Lake Elmo Bank

What Lake Elmo Bank does

Lake Elmo Bank is a privately held, employee-owned (ESOP) community bank founded in 1911 and headquartered in Lake Elmo, Minnesota. It operates three full-service branches in Lake Elmo, Oakdale, and Stillwater serving the east metro Twin Cities market, with assets described as well over $535 million. The bank delivers a full-stack retail and commercial banking offering that includes personal checking, savings, mortgages, home equity, and personal loans; business checking, savings, SBA loans, commercial real estate, construction loans, and lines of credit; plus fiduciary services (trust and estate administration) and investment services offered through a Cetera Advisor Networks partnership under the Lake Elmo Financial brand.

The product surface is anchored on a third-party digital banking platform from Banno, which powers online and mobile banking on iOS and Android, mobile deposit (same-day credit for items received before 4:00 PM CST), bill pay, eStatements with seven years of history, a personal financial management tool (Money Manager), biometric and two-factor authentication, and live chat staffed by a dedicated Digital Banking Specialist team. Business-facing digital capabilities include Remote Deposit Capture, ACH origination, Positive Pay, ACH Block, lockbox, ZBA structures, commercial repurchase sweep accounts, and integrated invoicing through Autobooks. Card services support Apple Pay, Google Pay, Samsung Pay, MasterCard SecureCode, and Automatic Billing Updater. ATM access is delivered through a MoneyPass network partnership providing more than 32,000 surcharge-free ATMs nationwide.

The revenue model combines net interest income from loans and securities (the primary revenue stream), transaction-based banking fees (wires, overdraft, account maintenance, ATM), card interchange and credit card program economics (via Elan Financial Services), merchant processing fees (via Heartland Payment Systems), and fee-based wealth management and fiduciary income. Distribution combines a localized relationship-led sales motion in branches with a direct-to-consumer self-serve digital motion. The customer base is highly diversified across retail consumers, SMBs, non-profits, and municipalities in the east metro Twin Cities; named external relationships are limited to community partners such as the United Way of Washington County and Stillwater Area High School. Leadership is multigenerational and locally rooted, with the Raleigh family in key executive roles including CEO Daniel D. Raleigh (President/CEO since 2006, a fifth-generation community member).

Name

Lake Elmo Bank

Legal name

Lake Elmo Bank

Website

https://lakeelmobank.com

Company type

Private

Founded year

1911

Operating status

Operating

Headcount range

101–250 employees

Short description

Lake Elmo Bank is a privately held, employee-owned community bank founded in 1911, operating three branches in the east metro Twin Cities (Lake Elmo, Oakdale, Stillwater). It provides personal and business banking, mortgages, trust and estate services, and wealth management via Cetera, with assets exceeding $535 million.

Ownership category

akta.pro rank

Headquarters

HQ city

Lake Elmo

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Primary revenue from interest earned on loans including personal loans, mortgages, home equity, business loans, commercial real estate, and construction loans. Interest earned on deposits and securities.
2. Banking Fees and Service Charges: Fee income from various banking services including wire transfers, overdraft fees, account maintenance, ATM usage, and miscellaneous banking fees as outlined in fee schedule.
3. Card Income: Income from debit and credit card transactions, interchange fees, and card-related services.
4. Wealth Management and Investment Services: Revenue from Lake Elmo Financial division offering retirement plans, 401(k), IRAs, investment products, and financial planning through partnership with Cetera Advisor Networks.
5. Trust and Estate Services: Fiduciary services including trust administration, estate settlement, and financial lifestyle management for individuals and families.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

Lake Elmo Bank is a community bank that takes deposits and makes loans to individuals, families, and small-to-medium businesses across the east metro Twin Cities of Minnesota. Its core offerings span personal and business deposit accounts, consumer and commercial loans, mortgages, trust and estate fiduciary services, and investment/retirement products, delivered through three physical branches and a Banno-powered digital banking platform with mobile deposit, online bill pay, and integrated personal financial management tools.

Product overview

Lake Elmo Bank is a community bank offering a comprehensive suite of banking products and services organized across personal banking, business banking, and digital/e-banking channels. The core product portfolio includes checking and savings accounts, personal and commercial loans, mortgages, trust and estate services, and investment services through Lake Elmo Financial. Digital banking capabilities form an integrated layer across all products, featuring online and mobile banking, mobile deposit, bill pay, eStatements, mobile wallet integration (Apple Pay, Google Pay, Samsung Pay), and the Money Manager personal financial management tool. Business customers have access to specialized cash management services including ACH origination, merchant processing, Remote Deposit Capture, Autobooks invoicing, lockbox services, and fraud prevention tools. The bank operates across three physical locations (Lake Elmo, Oakdale, and Stillwater) while delivering digital services 24/7 through its online banking platform powered by Banno.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Personal checking accounts for individual consumers, including debit cards, online and mobile access, and overdraft protection options.
• Personal Savings Personal savings accounts including youth savings and the Little Elmo Savers Club for children, with competitive interest rates.
• Personal Loans

Quantifiable outcome

• Over $535 million in assets
• +2 more outcomes

Named customers3 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

Integration15 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core.

• Heartland Payment SystemscoreTechnology or IntegrationLong-standing partnership for merchant processing services. Lake Elmo Bank offers competitive card payment processing rates through this partnership for businesses needing to accept debit and credit card payments.
• AutobookscoreTechnology or IntegrationIntegrated invoicing and payment acceptance solution built into online and mobile banking. Enables small businesses to send invoices, accept digital payments via ACH or credit/debit card, and manage payment tracking.
• Cetera Advisor Networks LLCcoreTechnology or IntegrationSecurities and advisory services partner for Lake Elmo Financial division. Provides investment products, 401(k) plans, retirement planning, and wealth management services through registered representatives.
• MoneyPasscoreChannel Partner/ Reseller/ DistributorATM network partnership providing Lake Elmo Bank customers access to 32,000+ surcharge-free ATMs nationwide.
• BannocoreTechnology or IntegrationDigital banking platform provider powering online and mobile banking experience. Provides the technology infrastructure for account access, transactions, and digital banking features.
• Elan Financial ServicescoreTechnology or IntegrationCredit card program partner providing Visa credit cards with fraud liability protection, rewards, and cardmember services.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Wells Fargo & Company: National commercial bank with deep Twin Cities retail and commercial presence. Largest direct competitor for both deposits and small-business banking relationships in Lake Elmo Bank's geography.
• Bremer Bank: Larger Minnesota-headquartered regional bank providing personal, business, wealth, and treasury services across the Twin Cities. Competes with Lake Elmo Bank in the same catchment but at meaningfully greater scale and product breadth.
• Heartland Financial USA (HTLF): Midwest and Western U.S. community-bank holding company operating multiple chartered community banks of similar size to Lake Elmo Bank. Directly comparable as a consolidator/peer community banking franchise.
• U.S. Bancorp (U.S. Bank): Minneapolis-headquartered super-regional bank with full retail, commercial, mortgage, wealth, and payments franchises across the same east metro Twin Cities market that Lake Elmo Bank operates in. Dominant incumbent competitor in the same territory.

Direct peers

• Eastwood Bank: Small Minnesota community bank with similar size, branch footprint, and traditional community-banking product set. Useful peer for benchmarking community-bank economics.
• Merchants Bank, N.A. Minnesota-headquartered community bank (Winona, MN) with comparable asset size and full-service offerings across personal, business, mortgage, and trust. Closely comparable business model and customer segmentation to Lake Elmo Bank.
• First Bank & Trust (Minnesota): Minnesota community bank with similar full-service personal and business offerings. Comparable asset class and relationship-driven GTM motion to Lake Elmo Bank.
• Central Bank (Stillwater, MN): Independent community bank headquartered in Stillwater, MN, with overlapping branch territory in the east metro Twin Cities market that Lake Elmo Bank serves. Directly comparable in scale, product mix (personal, business, mortgage, wealth), and relationship-led GTM model.
• KleinBank (Klein Financial): Minnesota community bank serving the Twin Cities metro with full personal, business, mortgage, and wealth services. Closely matches Lake Elmo Bank's product breadth and community-bank positioning.

Regional players

• Gate City Bank: Mutual community bank based in North Dakota with full-service personal, business, mortgage, and wealth offerings. Compares to Lake Elmo Bank on operating model and product breadth but serves a different primary geography.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/lakeelmobank
• Facebookfacebook.com/Lake-Elmo-Bank-136480479759361
• Instagraminstagram.com/lakeelmobank

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 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 Lake Elmo Bank