Sherwood State Bank

What Sherwood State Bank does

Sherwood State Bank is a privately held Ohio-chartered community bank and a wholly owned subsidiary of Sherwood Banc Corporation, founded in 1945 and headquartered in Sherwood, Ohio. It operates four full-service branches across northwest Ohio (Sherwood as headquarters, Defiance, Fayette opened 2016, and Archbold opened 2024), serving individual consumers, small and medium businesses, and agricultural operations with personal and business deposit products, consumer and commercial loans (including mortgages, construction, home equity lines, equipment, commercial real estate, and farm lending), credit cards issued through Elan Financial Services, merchant services, and investment advisory through a Raymond James partner located at the Defiance branch.

The bank's core technology stack is fully vendor-supplied rather than proprietary: Fiserv provides the core banking platform, online banking (MyVirtualBranch), debit card processing, and the EnFact fraud monitoring service; CheckFree (Fiserv) powers bill pay; Wolters Kluwer hosts the online loan application portal; and MoneyPass provides surcharge-free ATM access. Customer-facing digital channels include the SSB Online Banking platform and the MyTime Mobile app for iOS and Android, complemented by the 24-hour Sher-Teller phone banking system and the Sherswitch Kit account-migration workflow.

The revenue model is a traditional community bank net interest margin model. Primary income comes from interest earned on a diversified loan book (mortgage, personal, business, agriculture, construction, home equity, and commercial real estate), supplemented by deposit spread, account maintenance and per-item fees, debit and credit card interchange (MasterCard and Elan-issued cards), loan origination fees, merchant services revenue, and revenue-sharing from the Raymond James investment services relationship. The bank is privately held, with shares traded through an internal trading desk and purchasable via a Self-Directed IRA, and operates with a board and management team drawn from the local northwest Ohio community.

Name

Sherwood State Bank

Legal name

Sherwood State Bank

Website

https://sherwood.bank

Company type

Private

Founded year

1945

Operating status

Operating

Headcount range

11–50 employees

Short description

Sherwood State Bank is a privately held Ohio-chartered community bank, founded in 1945 and owned by Sherwood Banc Corporation, operating four branches across northwest Ohio (Sherwood, Defiance, Archbold, Fayette) and serving individuals, small businesses, and agricultural operations with deposit, lending, credit card, and investment services.

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), Short-Term Business Credit Institutions (6153)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

Credit Cards & Revolving Credit (FSABAAAC)

Keywords

• Community banking
• Retail banking services
• Agricultural lending
• Commercial banking
• Consumer lending

Headquarters

HQ city

Sherwood

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income (Lending): Primary revenue source from interest earned on loans including mortgage loans, personal loans, business loans, agricultural loans, construction loans, home equity lines of credit, and commercial real estate. Loan types include fixed and variable rate products with monthly, quarterly, semiannual, or annual payment options.
2. Deposit Interest Expense (Net Interest Margin): Revenue generated from the spread between interest earned on loans and interest paid on deposits. The bank offers a range of deposit products including checking, savings, money market accounts, and certificates of deposit.
3. Loan Application / Origination Fees: Fees associated with loan origination and processing, including mortgage loan applications through Wolters Kluwer platform, personal loans, and business loans.
4. Credit Card Interchange and Fees: Revenue from consumer and business credit cards issued through Elan Financial Services. Cards include features such as zero fraud liability, mobile purchasing, and 24/7 cardmember service.
5. Debit Card Fees and Interchange: Revenue from MasterCard debit card transactions, ATM withdrawals, replacement card fees ($10 per lost/stolen card), and overdraft/insufficient funds charges.
6. Online Banking and Bill Pay Fees: Revenue from online banking services, CheckFree bill pay, and related digital banking service fees.
7. Business Checking and Savings Fees: Monthly maintenance fees for business checking accounts ($0 for Free Business Checking up to 250 items; $10 + $0.20 per check over 10 for Regular Business Checking if balance not maintained), per-item fees, check printing, wire transfers, and account reconciliation services.
8. Merchant Services Fees: Payment processing revenue from business merchant services including card acceptance, transaction processing, and reporting through Finet/Fiserv merchant services platform.
9. Investment Services Revenue Sharing: Revenue from Raymond James investment services offered through the Defiance branch, with advisor Heather Allman providing investment products and personalized guidance.
10. Dividend and Investment Products: Revenue from Self-Directed IRA accounts that allow investment in Sherwood Banc Corporation stock, as well as Dividend Reinvestment Program (DRIP) accounts enabling shareholders to reinvest dividends and make quarterly contributions up to $2,000 for additional share purchases.

Pricing tiers

Go-to-market motion1 record

Distribution channels9 records

Marketing channels5 records

Core offering

Sherwood State Bank is a privately held community bank that provides FDIC-insured deposit products (checking, savings, money market, certificates of deposit, IRAs), consumer and commercial loan products (mortgages, home equity, construction, installment, lines of credit, equipment, commercial real estate, agriculture), credit cards, merchant services, and Raymond James investment services. It distributes these offerings through four Ohio branches in Sherwood, Defiance, Archbold, and Fayette, supported by online banking, a mobile app, phone banking, and online loan applications.

Product overview

Sherwood State Bank is a community bank offering a comprehensive suite of deposit, lending, and digital banking products across four Ohio locations. The portfolio includes personal and business checking/savings accounts, Certificates of Deposit, IRAs, and money market accounts. Lending products span consumer loans (mortgage, construction, home equity, installment, student loans via College Ave), business loans (equipment, commercial real estate, lines of credit, agriculture loans), and credit cards (via Elan Financial Services). Digital banking includes SSB Online Banking with CheckFree bill pay and mobile apps for iOS and Android. Additional services include investment advisory through Raymond James, merchant services, and Sherswitch Kit for account switching. The Sher-Advantage relationship banking program offers preferred pricing when customers bundle checking with savings products.

Differentiator

Problem solved

Functional benefit

Brands

• Sher-Advantage Checking: Everyday checking account with straightforward terms. Open with $500, get unlimited transactions, and avoid the monthly fee with a qualifying balance or ACH/direct deposit.
• Sher-Advantage Savings
• Sher-Teller Services
• Sherswitch Kit

Products and services

• Personal Checking Accounts A suite of personal checking accounts including Free Checking ($25 to open, no minimum balance), Regular Checking ($100 to open, $250 balance to waive $4.50 monthly fee), Estate Account (estate settlement, no debit card), Health Savings Account (0.02% APY, no minimum, MasterCard debit card included), and Sher-Advantage Checking ($500 to open, fee waived with $1,000 balance or ACH/direct deposit). Targeted at individual consumers and households for everyday banking.
• Personal Savings Accounts A suite of personal savings products including Statement Savings (0.02% APY, $50 to open), Christmas Club (annual October payout, $1 to open), Club Account (April payout), Money Market Savings ($2,500 to open, tiered APY up to 0.07%), Community Advantage Money Market ($5,000 to open, up to 0.12% APY), Sher-Advantage Savings (with or without checking, up to 3.09% APY at $50,000+), and IRA Savings (0.02% APY, $50 to open). For individual savers, holiday savers, and those seeking tiered yields with relationship-bundle benefits.
• Certificates of Deposit Time-deposit CDs with terms from 182 days to 48 months and APYs ranging from 0.05% to 3.53%, including 7-Month and 13-Month specials at 3.53% APY and a 24-Month CD with one-time rate bump option. $1,000 minimum to open, semi-annual compounding, substantial early-withdrawal penalty. For consumers seeking guaranteed, fixed-yield deposits.
• Individual Retirement Accounts (IRA) Tax-advantaged IRAs available as 12-Month (0.25% APY), 30-Month (0.50% APY), and 48-Month (0.60% APY) CDs with quarterly compounding, plus an IRA Savings option at 0.02% APY with $50 minimum to open. Substantial early-withdrawal penalty applies. For retirement savers seeking FDIC-insured tax-advantaged deposits.
• Self-Directed IRAs (Sherwood Banc Corporation Stock) Self-directed IRA allowing investors to hold Sherwood Banc Corporation common stock inside an IRA with no fees from the bank. Existing IRAs can be transferred in or shareholders can make cash contributions to purchase shares. For community shareholders seeking tax-advantaged ownership of the holding company.
• Personal Loans Personal loan suite including Mortgage/Real Estate Loans (purchase and refinance, 800-899-9531), Construction Loans (fixed/variable, interest-only during construction), Home Equity Lines of Credit (variable rate, revolving), Personal Lines of Credit ($100 auto-transfer triggers at sub-$500 checking, $10/3% minimum payment), Single Pay Loans (one-payment short-term), Installment Loans (fixed-term, monthly or auto-deduct payments), and Student Loans offered through College Ave Student Loans (no application or prepayment fees, customizable repayment, instant credit decision). For consumers financing homes, construction, education, or personal expenses.
• Business Checking Accounts Free Business Checking ($50 to open, first 250 items free per cycle, $0.25 per item thereafter, no minimum balance) and Regular Business Checking ($100 to open, $10 monthly fee waived with $500 daily balance, $0.20 per check over 10 if balance not maintained). MasterCard debit card included. For local small and medium businesses with varying transaction volumes.
• Business Savings Accounts Business Statement Savings ($50 minimum, semi-annual compounding, $0.50 monthly fee if balance falls below $50) and Business Money Market ($2,500 minimum, tiered rates, monthly compounding). For businesses parking reserves and earning yield.
• Business Loans Equipment Loans (fixed or variable rates, flexible payment cadence), Business Line of Credit (auto-transfers $100 increments when checking drops below $500), Commercial Real Estate Loans (purchase/refinance/improve), Business Construction Loans (interest-only during construction), and Business Link Loans administered through Ohio Treasurer of State offering 2-year interest rate subsidies for businesses adding or maintaining jobs. For local SMBs needing financing for capital expenditures, real estate, or working capital.
• Agriculture Loans Agricultural lending suite including Agriculture Operating Loans (flexible seasonal financing with $100 auto-transfers when checking falls below $500), Agriculture Equipment Loans (fixed/variable rates, payment schedules matched to income), Farm Real Estate Loans (purchase/refinance/long-term improvements), Link Deposit Program (seasonal deadline first week of March, reduced-rate financing through state-supported programs), and Water Pollution Control Link Loans (reduced-rate financing for soil and water conservation improvements with Ohio EPA). For farm operators and agribusinesses in northwest Ohio.
• Personal Credit Cards Consumer credit cards issued through Elan Financial Services (Visa/Mastercard) with rewards, cash back, or low-rate options. Includes zero fraud liability, 24/7 cardmember service, mobile purchasing, and online expense reporting. Applications processed through mycardapply.com. For consumer cardholders.
• Business Credit Cards Business credit cards through Elan Financial Services with low rate, cash back, or rewards options. Free employee cards, online expense reporting tools, and MasterCard Zero Liability protection. For SMBs seeking business-card expense management.
• Merchant Services Payment processing solutions for businesses to accept card payments, with low processing rates, personalized service, and in-depth reporting through Finet/Fiserv. For local merchants needing card acceptance.
• Investment Services Investment advisory services offered through Raymond James at the Defiance Branch, with advisor Heather Allman providing personalized investment guidance and a full range of financial products and services. Products not affiliated with Sherwood State Bank. For customers seeking investment advisory beyond FDIC-insured deposits.
• SSB Online Banking Fiserv-powered secure online banking platform with account management, fund transfers, transaction review, and CheckFree online bill pay (paper check and electronic ACH delivery, recurring payment scheduling). Available 24/7 at secure.myvirtualbranch.com/sherwood. For all deposit account customers.
• Mobile Banking App (MyTime Mobile) Mobile banking app for iOS (App ID 671005268) and Android (com.sherwoodstatebank.imobile) enabling account viewing, transfers between accounts, loan payments, scheduled transfers, and check image viewing. For on-the-go account access.
• MasterCard Debit Card MasterCard debit card with EnFact fraud monitoring, fraud text alerts from 5-digit code 37268, MasterCard Zero Liability protection, digital wallet tokenization support, and 24/7 Fiserv Advance Contact Center support at 855-741-0510. $10 replacement fee for lost/stolen cards. Included with personal and business checking accounts.
• Sher-Teller Phone Banking 24-hour automated phone banking service (1-866-617-7437) allowing customers to check balances, review activity, and manage basic transactions by phone. For customers needing account access without internet or in-person visits.
• ATM Card ATM-only card providing quick cash access at any ATM with surcharge-free access through the MoneyPass network. For account holders needing cash access without debit purchases.
• Sherswitch Kit Step-by-step switching kit to help new customers move accounts from other banks to Sherwood State Bank. Includes auto-payment switch, direct deposit switch, overdraft guidance, and existing-account-close forms. For prospective customers switching banks.

Quantifiable outcome

• Up to 3.53% APY on 7-month and 13-month Certificates of Deposit
• +3 more outcomes

Segments3 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

Feature5 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Raymond JamescoreChannel Partner/ Reseller/ DistributorRaymond James investment services are offered through advisor Heather Allman at the Sherwood State Bank Defiance branch (400 W Third St, Defiance, OH 43512). Raymond James provides personalized investment guidance and a full range of financial products and services. The advisor operates M-TH 9:00AM-5:00PM, Fri 9:00AM-4:00PM, Sat by appointment. Products and services offered by Raymond James are not affiliated with Sherwood State Bank.
• College Ave Student LoansminorChannel Partner/ Reseller/ DistributorSherwood State Bank partners with College Ave Student Loans to offer flexible student loan options for undergraduate, graduate, and refinancing. Features include easy online application, instant credit decision, no application or prepayment fees, and customizable repayment plans. The bank earns referral fees for student loan applications originated through this partnership.
• Wolters KluwercoreTechnology or IntegrationWolters Kluwer provides the online loan application platform (onlineapplication.wolterskluwer.com) for mortgage loans and personal loans. Bank code/clientID: 17749SherwoodStateBank. Handles digital loan origination including formCode=mortgageapplication and formCode=lendingapplication.
• CheckFree (Fiserv)coreTechnology or IntegrationCheckFree (owned by Fiserv) provides online bill payment services integrated into SSB Online Banking. Enables customers to pay businesses and individuals, schedule recurring payments, and view payment history. Supported through CheckFree Online Bill Pay platform.
• Elan Financial ServicescoreTechnology or IntegrationElan Financial Services is the creditor and issuer of consumer and business credit cards under Visa and Mastercard licenses. Provides zero fraud liability, 24/7 cardmember service, mobile purchasing capability, and expense reporting tools. Card applications processed through mycardapply.com with bank code 36135.
• FiservcoreTechnology or IntegrationFiserv provides core banking infrastructure including online banking platform (MyVirtualBranch), debit card processing, fraud monitoring (EnFact), merchant services, and Advance Contact Center support. Fiserv processes debit card fraud text alerts from 5-digit number 37268. Emergency support: 855-741-0510 (24x7). Also provides CheckFree bill pay integration.
• Ohio Treasurer of StatecoreStrategic or Co-development PartnerOhio Treasurer of State administers Business Link Loans (reduced interest rate subsidy for 2 years for businesses adding employees or maintaining existing jobs) and Water Pollution Control Link Loans (reduced-rate financing for soil and water conservation improvements on farms). Applications are seasonal with deadline in first week of March.
• Ohio Environment Protection Agency (Ohio EPA)minorStrategic or Co-development PartnerOhio EPA creates standards for air quality, waste management, water, and contaminated sites. Sherwood State Bank offers Water Pollution Control Link Loans in connection with Ohio EPA for qualifying conservation improvements on farms.
• United States Small Business Administration (SBA)minorChannel Partner/ Reseller/ DistributorSherwood State Bank provides informational links to SBA resources as part of its Business Lending Links program, helping small businesses access SBA-backed financing and business development resources.

Scale indicators5 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Croghan Colonial Bank: Independently held community bank headquartered in Fremont, Ohio with a comparable deposit-and-lending model serving northwestern Ohio communities. Directly comparable in scale, charter type, and relationship-banking focus.
• Sutton Bank: Ohio-based community bank with similar agricultural and consumer lending focus, FDIC insured and state chartered. Comparable in branch-network approach and small-town deposit franchise strategy.
• Consumers National Bank: Community bank operating in small-town and rural Ohio markets with similar personal/business/agricultural banking services. Directly comparable in target customer profile and product suite.
• Heartland Bank: Ohio-based community bank offering deposit, lending, and treasury services to individuals and businesses. Comparable in community-bank positioning, full product suite, and Ohio operating geography.
• The State Bank and Trust Company: Community-focused bank in Ohio with consumer, business, and mortgage lending. Directly comparable in scale, branch-based relationship model, and customer segments served.
• Woodforest National Bank: Privately held community bank with physical branches embedded in retail locations across multiple states. Comparable in branch-network GTM, relationship-based community banking, and small-business focus.

Broad incumbents

• First Financial Bank: Large Ohio-headquartered regional bank with full consumer/business/agricultural banking capabilities. Competes in overlapping Ohio geographies with broader product breadth, larger balance sheet, and greater scale.
• WesBanco: Multi-state regional bank that actively acquires community banks across Ohio and the Midwest. A potential consolidator of Sherwood State Bank and direct competitor for community-bank deposit and loan relationships.
• Huntington Bancshares: Major Ohio-headquartered regional bank with extensive branch network across the Midwest. Competes for same consumer and small-business relationships in northwest Ohio with significantly larger scale and product breadth.
• Fifth Third Bank: Large Cincinnati-based regional bank with broad Ohio footprint including northwest Ohio. Sets the competitive baseline for deposit products, consumer lending rates, and digital capabilities that Sherwood must match.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/SherwoodStateBank.SSB
• Xx.com/sherwood_bank
• LinkedInlinkedin.com/company/sherwood-state-bank

Compliance1 record

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 Sherwood State Bank