Janesville State Bank

What Janesville State Bank does

Janesville State Bank is a privately held, FDIC-insured community bank headquartered in a single location at 201 N Main St in Janesville, Minnesota. The institution was formed on January 31, 1908 via the merger of the Waseca County Bank and The Janesville Bank, with predecessor activity traceable to 1878, and has been continuously operated from its current Main Street building since acquiring the former Citizens State Bank facility in 1936. It serves retail consumers, local small businesses, and agricultural operations in Janesville and surrounding Waseca County communities (including Waseca and New Richland).

The product portfolio spans personal banking (On-the-Go Checking, NOW Checking, Money Market checking/savings, Passbook Savings, CDs, Traditional and Roth IRAs, HSAs, and consumer loans); agricultural and small business lending (farm real estate loans via Farmer Mac and FSA programs, ag equipment loans including AgBMP, ag operating loans, business equipment and real estate loans with SBA options); and home financing (purchase, refinance, construction, and home equity loans). Digital channels are delivered through the third-party FundsXpress online banking platform and a mobile banking app providing mobile deposit, online bill pay, and P2P payments; debit cards support tokenized digital wallets (Apple Pay, Google Pay, Samsung Pay) and surcharge-free ATM access via the MoneyPass network. The bank also owns Janesville Agency, Inc. (established 1948), a wholly-owned insurance subsidiary distributing personal and commercial lines through more than 15 carrier partners.

The business model combines three revenue streams: net interest income from the spread on loans and deposits (the core stream, including ag, mortgage, consumer, and business lending against checking, savings, CD, and IRA deposit products), insurance commissions generated by Janesville Agency, Inc., and transaction-based banking fees (overdrafts, wire transfers, and account service charges). Distribution is omnichannel but branch-anchored: a single full-service lobby plus drive-up facility (the only one in the immediate trade area), supplemented by online and mobile self-service channels and the MoneyPass ATM network. No parent company, holding structure, or external institutional investor has been disclosed.

Name

Janesville State Bank

Legal name

Janesville State Bank

Website

https://janesvillestatebank.com

Company type

Private

Founded year

1908

Operating status

Operating

Headcount range

11–50 employees

Short description

Janesville State Bank is a privately held, FDIC-insured community bank founded in 1908, operating a single branch in Janesville, Minnesota. It provides deposit, consumer, agricultural, mortgage, and small-business lending, plus digital banking and insurance through its wholly-owned Janesville Agency subsidiary.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (522180), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

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

akta.pro industry

PRIMARYFSABAKAK

Savings Banks (Public/State-Owned)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Development & Public Sector Banking (DFIs, Postal/Savings Banks)

Keywords

• Community banking
• Agricultural lending
• Consumer deposits
• Residential mortgage
• Insurance agency

Headquarters

HQ city

Janesville

HQ country

United States

HQ region

North America

Offices1 record

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. Net Interest Income: Core revenue from spread between interest earned on loans (agriculture, mortgage, consumer, business) and interest paid on deposits (checking, savings, CDs, IRAs).
2. Insurance Commissions: Revenue from insurance product sales through Janesville Agency, Inc. subsidiary, partnering with multiple carriers to offer personal and commercial insurance products.
3. Banking Fees and Service Charges: Fees from account services including overdraft fees, wire transfers, and other account-related charges.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

Janesville State Bank is a locally owned community bank providing FDIC-insured personal deposit products (checking, savings, CDs, IRAs, HSAs), consumer loans, agricultural and small business lending, and home mortgages. The bank operates a digital banking platform with mobile deposit, bill pay, and P2P payments, and distributes personal and commercial insurance through its Janesville Agency, Inc. subsidiary.

Product overview

Janesville State Bank is a five-star, full-service community bank offering a comprehensive suite of financial products and services. The bank's core offerings span personal banking (checking, savings, CDs, IRAs, HSAs, consumer loans), agriculture and business banking (specialized farm loans, equipment financing, commercial real estate), and home financing (mortgages and home equity loans). Digital banking is delivered through a third-party platform (FundsXpress) with online and mobile banking capabilities including mobile deposits, bill pay, and P2P payments. The bank also offers digital wallet integration (Apple Pay, Google Pay, Samsung Pay) and surcharge-free ATM access via the MoneyPass network. A subsidiary insurance agency (Janesville Agency) provides personal and commercial insurance products through multiple carrier partnerships. The product portfolio also includes five financial calculators (amortization, mortgage payment, savings, CD value, auto loan) as add-on tools for customer planning.

Differentiator

Problem solved

Functional benefit

Products and services

• On-the-Go Checking No-minimum-balance personal checking account with no monthly fees, debit card, unlimited check writing, and 6 free bill pays with e-statements for individual consumers.
• NOW Checking Interest-bearing checking account requiring a $900 minimum balance with a variable interest rate for individual consumers.
• Money Market Interest Checking Personal checking account with a $2,000 minimum balance requirement offering competitive interest rates.
• Passbook Savings Personal savings account with a $50 minimum balance and quarterly interest payments for individual consumers.
• Money Market Savings Personal savings account with monthly interest payments and automatic rate increases as balances grow, requiring a $2,000 minimum to open.
• Certificates of Deposit (CDs) Fixed-term savings products with varying maturities and minimum balances providing secure investment options for individual consumers.
• Traditional IRA and Roth IRA Individual Retirement Accounts offering tax-advantaged retirement savings with transfer and contribution options for individual consumers.
• Health Savings Account (HSA) Tax-advantaged savings account for individuals enrolled in High Deductible Health Plans, featuring tax-deductible contributions and tax-free withdrawals for qualified medical expenses.
• Consumer Loans Secured loans for vehicles, boats, and other purchases with flexible repayment options and competitive rates for individual consumers.
• Agriculture Real Estate Loans Farm financing for purchasing land, expanding operations, or new construction with flexible terms including long-term fixed rate options, Farmer Mac, and FSA programs for farmers and agricultural businesses.
• Agriculture Equipment Loans Financing for new or used farming equipment with customized terms and efficient in-house processing for farmers, including AgBMP Loan Program experience.
• Agriculture Operating Loans Working capital financing for agricultural operations covering repairs, seed, chemicals, and other operational needs with flexible terms for farmers.
• Business Equipment & Operating Loans Business financing for short-term working capital or equipment purchases with quick local decision-making, competitive rates, and SBA options for small businesses.
• Business Real Estate Loans Commercial and residential real estate lending with SBA options available for entrepreneurs and business owners.
• Home Mortgage Loans Home purchase, refinance, and construction financing with competitive rates for primary residences, second homes, vacation homes, and investment properties.
• Home Equity Loans Revolving and one-time credit options using home equity as collateral for home improvements, debt consolidation, or major life events.
• Online Banking Web-based banking platform enabling account management, fund transfers, bill payment, check imaging, statement viewing, and debit card management for account holders.
• Mobile Banking App Native mobile application for iOS and Android providing real-time account access, mobile deposits, transfers, card controls, and fraud alerts for account holders.
• Mastercard Debit Card Mastercard debit card providing convenient access to checking account funds wherever Mastercard is accepted, with fraud protection for account holders.
• Janesville Agency Personal Insurance Independent insurance agency offering home, auto, farm, umbrella, recreational vehicles, and life & health insurance products for individuals and families through multiple carrier partnerships.
• Janesville Agency Commercial Insurance Business insurance including property & casualty coverage, employee benefits, and bonds for businesses of all sizes through multiple carrier partnerships.

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Partnerships

20 partnerships are on record, tiered core and minor.

• MoneyPasscoreTechnology or IntegrationSurcharge-free ATM network partnership providing access to over 32,000 ATMs nationwide. Allows Janesville State Bank debit card holders to access cash without fees across the MoneyPass network.
• American ModernminorOthersInsurance carrier partner offering specialty home and farm insurance products through Janesville Agency.
• Berkley ClassicsminorOthersInsurance carrier partner offering classic/collectible vehicle insurance through Janesville Agency.
• Blue Cross Blue ShieldminorOthersHealth insurance carrier partner offering individual and group health coverage through Janesville Agency.
• CNA SuretyminorOthersSurety bond insurance carrier partner through Janesville Agency for commercial bonding needs.
• Delta DentalminorOthersDental insurance carrier partner offering group and individual dental coverage through Janesville Agency.
• EMC Insurance CompaniesminorOthersRegional property and casualty insurance carrier partner through Janesville Agency.
• Health PartnersminorOthersHealth insurance carrier partner offering coverage options through Janesville Agency.
• K&K Insurance GroupminorOthersInsurance carrier partner specializing in recreational and sports coverage through Janesville Agency.
• McPherson Minn Lake MutualminorOthersRegional mutual insurance company partner offering property coverage through Janesville Agency.
• MedicaminorOthersHealth insurance carrier partner offering individual and group plans through Janesville Agency.
• MidState MutualminorOthersRegional mutual insurance partner offering property coverage through Janesville Agency.
• North Star MutualminorOthersRegional mutual insurance carrier partner offering farm and property coverage through Janesville Agency.
• ProgressiveminorOthersAuto insurance carrier partner offering vehicle coverage through Janesville Agency.
• RAM MutualminorOthersRegional mutual insurance partner offering coverage through Janesville Agency.
• Reliance Standard Life InsminorOthersLife and disability insurance carrier partner through Janesville Agency.
• Risk Placement ServicesminorOthersExcess and surplus lines insurance broker partner through Janesville Agency.
• SafecominorOthersPersonal lines insurance carrier partner (Liberty Mutual) offering auto, home coverage through Janesville Agency.
• SFMminorOthersWorkers compensation insurance specialist partner through Janesville Agency.
• Superior PointminorOthersInsurance carrier partner offering coverage through Janesville Agency.

Scale indicators2 records

Recent moves9 records

Expansion highlights4 records

Others

• U.S. Bank:

Direct peers

• MinnWest Bank: MinnWest Bank is a Minnesota-based community banking franchise with multiple branches and similar agricultural lending focus, making it a close comparable in business model, customer segments (ag and small business), and geographic footprint.
• Bremer Bank: Bremer Bank is a regional community bank headquartered in Minnesota serving agricultural, small business, and consumer customers through a multi-branch network, sharing the community banking model and ag lending emphasis.
• Bell Bank: Bell Bank is a Midwest community bank with operations in Minnesota emphasizing relationship banking, ag lending, and full-service offerings — closely aligned with Janesville State Bank's community franchise profile.
• Stearns Bank: Stearns Bank is a Minnesota-headquartered community bank with commercial and ag lending focus and small-town service model, comparable in target segments and product mix to Janesville State Bank.
• ProGrowth Bank: ProGrowth Bank is a small Minnesota community bank serving rural and agricultural customers with comparable product suite (deposits, ag and consumer loans), making it a close local-market comparable.
• Heartland Bank (MN): Heartland Bank is a Minnesota community bank focused on agricultural and small business lending, with deposit and loan products directly comparable to Janesville State Bank's portfolio.

Broad incumbents

• Old National Bank: Old National Bank is a larger Midwest community-focused bank with extensive ag and commercial lending capabilities; operates in adjacent geographies and competes for similar customers but at greater scale.
• Wells Fargo: Wells Fargo is a national bank with branch presence across Minnesota competing for consumer deposits, mortgage, and small business relationships; a broad incumbent that Janesville State Bank positions itself against via local service.

Regional players

• Alerus Financial: Alerus Financial is a Midwest regional bank and wealth management firm with deposit and ag lending capabilities serving Minnesota and North Dakota; comparable in product offering but larger and more diversified than Janesville State Bank.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/janesville-state-bank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Janesville State Bank