Badger Bank

What Badger Bank does

Badger Bank is a privately held, Wisconsin state-chartered community bank headquartered in Fort Atkinson at 220 Grant Street, operating four branches in Fort Atkinson, Cambridge, Johnson Creek, and Jefferson, with continuous operation since the founding of Citizens State Bank in July 1884 by Congressman L. B. Caswell and partners. The bank serves consumer and small-business customers in southern Wisconsin across deposit accounts (Go Green NOW, Badger Essential, Prestige 55+, money market, savings, CDs, IRAs, HSAs), lending products (mortgages, home equity, auto, personal, SBA, commercial real estate, business lines of credit, equipment leasing), debit and Visa credit cards (issued via TCM Bank, N.A.), and digital banking delivered through a vendor-supported online and mobile platform with Apple Pay, Google Pay, Samsung Pay, mobile deposit, and NOTIFI real-time alerts. Wealth management, trust, and brokerage services are layered on through referral and co-location partnerships with Wendt Financial Group/LPL Financial and The Private Trust Company N.A., while fixed insurance is offered via Ash Brokerage and consumer credit via Pinnacle Bank and College Ave Student Loans referrals.

The bank's revenue model is traditional community-bank net interest income (spread between loan yields — mortgages, auto, commercial real estate, SBA — and deposit costs across checking, savings, money market, and CDs) supplemented by transactional fee income (overdraft, wire, safe deposit box, money order, debit and credit interchange from TCM Bank-issued cards), referral and revenue-sharing income from Wendt Financial Group/LPL Financial investment products, College Ave and Pinnacle Bank consumer loan referrals, and Visa credit card issuance, plus operating income from merchant card services for business customers. Loan pricing uses competitive fixed and variable rates (e.g., 3.70% on a 12-month CD special, up to 4.00% APY on a 19-month CD, mortgage and SBA rates by application), while deposits include account-based monthly fees waived by minimum balance or eStatement enrollment — Go Green NOW Checking pays 2.02% APY on balances up to $15,000 with qualifying activity. Distribution combines four physical branches with self-serve online and mobile banking, inside-sales phone banking, and ecosystem partners; marketing emphasizes community engagement (Shred Fest events at all four branches, School Spirit Debit Cards, financial literacy presentations to classrooms and service clubs). Badger Bank is led by David C. Keleher (CEO), Steve Dehnert (Chairman and Chief Strategy Officer), Tom Dehnert (President), and Craig Keleher (EVP and CFO), with a board of directors and approximately 11 to 50 employees, operating under FDIC deposit insurance and SBA lender certification.

Name

Badger Bank

Legal name

Badger Bank

Website

https://badgerbank.bank

Company type

Private

Founded year

1884

Operating status

Operating

Headcount range

11–50 employees

Short description

Badger Bank is a privately held Wisconsin state-chartered community bank, founded in 1884, operating four branches in Fort Atkinson, Cambridge, Johnson Creek, and Jefferson, offering consumer and small-business deposits, loans, digital banking, and wealth-management referrals to southern Wisconsin households and businesses.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (52211)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE)

Keywords

• Community banking
• Retail banking services
• Consumer lending
• Business banking
• Wealth management

Headquarters

HQ city

Atkinson

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: Traditional bank revenue from spread between interest earned on loans (mortgages, auto loans, business loans, personal loans) and interest paid on deposits (checking, savings, CDs, money market accounts).
2. Banking Service Fees: Monthly service charges, overdraft fees, wire transfer fees, ATM fees, safe deposit box rental, and money order fees.
3. Investment & Wealth Management Services: Revenue sharing and referral arrangements with Wendt Financial Group (LPL Financial) for investment products including mutual funds, variable annuities, CDs, stocks, bonds, REITs, and retirement accounts.
4. Trust Services: Trust and estate administration services, charitable giving programs, and asset management with over 51 years of staff experience.
5. Insurance Services: Badger Insurance offerings through insurance aisle partnership. Fixed insurance services offered through Ash Brokerage.
6. Credit Card Operations: Visa credit card issuance and interchange fees. Cards issued through TCM Bank partnership.
7. Consumer Loan Referrals: Referral fees from consumer loan origination partnership with Pinnacle Bank for fast consumer loans.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels7 records

Core offering

Badger Bank is a Wisconsin-based community bank established in 1884, offering deposit accounts (checking, savings, money market, CDs, IRAs), lending products (personal, mortgage, auto, business, agricultural loans), wealth management, and treasury management services. The bank serves individuals, families, and small-to-medium businesses through its branch network, online, and mobile banking channels, with an emphasis on local decision-making and community reinvestment.

Product overview

Badger Bank is a community bank offering a comprehensive suite of banking products and services across personal, business, and wealth management categories. The product portfolio centers on core deposit accounts (checking and savings with multiple tiers for different customer segments), lending products (personal, mortgage, business, and SBA loans), and digital banking services. Key product lines include: personal checking accounts (Go Green NOW Checking with 2.02% APY rewards, Badger Essential Checking, Prestige 55+ checking options), savings products (Regular Savings, youth-focused Forest Friends Club and Badger Club, Holiday Club, Money Market accounts, CDs, IRAs, HSAs), personal loans (mortgage, home improvement, home equity, auto, student loans through College Ave partner, and fast consumer loans through Pinnacle Bank), business banking (Small Business Checking, Business Analysis/NOW/Super NOW Checking, business savings and money market, CDs, term loans, lines of credit, SBA loans, commercial real estate, equipment leasing, Visa Business Credit Cards), and digital services (online/mobile banking, mobile payments via Apple/Google/Samsung Pay, NOTIFI real-time alerts, mobile deposit, eBusiness Connect for businesses, merchant card services, secure messaging via ZixCorp). Wealth management includes investment services through Wendt Financial Group/LPL Financial and trust services. The bank operates 4 branches in Wisconsin (Fort Atkinson, Cambridge, Johnson Creek, Jefferson) serving customers since 1884.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts
• Personal Savings Accounts
• Certificates of Deposit (CDs)
• Individual Retirement Accounts (IRAs)
• Personal Loans
• Mortgage Loans
• Auto Loans
• Business Checking Accounts
• Business Savings Accounts
• Business Loans
• Agricultural Loans
• Treasury Management Services
• Wealth Management Services
• Online and Mobile Banking

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability1 record

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Wendt Financial Group / LPL FinancialcoreChannel Partner/ Reseller/ DistributorWendt Financial Group offers investment services and wealth management through Badger Bank locations. Mike Wendt is an LPL Financial registered representative providing retirement planning, investment management, estate planning, charitable giving, and broker-dealer services. Located at 545 Village Walk Lane, Suite C, Johnson Creek, WI 53038. Securities and advisory services offered through LPL Financial, member FINRA/SIPC.
• College Ave Student LoansminorChannel Partner/ Reseller/ DistributorBadger Bank partnered with College Ave Student Loans to help customers with undergraduate and graduate student loans, parent loans, and student loan refinancing. College Ave provides online application with instant credit decision and personalized loan options.
• Pinnacle BankminorChannel Partner/ Reseller/ DistributorConsumer loans funded by Pinnacle Bank, a Tennessee bank and Member FDIC. Badger Bank provides referral platform for personal loans with 90-second decision and funding in as few as 5 days. Equal Housing Lender. California loans made pursuant to California Financing Law, License No. 603-G493.
• ZixCorpcoreTechnology or IntegrationZixCorp provides encrypted secure email messaging platform for Badger Bank customer communications. ZixCorp is an encryption industry leader enabling secure messaging without software installation or fees.
• Ash BrokerageminorChannel Partner/ Reseller/ DistributorFixed insurance services offered through Ash Brokerage as part of the wealth management service offering.
• TCM Bank, N.A.minorChannel Partner/ Reseller/ DistributorVisa credit cards (both personal and business) issued by TCM Bank, N.A. Badger Bank provides card marketing and customer relationships while TCM handles card issuance. Subject to credit approval.
• The Private Trust Company, N.A.minorChannel Partner/ Reseller/ DistributorLPL Financial offers access to Trust Services through The Private Trust Company, N.A., an affiliate of LPL Financial, as part of the trust and estate services offering.
• Federal Home Loan Bank of ChicagominorStrategic or Co-development PartnerBadger Bank participates in the Downpayment Plus Program in partnership with the Federal Home Loan Bank of Chicago, offering up to $10,000 for eligible homebuyers' down payment and closing costs.
• U.S. Small Business Administration (SBA)coreStrategic or Co-development PartnerBadger Bank is an SBA certified lender offering SBA loans including 7(a) loans, 504 loans, and WBD New Refi Program. SBA loans available for startups, purchasing, and refinancing existing businesses with government-assisted financing options.

Scale indicators3 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Horicon Bank: Wisconsin community bank headquartered in Horicon, offering personal, business, and agricultural lending. Comparable by scale, branch-light model, and rural Wisconsin operating geography.
• Town Bank: Wisconsin-based community bank serving consumers and small businesses in southeast Wisconsin. Comparable product set and regional footprint overlapping with Badger's southern Wisconsin catchment.
• First Business Bank: Wisconsin-chartered community bank focused on business banking, commercial lending, and treasury management. Comparable to Badger's commercial real estate and SBA lending focus and similar southern Wisconsin footprint.
• Westbury Bank: Wisconsin community bank offering personal and business deposit and loan products through a small branch network. Directly comparable by size, charter type, and product mix to Badger Bank.
• Johnson Financial Group: Privately held Wisconsin-based bank and wealth management company serving consumer, business, and commercial clients across the state. Most directly comparable to Badger Bank as another independent Wisconsin community franchise with comparable product breadth.
• National Exchange Bank & Trust: Independent community bank headquartered in Fond du Lac, Wisconsin, serving consumer, business, and agricultural clients. Closely comparable in independent ownership structure, Wisconsin footprint, and full-service community banking model.
• Capitol Bank: Madison, Wisconsin-based community bank serving consumers, small businesses, and commercial clients. Closely comparable community bank peer with similar SBA and CRE lending focus within driving distance of Badger's catchment.
• Forward Bank: Wisconsin-based community bank serving central and northern Wisconsin with consumer, business, and mortgage products. Comparable independent community banking model with similar small-scale, multi-branch footprint.
• Commerce State Bank: Wisconsin community bank serving small businesses and consumers in the Milwaukee and southeast Wisconsin region. Comparable size and product set with overlap in the southern Wisconsin business banking market.

Broad incumbents

• Associated Bank: Largest Wisconsin-based bank and broader regional incumbent operating across the state with full consumer, commercial, and wealth capabilities. Represents the scaled incumbent competition Badger faces in its geographic catchment.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/BadgerBank
• LinkedInlinkedin.com/company/badger-bank
• Xx.com/BadgerBank

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Badger Bank