Think Mutual Bank
Think Mutual Bank is an FDIC-insured mutual savings bank founded in 1887, headquartered in Rochester, Minnesota, serving individual consumers, small businesses, dental practices, and non-profits across Rochester and the Twin Cities metro with deposits, lending, wealth, and insurance products.
- Company typePrivate
- Founded1887
- HeadquartersRochester, United States
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
What Think Mutual Bank does
Think Mutual Bank (doing business as Think Bank) is a state-chartered mutual savings bank founded in 1887 and headquartered in Rochester, Minnesota. It is owned by its depositors rather than external shareholders, meaning earnings are reinvested through better deposit rates and loan pricing rather than distributed as dividends. The bank serves individual consumers, small and mid-sized businesses, dental practices, and non-profit organizations, primarily across the Rochester area and the Twin Cities metro (Apple Valley, Eagan, Edina). Its core product set spans personal and commercial checking, savings, money market accounts, CDs and IRAs, mortgages, home equity loans and HELOCs, vehicle loans, personal loans, and credit cards, supplemented by Raymond James investment services and Think Insurance referral commissions.
Distribution operates through a hybrid model: seven physical branches offer relationship-based advisory and lobby/drive-up service, while the Banno-powered Think Online web platform and the iOS/Android Think Bank mobile app deliver self-serve digital banking. Supporting integrations include Zelle for peer-to-peer payments, Apple Pay/Google Pay/Samsung Pay for mobile wallets, Quicken Direct Connect for personal finance software, and MoneyPass/PULSE networks providing surcharge-free access to more than 40,000 ATMs. Revenue is generated primarily through net interest income on the loan portfolio (mortgages, home equity, vehicle, personal, commercial), supplemented by deposit fees, electronic banking fees, wealth-management referral commissions, and insurance referral revenue. Recent strategic emphasis has been on digital onboarding optimization (Swaystack partnership, December 2025), broader mortgage geographic reach (12 states), and community-engagement branding in the Twin Cities expansion.
Think Mutual Bank firmographics
Firmographics- Name
- Think Mutual Bank
- Legal name
- Think Mutual Bank
- Website
- https://thinkbank.com
- Company type
- Private
- Founded year
- 1887
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Think Mutual Bank is an FDIC-insured mutual savings bank founded in 1887, headquartered in Rochester, Minnesota, serving individual consumers, small businesses, dental practices, and non-profits across Rochester and the Twin Cities metro with deposits, lending, wealth, and insurance products.
- Ownership category
- akta.pro rank
Think Mutual Bank industry classification
Industry- NAICS
- Savings Institutions and Other Depository Credit Intermediation (52218)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Mutual Savings Banks & Mutual Thrifts (FSABAEAD)
- akta.pro secondary industry
- Retirement Plan Participant Advice & Managed Accounts (FSAEABAF)
Keywords
Where Think Mutual Bank is headquartered
LocationHeadquarters
- HQ city
- Rochester
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
Think Mutual Bank business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others
Revenue model
- Interest Income on Loans: Think Bank generates revenue primarily through interest earned on loans including mortgages, home equity loans, auto loans, personal loans, and commercial loans. Rates are competitive with market rates (e.g., 4.99% APR auto loans, 6.500% 30-year fixed mortgage, 11.99% APR personal loans).
- Deposit Account Fees and Charges: Monthly service fees on certain accounts (e.g., $6 for Preferred Interest Checking if balance falls below $1,500, $15 monthly for Commercial Checking), transaction fees, and overdraft fees.
- Electronic Banking Services: Revenue from digital banking services including potential fees for external transfers, wire transfers, and other electronic services.
- Wealth Management and Insurance Referral: Partnership with Raymond James for investment services, and referrals to insurance products through Think Insurance (offering vehicle, home, life, and umbrella insurance). Think Insurance is offered through Think Insurance (MN license # IA-538).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Simply Better Checking - Basic account with no requirements |
| Subscription | Monthly | Preferred Interest Checking - Interest-bearing for higher balances |
| Subscription | Monthly | Direct Interest Checking and 50+ Interest Checking |
| Subscription | Monthly | Commercial Checking |
| Subscription | Monthly | Simply Better Business Checking |
| Subscription | Monthly | Savings Account Rates |
| Subscription | Monthly | Money Market Account Rates |
| One time/ perpetual license | Multi-year contract | Certificate of Deposit Rates (Fixed) |
| Unit Pricing | Multi-year contract | Auto Loan Rates |
| Unit Pricing | Multi-year contract | Personal Loan Rates (Unsecured) |
| Unit Pricing | Multi-year contract | Mortgage Rates (Fixed) |
| Unit Pricing | Multi-year contract | Home Equity Loan Rates (Fixed, up to 90% LTV) |
Go-to-market motion2 records
Distribution channels7 records
Marketing channels8 records
Think Mutual Bank product offering
Product offeringCore offering
Think Mutual Bank is a community-focused mutual savings bank that provides personal and business deposit products (checking, savings, money market, CDs, IRAs), a full lending suite (mortgages, home equity, vehicle, personal, and commercial loans), credit cards, investment services through Raymond James, and insurance products through Think Insurance. Customers access these products through seven Minnesota branch locations and the Think Online digital banking platform with mobile app support. The bank is owned by its depositors and emphasizes commission-free, relationship-based service.
Product overview
Think Bank (formerly Think Mutual Bank) is a regional community bank offering a comprehensive suite of banking products and services primarily in Minnesota. The core offering consists of Think Online, a digital banking platform accessible via desktop and mobile app, which serves as the central hub for account management. The product portfolio includes personal and business checking/savings accounts, CDs and IRAs, home mortgages, home equity loans and HELOCs, vehicle loans, personal loans, and credit cards. Supplementary services include investment management through Raymond James partnership, insurance products through Think Insurance, and various digital tools like mobile deposit, bill pay, Zelle peer-to-peer payments, Insights financial management, and external account transfers. The bank operates physical branches in Rochester, Apple Valley, Eagan, and Edina, Minnesota.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Over 150 organizations supported annually with charitable grants and sponsorships
- +3 more outcomes
Companies that use Think Mutual Bank
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles1 record
Think Mutual Bank technology and API
TechnologyAPI detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature5 records
Think Mutual Bank partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- SwaystackcoreThink Bank partnered with Swaystack to implement a gamified digital onboarding experience on Banno's platform. The solution enables community banks to convert account openings into funded accounts, deepening customer relationships and profitability. The project was completed in less than 90 days, representing a shift from passive utility to active growth engine in digital banking.
Scale indicators5 records
Recent moves6 records
Expansion highlights7 records
Think Mutual Bank competitors and assessment
Company assessmentDirect peers
- Gate City Bank: Mutual savings bank headquartered in Fargo, ND with a strong community-giving program and full personal/business banking. Comparable mutual ownership structure and community-bank positioning to Think.
- Bell Bank: North Dakota-headquartered mutual bank with full personal and business banking and strong community/philanthropic identity. Closest direct analog to Think by ownership structure, product breadth, and regional community-banking model.
- Bremer Bank: Minnesota- and Wisconsin-headquartered community bank providing personal, business, and wealth services. Direct geographic and product-line overlap with Think in MN/Twin Cities, although non-mutual ownership structure.
- Alerus Financial: Mutual-style community bank/wealth manager headquartered in Grand Forks, ND with operations across MN and ND. Comparable mix of retail banking, mortgage, and wealth advisory — analogous community-banking-and-wealth model.
- Cornerstone Bank (MN): Minnesota-based community bank serving Rochester and southern MN. Closest sub-geographic direct competitor to Think's Rochester footprint with similar personal and small-business banking offerings.
Broad incumbents
- U.S. Bancorp: Minneapolis-based large regional bank with full consumer, commercial, payments, and wealth capabilities. Direct head-to-head competitor in the MN/MSP market with substantially larger balance sheet and tech investment budget.
- Wells Fargo: National bank with deep Twin Cities/MN branch density and full-suite consumer and business banking. Competes broadly with Think for deposits, mortgages, and small-business relationships across all served geographies.
- Huntington Bancshares: Large regional bank with strong Midwest presence and full personal/business banking. Competes for the same MN household and SMB deposits/loans as Think, but at significantly larger scale and broader geographic footprint.
Regional players
- Stearns Bank: Minnesota-headquartered community bank with specialty commercial lending and full deposit services. Comparable MN-focused community bank scale, with somewhat different mix tilting toward commercial/equipment lending.
- Hiway Credit Union: Minnesota/ Twin Cities-area credit union offering consumer and auto-lending competition. Closest depository-cooperative peer in Think's core Rochester/Twin Cities geography, exerting pricing pressure on deposits and consumer loans.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Think Mutual Bank social profiles
Digital presenceThink Mutual Bank compliance and trust
Trust signalCompliance1 record
Think Mutual Bank financial estimates
Financial estimateRevenue estimate
Valuation estimate
Think Mutual Bank leadership team
Management profileNumber of profiles
Think Mutual Bank funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Think Mutual Bank M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Think Mutual Bank
What does Think Mutual Bank do?
Think Mutual Bank is a community-focused mutual savings bank that provides personal and business deposit products (checking, savings, money market, CDs, IRAs), a full lending suite (mortgages, home equity, vehicle, personal, and commercial loans), credit cards, investment services through Raymond James, and insurance products through Think Insurance. Customers access these products through seven Minnesota branch locations and the Think Online digital banking platform with mobile app support. The bank is owned by its depositors and emphasizes commission-free, relationship-based service.
Is Think Mutual Bank a public or private company?
Think Mutual Bank is a private company. It is currently operating.
When was Think Mutual Bank founded?
Think Mutual Bank was founded in 1887. It employs 251 to 500 people.
Where is Think Mutual Bank based?
Think Mutual Bank is headquartered in Rochester, United States, in the North America region.
How does Think Mutual Bank make money?
Four revenue lines are on record. Interest Income on Loans are the primary driver. The others are deposit Account Fees and Charges, electronic Banking Services and wealth Management and Insurance Referral.
Who are Think Mutual Bank's main competitors?
Direct peers on record are Gate City Bank, Bell Bank, Bremer Bank, Alerus Financial and Cornerstone Bank (MN). Broad incumbents are U.S. Bancorp, Wells Fargo and Huntington Bancshares. Regional players are Stearns Bank and Hiway Credit Union.
Does Think Mutual Bank have an API?
No public API is recorded for Think Mutual Bank.
What industry is Think Mutual Bank in?
Its primary akta.pro industry code is FSABAEAD, Mutual Savings Banks & Mutual Thrifts, with a secondary code of FSAEABAF, Retirement Plan Participant Advice & Managed Accounts. Its NAICS code is 52218 and its SIC code is 6022.