Northern State Bank

What Northern State Bank does

Northern State Bank is a privately held, Wisconsin-chartered community bank headquartered at 321 Main St West in Ashland, Wisconsin. It operates five physical branches across northern Wisconsin (Ashland, Mellen, Glidden, and a location inside a local grocery store in Butternut) and one Minnesota branch in Aurora, serving individuals, small and mid-sized businesses, nonprofits, and municipal entities such as townships and school districts. The bank's legal lineage traces to Marengo State Bank, chartered in 1920, with the current name and charter adopted in 1933 when four additional community banks were consolidated into the franchise; the most recent geographic move was the 2010 Aurora, Minnesota branch entry.

The product portfolio spans personal banking (NSB Simple, NSB Basic, NSB Senior checking; personal savings; CDs and traditional/Roth IRAs; installment, home equity, and real estate loans), business banking (NSB Business Checking, Business Checking With Interest, Community Checking for nonprofits; business savings and money market accounts; commercial real estate, working capital, line of credit, installment, construction, SBA, and municipal loans), and consumer services (Visa debit/ATM cards, safe deposit boxes, notary/medallion services, cashier's checks, night deposit, ACH origination, and check printing). Digital delivery is handled through the Northern State Bank Online web platform and the My NSB mobile app, which integrate remote deposit capture, Apple Pay, Google Pay, Zelle peer-to-peer payments, Quicken and QuickBooks downloads, e-statements, and bill pay; wire transfers route through Bankers' Bank (ABA 075912479).

Revenue is generated through traditional community-bank mechanics: net interest income on personal, consumer, residential real estate, commercial, construction, and municipal lending; deposit-related fees across checking and savings tier service charges; transaction fees on wire transfers, ATM out-of-network usage, and checks; and recurring fees on safe deposit box rentals. Pricing varies by account tier and minimum balance, with monthly service charges waived under defined balance thresholds and specialty offerings such as the waived Community Checking fee for verified 501(c)(3) organizations. Marketing and go-to-market are community-led, with lending decisions made locally by relationship managers who also staff branch operations, supplemented by a digital self-serve channel for account opening through the website.

Name

Northern State Bank

Legal name

Northern State Bank

Website

https://nsbashland.com

Company type

Private

Founded year

1933

Operating status

Operating

Headcount range

51–100 employees

Short description

Northern State Bank is a privately held Wisconsin-chartered community bank headquartered in Ashland, operating five branches across northern Wisconsin and Aurora, Minnesota, serving retail consumers, small and mid-sized businesses, nonprofits, and municipal entities with traditional deposit, lending, and digital banking products.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Public Sector Retail Banks (State-Owned Commercial Banks) (FSABAKAL)

Keywords

• Community banking services
• Personal checking accounts
• Commercial loan products
• Small business lending
• Mortgage lending

Headquarters

HQ city

Ashland

HQ country

United States

HQ region

North America

Offices5 records

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. Interest Income from Loans: Traditional banking revenue from interest earned on personal loans, real estate loans, commercial loans, and lines of credit
2. Account Fees and Service Charges: Monthly service fees, check processing fees, and membership fees on various checking and savings accounts
3. Wire Transfer Fees: Fees for domestic and international wire transfer services
4. ATM Transaction Fees: Fees charged for ATM transactions at non-NSB ATMs
5. Safe Deposit Box Rental: Annual rental fees for safe deposit boxes at various office locations
6. Check Printing Services: Revenue from printing and selling checks at the main Ashland office
7. Notary and Medallion Services: Fees for notary public services and medallion signature guarantee for customers

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Northern State Bank is a community bank offering traditional personal and business banking products and services. Core offerings include checking accounts, savings accounts, certificates of deposit, IRAs, personal installment and home equity loans, real estate mortgages, and a suite of commercial lending products including commercial real estate loans, SBA loans, lines of credit, construction loans, working capital loans, and municipal financing. The bank distributes these through five physical branches in Wisconsin and Minnesota and through online and mobile banking platforms.

Product overview

Northern State Bank is a community bank offering a unified portfolio of traditional banking products and digital services. The core offerings include personal checking (NSB Simple, NSB Basic, NSB Senior), personal savings, CDs and IRAs, personal loans (installment and home equity), and real estate loans. Business offerings encompass checking accounts (NSB Business Checking, Business Checking With Interest, Community Checking), business savings and money market accounts, and business loans including commercial real estate, SBA loans, and municipal financing. Digital services are delivered through two interconnected platforms: Northern State Bank Online (web banking with account management, bill pay, and Quicken/QuickBooks integration) and the My NSB mobile app (offering remote deposit capture, Apple Pay, Google Pay, and Zelle). Additional services include debit/ATM cards, e-statements, wire transfers, safe deposit boxes, notary services, and financial calculators. The bank operates branches in Ashland (main office), Mellen, Glidden, Butternut (Wisconsin), and Aurora (Minnesota).

Differentiator

Problem solved

Functional benefit

Products and services

• NSB Simple Checking Personal interest-bearing checking account with $100 minimum opening deposit; interest paid on average daily balances of $1,000 or more; $8 monthly service charge if balance falls below $100; includes free online banking, bill pay, remote deposit, debit card, and unlimited check writing.
• NSB Basic Checking Personal non-interest checking account with $100 minimum opening deposit and no minimum daily balance requirement; includes free printed checks and a $6 monthly service charge.
• NSB Senior Checking Personal checking account for customers age 55 and older; $1,000 minimum opening deposit; no minimum balance to earn interest; $10 monthly service charge if average daily balance falls below $1,000; no charge for paper statements.
• NSB Personal Savings Personal savings account requiring $50 to open; $4 monthly service charge if balance falls below $50 (waived for minors under 18); $10 fee for closing within 90 days; variable interest rate.
• Certificates of Deposit (CDs) Fixed-term deposit accounts with $1,000 minimum to open and higher rates for deposits of $5,000 or more; terms range from 91 days to 5 years with penalties for early withdrawal.
• Individual Retirement Accounts (IRAs) Traditional and Roth IRA options for retirement savings to complement employer-sponsored retirement plans.
• Personal Installment Loans Fixed-term personal loans for purchasing vehicles, boats, motorcycles, or other needs at competitive rates with equal monthly payments.
• Home Equity Loans Loans secured by home equity that allow borrowers to fund education, vehicle purchases, or home improvements, potentially with tax-deductible interest.
• Real Estate Loans Residential mortgage products including construction/vacant land financing, adjustable rate mortgages, and home equity loans for first-time buyers and existing homeowners.
• NSB Business Checking Business checking account with no minimum balance requirement; first order of deposit slips free; $16 monthly service charge; 25-cent charge per check written.
• Business Checking With Interest Interest-bearing business checking account with $1,500 minimum opening deposit; unlimited check writing; $22 monthly service charge if average daily balance falls below $1,500.
• Community Checking Nonprofit-oriented business checking with no minimum balance requirement and a $6 monthly service charge; 501(c)(3) organizations verified as tax-exempt are not charged.
• NSB Business Savings Business savings account with $50 minimum opening balance and $4 monthly service charge if balance falls below $50.
• Money Market Account Business money market account with $1,500 minimum opening deposit, tiered rates, and $20 monthly service charge if average daily balance falls below $1,500.
• Money Market Index Account Business money market account with $10,000 minimum opening deposit earning higher index-based rates on higher balances; $20 monthly service charge if average balance falls below $5,000.
• Commercial Real Estate Loans Financing for commercial building purchases or refinancing for office, retail, or multi-family projects with flexible terms.
• Working Capital/Inventory Loans Business financing to address seasonal cash flow and inventory needs with commercial lender support.
• Lines of Credit Flexible business credit lines for seasonal needs, inventory building, or capitalizing on opportunities with customized terms.
• Commercial Installment Loans Fixed or variable rate term loans for large expenditures or long-term business financing needs with flexible repayment options.
• Construction Loans Business financing covering land acquisition through the construction process at competitive rates with flexible repayment terms.
• SBA Loans Small Business Administration guaranteed loans for new or existing businesses, offering competitive rates and low down payments for qualifying business borrowers.
• Municipal Loans Financing for townships, school districts, and other municipal entities at market-based interest rates.
• Northern State Bank Online Web-based online banking platform for checking balances, viewing statements, bill payment, transfers, check imaging, Zelle peer-to-peer payments, and Quicken/QuickBooks downloads.
• My NSB Mobile App Mobile banking application offering full online banking features plus free mobile remote deposit, Apple Pay, and Google Pay integration.
• Visa Debit Cards Visa-branded debit cards for purchases with automatic deduction from checking accounts, accepted wherever Visa is accepted worldwide.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core.

• SBA (Small Business Administration)coreStrategic or Co-development PartnerNorthern State Bank partners with the SBA to offer SBA guaranteed loans for new and existing businesses, providing additional knowledge, experience, competitive rates, and low down payments for qualifying business borrowers.
• VisacoreTechnology or IntegrationNSB debit cards are accepted wherever Visa is accepted, providing customers with widespread acceptance for purchases and cash withdrawals at ATMs worldwide.
• ZellecoreTechnology or IntegrationPeer-to-peer instant money transfer service integrated into Northern State Bank's online and mobile banking platforms, allowing customers to send money to friends and family.

Scale indicators2 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• Associated Bank: Largest Wisconsin-based bank with statewide and Midwest presence. Competes with Northern State Bank in the same Wisconsin footprint but as a much larger institution offering a broader suite of consumer, commercial, and wealth products.
• Nicolet National Bank: Wisconsin-headquartered community-focused bank with branches across the state and into Michigan and Minnesota. Overlapping product set and community-banking ethos, though significantly larger and more geographically diversified than Northern State Bank.
• Bremer Financial Corporation: Large Midwest regional bank with significant Minnesota and Wisconsin presence. Comparable in serving northern Midwest communities and offering full personal/business banking, though materially larger than Northern State Bank and operating as a broader incumbent.

Direct peers

• Bell Bank: Employee-owned community bank headquartered in North Dakota with branches across the Dakotas and Minnesota. Comparable in privately-held status, community-banking positioning, full-service consumer/business lending, and digital channel maturity.
• BlackRidgeBANK: Community bank serving North Dakota and western Minnesota with retail, business, and mortgage lending. Comparable in community-banking model, regional Midwest footprint, and similar small-bank digital offering.
• State Bank of Cross Plains: Wisconsin-based privately-held community bank operating multiple branches around the Madison region. Comparable to Northern State Bank in community-focused relationship banking model, commercial and consumer lending, and family-ownership governance structure.
• Investors Community Bank: Wisconsin community bank offering personal, business, and agricultural banking. Similar to Northern State Bank in scale, branch-based distribution, and emphasis on small-business and consumer lending in Wisconsin.

Regional players

• Tompkins Community Bank: Upstate New York community bank with a branch-based model serving retail and small-business customers. Similar community-bank operating model, but does not directly compete with Northern State Bank given its Northeast geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/northern-state-bank-ashland-wi-

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Northern State Bank