Roundbank

What Roundbank does

Roundbank is a privately held, family-owned community bank headquartered in Waseca, Minnesota, founded in 1881. It operates as a full-service commercial, agricultural, and personal banking institution with a workforce of 101–250 employees and branch locations spanning Minnesota, South Dakota, and Iowa. The bank serves three primary customer segments — Business Banking, Agri-Business Banking, and Personal Banking — through a vertically segmented product strategy that mirrors the economic structure of the rural Upper Midwest.

The bank's product platform is organized around three pillars. The Business Banking line offers checking (Classic, Platinum, Nonprofit), savings, business CDs, term loans, lines of credit, SBA loans, leasing, treasury/cash management services, and commercial credit and debit cards. The Agri-Business Banking line provides tailored checking, the Bold Roots Farming Program, Farm Accelerator Loans, operating loans and lines of credit, equipment loans and leases, and access to state and federal agricultural lending programs. The Personal Banking line includes a tiered Cashback Checking suite (Simple, Enhanced, Ultimate) offering up to $360 annually in cashback rewards, savings accounts, CDs (including digital CD specials), HSAs, IRAs, auto and recreational loans, mortgages, home equity products, credit cards, youth banking, and insurance products distributed through affiliate Minnwest Insurance Agency, Inc. The bank also offers Sharia-compliant Murabaha financing products for both commercial and home financing, and supports nonprofit clients through a dedicated Impact Savings Suite.

Revenue is generated through traditional community banking channels: net interest income from business, agricultural, personal, and mortgage loans; deposit account fees on checking and savings products; transaction fees from cash management services (payment processing, payroll processing, funds management); and commission income from insurance products sold through the Minnwest Insurance Agency affiliate. Distribution is omnichannel — physical branches and Interactive Teller Machines (ITMs) provide relationship-driven in-person service, while a Digital Banking platform supports online and mobile account management, bill pay, and online account opening. Pricing is not publicly disclosed; loan and deposit rates are quote-based and require consultation. The underlying technology platform is described as a "Digital Banking Platform" with financial reporting tools including spending analysis and graphs, indicating standard data visualization rather than AI-native functionality. No APIs, SDKs, or third-party AI integrations are disclosed.

Name

Roundbank

Legal name

Minnwest Bank

Website

https://roundbank.com

Company type

Private

Founded year

1881

Operating status

Operating

Headcount range

101–250 employees

Short description

Roundbank is a family-owned community bank headquartered in Waseca, Minnesota, founded in 1881, offering business, agricultural, and personal banking services — including mortgages, loans, cashback checking, and Sharia-compliant financing — across Minnesota, South Dakota, and Iowa.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

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

akta.pro secondary industries

Small Business Banking (Microbusiness/Sole Proprietor) (FSABAAAI), Treasury, Cash Management & Liquidity Tools (Sweeps, Cash Concentration) (FSAGAAAG)

Keywords

• Community banking services
• Agricultural lending programs
• Small business banking
• Residential mortgage lending
• Digital banking platform

Headquarters

HQ city

Waseca

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional bank interest income from loans including business loans, agricultural loans, personal loans, mortgages, and lines of credit.
2. Deposit Account Fees: Fees from checking and savings accounts, including maintenance fees and service charges.
3. Cash Management Services: Business cash management services including payment processing, payroll processing, and funds management.
4. Insurance Products: Insurance products offered through affiliate Minnwest Insurance Agency, Inc.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Roundbank is a community bank offering deposit products (checking, savings, CDs, IRAs, HSAs), lending products (commercial, agricultural, mortgage, home equity, auto, personal, and Sharia-compliant Murabaha financing), and convenient services (digital banking, credit/debit cards, cash management, and insurance via an affiliated agency) to business, agri-business, and personal customers across the Midwest. Distribution combines physical branches, Interactive Teller Machines, and an online/mobile digital banking platform with online account opening.

Product overview

Minnwest Bank is a family-owned community bank offering a comprehensive, multi-segment banking platform organized into three primary business lines: Business Banking, Agri-Business Banking, and Personal Banking. The product portfolio spans deposit products (checking and savings accounts, certificates of deposit), lending products (business loans, agricultural loans, personal loans, mortgages), and convenient services (digital banking, credit cards, debit cards, insurance, cash management). Key products include the Minnwest Cashback Checking suite (Simple, Enhanced, Ultimate tiers offering up to $360 annually), the Impact Savings Suite for nonprofits, the Bold Roots Farming Program for agricultural clients, and Business Digital Banking with financial reporting tools. The bank also offers Sharia-compliant Murabaha financing products for both commercial and home financing. Services are delivered through a network of branches, Digital Banking platforms, and Interactive Teller Machines.

Differentiator

Problem solved

Functional benefit

Products and services

• Classic Business Checking Basic business checking account for everyday banking needs with standard features and services, targeted at commercial and small business customers.
• Platinum Business Checking Premium business checking account with enhanced features for growing businesses, positioned above the Classic tier.
• Nonprofit Checking Specialized checking account designed for nonprofit organizations with features tailored to nonprofit cash management.
• Classic Business Savings Standard business savings account for depositing and growing business funds.
• Platinum Business Savings Premium business savings account with enhanced benefits for established businesses.
• Nonprofit Savings Savings account designed for nonprofit organizations to manage their funds.
• Impact Savings Suite High-yield, flexible savings package designed exclusively for nonprofits, featuring competitive rates and adaptable features.
• Business Certificate of Deposit (CD) Time deposit product for businesses to earn fixed interest over a specified term.
• Business Line of Credit Revolving credit facility allowing businesses to access funds as needed for working capital and short-term needs.
• Business Term Loans Fixed-term loans for business expansion, equipment purchase, or other capital needs.
• SBA Loans Small Business Administration-backed loans supporting business growth and development.
• Leasing Equipment and asset leasing solutions for businesses.
• Commercial Murabaha Financing Sharia-compliant commercial financing option based on a cost-plus profit arrangement for businesses seeking Islamic finance.
• Cash Management Services Comprehensive business cash management including payment acceptance, check deposit, payment and payroll processing, funds management, and account protection.
• Business Digital Banking Secure online and mobile banking platform for businesses with user-friendly navigation and financial reporting tools including spending analysis and graphs.
• Business Credit Cards Credit card products designed for business spending and expense management.
• Business Debit Card Debit card for business banking transactions with ATM access.
• Classic Agri-Business Checking Basic checking account tailored for agricultural businesses and farms.
• Platinum Agri-Business Checking Premium checking account for established agricultural businesses.
• Bold Roots Farming Program Specialized loan program supporting farmers and agricultural entrepreneurs.
• Farm Accelerator Loans Real estate and expansion financing solutions designed to help farms grow operations.
• Agri-Business Operating Loans & Lines of Credit Flexible financing for day-to-day agricultural operations and cash flow management for farms and agri-businesses.
• Agri-Business Equipment Loans & Leases Financing options for agricultural equipment purchases and leases for farms and agri-businesses.
• Minnwest Cashback Checking Tiered personal cashback checking account suite (Simple, Enhanced, and Ultimate tiers) that pays cashback on everyday spending, with annual cashback potential of up to $360.
• Personal Certificate of Deposit (CD) Time deposit account for personal savings with fixed interest rates over a specified term.
• Digital Certificate of Deposit (CD) Specials Special CD offerings available through digital channels with competitive rates for personal savers.
• Health Savings Account (HSA) Tax-advantaged savings account for healthcare expenses offered to personal banking customers.
• Individual Retirement Account (IRA) Retirement savings account including traditional and Roth IRA options for personal banking customers.
• Money Max Savings Personal savings account with competitive interest rates.
• Thrift Savings Basic personal savings account for individuals building savings habits.
• Youth Savings Savings account designed for young savers to encourage financial literacy.
• Auto Loans Financing for vehicle purchases including cars, trucks, and other automobiles for personal banking customers.
• Boat, Snowmobile, RV Loans Recreational vehicle financing for boats, snowmobiles, and recreational vehicles for personal banking customers.
• Personal Loan & Line of Credit Unsecured personal loans and revolving credit lines for individual personal banking needs.
• Home Loan Types (Mortgages) Various mortgage products including conventional, FHA, and other home financing options for personal banking customers.
• Home Equity Loan & Line of Credit Borrowing against home equity as either a lump-sum loan or revolving credit line for personal banking customers.
• Murabaha Home Financing Sharia-compliant home financing option based on a cost-plus profit arrangement for personal banking customers.
• Personal Credit Cards Personal credit card products with various rewards and benefits for personal banking customers.
• Personal Digital Banking

Segments3 records

Ideal customer profiles3 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Minnwest Insurance Agency, Inc.coreOthersMinnwest Insurance Agency, Inc. is an affiliate of Minnwest Bank offering insurance products including business insurance and personal insurance through insurance agents. Products offered: Not a deposit | Not FDIC insured | Not insured by any federal government agency | Not guaranteed by the bank or an affiliate of the bank | May go down in value.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bell Bank: Employee-owned community bank with primary operations in MN and ND plus expansion into the Midwest. Closely comparable in scale, multi-state community presence, and family-style ownership ethos.
• Bremer Bank: Family-affiliated regional bank headquartered in Minnesota with community-banking operations across MN, ND, and WI. Directly comparable in footprint, business/agri focus, and traditional community-banking model.
• Hills Bank and Trust Company: Iowa-headquartered community bank offering business, ag, and personal banking across eastern Iowa. Closely comparable regional footprint and ag-focused community-banking model.
• Alerus Financial: Diversified financial services company with community banking, mortgage, and wealth operations across MN, ND, AZ, and FL. Directly comparable in segment breadth and Upper Midwest community-bank heritage.
• GreenStone Farm Credit Services: Largest agricultural lender in Michigan and Wisconsin with growing presence in MN and IA. Direct peer in agricultural lending programs targeted at family farms and agribusiness.
• Heartland Financial USA (now HTLF under Heartland/UMB integration): Multi-state community banking franchise with Midwest roots spanning IA, IL, MN, MO, NM, TX, and WI. Comparable in scope and segment mix across business, ag, and personal banking.
• MetaBank (Meta Financial Group): Community bank chartered in South Dakota with operations spanning consumer, commercial, and payments. Direct peer for geographic overlap and full-service community banking model.

Broad incumbents

• Old National Bancorp: Large regional bank with significant Midwest operations and broad business and consumer banking capabilities. A broader incumbent with overlapping footprints in MN, IA, and adjacent ag markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/roundbank-221263396583
• LinkedInlinkedin.com/company/roundbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Roundbank