fee-waiver requirements of either a $200 daily balance or $750 average statement cycle balance, and a free MasterCard Debit Card with ATM transactions.
- Business Savings & Money Market Business deposit accounts including Business Savings ($25 minimum, $1 monthly fee if below) and Business Money Market ($2,500 minimum, $6 monthly fee if below) with competitive tiered interest rates and check-writing capability.
- Commercial Loans Business lending including commercial and investment real estate loans, equipment and commercial vehicle financing, lines of credit for inventory and working capital, and SBA 7(a) and Express loan programs.
- Business Visa Credit Cards Business credit card products including Small Business Rewards, Small Business Cash Rewards, Small Business Edition, and Company Rewards Charge Card for large corporations, nonprofits, and municipalities, with employee cards and consolidated statements.
- Merchant Services Payment processing services provided through Wind River Payments including Point of Sale systems, online/e-commerce solutions, mobile payment acceptance, and PCI-DSS compliant data security on at-will agreements.
- Accept Online Payments Business invoicing and payment acceptance service powered by Autobooks, enabling businesses to create, send, and track invoices via email/text, accept debit/credit cards and electronic bank transfers, with branding and reporting.
- Business Digital Banking Online banking platform providing balance and transaction viewing, fund transfers, user security levels, account activity exports, ACH origination, online statements, online bill pay, and remote deposit capture for business customers.
- Personal Digital Banking Personal online and mobile banking services including balance viewing, fund transfers, bill pay, mobile deposit, and Money Manager for financial management.
- Online Bill Pay Electronic bill payment service for scheduling single or recurring payments, receiving eBills, email payment reminders, Pay a Person feature, and 18-month payment history search.
- Online Loan Payment Center Secure platform for making Bank of Lake Mills loan payments from external checking or savings accounts, powered by ProfitStars.
- 24-Hour Telephone Banking Automated phone banking service available 24/7 for checking balances and transferring funds between Bank of Lake Mills accounts using PIN authentication.
- Safe Deposit Boxes Secure storage boxes available in seven sizes (3x5 through 12x12) at annual rental rates ranging from $25 to $95, subject to availability.
Quantifiable outcome
- Assets grew from $11,698,000 in 1978 to over $415,000,000 today
- +1 more outcomes
Companies that use Bank of Lake Mills
Customer profileSegments4 records
Ideal customer profiles2 records
Bank of Lake Mills technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature4 records
Bank of Lake Mills partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Wind River PaymentscoreBank of Lake Mills partners with Wind River Payments, a Wisconsin-based family-owned payment acceptance and processing company, to provide merchant services to business customers. Services include point of sale systems (wireless, mobile, virtual terminals), online/e-commerce solutions, mobile payment acceptance, and PCI-DSS compliant data security. Wind River offers 'at-will' agreements without long-term contracts and provides ongoing customer service support.
- AutobookscoreOnline invoicing and payment acceptance platform integrated into Bank of Lake Mills digital banking services. Allows businesses to create, send, and track invoices via email and text, with integrated payment processing allowing customers to pay via debit card, credit card, or electronic bank transfer deposited directly into business checking accounts.
- TCM Bank, N.A.coreTCM Bank, N.A. is a subsidiary of ICBA Bankcard and serves as the issuing bank for Bank of Lake Mills Visa credit cards (both personal and business). This is a joint marketing partnership providing credit card products to bank customers under the bank's branding.
- ICBA BankcardminorICBA Bankcard is referenced as the parent company of TCM Bank, N.A. and provides the infrastructure for credit card services offered through Bank of Lake Mills.
- SBA (Small Business Administration)coreBank of Lake Mills is an authorized SBA Express lender, enabling the bank to offer SBA 7(a) and Express loan programs to small business customers. This partnership provides access to government-backed lending programs for commercial real estate, equipment financing, and working capital.
Scale indicators5 records
Recent moves10 records
Expansion highlights4 records
Bank of Lake Mills competitors and assessment
Company assessmentDirect peers
- State Bank of Cross Plains: Wisconsin-based community bank offering personal and business checking, savings, mortgages, and commercial lending across multiple branches. Directly comparable community bank operating in Dane County, Wisconsin with similar product breadth and customer focus.
- Monona Bank: Madison-area community bank providing personal banking, commercial lending, and treasury services to local businesses and consumers. Closely comparable Wisconsin community bank with similar deposit-taking and small-business lending model.
- Bank of Sun Prairie: Community bank serving the Sun Prairie, Wisconsin area with personal and commercial banking products including mortgages and business loans. Similar community-bank positioning and product mix in a Wisconsin local market.
- Capitol Bank: Madison, Wisconsin community bank offering personal and business banking, treasury management, and commercial lending. Comparable Wisconsin community bank with similar relationship-driven local banking model.
- Blackhawk Bank: Community bank operating in southern Wisconsin and northern Illinois with personal banking, mortgage, and commercial lending products. Comparable multi-branch Wisconsin community bank with similar asset size and product scope.
- Premier Community Bank: Wisconsin-based community bank offering personal, business, and mortgage products. Similar asset-size community bank with overlapping deposit, lending, and digital banking offerings in Wisconsin markets.
- First Bank of Wisconsin: Wisconsin community bank with personal and business banking, mortgages, and commercial lending. Comparable Wisconsin community bank with similar full-service product offering and branch-based model.
Broad incumbents
- Associated Bank: One of the largest Wisconsin-based banks with statewide branch network, full personal and commercial banking, mortgage, wealth, and treasury services. Overlaps as the broader incumbent competing for the same Wisconsin small-business and consumer customers as Bank of Lake Mills.
- BMO Harris Bank: Large regional bank with substantial Wisconsin branch presence offering retail, commercial, mortgage, and wealth services. Competes head-to-head for community-bank customers in Jefferson County with a much broader product portfolio.
Regional players
- Fox Communities Credit Union: Wisconsin-based member-owned credit union offering personal and business banking, lending, and digital services across multiple branches. Operates in the same Wisconsin geography with overlapping retail banking offerings, though structured as a credit union rather than a bank.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Bank of Lake Mills social profiles
Digital presenceBank of Lake Mills financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bank of Lake Mills leadership team
Management profileNumber of profiles
Profiles9 records
Bank of Lake Mills funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bank of Lake Mills M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bank of Lake Mills
What does Bank of Lake Mills do?
Bank of Lake Mills is a community bank that accepts deposits and extends credit through personal and business checking, savings, money market, and CD/IRA accounts, as well as mortgage, personal, and commercial loans including SBA-backed financing. It also distributes Visa credit cards via TCM Bank and merchant services via Wind River Payments, delivering these through two Wisconsin branch locations and digital/mobile banking channels.
Is Bank of Lake Mills a public or private company?
Bank of Lake Mills is a private company. It is classified as family owned and is currently operating.
When was Bank of Lake Mills founded?
Bank of Lake Mills was founded in 1893. It employs 11 to 50 people.
Where is Bank of Lake Mills based?
Bank of Lake Mills is headquartered in Lake Mills, United States, in the North America region.
How does Bank of Lake Mills make money?
Seven revenue lines are on record. Interest Income from Lending is the primary driver. The others are deposit Account Interest Spread, business Checking and Savings Account Fees, business Money Market and Savings Fees, personal Account Fees, safe Deposit Box Rental and merchant Services Revenue Share.
Who are Bank of Lake Mills's main competitors?
Direct peers on record are State Bank of Cross Plains, Monona Bank, Bank of Sun Prairie, Capitol Bank, Blackhawk Bank, Premier Community Bank and First Bank of Wisconsin. Broad incumbents are Associated Bank and BMO Harris Bank. Fox Communities Credit Union is listed as a regional player.
Does Bank of Lake Mills have an API?
No public API is recorded for Bank of Lake Mills.
What industry is Bank of Lake Mills in?
Bank of Lake Mills's product category is Community Banking. Its primary akta.pro industry code is FSABAAAE, Branch & In-Person Banking (Teller/ATM Networks), with a secondary code of FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs). Its NAICS code is 52211 and its SIC code is 6022.