Marathon Bancorp, Inc. /MD/ Business Summary

Marathon Bancorp, Inc. (MBBC) operates as the bank holding company for Marathon Bank, a community-oriented financial institution headquartered in Wausau, Wisconsin. The company generates revenue primarily through net interest income, derived from the spread between interest earned on its diversified loan portfolio—which includes one-to-four family residential real estate, commercial real estate, multi-family, and commercial and industrial (C&I) loans—and interest paid on customer deposits. Non-interest income, sourced from service charges on deposit accounts, mortgage banking fees, and treasury management services, provides a secondary revenue stream. Within the competitive landscape of the Upper Midwest, MBBC positions itself as a relationship-driven alternative to larger regional players. Its primary competitors include Nicolet Bankshares, Inc. (NCBS), Associated Banc-Corp (ASB), and local peer PSB Holdings, Inc. (PSBQ), with MBBC occupying a niche as a micro-cap community bank focused on localized decision-making and high-touch service. The leadership team is led by Nicholas W. Zillges, who has served as President, CEO, and Director since the holding company’s inception, bringing over 25 years of experience in bank recoveries and strategic growth. He is supported by Joy C. Selting-Buchberger, Senior Vice President and Chief Financial Officer, a veteran of the firm since 1999, and Michelle Knopf, Executive Vice President and Chief Operating Officer. The executive suite is complemented by Nora Spatz, Chief Administrative Officer, who has been with the bank since 1986. The company’s governance is overseen by a board chaired by Amy Zientara, a commercial property expert in the Wausau area. Following its 2021 mutual-to-stock conversion, the company maintains a strong internal alignment through a significant Employee Stock Ownership Plan (ESOP) and has attracted institutional backing from major asset managers including BlackRock and Vanguard.