State Bank of New Richland

What State Bank of New Richland does

State Bank of New Richland is an independent, locally owned community bank founded in 1898 and headquartered at 103 N Broadway, New Richland, Minnesota. The bank operates a single branch serving local residents and small businesses in New Richland and the surrounding Waseca County area, offering traditional deposit and lending products with relationship-based, locally made underwriting decisions.

The bank's service delivery rests on a conventional community banking platform layered with three digital access channels: an internet-based online banking portal, a downloadable mobile banking application, and a 24-hour automated telephone banking service accessible from any touch-tone phone. Back-office payment processing is handled through the SHAZAM debit network, and online card transactions are authenticated via MasterCard SecureCode. The bank holds FDIC deposit insurance and maintains a minimal public-facing digital footprint, with its website (sbnr.biz) functioning primarily as a service-information hub and a directory of national financial resources and local community links.

The revenue model follows standard community banking economics: net interest income from deposits and loans, supplemented by service fees, with no disclosed pricing, fee schedules, or product tiers. No headcount, funding, ownership structure, or financial figures are publicly disclosed. The bank's go-to-market is rooted in its 125-year local history and community presence rather than formal marketing, with customer acquisition driven by long-standing relationships and word-of-mouth within the small town and county it serves.

Name

State Bank of New Richland

Legal name

State Bank of New Richland

Website

https://sbnr.biz

Company type

Private

Founded year

1898

Operating status

Operating

Headcount range

1–10 employees

Short description

State Bank of New Richland is an independent community bank founded in 1898, operating a single branch in New Richland, Minnesota. It provides traditional deposit and loan services to local residents and businesses, complemented by online, mobile, and telephone banking channels.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

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

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Community banking
• Retail banking services
• Consumer deposit accounts
• Consumer lending
• Local banking services

Headquarters

HQ city

New Richland

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

Distribution channels4 records

Marketing channels2 records

Core offering

State Bank of New Richland provides traditional community banking services, including deposit accounts (checking and savings) and loans, to local residents and businesses in New Richland, Minnesota and surrounding Waseca County. Banking services are accessible through a single physical branch, 24-hour automated telephone banking, internet-based online banking, and a mobile banking application. The bank operates as an FDIC-insured, locally owned institution under local decision-making.

Product overview

State Bank of New Richland is a traditional community bank offering a unified suite of consumer banking services. The core offerings include traditional deposit accounts supported by three digital delivery channels: Online Banking (internet-based 24/7 access), Telephone Banking (automated touch-tone service), and Mobile Banking App (smartphone application). All three digital channels provide access to the same underlying deposit accounts and are integrated into the bank's standard branch and phone banking services, rather than being separate product tiers.

Differentiator

Problem solved

Functional benefit

Products and services

• Deposit Accounts (Checking and Savings)
• Consumer and Business Loans
• Online Banking
• Telephone Banking
• Mobile Banking App

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature3 records

Scale indicators1 record

Recent moves5 records

Expansion highlights2 records

Broad incumbents

• U.S. Bank: Major national bank with deep Minnesota roots and significant branch presence in markets State Bank of New Richland serves. Represents the primary incumbent competition in the bank's local market, with broader product offerings and digital capabilities.
• Bremer Bank: Large regional bank headquartered in St. Paul, Minnesota, with deep community banking roots across the Upper Midwest. Overlaps with State Bank of New Richland's customer segments and geographic footprint but operates at materially greater scale with a broader product set.
• Heartland Financial USA / HTLF: Multi-state community banking franchise operating across the Midwest, West, and Southwest. Substantially larger than State Bank of New Richland but serves overlapping customer segments through community banking subsidiaries with similar local decision-making models.
• Stearns Bank: Minnesota-based regional bank with both traditional community banking and specialty lending operations. Operates with broader geographic scope and product diversification than State Bank of New Richland, but overlaps in its core community banking approach.

Direct peers

• Bell Bank: Employee-owned community bank with branches across North Dakota and Minnesota. Shares the community banking philosophy, local decision-making model, and small-town customer base that define State Bank of New Richland's positioning.
• Nicolet National Bank: Mid-size community bank serving Wisconsin, Minnesota, and Michigan. Comparable in business model—relationship-based community banking with full digital access—though somewhat larger in scale than State Bank of New Richland.
• CorTrust Bank: Community bank with branches across South Dakota and southwest Minnesota. Closely comparable in size, rural focus, and community banking model to State Bank of New Richland, serving similar small-town consumer and agricultural customers.
• Minnwest Bank: Minnesota-based community bank with a network of branches across rural and small-town Minnesota. Directly comparable in scale, customer focus (local consumers, agriculture, small business), and geographic operating model to State Bank of New Richland.
• First Bank & Trust: Community bank with operations across South Dakota and Minnesota. Similar in scale, product mix, and reliance on local relationship-based banking to State Bank of New Richland, with comparable rural and small-town customer base.
• Premier Banks: Minnesota-based community bank serving the Twin Cities metro and surrounding regions. Comparable in approach to community-based banking with local decision-making, though operating in slightly more suburban markets than State Bank of New Richland.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/state-bank-of-new-richland

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

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 State Bank of New Richland