State Bank of Danvers
State Bank of Danvers (Lake Central Bank) is a privately held Minnesota community bank founded in 1893, serving individuals, small businesses, and agricultural customers across four communities with personal banking, business lending, insurance, and investment referral services.
- Company typePrivate
- Founded1893
- HeadquartersBenson, United States
- Headcount1–10
- GTM typeB2B and B2C
- OfferingServices
What State Bank of Danvers does
Lake Central Bank (operating under firmographic reference as State Bank of Danvers, with a branch in Benson) is a privately held community bank founded in 1893, originally as the State Bank of Annandale. It serves individuals, families, small businesses, and agricultural operations across four Minnesota communities — Annandale (headquarters at 40 Chestnut St. W.), Clearwater, Benson, and Maple Lake — through a relationship-based, community-led go-to-market motion.
The product set spans personal banking (checking, savings, CDs, Christmas Savings, home loans, consumer loans, credit builder loans, debit cards), business banking (small business checking, business checking, community checking, commercial real estate loans, equipment loans, agriculture loans, operating lines of credit, business savings), and adjacent financial services including insurance (via Lake Central Insurance Services, LLC, established 1953) and investment services (referral arrangement with LPL Financial). Digital delivery is handled through a proprietary mobile banking app (iOS/Android) and an online banking platform, with third-party AccountView used for investment account viewing; no proprietary AI/ML, APIs, or developer-facing platforms are disclosed.
Revenue mechanics are typical of a community bank: net interest income from deposits and the consumer/agricultural/commercial loan book, transaction and service fees, insurance commissions via carrier partnerships, and referral/trail income from the LPL Financial investment relationship. The firmographics record states a 1-10 employee count, which is inconsistent with the multi-branch retail footprint described elsewhere in the source material; this contradiction materially limits confidence in scale inferences. Pricing is relationship-customized and not publicly disclosed.
State Bank of Danvers firmographics
Firmographics- Name
- State Bank of Danvers
- Legal name
- Lake Central Bank
- Website
- https://sbdanvers.com
- Company type
- Private
- Founded year
- 1893
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- State Bank of Danvers (Lake Central Bank) is a privately held Minnesota community bank founded in 1893, serving individuals, small businesses, and agricultural customers across four communities with personal banking, business lending, insurance, and investment referral services.
- Ownership category
- akta.pro rank
State Bank of Danvers industry classification
Industry- Product category
- Community Banking
- NAICS
- Savings Institutions and Other Depository Credit Intermediation (522180)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- Deposit Operations (Account Maintenance, Fees, Reconciliations) (FSABALAE)
- akta.pro secondary industries
- Real Estate (Commercial Property, REITs) (FSABACAH), Association & PEO Group Health Plans (AHP/PEO-Sponsored) (FSAIAFAH)
Keywords
Where State Bank of Danvers is headquartered
LocationHeadquarters
- HQ city
- Benson
- HQ country
- United States
- HQ region
- North America
Offices4 records
Markets served
State Bank of Danvers business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Banking Services: Core banking operations including deposit accounts (checking, savings, CDs), consumer loans (home loans, consumer loans, credit builder loans), and business banking (small business checking, commercial real estate, equipment loans, agriculture loans, operating lines of credit). Traditional interest income and fee-based revenue.
- Insurance Services: Insurance products and services offered through partnerships with multiple insurance carriers, serving personal, business, and life/health coverage needs.
- Investment Services: Investment products and advisory services provided through LPL Financial partnership, generating referral income and potentially trail commissions.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Personal Banking Products |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels5 records
State Bank of Danvers product offering
Product offeringCore offering
State Bank of Danvers (operating in association with Lake Central Bank) is a community bank providing personal deposit accounts, consumer loans, business banking products including commercial and agricultural lending, alongside affiliated insurance coverage and investment services delivered through partnerships. Products are distributed via four physical branches in Minnesota and complemented by online and mobile banking channels serving retail and small business customers in rural communities.
Product overview
Lake Central Bank is a community bank offering a unified suite of financial products and services organized around personal banking, business banking, insurance, and investments. The core banking products include personal checking, savings, CDs, home loans, consumer loans, and credit builder loans for individuals, alongside small business checking, business checking, community checking, commercial real estate loans, equipment loans, agriculture loans, and operating lines of credit for business customers. The bank extends its offerings through sub-brands including Insurance Services (established 1953) and Investment Services (offered through LPL Financial partnership). Digital banking is supported via Online & Mobile Banking platform with the Lake Central Bank Mobile App (iOS/Android), Financial Tools for budgeting and account management, and AccountView for investment account access. Additional customer engagement programs include Classic Gold Club for seniors and Kid's Club for youth banking education.
Differentiator
Problem solved
Functional benefit
Products and services
- Personal Checking
Companies that use State Bank of Danvers
Customer profileSegments2 records
Ideal customer profiles2 records
State Bank of Danvers technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature1 record
State Bank of Danvers partnerships and signals
Strategic signalScale indicators2 records
Recent moves8 records
Expansion highlights4 records
State Bank of Danvers competitors and assessment
Company assessmentDirect peers
- Sherburne State Bank: Minnesota community bank offering personal and business banking in a nearby central-Minnesota market — directly comparable rural community-bank model with personal service and agricultural/commercial lending.
- BankVista: Minnesota community bank offering personal, business, and agricultural banking — closely comparable in rural Minnesota market focus, relationship-banking GTM, and product breadth.
- First Bank & Trust (Minnesota): Minnesota community bank providing personal, business, and agricultural lending across rural markets — closely comparable to Lake Central in footprint, agriculture loan specialization, and family/community orientation.
- Stearns Bank: Minnesota-based community bank specializing in small-business and equipment lending — directly comparable to Lake Central in its community banking model and niche lending focus on rural and SMB customers.
- Merchants Bank (Winona): Family-owned Minnesota community bank with personal, business, and agricultural banking products across southeast Minnesota — directly comparable multi-generational community bank with similar community-led GTM.
- Central Minnesota Credit Union: Minnesota-based member-owned financial institution serving central Minnesota with personal/business banking — directly comparable in serving the same rural Minnesota consumer and small-business segments as Lake Central.
Regional players
- Wings Financial Credit Union: Minnesota-based large credit union offering consumer and small-business banking products — comparable product suite and Minnesota regional footprint, but operates as a credit union rather than a chartered bank.
- Think Bank: Minnesota-based community bank offering personal and small-business products across central Minnesota — comparable product suite and geographic orientation, with similar community-bank positioning.
- Falcon National Bank: Independent Minnesota community bank offering consumer and small-business banking — comparable community-bank model with personal service focus in a similar rural/small-town Minnesota market.
Broad incumbents
- Bremer Bank: Large Minnesota-headquartered community banking network (now part of Huntington Bancshares) offering personal, business, and wealth services across the Upper Midwest — the closest broad-incumbent comparable to Lake Central in geography, product mix, and community-bank positioning.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat3 records
Key risks5 records
Key highlights6 records
Customer concentration
State Bank of Danvers social profiles
Digital presenceState Bank of Danvers financial estimates
Financial estimateRevenue estimate
Valuation estimate
State Bank of Danvers leadership team
Management profileNumber of profiles
State Bank of Danvers subsidiaries and ownership
Company hierarchySubsidiaries2 records
State Bank of Danvers funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
State Bank of Danvers 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 State Bank of Danvers
What does State Bank of Danvers do?
State Bank of Danvers (operating in association with Lake Central Bank) is a community bank providing personal deposit accounts, consumer loans, business banking products including commercial and agricultural lending, alongside affiliated insurance coverage and investment services delivered through partnerships. Products are distributed via four physical branches in Minnesota and complemented by online and mobile banking channels serving retail and small business customers in rural communities.
Is State Bank of Danvers a public or private company?
State Bank of Danvers is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was State Bank of Danvers founded?
State Bank of Danvers was founded in 1893. It employs 1 to 10 people.
Where is State Bank of Danvers based?
State Bank of Danvers is headquartered in Benson, United States, in the North America region.
How does State Bank of Danvers make money?
Three revenue lines are on record. Banking Services are the primary driver. The others are insurance Services and investment Services.
Who are State Bank of Danvers's main competitors?
Direct peers on record are Sherburne State Bank, BankVista, First Bank & Trust (Minnesota), Stearns Bank, Merchants Bank (Winona) and Central Minnesota Credit Union. Regional players are Wings Financial Credit Union, Think Bank and Falcon National Bank. Bremer Bank is listed as a broad incumbent.
Does State Bank of Danvers have an API?
No public API is recorded for State Bank of Danvers.
What industry is State Bank of Danvers in?
State Bank of Danvers's product category is Community Banking. Its primary akta.pro industry code is FSABALAE, Deposit Operations (Account Maintenance, Fees, Reconciliations), with a secondary code of FSABACAH, Real Estate (Commercial Property, REITs). Its NAICS code is 522180 and its SIC code is 6022.