Midstates Bank

What Midstates Bank does

Midstates Bank NA is a privately held, FDIC-insured community bank founded in 1876 and headquartered in Council Bluffs, Iowa, operating 10 branch locations across western Iowa communities (Avoca, Council Bluffs, Harlan, Kingsley, Le Mars, Minden, Missouri Valley, Mondamin, Neola, Sergeant Bluff) with 100+ employees and a self-described balance sheet of $635 million. The bank serves three primary segments: individual consumers (checking, savings, teen banking, HSAs, mortgages, home equity, personal loans, auto loans, credit cards); small and mid-size businesses (business checking and savings, business loans, commercial real estate, SBA loans, merchant services, ACH/payables, remote deposit/receivables, Positive Pay fraud protection, and business online banking); and agricultural operations, with a dedicated regional ag lending team covering five states. Its technology stack includes a Netteller-based online banking platform, a mobile banking app (iOS/Android) with mobile check deposit and SecureSwipe card lock/unlock, ProfitStars SmartPay merchant services, and an Unifi-powered self-serve online account opening flow.

The bank's business model is classic community bank economics: net interest income from a diversified lending portfolio (consumer mortgages, commercial real estate, agricultural, SBA, and small business) supplemented by transaction-based fee income from deposit accounts, wire transfers, merchant services, and treasury products. GTM is direct-to-consumer, layered across in-branch relationship banking, phone support (888-710-9070), and digital self-service. The bank has no disclosed funding rounds, parent company, or institutional ownership, and remains locally owned and operated with no public ticker. Midstates has invested in employee branding (four consecutive UNbelievable Workplace awards from the Council Bluffs Area Chamber of Commerce, 2023-2026) and has a track record of internal promotions plus selective external hires from U.S. Bank and FDIC alumni to refresh its lending and ag leadership.

Name

Midstates Bank

Legal name

Midstates Bank NA

Website

https://midstatesbank.com

Company type

Private

Founded year

1876

Operating status

Operating

Headcount range

11–50 employees

Short description

Midstates Bank is a privately held, FDIC-insured community bank founded in 1876, operating 10 branches across western Iowa to serve individual consumers, small and mid-size businesses, and agricultural operations with deposit, lending, and treasury services.

Ownership category

akta.pro rank

Headquarters

HQ city

Le Mars

HQ country

United States

HQ region

North America

Offices10 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. Interest Income (Lending): Traditional banking interest income from lending products including mortgages, home equity loans, personal loans, auto loans, credit cards, business loans, commercial real estate loans, agricultural loans, and SBA loans.
2. Deposit Account Fees and Service Charges: Fees associated with deposit accounts, account maintenance, and service charges.
3. Wire Transfer Fees: Wire transfer fees: $20 incoming domestic, $25 outgoing domestic, $35 outgoing international.
4. Business Solutions and Merchant Services: Merchant services including credit card processing, ACH payments, remote deposit capture, and business online banking solutions for business customers.
5. Digital Banking Services: Online and mobile banking platform providing 24/7 account access, mobile check deposit, bill pay, and e-document services.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Midstates Bank is a community bank that provides personal and business deposit accounts, consumer and commercial loans, agricultural lending, and merchant payment processing, distributed through 10 western Iowa branch locations, phone support, and a full online and mobile banking platform. The bank also offers digital tools including mobile check deposit, bill pay, SecureSwipe card control, and self-service online account opening.

Product overview

Midstates Bank is a community bank offering a comprehensive suite of banking products organized into personal and business categories. The personal banking portfolio includes checking and savings accounts, teen banking, health savings accounts, mortgages, home equity lines of credit, personal loans, auto loans, and credit cards, supported by online and mobile banking platforms. The business banking division provides checking and savings accounts, commercial real estate loans, agricultural loans, SBA loans, and small business banking solutions, along with business solutions including merchant services/credit card processing, ACH payments, remote deposit capture, Positive Pay fraud protection, and business online banking. Additional services include SecureSwipe (debit card lock/unlock), mobile check deposit, Bill Pay, wire transfers, Christmas Club savings accounts, financial calculators, and electronic tax document delivery. The bank operates with a $635 million financial services company structure and serves western Iowa communities through 10 branch locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Personal checking account options for everyday banking needs, with various features and fee structures, for individual consumers.
• Personal Savings Accounts Savings account options for individual consumers, including regular savings and specialized Christmas Club accounts for holiday savings.
• Teen Banking / Teen Debit Banking services designed for teenagers with debit card access and parental controls, targeting youth and their parents.
• Health Savings Account Tax-advantaged health savings account (HSA) for individuals with high-deductible health plans.
• Mortgages Home mortgage financing for purchasing or refinancing residential properties, for individual consumers.
• Home Equity Line of Credit Revolving credit line secured by home equity, used for flexible borrowing needs by individual consumers.
• Personal Loans Unsecured personal loans for various needs including debt consolidation and major purchases, for individual consumers.
• Auto Loans Financing for purchasing new or used vehicles, for individual consumers.
• Credit Cards Credit card products for personal and business use.
• Online & Mobile Banking Digital banking platform allowing customers to manage accounts, transfer funds, pay bills, and access services 24/7.
• Business Checking Accounts Commercial checking accounts designed for small to mid-size businesses, with various features and transaction limits.
• Business Savings Accounts Savings options for businesses to accumulate reserves and manage business funds.
• Business Loans Commercial lending solutions for business growth and operational needs, for small to mid-size businesses.
• Commercial Real Estate Loans Financing for commercial property purchases, developments, and refinances.
• Agricultural Loans Specialized lending products for farmers and agricultural operations including farm equipment, land, and operating loans, served by a dedicated regional ag lending team.
• SBA Loans Small Business Administration guaranteed loans including SBA 7(a) and 504 programs, for small businesses.
• Small Business Banking Comprehensive banking solutions tailored for small businesses, including specialized account packages.
• Merchant Services / Credit Card Processing Payment processing services enabling businesses to accept credit and debit card transactions.
• ACH Payments / Manage Payables Electronic payment solutions for businesses to send and receive automated clearing house (ACH) payments.
• Remote Deposit / Manage Receivables Electronic check deposit services allowing businesses to deposit checks remotely via scanner or mobile device.
• Positive Pay Fraud protection service that matches checks presented for payment against a business's issued check register.
• Business Online Banking Digital banking platform for business customers to manage accounts, initiate transactions, and access reporting.
• Wire Transfer Services Domestic and international wire transfer services for sending and receiving funds electronically (fees: $20 incoming domestic, $25 outgoing domestic, $35 outgoing international).
• Christmas Club Savings Account Specialized savings account that matures in October, providing funds for holiday expenses.

Quantifiable outcome

• 99% of employees report being deeply motivated by the mission of Midstates Bank (2026 UNbelievable Workplace survey)
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Heartland Financial USA (HTLF): Dubuque, Iowa-headquartered regional bank holding company with community banking subsidiaries across the Midwest. Substantially larger than Midstates but serves overlapping customer segments and geographies, representing the natural consolidator profile.
• QCR Holdings: Moline, Illinois-based community bank holding company with community banking subsidiaries in Iowa, Illinois, Missouri, and Wisconsin. Comparable community banking model with overlapping Midwest footprint and broader scale.
• Pathward Financial (formerly MetaBank): Sioux Falls, South Dakota-based bank holding company with comparable community/commercial banking footprint in the upper Midwest. Broader and more diversified but competes in overlapping regional markets.
• First Interstate BancSystem: Billings, Montana-based community bank holding company with full-service community banking branches across the Midwest and West. Comparable community-bank operating philosophy but materially larger scale.

Direct peers

• United Bank of Iowa: Iowa-based community bank of comparable size serving western/southwestern Iowa with a similar personal and business banking product set. Most direct operational peer given overlapping Iowa geography and community banking model.
• West Bancorporation: Iowa-based community bank holding company headquartered in West Des Moines with comparable asset size and full-service personal/business banking offerings, including ag lending. Direct competitor for Iowa deposit and loan market share.
• First Bankers Trust Company: Quincy, Illinois-based community bank offering personal, business, and agricultural banking services in the Midwest. Direct comparable on community banking model with similar ag lending specialization.

Emerging players

• Chime: Digital-first consumer banking platform competing for the same household deposits and primary banking relationships that Midstates targets. Not a direct community bank competitor but represents the structural threat to deposit-funded community banking models.
• Live Oak Banking Company: Digital-first small business and SBA-focused bank that competes for the SBA lending and small business banking customers Midstates serves. Emerging player demonstrating how technology-led banks can attack traditional community bank niches.

Regional players

• GreenState Credit Union: Iowa-headquartered depository institution serving similar Iowa customers with consumer and business banking products. Operates as a credit union rather than bank but competes directly for the same household and small business deposits in eastern Iowa.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xfacebook.com/midstatesbank
• YouTubeyoutube.com/@midstatesbank
• Facebookfacebook.com/midstatesbank
• LinkedInlinkedin.com/company/midstates-bank-na

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 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 Midstates Bank