Bank Like a Local: The Benefits of Mutual Banking.

Estimated read time: 4 minutes

What Is a Mutual Bank?

Mutual banks are owned by their customers, rather than shareholders, setting them apart from traditional financial institutions. At Gate City Bank, our customers are more than just customers – they’re part of our communities. When a relationship begins with us, customers build a connection based on shared values, transparency and a neighborly approach to service. Around here, that means reinvesting in the people and places we call home – for the good of all.

The Feeling Is Mutual.

More than a tagline, mutual banking captures the experience of being part of Gate City Bank. It’s the warm welcome you receive when opening your first checking account, complete with friendly service and a freshly baked cookie. It’s the confidence that comes from exploring homebuying options with a local lender who understands the region because they’re your neighbor, too. It's the thoughtful phone call from your banker who is just as excited as you are for your next business venture.

At Gate City Bank, that mutual connection isn’t just a moment – it’s a feeling that lives in every relationship, every location, every day.

Why Gate City Bank?

As a mutual bank with solid community rooting, Gate City Bank is uniquely positioned to put people first. That difference empowers our bank to make long-term decisions that prioritize stability, service and reinvestment where it matters most: right here at home. Our structure supports purposeful growth, ensuring we remain deeply connected, responsive and committed to helping our neighborhoods thrive. It’s a model that has worked since 1923, and one we’re committed to carrying forward for generations to come.

Serving Those Who Serve — At Home and Beyond.

Whether you’re visiting us at Coborn’s in Elk River, MN, or walking through the doors of our corporate office in downtown Fargo, ND, you’ll find more than a bank — you’ll find neighbors. As a mutual bank, we proudly stand alongside those who serve, from military families banking with us to team members serving on active duty.

• Supporting local heroes
  At Gate City Bank, we take supporting military families, customers and veterans to heart. Since 2021, we have donated more than $80,000 to our local heroes throughout communities we serve, and have helped more than 30 veteran-related causes grow. As a token of gratitude, we offer:

  • Low-to-no down payment options with VA loans
  • Competitive interest rates to lower monthly payments
  • Simpler qualifications
    
    

• Taking care of military team members
  Along with support for customers, we are proud to support servicemembers on our team with:

  • Full continuation of pay during active duty and training
  • Uninterrupted benefits, such as health, dental and vision insurance, during deployments
  • Up to 80 hours of gifted transition time upon returning home from active duty or training
  • And more

These ongoing efforts, and countless others, earned the bank the 2022 Freedom Award From the U.S. Department of Defense. Gate City Bank was nominated for the award by Sergeant Bleau Hoge, a member of the North Dakota Army National Guard who is employed at Gate City Investment Services in Bismarck, ND. “I have served in the military for six years, and I have always been proud of serving my country. Other soldiers are always in disbelief when I tell them about the benefits that I am provided with Gate City Bank. They take great care to ensure that all servicemembers – team members, customers and everyone in between – are treated with respect, dignity and honor.”

Built to Give Back: Community Outreach and Partnerships.

As a mutual bank, Gate City Bank isn’t driven by shareholders, it’s driven by purpose. That structure allows for a deep and lasting commitment to community support through philanthropy, volunteerism and strong local partnerships.

With more than $45 million in charitable giving and over 338,000 volunteer hours contributed by team members, we have been making a meaningful difference for more than 100 years. Outreach and service are woven into our mission and culture, empowering team members with paid volunteer time to support causes they’re passionate about.

Dozens of nonprofit organizations have benefited from these efforts, including:

• Hope Blooms: This local nonprofit spreads joy through bouquets made from donated flowers, delivered to those facing difficult times. Gate City Bank has contributed more than 970 volunteer hours, $27,000 in support and monthly team member visits to help brighten lives.
• Great Plains Food Bank: Focused on ending hunger in North Dakota and Minnesota, this organization has benefited from more than 1,000 volunteer hours from our team members, plus support for food distribution programs. More than 1.9 million blue grocery bags have also been donated to help deliver meals to those in need.
• YWCA Cass Clay: For more than two decades, we have stood beside the YWCA in its mission to provide safety, warmth and hope for women and children. Support has included more than $1.75 million in donations and vital equipment to furnish workspaces for staff and residents alike.

These partnerships, and many more, are made possible by our commitment to mutual ownership, which prioritizes long-term impact over short-term profit.

Banking That Builds Communities.

When you bank local, your money stays in your community to build your community. At Gate City Bank, each dollar deposited has an impact on a bigger purpose. Banking locally can help someone: