What GN Bank does

GN Bank is a privately held, Black-owned community bank founded in 1934, headquartered at 4619 S King Drive on Chicago's South Side. The bank provides retail and small business banking services — including checking, savings (statement, MMDA, and a 3.6% promotional high-yield option), certificates of deposit, and personal/auto/home loans — to individual consumers, small business owners, and historically underserved South Side communities. GN Bank holds the Community Development Financial Institution (CDFI) designation from the U.S. Department of Treasury and is an approved participant in the Minority Bank Deposit Program (MBDP), managed by the Bureau of the Fiscal Service. Two wholly-owned subsidiaries — GN Bank Safe Deposit Box, Inc. and Metropolitan Service Corporation — support adjacent operating functions.

The bank's technology platform centers on iOS/Android mobile applications and a 24/7 online banking portal with two-factor authentication, SSL encryption, mobile check deposit, e-bill pay, e-statements, early direct deposit (up to 2 days), and real-time fraud alerts with card lock capability. Distribution is delivered through a single physical branch combined with access to a 60,000+ fee-free ATM network. Products are FDIC-insured up to $250,000 per depositor, and the bank has maintained continuous community service for over 90 years.

GN Bank's revenue model is built on traditional community banking mechanics: net interest income from personal, auto, and home loan origination; account-level fees including $35 overdraft/NSF charges; $3 ATM surcharges; wire transfer fees; and monthly maintenance fees on savings and business checking accounts, with waivers tied to minimum balance thresholds. The go-to-market motion is community-led and relationship-driven, targeting financial inclusion for elderly and low-income populations on the South Side that other financial institutions do not serve. Robert Klamp serves as CEO.

Name

GN Bank

Legal name

GN Bank

Website

https://gnbank.net

Company type

Private

Founded year

1934

Operating status

Operating

Headcount range

11–50 employees

Short description

GN Bank is a privately held, Black-owned community bank founded in 1934, serving Chicago's South Side with retail checking, savings, CDs, loans, and business banking, operating one branch and a digital platform, and holding CDFI designation.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Retail-focused Neobanks (Mass Market) (FSABAFAA)

akta.pro secondary industry

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

Keywords

• Retail banking services
• Community banking
• Consumer lending
• Personal savings accounts
• Small business banking

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: Traditional banking revenue from interest earned on loans including personal, auto, and home loans
2. Account Fees: Monthly maintenance fees, ATM fees, overdraft charges, and various service fees from checking and savings accounts
3. Wire Transfer Fees: Fees for domestic wire transfers, incoming wire transfers, and customer direct transfers
4. Loan Origination: Revenue from personal, auto, and home loan origination

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

GN Bank is a community bank that provides personal checking and savings accounts (including statement savings, MMDA, high-yield promotional savings, and certificates of deposit), consumer loans (personal, auto, and home), and small business checking. Customers access these services through one physical branch in Chicago, a fee-free ATM network of 60,000+ locations, and 24/7 digital channels including online banking and a mobile app.

Product overview

GN Bank operates as a community-focused financial institution offering a unified portfolio of banking products. The core offerings include Retail Checking and Savings Accounts (including High-Yield Savings and CDs) for personal banking, complemented by personal, auto, and home loans. Digital banking services are delivered through Online Banking and Mobile Banking platforms, which enable direct deposit, bill pay, e-statements, and mobile check deposits. The bank also provides Business Banking services and maintains an extensive ATM network. All products are FDIC insured and supported by fraud protection features.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Checking Personal checking account for individual consumers with no monthly fees, mobile and online banking access, FDIC insurance, and access to a 60,000+ fee-free ATM network. Requires $100 minimum to open.
• Savings Accounts Personal savings accounts including statement savings (0.010% rate), MMDA (0.030% rate), and promotional savings (3.6% rate), with competitive rates and no monthly maintenance fees when minimum balance is maintained.
• High-Yield Savings High-yield savings product with automatic growth through transfers and round-ups, no monthly fees, with rate potentially adjusting based on Federal Reserve guidance.
• Online Banking Web-based banking platform providing 24/7 access to balances, transfers, bill pay, and e-statements with two-factor authentication and SSL encryption for personal and small business customers.
• Mobile Banking Smartphone application for account management, money transfers, bill payments, and mobile check deposits, available on iOS and Android for personal and small business customers.
• Direct Deposit Service allowing customers to receive paycheck deposits up to 2 days early with automatic fund transfers and split deposit options into multiple GN Bank accounts.
• E-Bill Pay Electronic bill payment service enabling one-time and recurring payments with paperless billing options for personal customers.
• Certificates of Deposit (CDs) Fixed-rate term deposits with flexible terms from short to longer durations, FDIC insured up to $250,000 with guaranteed returns through the full term for personal savers.
• Personal Loans Flexible personal loans for various life needs with competitive rates and guidance from bank staff for individual borrowers.
• Auto Loans Vehicle financing options for new or used car purchases with competitive rates for individual borrowers.
• Home Loans Residential mortgage financing with smart home buying solutions and competitive rates for individual homebuyers.
• Business Banking Business banking services tailored for small business customers, including a Small Business Checking account requiring $100 minimum to open with a $25 monthly fee that is waived if average balance reaches $3,000.
• ATM Services Network of fee-free ATMs with over 60,000 locations nationwide for cash withdrawals and deposits for personal and small business customers.

Quantifiable outcome

• FDIC insurance protects deposits up to $250,000
• +1 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• U.S. Department of TreasurycoreOthersGN Bank bears the Community Development Financial Institution (CDFI) trademark issued by the U.S. Department of Treasury, indicating its role in serving underserved communities.
• Bureau of the Fiscal ServicecoreOthersGN Bank has been approved as a participant in the Minority Bank Deposit Program (MBDP), managed by the Department of Treasury's Bureau of the Fiscal Service.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• OneUnited Bank: The largest Black-owned bank in the United States, also holding CDFI designation and operating as a community development-focused institution serving urban communities with retail and digital banking products. Directly comparable to GN Bank in mission, target customer, and product mix.
• Liberty Bank & Trust: A Black-owned community bank with multiple branches serving underserved markets in the South with retail banking, lending, and CDFI-aligned programs. Directly comparable in mission, ownership identity, and target customer segments.
• First Independence Bank: A Black-owned community bank based in Detroit serving urban minority communities with retail and small business banking, including CDFI-aligned programs. Highly comparable in community-development mission, target market, and product scope.
• Citizens Trust Bank: An African American-owned community bank in Atlanta serving minority communities with retail deposits, lending, and small business products. Comparable in ownership, mission, and community banking model.
• Hope Credit Union: A CDFI-certified, Black-led credit union operating across the Deep South with a similar mission of serving underserved and minority communities through deposits, lending, and financial inclusion programs. Closely comparable in CDFI mission and community development focus.
• Self-Help Federal Credit Union: A CDFI-certified credit union focused on serving low-wealth and minority communities with checking, savings, lending, and small business banking. Comparable mission, regulatory positioning, and product offering to GN Bank.
• Industrial Bank: A Black-owned community bank headquartered in Washington, D.C., serving urban minority communities with retail and small business banking products. Comparable in ownership profile, target customer, and product scope to GN Bank.
• Carver Federal Savings Bank: A Black-owned, CDFI-certified community savings bank founded in 1948 serving underserved urban communities with deposit and loan products. Closely parallel to GN Bank in mission (financial inclusion in minority communities), CDFI status, and product set.

Broad incumbents

• Live Oak Bank: A digitally-led community bank with strong SBA and small business lending focus and broader geographic reach. Comparable as a community bank embracing digital channels, though materially larger and more diversified than GN Bank.

Emerging players

• Quontic Bank: A digital-first, CDFI-certified community bank focused on serving underbanked and minority communities with online deposit and lending products. Comparable mission and regulatory designation, but operates with a national digital model rather than a single physical branch.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/gnbanktweets
• LinkedInlinkedin.com/company/gn-bank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 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 GN Bank