State Savings Bank
Frankfort, Michigan, Benzie County
$431M in total assets, the 1,994th largest of 4,309 US banks and 39th of 74 headquartered in Michigan.
- FDIC certificate
- 8162
- Established
- 1901
- Owned by
- Central-state Bcorp Inc
- Primary regulator
- FDIC
- Website
- www.ssbankmi.com
At a glance
Compared with 46 banks headquartered in Michigan with $100 million to $1 billion in assets, as of June 30, 2026.
| Measure | This bank | Percentile | Peer range, middle 90% | Peer median |
|---|---|---|---|---|
| Total assets | $431M | 56% | $397M | |
| Loans | $326M | 65% | $249M | |
| Deposits | $392M | 59% | $339M | |
| Return on assets | 0.44% | 13% | 1.10% | |
| Net interest margin | 4.80% | 78% | 4.18% | |
| Efficiency ratio | 90.8% | 96% | 66.5% | |
| Equity to assets | 8.58% | 20% | 9.87% | |
| Loans to deposits | 83% | 59% | 76% |
Growth
Total assets grew 5.2% a year over the last 5 years and 14.5% a year over 10 years, including 1 acquisition in the last 10 years.
Acquisitions
| Closed | Acquired bank | Assets at acquisition |
|---|---|---|
| Oct 2018 | Central State Bank Beulah, MI, an affiliate under the same holding company | $82M |
Where they operate
8 branches in 4 counties.
Largest markets by deposits
| County | Deposits | Market share | Rank |
|---|---|---|---|
| Benzie County, MI | $211M | 51.9% | 1 of 3 |
| Grand Traverse County, MI | $95M | 2.5% | 8 of 13 |
| Otsego County, MI | $52M | 9.1% | 5 of 5 |
| Leelanau County, MI | $32M | 7.6% | 4 of 4 |
Deposits by branch from the FDIC Summary of Deposits, June 2026. Rank among all banks with branches in that county.
Branch history since 2016
Net gain of 6 branches since 2016 (2 to 8, +300.0%). 5 opened, 2 acquired, 1 closed or sold.
| Period | What happened | Opened or acquired | Closed or sold | Net change | Branches at end |
|---|---|---|---|---|---|
| Start of 2016 | Starting point | 2 | |||
| 2018 | Acquired Central State BankOpened Gaylord and Traverse City | 4 | 0 | +4 | 6 |
| 2021 | Closed Benzonia | 0 | 1 | −1 | 5 |
| 2022 | Opened Suttons Bay | 1 | 0 | +1 | 6 |
| 2024 | Opened Gaylord and Traverse City | 2 | 0 | +2 | 8 |
Balance sheet and earnings
Loans by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| 1-4 family residential | 41% | 29% | |
| Commercial real estate | 38% | 38% | |
| Business (C&I) | 8% | 12% | |
| Construction and land | 8% | 5% | |
| Multifamily | 2% | 4% | |
| Farmland | 2% | 3% | |
| Agricultural | 1% | 2% | |
| Consumer | 0% | 5% | |
| Other | 0% | 3% |
Deposits by type
| Type | Share | This bank | Peers |
|---|---|---|---|
| Other interest-bearing | 51% | 51% | |
| Noninterest-bearing | 32% | 26% | |
| Time deposits | 17% | 22% |
Brokered deposits are 0.0% of deposits (peers 4.0%).
Return on assets
Trailing four quarters, with the peer median.
Credit and capital
| This bank | Peer median | |
|---|---|---|
| Noncurrent loans | 0.20% | 0.63% |
| Net charge-offs, annualized | -0.01% | 0.00% |
| Reserves to loans | 0.84% | 1.20% |
| Leverage ratio | 8.79% | 10.77% |
Noncurrent loans exclude government-guaranteed portions.
Related banks
Similar size in Michigan
Largest competitors in Benzie County, MI
Figures as of June 30, 2026 from the bank's Call Report, FDIC structure and branch data, and the Federal Reserve. Short link: bankingstats.com/banks/state-savings-bank-frankfort-mi