State Street Bank & Trust Co.

What State Street Bank & Trust Co. does

State Street Bank & Trust Co. is a privately-held, employee-owned community bank headquartered at 801 State Street in Quincy, Illinois, founded in 1890 and operating as a state-chartered bank since 1919 and a Federal Reserve member since 1942. The bank serves individuals, families, small and mid-sized businesses, agricultural operations, non-profits, and trust and estate clients in Adams County and surrounding communities through three branch locations (8th & State, 48th & Broadway, and Payson), an Apple/Android mobile app, online and digital banking, and surcharge-free access to the MoneyPass ATM network. Its product set spans deposit accounts (including a 3.00% APY Better Interest Checking, Senior Checking, and HSA), consumer lending (Conventional, FHA, VA, and USDA mortgages, home equity, auto, personal, and credit cards), business banking (analysis, small business, and community checking, commercial and agricultural loans, business credit cards), cash management services (ACH, wire, Positive Pay, remote deposit capture), and merchant card processing through Fitech Payments. The bank also runs a full-service Trust department (revocable/irrevocable trusts, custodial services, Bill Pay Plus, farm management, estate settlement) and an SSB Investment Services affiliate that delivers investment management, retirement, estate, insurance, and education funding advice through Osaic Wealth, Inc.

The business model is a conventional community bank spread-plus-fee model. Net interest income is generated on mortgages, consumer, commercial, and agricultural loans net of deposit interest costs, and is supplemented by non-interest income from service charges, trust and fiduciary fees, investment services commissions, mortgage banking revenue, merchant card processing fees, and ancillary product fees (overdraft $30, wires $10-$50, safe deposit $18-$70 annually, stop payment $20, account research $25/hour). Deposits are largely free for consumers, with a 3.00% APY reward product (Better Interest Checking) and a $7 monthly fee on Interest Checking waivable at a $1,000 minimum; the bank is FDIC-insured, Equal Housing Lender, and operates an ESOP under which employees hold ownership stakes. The go-to-market is relationship-led, sales-led community banking with local decision-making in Quincy, distributed through branches, direct lender relationships, social media, and a content/blog presence on its website.

Name

State Street Bank & Trust Co.

Legal name

State Street Bank and Trust Company

Website

https://statestreetbank.com

Company type

Private

Founded year

1890

Operating status

Operating

Headcount range

11–50 employees

Short description

State Street Bank & Trust Co. is a privately-held, employee-owned community bank founded in 1890 in Quincy, Illinois, offering personal and business banking, agricultural lending, trust, and investment advisory services through three branches and digital channels.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Trusts, Estates, and Agency Accounts (52592)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Savings Banks (Public/State-Owned) (FSABAKAK)

Keywords

• Community banking
• Personal banking services
• Commercial lending
• Trust and estate services
• Agricultural lending

Headquarters

HQ city

Bostan

HQ country

Iran

HQ region

Middle East

Offices3 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 (mortgages, consumer loans, commercial loans, agricultural loans) less interest paid on deposits. Primary revenue driver for community bank.
2. Non-Interest Income: Service charges on deposit accounts, trust and fiduciary services fees, investment services commissions (through Osaic Wealth), mortgage banking revenue, merchant card processing fees, and other banking service fees.
3. Fee-Based Services: Various banking fees including overdraft fees ($30), wire transfer fees ($10-$50), safe deposit box rentals ($18-$70 annually), stop payment fees ($20), and account research fees ($25/hour).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

State Street Bank & Trust Co. is a privately-held, employee-owned community bank in Quincy, Illinois, offering deposit accounts (checking, savings, money market, CDs, IRAs, HSAs), consumer lending (mortgages, home equity, auto, personal loans, credit cards), business banking (analysis checking, commercial and agricultural loans, cash management, Positive Pay, merchant card processing), trust and estate administration services, and investment advisory services through Osaic Wealth.

Product overview

State Street Bank & Trust Co. (Quincy, Illinois) is a community bank offering a comprehensive suite of deposit, lending, trust, and investment products through its main banking platform and SSB Investment Services subsidiary. The core banking products include multiple checking account variants (Better Interest Checking with up to 3.00% APY, Simply Checking, Senior Checking, Interest Checking), savings vehicles (regular savings, money market, health savings accounts), CDs & IRAs, and specialized accounts like Insta-Cash overdraft protection. Lending offerings span consumer mortgages (Conventional, FHA, VA, USDA with Down Payment Plus grant assistance), home equity loans, auto loans with optional GAP and extended warranty coverage, personal loans, and business credit. Business banking includes analysis checking, small business checking, community checking, commercial and agricultural loans, plus cash management services (ACH, wires, Positive Pay fraud prevention, Remote Deposit Capture, Merchant Card Processing via Fitech Payments). The trust department provides revocable/irrevocable living trusts, special needs trusts, land trusts, custodial services, bill payment management, farm management, and estate settlement. Investment services offered through Osaic Wealth cover managed accounts, mutual funds, ETFs, retirement planning, estate planning, insurance planning, and education funding (529 plans). Digital banking encompasses online and mobile access with bill pay, mobile check deposit, eStatements, and Quicken/QuickBooks export capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Better Interest Checking Reward checking account paying 3.00% APY on balances up to $10,000 with up to $20 monthly ATM fee refunds, requiring 10 debit card purchases, eStatements, and at least one direct deposit or ACH auto-debit per qualification cycle. Designed for individual consumers seeking high-yield everyday checking.
• Simply Checking Basic checking account with no minimum balance, free debit card, free digital banking, and free eStatements (with a $3/month paper statement fee for non-enrolled accounts). Designed for individual consumers seeking simple, low-cost everyday banking.
• Senior Checking Checking account designed for customers age 55 and older with no monthly fee, one free box of basic checks per order, free SSB Investment Services consultation, and access to MoneyPass surcharge-free ATM network. Targets retirees and senior banking customers.
• Interest Checking Interest-bearing personal checking account with unlimited check writing, free debit card, and free eStatements. Earns interest on balances over $1,000, with a $7 monthly fee waived when $1,000 minimum balance is maintained.
• Savings Account Personal savings account for depositing and growing funds with competitive interest rates. For individual consumers building savings.
• Money Market Account Interest-bearing account offering a balance between accessibility and higher yields compared to regular savings. For individual consumers seeking higher yields with continued liquidity.
• Health Savings Account Tax-advantaged savings account for individuals with high-deductible health plans to pay for qualified medical expenses.
• CDs and IRAs Certificates of Deposit and Individual Retirement Accounts offering fixed-rate savings with various term lengths and competitive rates for individual retirement savers.
• Home Loans (Conventional, FHA, VA, USDA) Mortgage products including Conventional loans (3%-20% down payments), FHA loans (3.5% down, insured by Federal Housing Administration), VA loans (for veterans with no down payment required), and USDA loans (zero down payment for eligible rural/suburban homebuyers). For individual homebuyers and veterans.
• Home Equity Loans Second mortgage products allowing borrowing up to 89.9% of home's fair market value, with interest rates typically lower than credit cards. Can be used for home renovations, debt consolidation, college tuition, and major purchases. For homeowners.
• Car Loans Vehicle financing for new and used cars with competitive rates and flexible terms, available through online application process. For individual consumers purchasing vehicles.
• Personal Loans Unsecured loans for various personal needs with flexible terms and competitive rates. For individual borrowers.
• Credit Cards Credit card products offering reward merchandise and travel benefits, with application and card management through an external portal. For individual consumers.
• Business Analysis Checking Non-interest bearing account for businesses with moderate to heavy transaction activity, featuring flexible fees offset by earnings credit from collected balances. $0.17 per check, $0.07 per deposited item, $10 monthly maintenance fee. For small to mid-sized businesses.
• Small Business Checking Account designed for small businesses with no minimum balance, first 300 transactions free per cycle, then $0.20 per transaction over limit. For small business owners.
• Community Checking Non-profit and organization account with no minimum balances and unlimited transactions. For non-profit and community organizations.
• Commercial Loans Business lending products including term loans and lines of credit for business expansion, equipment purchases, and working capital needs. For small to mid-sized businesses.
• Agriculture Loans Specialized lending for agricultural operations including farm land, equipment, operating loans, and livestock financing. For farm operators and agribusinesses.
• Small Business Loans Loans designed for small business needs with various term options and competitive rates. For small business borrowers.
• Business Credit Cards Credit cards tailored for business spending with expense management features. For small business customers.
• Trust Services Full-service trust department offering revocable/irrevocable trusts, special needs trusts, testamentary trusts, land trusts, estate settlement, escrow, conservator/guardian, and power of attorney services. For individuals and families needing fiduciary and estate services.
• SSB Investment Services Investment management and advisory services offered through Osaic Wealth providing custom tailored fee-based managed accounts, mutual funds, ETFs, separately managed accounts, stocks, bonds, closed-end funds, UITs, REITs, alternative investments, and fixed/variable annuities. For individual investors and households.

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature1 record

Partnerships

Five partnerships are on record, tiered core and minor.

• Osaic Wealth, Inc.coreChannel Partner/ Reseller/ Distributor · 1 January 2012SSB Investment Services joined Osaic Wealth, Inc. (formerly Securities America, Inc) in 2012. Osaic Wealth is one of the largest networks of independent wealth management firms in the US with over 11,600 affiliated financial professionals. This affiliation allows the bank to offer investment products, financial planning, and related services through licensed advisors while Osaic provides technology, operational support, and regulatory infrastructure.
• Fitech PaymentscoreTechnology or IntegrationFitech Payments provides merchant card processing services for State Street Bank business customers. Offers payment solutions including in-store, online, mobile, and gift card processing. Enables businesses to accept various payment types including chip cards, contactless payments, and digital wallets.
• Federal Home Loan Bank of ChicagominorStrategic or Co-development PartnerDown Payment Plus program administered in partnership with Federal Home Loan Bank of Chicago. Provides down payment and closing cost assistance grants (up to $10,000 in 2026) for income-eligible homebuyers through participating financial institutions.
• MoneyPassminorChannel Partner/ Reseller/ DistributorState Street Bank participates in the MoneyPass surcharge-free ATM network, providing customers access to over 40,000 surcharge-free ATMs nationwide.
• Route 66 Extended WarrantyminorChannel Partner/ Reseller/ DistributorRoute 66 Extended Warranty provides vehicle extended warranty products offered through State Street Bank lenders. Three plan options: Drivetrain, Deluxe, and Factory Type Coverage.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Busey Bank: Illinois-headquartered community bank offering a similarly broad suite of consumer/business deposits, agricultural and commercial lending, trust, and wealth services across Central Illinois. Directly comparable product mix and customer segments, though larger scale (multi-county footprint and ~$10B+ assets).
• Heartland Bank and Trust Company: Central Illinois community bank with a strong agricultural lending franchise and trust services, serving a similar rural Illinois customer base. Comparable specialization in farm operating credit and relationship-driven community banking.
• Morton Community Bank: Mid-sized Illinois community bank providing consumer and business banking, agricultural lending, and wealth services. Closely comparable in geographic scope (central Illinois towns) and product breadth.
• Town & Country Bancorp: Central Illinois community bank holding company offering consumer/business banking and wealth services through community bank subsidiaries. Directly comparable community-banking model and customer profile.
• Bank of Springfield: Illinois-based community bank serving consumers and small-to-mid businesses with deposits, lending, and treasury management. Similar relationship-banking model and Illinois regional footprint.
• Mercantile Bank Corporation: Mid-sized community bank holding company serving small businesses and consumers with full-service banking. Comparable scale, branch footprint, and product mix; useful for valuation benchmarking on a community-bank comparable basis.
• West Suburban Bank: Illinois community bank offering consumer/business deposits, lending, and treasury management services. Comparable branch-based relationship model and full-service product set targeting similar small-business and consumer segments.

Broad incumbents

• Midland States Bancorp: Larger Illinois-based regional bank with community-banking divisions across multiple states. Wider product set (wealth management, commercial equipment finance) and larger footprint, but overlapping in core community-banking activities for the same customer types.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/statestreetbankquincy
• LinkedInlinkedin.com/company/3745603
• Instagraminstagram.com/ssb_quincy
• Xx.com/ssbquincy

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Street Bank & Trust Co.