Madison County Financial Inc

What Madison County Financial Inc does

Madison County Financial, Inc. (OTC-Pink: MCBK) is a publicly traded community bank holding company founded in 1888 and headquartered in Madison, Nebraska. The company operates three subsidiary banks — Madison County Bank, Wayne County Bank, and Boone County Bank — delivering traditional commercial and consumer banking products including deposit accounts, agricultural and commercial loans, residential mortgages, and treasury services to households, small businesses, and farming operations across Northeast Nebraska. As of the most recent reporting period, the company maintained approximately 8 branch locations and a workforce of 51–100 employees, with revenue of roughly $32.3 million, earnings of $6.5 million, and a 1.2% dividend yield, consistent with a mid-sized community bank profile.

The business model is a classic spread-based community banking franchise: net interest income generated by lending against a granular, locally-sourced deposit base, supplemented by modest noninterest income from service charges, mortgage origination, and digital banking fees. The company operates with a low-cost branch footprint concentrated in Madison, Wayne, and Boone counties, with expansion into the larger Norfolk, Nebraska market via a newly constructed facility in 2019. Technology infrastructure is sourced through third-party vendors — Fiserv for mobile and digital banking, and FHLBank for cooperative homeownership and liquidity programs — rather than proprietary in-house development. The company is governed as a state-chartered member bank holding company following a 2017 regulatory conversion, with capital return executed through recurring annual cash dividends and periodic share repurchase programs.

Strategically, Madison County Financial has positioned itself as a steady-state, capital-return-oriented community bank rather than a growth platform. Leadership is held by David J. Warnemunde (President & CEO) and Brenda L. Borchers (VP & CFO), with a recent generational transition signaled by the 2025 retirement of long-tenured director David D. Warnemunde. There is no documented AI, machine learning, or advanced analytics capability; the technology posture relies on standard vendor-provided core systems and digital channels. The strategic posture — combined with concentration in agricultural and consumer banking across a small geographic footprint — points to a mature, harvest-phase operating model rather than a scaling franchise.

Name

Madison County Financial Inc

Legal name

Madison County Financial, Inc.

Website

https://madisoncountybank.com

Company type

Public

Founded year

1888

Operating status

Operating

Headcount range

51–100 employees

Short description

Madison County Financial is a Nebraska community bank holding company operating three subsidiary banks and 8 branches across Madison, Wayne, and Boone counties. It serves households, small businesses, and agricultural borrowers with traditional deposit, loan, and mortgage products.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro industry

PRIMARYFSABAAAE

Branch & In-Person Banking (Teller/ATM Networks)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSABAAAA

Mass-Market Consumer Deposit Banking (Checking/Savings)

Financial & Insurance/Banking (Commerical, Retail & Consumer)/Retail Banking

SECONDARYFSALAAAA

Bank Branch / Retail Purchase Mortgages

Financial & Insurance/Mortgage & Housing Finance/Residential Mortgage Origination (Retail & Consumer Direct)

Keywords

• Community banking services
• Agricultural lending
• Retail deposit accounts
• Commercial loan services
• Consumer mortgage lending

Headquarters

HQ city

Norfolk

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Interest income generated from loan portfolio including agricultural loans, commercial loans, home loans, and consumer loans, offset by interest paid on deposits
2. Non-Interest Income - Banking Fees: Fee income from account services including checking accounts, savings accounts, money market accounts, CDs, IRAs, credit cards, merchant services, and ATM/debit card transactions
3. Dividend Income: Returns to shareholders through annual cash dividends; company has a history of regular dividend payments

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Madison County Bank is a community bank operating 8 branches across Northeast Nebraska, providing traditional retail and commercial banking services. Its core offerings include deposit products (checking, savings, money market, CDs, IRAs, HSAs), lending products (residential mortgages, consumer loans, agricultural loans, and commercial loans), debit and credit cards, and digital banking channels. The bank serves individual consumers, families, farmers, ranchers, small businesses, and larger enterprises through its branch network and Fiserv-powered online and mobile banking platforms.

Product overview

Madison County Bank operates as a traditional community bank offering a unified portfolio of deposit accounts and lending products to personal and business customers across Nebraska. The product portfolio centers on core banking services: deposit products (checking, savings, CDs, IRAs, HSAs) and lending products (home mortgages, consumer loans, agricultural/commercial loans, credit cards). Digital delivery is provided through Online Banking and Mobile Banking (powered by Fiserv), supplemented by a suite of 16 Financial Calculators for customer planning. The bank also participates in government programs such as PPP loans. The institution has operated since 1888 and maintains a branch network including Madison County Bank, Boone County Bank, and Wayne County Bank locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking accounts offered in multiple tiers including Free Advantage Checking (no fees, no minimums), Advantage NOW Checking (interest-bearing with $1,000 minimum), Advantage Plus Checking (interest-bearing with perks), and Advantage Gold Checking (age 50+). Money Market Checking and Money Market TBill Checking available for higher balances. Targeted at individual consumers and families.
• Savings and Health Savings Accounts Savings products including Money Market Savings (0.75%-2.75% APY tiered), Christmas Club Savings (0.90% APY), IRA Accounts (2.75% APY), and Health Savings Accounts (HSA) with tiered interest rates and free personalized checks. For individual consumers seeking savings and tax-advantaged accounts.
• Home Loans and Residential Mortgages Conventional fixed-rate mortgages, purchase and refinance loans, first-time homebuyer programs, adjustable rate mortgages, balloon payment loans, home equity loans, and construction/lot loans. Includes FHLBank Homeownership Set-Aside Program (HSP) offering up to $15,000 in down payment assistance for qualifying first-time buyers. Targeted at individual homebuyers and homeowners.
• Consumer Loans Personal lending solutions including home equity lines of credit, second mortgages, home improvement loans, auto loans, recreational vehicle loans, personal loans, overdraft protection, and minimal/no down payment programs. For individual consumers needing personal financing.
• Certificates of Deposit and IRA CDs Certificates of Deposit with terms from 91 days to 60 months; IRA CDs with terms from 11 to 60 months. Current rates range from 1.00% APY (91-day) to 3.10% APY (60-month); $500 minimum opening deposit. For savers seeking fixed-term deposits.
• Credit Cards Visa Platinum Rewards credit card offering competitive rates, EMV chip security, fraud monitoring with zero fraud liability, travel benefits, and 24/7 U.S.-based customer service. Applications processed through partner commonsenselenders.com. For individual consumers.
• EMV Debit Cards EMV chip-enabled debit cards with Tap to Pay wireless transactions on the Mastercard network, Fraud Monitoring Service, and card management through Mobile Banking (turn card on/off, spending analytics, spending limits, travel alerts, instant alerts). 24/7 lost/stolen card reporting. For personal and business account holders.
• Online Banking Digital banking platform for personal account management including balance checking, fund transfers between accounts, bill payment (one-time and recurring), eStatements for paperless statements, and guided video tours. Accessed via enrollment at web9.secureinternetbank.com. For individual consumers.
• Mobile Banking Mobile banking application powered by Fiserv enabling real-time account balances, money management, transaction and statement viewing, fund transfers, bill payment, mobile check deposit, alerts, card management, travel alerts, and spending analytics. Available on iOS and Android with native Zelle integration. For personal account holders.
• Agricultural and Business Banking Commercial and agricultural banking services including business checking, online and mobile banking, merchant services, commercial loans, and agricultural loans (real estate, machinery and equipment, livestock and crop loans, operating loans). Positions as a leading agricultural lender in Northeast Nebraska. For farmers, ranchers, and business owners.
• Merchant Services Payment processing services for business customers enabling card transactions at point of sale. For small and medium-sized business customers.
• Paycheck Protection Program (PPP) Loans COVID-19 relief SBA loan program for small businesses. First and second draw loans available with extended forgiveness provisions. Applications processed in collaboration with SBA for covered periods of 8-24 weeks. Second draw loans capped at $2M with 25% revenue decline requirement. For small business customers.

Quantifiable outcome

• Over 80% of deposits from consumer accounts with modest balances - demonstrating stable funding base

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• FiservcoreTechnology or IntegrationMobile Banking application is powered by Fiserv, providing the technology platform for mobile banking services including account management, transfers, bill payment, mobile check deposit, and card management features.
• ComputershareminorOthersStock transfer agent and registrar for Madison County Financial Inc. Handles address changes, dividend information, registration changes, replacement of lost certificates, and stock transfers for shareholders.
• FHLBank (Federal Home Loan Bank)minorStrategic or Co-development PartnerPartnership with FHLBank to offer the Homeownership Set-Aside Program (HSP) assisting first-time home buyers with down payment, closing cost, and repair assistance up to $15,000 as forgivable grants.
• Common Sense LendersminorChannel Partner/ Reseller/ DistributorThird-party partner for credit card application processing. Credit card applications are processed through their platform.
• DeluxeminorChannel Partner/ Reseller/ DistributorCheck ordering partner for re-ordering personal and business checks through Deluxe Corporation's online portal.
• Small Business Administration (SBA)minorStrategic or Co-development PartnerParticipating lender in Paycheck Protection Program (PPP) for COVID-19 relief, accepting applications for first and second draw PPP loans.

Scale indicators6 records

Recent moves8 records

Expansion highlights3 records

Broad incumbents

• U.S. Bank: Top-five U.S. national bank with significant branch presence across Nebraska — broad incumbent competing for the same consumer and small-business deposits and ag/small-business lending customers.
• Wells Fargo: Major U.S. national bank with extensive Nebraska branch and ATM coverage — broad incumbent offering overlapping deposit, mortgage, ag and small-business products that compete for the bank's customer base.
• American National Bank: Omaha-based commercial bank serving Nebraska and western Iowa with personal, business, ag and wealth services — broader incumbent with overlapping products and ag customers but materially larger scale.

Direct peers

• Great Western Bank: Sioux Falls-headquartered community/regional bank with significant Nebraska, Iowa and South Dakota branch presence — directly comparable as a multi-state community/ag lender competing for the same rural Midwest customers.
• West Gate Bank: Lincoln, Nebraska-based community bank providing personal, business and ag banking — comparable in scale, product mix and Nebraska community-banking positioning.
• Heartland Bank: Rural Nebraska community bank (Lexington area) focused on ag, consumer and small business banking — directly comparable community bank with similar ag-lending concentration and rural Midwestern deposit base.
• Premier Bank: Nebraska-based community bank with branches in Lincoln and Omaha offering consumer and commercial banking — similar full-service community banking model and Nebraska geographic footprint.
• Cornerstone Bank: York, Nebraska-headquartered community bank serving ag, business and consumer customers across central Nebraska — directly comparable in community-banking model, ag lending emphasis and rural deposit franchise.
• Pinnacle Bank: Lincoln, Nebraska-based community bank offering checking, savings, mortgage, ag and commercial lending across multiple Nebraska and Kansas markets — direct comparable in product mix, ag lending focus and rural Midwest footprint.
• Union Bank & Trust: Lincoln, Nebraska-headquartered community bank offering consumer, ag, commercial and wealth services — directly comparable product suite and Nebraska/Midwest ag lending specialization.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Madison-County-Bank-382149559279397
• LinkedInlinkedin.com/company/madison-county-bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 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 Madison County Financial Inc