Bank First

Bank First is a customer-owned mutual bank. Each depositor holds one voting share regardless of account size, and the bank is governed by an elected board of directors. There is no single controlling family, institution, or shareholder bloc.

The bank funds its loan book almost entirely through customer deposits. Bank First carries no wholesale debt and does not issue credit-market instruments, a structure that has allowed it to maintain above-average net interest margins during volatile rate cycles.

Bank First began as the Victorian Teachers Credit Union in 1972 and still concentrates membership among teachers, school staff, and healthcare workers. Its charitable foundation, launched in June 2024, directs grants toward community-based education projects.

No. Bank First operates strictly as a deposit-funded retail and commercial bank with a conservative bond portfolio. It does not offer venture capital, private equity, hedge fund allocations, or multi-family office services.

As a mutual, Bank First's depositors collectively own the institution and vote on board appointments under a one-member-one-vote structure. This contrasts with traditional shareholder-owned banks, where voting power is proportional to equity held, and boards are accountable to profit-maximizing shareholders rather than customer-members.