What Heritage Bank of Schaumburg does

Heritage Bank of Schaumburg is a privately held community bank founded on August 8, 1974, operating from a single full-service branch at 1535 W. Schaumburg Rd. in Schaumburg, Illinois, with two proprietary ATMs on site. The bank is an affiliate of Schaumburg Bankshares, Inc., a bank holding company supervised by the Federal Reserve Bank of Chicago, and is FDIC-insured with HUD Equal Housing Lender designation. Heritage Bank serves individual consumers, small-to-mid-size businesses, and commercial real estate investors in Schaumburg and surrounding communities, offering a full-service suite of deposit products (personal and business checking, savings, CDs), consumer and commercial lending (conforming and jumbo mortgages, OneStop HELOCs, home equity installment loans, consumer loans, multi-family investment mortgages, commercial real estate, SBA-backed loans, lines of credit, construction loans), business cash management (ACH, wires, Remote Deposit Capture, QuickBooks integration), and merchant card processing through Mastercard/Visa partnerships. Customer tenure is a defining feature, with the bank emphasizing relationships extending over ten years and locally-owned decision-making as a differentiator versus regional and national bank branches.

The bank's technology stack is a standard community-banking configuration delivered through third-party core banking integrations. Digital channels include the HBS Mobile app for iOS and Android (with mobile check deposits capped at $2,500 daily and $1,000 per item), online banking with eStatements, text banking, and 24/7 telephone banking, plus surcharge-free ATM access through the SUM Network. Security is implemented via 128-bit SSL encryption and multi-factor authentication with One Time PIN. Customer-facing integrations include Zelle for P2P payments, Apple Pay / Samsung Pay / Google Pay for tokenized debit-card transactions, and CDARS for FDIC coverage up to $50 million. The bank also publishes an extensive library of over 50 financial calculators covering mortgages, loans, savings, retirement, and tax planning as a customer-acquisition and education tool.

Heritage Bank's revenue mechanics follow a traditional community-bank model. Net interest income is generated on a loan portfolio spanning conforming mortgages (30-year fixed at 6.375% APR sample, 15-year fixed at 5.875%), jumbo mortgages, HELOCs (5.75-6.00% APR teaser rates), and commercial loans. Non-interest income comes from deposit account fees ($35 overdraft/ACH returned item fees, $0.50 per transaction over the 200 free monthly limit on Free Small Business Checking, $15 monthly maintenance fees on Small Business Checking), safe deposit box rentals ($45-$160 annually), merchant services fees from Mastercard/Visa processing, and fee participation from CDARS reciprocal deposits. The go-to-market motion is relationship-based, branch-anchored community banking supplemented by self-serve digital channels, with no public revenue, balance sheet, or loan-portfolio disclosures.

Name

Heritage Bank of Schaumburg

Legal name

Heritage Bank of Schaumburg

Website

https://hbschaumburg.com

Company type

Private

Founded year

1974

Operating status

Operating

Headcount range

1–10 employees

Short description

Heritage Bank of Schaumburg is a privately held community bank founded in 1974, operating a single branch in Schaumburg, Illinois to serve personal and small-to-mid-size business customers with deposits, consumer and commercial lending, and digital banking services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022)

akta.pro primary industry

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

akta.pro secondary industry

Balance-Sheet / Portfolio CRE Lending (FSALADAG)

Keywords

• Community banking
• Consumer lending
• Commercial lending
• Mortgage lending
• Deposit accounts

Headquarters

HQ city

Schaumburg

HQ country

United States

HQ region

North America

Offices1 record

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: Heritage Bank generates revenue primarily through interest earned on loans including mortgages, home equity lines of credit, commercial loans, and consumer loans. The bank offers fixed and variable rate products with current mortgage rates ranging from approximately 5.75% to 6.375% depending on term and product type.
2. Deposit Account Fees: Revenue from transaction fees including per-transaction charges when account holders exceed free transaction limits (e.g., $0.50 per transaction over 200 for Free Small Business Checking), maintenance fees on certain accounts, and overdraft/ACH returned item charges ($35.00).
3. Merchant Services: Revenue from processing credit and debit card transactions for business customers through Mastercard/Visa Merchant Services.
4. Safe Deposit Box Rentals: Annual rental fees for safe deposit boxes ranging from $45.00 for 3x5 size to $160.00 for 10x10 size.
5. CDARS Deposits: The bank participates in the CDARS certificate of deposit registry service, which allows customers to access full FDIC insurance on deposits up to $50 million, generating fee income for facilitating these deposits.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Heritage Bank of Schaumburg is a community bank offering deposit accounts (personal and business checking, savings, CDs), a MasterMoney debit card with digital wallet support, residential mortgage loans, home equity lines of credit, consumer loans, commercial lending, multi-family investment mortgages, and merchant services. Products are delivered through a single Schaumburg, Illinois branch, online and mobile banking, Zelle P2P payments, surcharge-free ATMs, remote deposit capture for businesses, and CDARS for enhanced FDIC coverage.

Product overview

Heritage Bank of Schaumburg is a community bank offering a comprehensive suite of banking products and services for both personal and business customers. The bank's product portfolio includes personal checking and savings accounts, MasterMoney debit cards with digital wallet integration (Apple Pay, Samsung Pay, Google Pay), and personal lending products including mortgage loans, home equity loans (OneStop HELOC), and consumer loans. For business customers, the bank offers multiple checking account types, commercial savings and CDs, Cash Management Solutions with business eBanking, Remote Deposit Capture, and Merchant Services for card processing. The bank also provides online and mobile banking platforms with Zelle peer-to-peer payments, eStatements, and over 50 financial planning calculators. Additional services include safe deposit boxes, wire transfers, and CDARS for FDIC coverage up to $50 million. The bank operates a single branch location in Schaumburg, Illinois with surcharge-free ATM access through the SUM Network.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Personal checking account options for consumers at every life stage.
• Personal Savings and CDs Savings accounts and Certificates of Deposit offering competitive interest rates and various terms for personal customers.
• Online Account Application Digital platform allowing customers to apply for personal checking accounts online.
• MasterMoney Debit Card Personal debit card accepted at millions of locations worldwide with ATM access and Apple Pay, Samsung Pay, and Google Pay support.
• Surcharge-Free ATMs (SUM Network) Surcharge-free ATM access nationwide through the SUM Network, in addition to the bank's 2 proprietary ATMs at the Schaumburg location.
• Business Checking Multiple business checking options including Free Small Business Checking, Small Business Checking, Commercial Checking, and Commercial NOW with varying transaction limits and features for small businesses, non-profits, clubs, and commercial enterprises.
• Business Savings and CDs Commercial Savings accounts and Commercial Certificates of Deposit with terms from 90 days to 4 years for business customers.
• Cash Management Solutions (Business eBanking) Business eBanking platform providing real-time balances, one-time or recurring transfers, multi-user access, ACH and wire transfers, and QuickBooks integration for commercial customers.
• Online Banking 24/7 digital banking with balance checks, transfers, bill pay, check images, eStatements, and export to Quicken or Microsoft Money.
• Mobile Banking (HBS Mobile App) Native smartphone apps for iOS and Android enabling balance viewing, fund transfers, bill payment, mobile check deposits, and secure account access with 128-bit SSL encryption.
• Mortgage Loans Residential first mortgages including 30, 20, 15, and 10-year fixed-rate options plus jumbo loans exceeding conforming limits.
• Home Equity Loans Home equity products including variable-rate Home Equity Line of Credit (HELOC) and fixed-rate Home Equity Installment Loans.
• OneStop HELOC Heritage 10/20 OneStop HELOC (6.00% APR first 6 months) and Platinum 1st OneStop HELOC (5.75% APR first 6 months), each with 10-year draw and 20-year repayment period.
• Consumer Loans Personal loans including vehicle loans, home improvement loans, stock- or savings-secured loans, and overdraft protection lines of credit.
• Multi-Family Investment Mortgages Mortgage financing for purchase or refinance of multi-family investment properties, offered at competitive rates by the bank's lending staff.
• Commercial Loans Comprehensive commercial lending including commercial real estate loans, lines of credit, term loans, letters of credit, working capital loans, SBA loans, construction loans, and condominium association loans.
• Advantage Illinois Program Lending Term loan financing at lower interest rates for small business working capital, real estate, equipment, and inventory needs through the Illinois Department of Commerce and Economic Opportunity program.
• Remote Deposit Capture Electronic deposit service allowing businesses to scan and submit checks remotely using a scanner and web-enabled PC.
• Merchant Services (Mastercard/Visa) Full-service card processing solutions enabling businesses to accept credit and debit card payments.
• CDARS Deposits Certificate of Deposit Account Registry Service through Promontory Interfinancial Network providing full FDIC insurance coverage on deposits up to $50 million.
• Business MasterMoney Debit Card Business debit card for everyday business expenses with direct withdrawal from the business checking account.
• Safe Deposit Boxes Secure safe deposit boxes in multiple sizes (3x5, 3x10, 5x10, 10x10) with annual rentals from $45 to $160.

Quantifiable outcome

• Full FDIC insurance coverage available through CDARS for deposits up to $50 million
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature7 records

Partnerships

Nine partnerships are on record, tiered core and supporting.

• Promontory Interfinancial Network (CDARS)coreTechnology or IntegrationHeritage Bank participates in the CDARS (Certificate of Deposit Account Registry Service) program, which enables customers to access full FDIC insurance on deposits up to $50 million through reciprocal deposits. This partnership allows the bank to serve depositors with larger coverage needs while managing concentration limits.
• Early Warning Services, LLC (Zelle)coreTechnology or IntegrationHeritage Bank integrates Zelle for P2P payment services, enabling customers to send and receive money directly between bank accounts. Over 100 million people are enrolled with Zelle, and Heritage Bank offers this service free to customers through its mobile banking platform.
• SUM NetworkcoreChannel Partner/ Reseller/ DistributorHeritage Bank participates in the SUM surcharge-free ATM network, providing customers access to thousands of surcharge-free ATMs nationwide. The bank is one of more than 900 financial institutions in the SUM network, offering surcharge-free withdrawals across the country.
• Apple Inc. (Apple Pay)supportingTechnology or IntegrationHeritage Bank debit cards are compatible with Apple Pay digital wallet, allowing customers to make contactless payments at stores, online, and in-app purchases using their iPhone or Apple Watch.
• Google LLC (Google Pay)supportingTechnology or IntegrationHeritage Bank debit cards are compatible with Google Pay digital wallet, enabling Android device users to make contactless payments at checkout, online, and in-app.
• Samsung Electronics (Samsung Pay)supportingTechnology or IntegrationHeritage Bank debit cards are compatible with Samsung Pay digital wallet, providing Galaxy device users with mobile payment capabilities including the security of Samsung Knox.
• Mastercard (Merchant Services)coreTechnology or IntegrationHeritage Bank offers Mastercard/Visa Merchant Services for businesses to accept credit and debit card payments. Business MasterMoney Debit Cards are accepted at millions of locations worldwide and at ATMs displaying Mastercard, Cirrus, or NYCE logos.
• SBA (Small Business Administration)supportingStrategic or Co-development PartnerHeritage Bank offers SBA loans as part of its commercial lending portfolio, providing government-backed financing options for small businesses.
• Illinois Department of Commerce and Economic Opportunity (Advantage Illinois Program)supportingStrategic or Co-development PartnerHeritage Bank is a qualified participating lender in the Advantage Illinois Program, created to promote small business expansion and create new jobs in Illinois by providing term loan financing at lower interest rates.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Byline Bancorp: Byline Bancorp is a Chicago-based community bank holding company focused on serving small businesses and consumers in the Chicago metropolitan area through Byline Bank. Its operating model - relationship banking, SBA lending, and local decision-making - closely mirrors Heritage Bank's value proposition while operating at significantly larger scale.
• Lakeside Bank: Lakeside Bank is an independent, community-oriented commercial bank headquartered in Chicago, serving businesses and consumers with deposit accounts, commercial lending, and treasury management products. It competes directly with Heritage Bank for the same small-to-mid-size business and consumer relationships in the Chicago metro area using a similar locally owned banking model.
• Barrington Bank & Trust Company (Wintrust subsidiary): A community bank subsidiary of Wintrust Financial located in the Chicago northwest suburbs, including markets adjacent to Schaumburg. It competes with Heritage Bank for personal and business deposits and loans in the broader northwest suburban Chicago market.
• First Bank of Highland Park: First Bank of Highland Park is an independent community bank serving Chicago's northern suburbs. Like Heritage Bank, it operates with a relationship-banking model offering deposit accounts, mortgages, and business banking to local consumers and businesses in the Chicago metro. It is directly comparable in size, ownership structure, and customer segments.
• Libertyville Bank & Trust Company (Wintrust subsidiary): A community bank subsidiary of Wintrust Financial serving Chicago's northern and northwestern suburbs. It offers personal and business banking products with the local decision-making and relationship banking model that Heritage Bank also emphasizes, but with the scale advantages of the Wintrust platform.
• Hinsdale Bank & Trust Company (Wintrust subsidiary): A Wintrust-owned community bank operating in Chicago's western and southwestern suburbs. Comparable to Heritage Bank in its community focus and personal/business banking mix, but with the scale, technology, and product breadth advantages of being part of Wintrust Financial.
• Schaumburg Bank & Trust Company (Wintrust subsidiary): A community bank subsidiary of Wintrust Financial operating in Schaumburg, IL. It directly competes with Heritage Bank for personal and small business deposit and lending customers in the same footprint, with the same local decision-making value proposition but materially greater scale, branch density, and product breadth.

Broad incumbents

• Wintrust Financial Corporation: Wintrust Financial is a Chicago-area bank holding company that operates a network of community-branded banks (e.g., Schaumburg Bank & Trust, Barrington Bank & Trust, Libertyville Bank & Trust, Hinsdale Bank & Trust, Lake Forest Bank & Trust). It is a directly overlapping community-banking competitor with greater scale, broader product suite, and significantly larger technology and lending capacity, making it the most important strategic reference point for Heritage Bank's market.
• Old National Bank: Old National Bank is a large regional bank resulting from the merger of First Midwest Bancorp and Old National, with significant branch presence across the Chicago metropolitan area including suburban markets near Schaumburg. It competes with Heritage Bank across consumer and small business banking but at much greater scale.
• BMO Harris Bank: BMO Harris is a large regional bank with deep branch presence across the Chicago metropolitan area and Schaumburg specifically. It overlaps with Heritage Bank on consumer deposits, mortgages, and small business banking, but operates as a broad incumbent with significantly more branches, products, and digital capabilities rather than as a community specialist.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

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Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 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 Heritage Bank of Schaumburg