Farmers State Bank of Western Illinois

What Farmers State Bank of Western Illinois does

Farmers State Bank of Western Illinois is a privately held, state-chartered community bank headquartered in Alpha, Illinois, operating six branches across the rural Western Illinois communities of Aledo, Alexis, Alpha, New Windsor, Viola, and Woodhull. The bank traces its charter to January 22, 1910, when it opened as Farmers State Bank of Alpha; it was renamed in 1988 to reflect its broader regional role and has been wholly owned by the holding company Alpha Banco, Inc. since December 1990. Its product set is the standard community bank suite: three tiers of personal checking (Free, Classic, Premium), savings and money market accounts, certificates of deposit with terms from 3 to 60 months, IRAs, consumer loans, business checking and savings, commercial loans, cash management, and Visa credit cards.

The bank's technology stack is built almost entirely on third-party platforms rather than proprietary systems. Digital banking (online and mobile) is delivered through Apiture; debit card processing and fraud monitoring (including FICO Falcon) run on the SHAZAM EFT network, with the Brella app providing customer-facing card controls (currently noted as unavailable on the bank's homepage pending app updates); Visa handles the credit card program; and Apple Pay provides the digital wallet rail. Telephone banking is offered 24/7 via an automated line, and the bank maintains an FDIC-insured deposit franchise. There is no indication of proprietary technology development, APIs, AI/ML systems, or in-house software engineering in the input data.

The revenue model is a traditional bank net interest income franchise supplemented by deposit and card fees. Deposit products are sold through the six branches with tiered monthly maintenance fees (waived for customers over 55, non-profits, and public funds), per-item charges, and ATM fees after a free allowance; lending income is generated on consumer and commercial loan books that are not separately disclosed. Go-to-market is relationship-led and place-based: physical branches serve as the primary acquisition and service channel, complemented by community referrals built over 115 years, a Facebook page for top-of-funnel awareness, and digital banking for mid-funnel self-service. The customer base is split horizontally between individual consumers and small/mid-sized local businesses, with no enterprise accounts, no named customer logos, and no segment-level revenue disclosure in the input.

Name

Farmers State Bank of Western Illinois

Legal name

Farmers State Bank of Western Illinois

Website

https://fsbwil.com

Company type

Private

Founded year

1910

Operating status

Operating

Headcount range

51–100 employees

Short description

Farmers State Bank of Western Illinois is a privately held community bank founded in 1910, operating six branches across rural Western Illinois. It provides standard personal and business banking products—checking, savings, CDs, loans, and credit cards—to individuals and local small businesses through physical branches and digital channels.

Ownership category

akta.pro rank

Headquarters

HQ city

Alpha

HQ country

United States

HQ region

North America

Offices6 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. Net Interest Income: Interest earned on loans (consumer, commercial) and other credit products
2. Deposit Account Fees and Charges: Monthly maintenance fees, overdraft fees, ATM fees, and other account-related charges
3. Checking Account Services: Free checking, classic checking, premium checking accounts with various fee structures
4. Certificate of Deposit (CD) Interest: Fixed-term deposit accounts with competitive interest rates ranging from 0.40% to 3.03% APY
5. Savings and Money Market Accounts: Various savings products including Classic Savings, Money Market, Combo Savings, Penny Savers, IRA Savings, Christmas Club accounts
6. Credit Card Services: Visa credit cards with cash back rewards, points, travel perks, and other card benefits

Pricing tiers

Distribution channels5 records

Marketing channels4 records

Core offering

Farmers State Bank of Western Illinois is a privately held community bank providing personal and business banking products and services through six branch locations in Western Illinois. Its offerings include checking, savings, certificates of deposit (CDs), individual retirement accounts (IRAs), consumer loans, commercial loans, cash management, Visa credit cards, and digital banking channels (online, mobile, telephone, and digital wallet).

Product overview

Farmers State Bank of Western Illinois operates as a regional community bank offering a comprehensive suite of traditional banking products through six branch locations. The bank's core offerings span personal and business banking categories, including checking and savings accounts, certificates of deposit, individual retirement accounts, and various loan products. Digital banking services are delivered through an online and mobile banking platform provided by Apiture, complemented by 24/7 telephone banking. The bank also provides digital payment capabilities through Apple Pay digital wallet integration, debit card protection via the Brella app (powered by SHAZAM), and Visa credit cards. Additional financial tools include savings calculators, loan calculators, mortgage calculators, debt payoff calculators, and retirement planners available through their digital channels.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Three personal checking account options: Free Checking (no monthly fees, no minimum balance), Classic Checking ($500 minimum balance to avoid fees), and Premium Checking (interest-bearing account with $1,000 minimum). Designed for individual consumers and households in Western Illinois.
• Savings Accounts & CDs Personal savings products including Classic Savings, Combo Savings, Penny Savers, and IRA Savings accounts, plus Certificates of Deposit with terms from 3 to 60 months and minimum opening deposit of $500. For individual savers in Western Illinois.
• Consumer Loans Personal loans for individual borrowers to meet various financial needs. Offered to consumer banking customers.
• Business Checking Accounts Checking accounts designed for business customers, tailored for local businesses in Western Illinois seeking commercial banking services.
• Business Savings & CDs Savings products tailored for business customers including business CDs and savings accounts for operating funds and reserves.
• Commercial Loans Loans for commercial purposes to support local business growth, operations, and capital needs in Western Illinois.
• Cash Management Cash management services for business customers to manage liquidity and optimize cash flow.
• Online Banking Apiture-powered internet banking platform providing 24/7 account access, transfers, bill payment, and secure messaging for personal and business customers.
• Mobile Banking Mobile application for iPhone and Android enabling customers to bank on smartphones and tablets with account access, mobile deposits, and transaction monitoring.
• Telephone Banking 24/7 automated telephone banking at 1-866-629-6262 for balance inquiries, transaction history, fund transfers, and loan payment calculations.
• Visa Credit Cards Credit cards issued through Visa partnership offering cash back rewards, unlimited 1x points on purchases, free credit scores, zero fraud liability, cell phone protection, and travel perks for consumer cardholders.
• Certificates of Deposit (CDs) Time deposit accounts with terms from 3 to 60 months requiring $500 minimum opening deposit, with competitive fixed interest rates (e.g., 3-month 0.40% APY through 60-month 1.25% APY). FDIC-insured.
• Individual Retirement Accounts (IRAs) Retirement savings accounts with $500 minimum balance requirement to earn APY, supporting long-term retirement planning for individual customers.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Partnerships

Four partnerships are on record, tiered core partner.

• SHAZAMcore partnerTechnology or IntegrationSHAZAM is a leading member-owned and controlled electronic funds transfer (EFT) network that provides fraud prevention services. Utilizes FICO Falcon Fraud Manager for fraud detection. Provides fraud specialist call services for suspicious activity alerts. Partnered for Brella debit card protection application.
• Apiturecore partnerTechnology or IntegrationProvides the online and mobile banking platform technology for Farmers State Bank. Customers access online banking through the Apiture-powered portal at https://fsbwiail.banking.apiture.com. Platform provides Internet banking, bill payment, and account management services.
• Visacore partnerTechnology or IntegrationCredit card services are provided through Visa partnership. Offers Visa credit cards with cash back rewards, points earning, travel perks, cell phone protection, and free credit score access.
• FDICcore partnerOthersFederal Deposit Insurance Corporation provides deposit insurance coverage. All deposits are backed by the full faith and credit of the U.S. Government up to insured limits.

Scale indicators3 records

Recent moves16 records

Expansion highlights3 records

Broad incumbents

• Old National Bancorp: Evansville, Indiana-based regional bank holding company with a large Midwest branch network, including Illinois. Overlapping community banking capabilities but much larger scale, broader geographic footprint, and more diversified product set.
• Cass Information Systems: St. Louis-based bank holding company with commercial banking and payment services. Comparable in operating as a regulated Missouri-based bank, but with a more commercial/treasury-focused franchise and larger scale.
• First Financial Bancorp: Cincinnati, Ohio-based regional bank holding company with commercial and consumer banking across the Midwest. Overlaps with Farmers State Bank in community banking and small business lending, but operates at significantly larger scale.

Direct peers

• Heartland Financial USA (HTLF): Dubuque, Iowa-based community bank holding company operating 11 community banks across the Midwest. Highly comparable business model: multi-state community banking, consumer and commercial lending, deposit products, and digital banking.
• First Busey Corporation: Champaign, Illinois-based bank holding company operating community banks across central and downstate Illinois. Highly comparable to Farmers State Bank in geography, scale, and community banking model serving both consumers and small businesses.
• Morton Community Bank: Morton, Illinois-based community bank with branch network across central Illinois. Comparable as a similarly-sized Illinois community bank with personal and business banking, digital channels, and consumer/commercial lending.
• First Mid Bancshares: Mattoon, Illinois-based community bank holding company operating First Mid Bank & Trust across central Illinois. Directly comparable as a multi-branch Illinois community bank serving consumer and commercial customers with a similar product mix.
• Lakeland Financial Corporation: Warsaw, Indiana-based community bank holding company operating Lake City Bank. Comparable as a Midwest community bank focused on relationship-based consumer and commercial banking in smaller markets, with strong digital capabilities.
• CNB Bank Inc. Clearfield, Pennsylvania-based community bank with consumer and commercial banking operations. Comparable as a privately/community-focused bank serving small-town and rural markets with traditional deposit and loan products.
• Town & Country Bancorp: Springfield, Illinois-based bank holding company for Town & Country Bank. Comparable as a similarly-sized Illinois community bank with full personal and business banking services and multiple branches.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat4 records

Customer concentration

• Facebookfacebook.com/people/Farmers-State-Bank-of-Western-Illinois/61572740055814

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 Farmers State Bank of Western Illinois