Goodfield State Bank

What Goodfield State Bank does

Goodfield State Bank is an independent, privately held community bank founded in 1920 and headquartered in Goodfield, Illinois, operating six full-service branches across Tazewell and Woodford counties in central Illinois. The bank serves individual consumers, small-to-medium businesses, agricultural operations, and wealth management clients through a relationship-based model that emphasizes local decision-making and personal service, with the marketing positioning 'small enough to know you, but big enough for your life path.'

Its product portfolio spans personal banking (Grand, Economy, Regular, and Interest checking; Regular, Premium, and Christmas Club savings; CDs with a 91-day to 60-month term range; Health Savings Accounts; Money Market accounts), a broad personal lending suite (agricultural, balloon, bridge, car, construction, debt consolidation, fixed-rate, home equity, personal, and mortgages including Rural Development and ILFI first-time-buyer programs), business banking (two business checking tiers, business credit cards, business loans including SBA, merchant services, remote deposit capture, and GoldLeaf ACH/Pay Manager), electronic and digital services (GSB Online Banking, a free iOS/Android mobile app with mobile deposit and P2P, telebank phone banking, overdraft protection, wire transfers, safety deposit boxes, and free notary), and a separate wealth management sub-brand (GSB Investment Services) offering brokerage, retirement planning, and insurance through Midwestern Securities Trading Company, LLC. The underlying technology is conventional community-bank infrastructure: frame-based online banking, SSL and 128-bit encryption, multiple firewalls, and integrations with CSI (digital banking and eSafe), Wolters Kluwer (mortgage applications), Wealthscape (investment portal), Fitech Payments (merchant acquiring), GoldLeaf ACH (payroll), and Calculator.net (financial calculators); no AI/ML, proprietary core platform, or developer-facing API is described.

Revenue is generated primarily through net interest income on the loan portfolio (agricultural, mortgage, business, consumer, and home equity lending), supplemented by transaction and service fees (merchant processing through Fitech, wire transfers, business checking monthly service charges, safety deposit box rentals, overdraft protection transfers), and investment/insurance commissions from MSTC via the wealth management sub-brand. Distribution is branch-led (six physical locations with drive-up service, Saturday hours at select branches, and Spanish-speaking staff at the main office) supplemented by 24/7 digital and telephone self-service. The bank is FDIC-insured, USA Patriot Act Section 326 compliant, and operates under a Goodfield Financial Corporation Subchapter S holding company structure with 220+ shareholders, the majority of whom are individuals with ties to the local communities.

Name

Goodfield State Bank

Legal name

Goodfield State Bank

Website

https://goodfieldstatebank.com

Company type

Private

Founded year

1920

Operating status

Operating

Headcount range

11–50 employees

Short description

Goodfield State Bank is an independent community bank operating six branches in central Illinois, offering personal banking, business lending, agricultural loans, and wealth management services to local consumers, small businesses, and farmers in Tazewell and Woodford counties.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Agricultural & Rural Development Banks (FSABAKAE)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community banking services
• Consumer lending
• Small business banking
• Agricultural loans
• Wealth management

Headquarters

HQ city

Goodfield

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: Primary revenue from interest earned on loan portfolio including agricultural loans, mortgages, business loans, consumer loans, and home equity products
2. Business Checking Account Fees: Monthly service charges, with $10 monthly fee for business checking accounts
3. Safety Deposit Box Rental: Annual rental fees for safety deposit boxes ranging from $35-$70 depending on size
4. Merchant Services: Payment processing fees from merchant services offered through Fitech Payments LLC for businesses accepting card payments
5. Wire Transfer Fees: Fees charged for incoming and outgoing wire transfers
6. Investment Services: Brokerage and investment advisory services offered through Midwestern Securities Trading Company, LLC, generating commission and fee income

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Goodfield State Bank is a full-service independent community bank that provides personal deposit accounts, consumer and mortgage lending, business checking and business loans, merchant card services, agricultural lending, electronic banking, and wealth management/investment advisory services across central Illinois. It earns revenue primarily from net interest income on its loan portfolio and from deposit, card processing, and advisory fees, delivering its services through six physical branches supplemented by online, mobile, and phone banking channels.

Product overview

Goodfield State Bank is a community bank headquartered in Goodfield, Illinois, offering a broad portfolio of personal, business, and wealth management products and services. The core personal banking suite includes multiple checking account tiers (Grand Checking, Economy Checking, Regular Checking, Interest Checking), three savings account types (Regular, Premium, Christmas Club), Certificates of Deposit (CDs) with a unique 'One Year Add' option, Health Savings Accounts, and Money Market Accounts. Lending products span agricultural loans, balloon loans, bridge loans, car loans, construction loans, debt consolidation loans, fixed-rate loans, the Guaranteed Rural Housing Program, home equity loans, personal loans, and mortgages including Rural Development and ILFI first-time buyer programs. Personal services include credit cards, electronic/online banking, mobile banking (iOS/Android), notary public, safety deposit boxes, and wire transfers. Business banking encompasses Business Checking (two tiers), Business Credit Cards, Business Loans (including SBA), Merchant Services (via Fitech Payments), Remote Deposit Capture, and the Business Academy educational platform. A separate Wealth Management / Investment Services division (offered through Midwestern Securities Trading Company, LLC) provides brokerage, retirement planning, insurance, and portfolio management services. All segments are supported by the GSB Online Banking platform, the Mobile Banking app, and Telebank telephone banking.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts A suite of personal checking accounts including Grand Checking (variable-rate interest with qualifying debit card, internet banking, e-statements, and direct deposit criteria), Economy Checking ($50 minimum to open, no minimum balance, no monthly charge), Regular Checking (no minimum to open with $1,000 minimum daily balance to avoid a charge), and Interest Checking ($1,000 minimum to earn interest and avoid service charges). Designed for individual consumers seeking everyday transactional banking with optional interest.
• Personal Savings Accounts A suite of personal savings accounts including Regular Savings ($50 minimum to open with $100 minimum balance to avoid a $1 service charge and earn interest), Premium Savings ($100,000 minimum deposit, steps down to regular savings rate if balance drops), and Christmas Club Savings ($10 minimum to open, no monthly minimum, annual payout on November 1, $10 early withdrawal fee). Designed for individuals saving for short-, medium-, or seasonal-term goals.
• Certificates of Deposit (CDs) Fixed-interest Certificates of Deposit with terms from 91 days to 60 months, requiring a $1,000 opening deposit and ongoing $1,000 balance to earn interest, with a unique "One Year Add" CD that allows additional deposits. Early withdrawal may affect earnings. For individual savers seeking guaranteed, time-locked deposit returns.
• Money Market Account Interest-bearing savings account with daily interest crediting and four tiered interest rates beginning at a $2,500 balance; limited to six checks or transfers per month. Includes free mobile and internet banking. Designed for consumers seeking higher-yielding liquid savings than standard savings.
• Health Savings Account (HSA) Tax-advantaged savings account for qualified medical expenses that offers check-writing, variable interest on balances, no minimum deposit to open, and no service charges. For individuals covered under qualifying high-deductible health plans.
• Personal and Consumer Loans A unified consumer lending product line covering Agricultural (farm operating and equipment) loans, Balloon loans, Bridge loans, Car loans (new and used), Construction loans, Debt Consolidation loans, Fixed Rate loans (terms up to 30 years), the Guaranteed Rural Housing Program (100% LTV with no PMI for eligible rural borrowers), Home Equity loans, Personal loans (unsecured), and the Down Payment Plus Program providing grants of up to $5,000 to qualified home buyers. Designed for individuals and farm operators in central Illinois.
• Mortgages Mortgage lending with options including Rural Development loans, ILFI grants for first-time home buyers, home equity loans, and home equity credit lines. Online and in-branch application available, with applications processed through the Wolters Kluwer online platform. For individuals purchasing or refinancing homes.
• Personal Credit Cards Traditional credit cards for qualified personal customers providing convenience and flexibility while building credit. For individual consumers in central Illinois.
• Business Checking Two-tier business checking account offering: standard Business Checking earning variable interest with a $1,000 minimum balance to earn interest and a $10 monthly service charge; and Premium Business Checking with no minimum balance requirement and a $10 monthly service charge. Both include 24/7 online account access and no charge for items within deposit. For local small and mid-sized businesses.
• Business Credit Cards Business Visa cards for qualified business members issued in the business name, providing purchasing power and the ability to separate business and personal expenses; can be secured. For local small and mid-sized businesses.
• Business Loans Business financing including equipment financing and working capital lines of credit for small businesses, with SBA loans available to qualified applicants. For local small businesses seeking capital, equipment, or working capital funding.
• Merchant Services Payment processing services offered through Fitech Payments LLC covering pay-in-store (chip cards, contactless, mobile wallets), pay-on-the-go mobile payments, online e-commerce payments, and gift card programs. For local merchants and small businesses accepting card payments.
• Remote Deposit Capture PC-based check deposit solution for business customers using a supported scanner to capture check images, auto-read dollar amounts, total deposits, and submit electronically, enabling access to funds 1-3 days sooner than traditional deposits. Requires Windows Vista/7/8, USB 2.0, and broadband internet. For local business customers.
• Mobile Banking App Free mobile application for iOS and Android providing secure account access, balance and activity viewing, fund transfers, bill pay, card on/off control, Touch ID authentication, mobile deposit, peer-to-peer payments, and customer service contact. For personal and business customers seeking 24/7 self-service banking.
• GSB Online Banking Frame-technology-based online banking platform (goodfieldstatebank.myebanking.net) offering 24/7 account access, balance viewing, transfers, bill pay, and loan payments, with SSL, 128-bit encryption, and multiple firewalls. For personal and business customers.
• Wire Transfers Incoming and outgoing wire transfer services with funds wired to or from other financial institutions; fees apply and the bank's routing number is 071118659. For personal and business customers.
• Safety Deposit Boxes Secure storage boxes available at the Goodfield and Metamora branches in three sizes (Small 10"x3" at $35/year, Medium 10"x5.5" at $45/year, Large 10"x10" at $70/year) with annual rent due April 1, prorated for openings and closings. For personal and business customers needing secure document or valuables storage.
• Notary Public Notary public services offered to customers at no charge, available to validate signatures and notarize documents. For personal and business customers.
• Wealth Management / Investment Services Personalized financial management through Goodfield State Bank Investment Services (offered through Midwestern Securities Trading Company, LLC / MSTC), providing stocks, mutual funds, bonds, annuities, CDs, money market accounts, life and long-term care insurance, IRAs, 401(k) rollovers, education funding, employer-sponsored retirement plan analysis, financial consultation, investment research and analysis, and portfolio construction and management. For individuals and households seeking integrated banking plus investment services.

Quantifiable outcome

• Assets reached $100 million in 2015, growing from $123,000 initial capitalization in 1921
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature4 records

Partnerships

One partnership is on record.

• Fitech Payments LLCcoreTechnology or IntegrationMerchant services provider enabling businesses to accept in-store, mobile, and online payments including chip cards, contactless, Apple Pay, and Android Pay. Fitech handles payment processing technology while Goodfield State Bank offers these services to business customers.

Scale indicators4 records

Recent moves14 records

Expansion highlights5 records

Direct peers

• Bank of Pontiac: Central Illinois community bank with branches in surrounding counties, providing deposit accounts, ag lending, mortgages, and business banking. Closely matches Goodfield's geographic focus, small-bank model, and rural/agricultural lending emphasis.
• Marine Bank: Mid-size Illinois community bank providing full personal and commercial banking, mortgage, and wealth services. Shares the community-bank positioning, multi-channel distribution, and full-service product set that define Goodfield's model.
• Morton Community Bank: Small Illinois community bank operating in nearby central Illinois communities with a similar mix of consumer, small-business, agricultural, and mortgage lending. Closely matches Goodfield in product set, scale, and community-bank go-to-market model.
• First Bankers Trust Company: Illinois community bank focused on personal, business, and agricultural lending within similar Midwestern counties. Closely comparable in product mix, scale tier, and relationship-led commercial banking model.
• MidAmerica National Bank: Central Illinois community bank serving consumer and commercial customers with deposit, loan, and treasury products. Closely comparable in scale tier, geographic focus, and community-bank operating model.

Broad incumbents

• CEFCU: Large Illinois state-chartered credit union offering deposit, lending, mortgage, investment, and insurance products across the state. Competes for the same retail and select business relationships as Goodfield with broader product depth and digital capabilities.
• Heartland Bank and Trust Company: Central Illinois-rooted community bank that originated as a small community institution similar to Goodfield but has scaled to a multi-billion-dollar regional through acquisitions. Directly comparable regional competitor offering consumer, business, ag, and mortgage lending across many of the same Illinois counties.
• INB (Illinois National Bank): Illinois-headquartered community/regional bank providing deposit, lending, mortgage, and treasury-management services. Competes with Goodfield for personal and business banking relationships across Illinois with a comparable full-service community-bank value proposition.
• Busey Bank: Larger Illinois-headquartered regional bank with full personal, business, ag, and wealth services across multiple Midwestern states. Competes for the same central Illinois deposit and SMB customers and has been an active acquirer of smaller community banks.
• First Mid-Illinois Bank & Trust: Mid-size Illinois community bank with significant central Illinois presence, providing consumer, commercial, ag, and wealth services. Comparable on product breadth and customer segments; substantially larger scale and more developed digital channels than Goodfield.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/goodfieldstatebank
• Facebookfacebook.com/goodfieldstatebank
• Instagraminstagram.com/goodfieldstatebank/?hl=en
• LinkedInlinkedin.com/company/goodfield-state-bank

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 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 Goodfield State Bank