The U.S. Department of Treasury’s CDFI Fund has awarded Cinnaire $10 million through the Capital Magnet Fund, a competitive grant program designed to support the creation and preservation of affordable housing. The CDFI Fund Fiscal Year 2021 awards total $336.4 million to 59 organizations, marking the largest award round since the creation of the Capital Magnet Fund.

The Capital Magnet Fund awards grants to CDFIs, like Cinnaire, and qualified nonprofit housing organizations to develop, rehabilitate, preserve, and purchase affordable housing, particularly housing targeted to low-, very low-, and extremely low-income families.

“The Capital Magnet Fund plays an essential role providing capital to support affordable housing options for those that need it most,” said Katey Forth, Cinnaire executive vice president – public funding. “Since 2011, Cinnaire has used Capital Magnet Fund grants to leverage private financing to address housing instability in vulnerable communities across our footprint, creating a positive impact for families and local economies.”

Awardees are required to leverage their awards to produce housing and community investments at least ten times the size of the award amount, guaranteeing that from this funding round a minimum of $3.36 billion will be invested to support people and communities across the country. For the FY 2021 round, awardees estimate that nearly $12.8 billion will be invested in total, including more than $9.8 billion in private investment.

“I am proud to announce the recipients of the FY 2021 Capital Magnet Fund awards, our largest award round ever,” said CDFI Fund Director Jodie Harris. “The lack of affordable housing is a persistent problem for our country. Expanding the reach of the Capital Magnet Fund to more organizations — one third of which are first-time Capital Magnet Fund awardees — will support vital financing for affordable housing and related economic development and community services facilities that our community urgently need.”

The 59 awardees will collectively serve 47 states, the District of Columbia, and Puerto Rico. Thirty awardees plan to invest a portion of their award dollars in Rural Areas, with nine of those awardees planning to invest at least half of their award dollars in Rural Areas. Of the 59 total awardees, 32 are Community Development Financial Institutions (CDFIs) and 27 are non-profit housing organizations. The 59 awardees were selected pursuant to a merit-based competitive review of applications submitted from 146 organizations that requested more than $991.8 million from the FY 2021 Capital Magnet Fund round.

Erik Doucette

Waukesha State Bank has hired Erik Doucette as commercial banking officer.

“We are pleased to welcome Erik to our commercial banking team,” stated Tony Laszewski, Waukesha State Bank senior vice president – commercial banking manager. “He brings both a broad financial background and the technical expertise we need to service the businesses of southeastern Wisconsin.”

Doucette holds a bachelors of business administration degree in economics from the University of New Hampshire – Peter T. Paul College of Business and Economics and has 30 years of broad financial experience including business, retail, and mortgage banking in addition to wealth management expertise. In his new role as commercial banking officer, Doucette will be responsible for prospecting, developing, and managing commercial loan portfolios. He and his family currently reside in Whitefish Bay.

Rose Oswald PoelsBy Rose Oswald Poels

I am pleased to share that WBA’s new employee resource group (ERG) for bankers from underrepresented backgrounds in the industry is off to a successful start. About 25 bankers participated in the initial meeting in mid-June, and bankers continue to sign up to join the group. This is a wonderful opportunity for bank leaders to share with employees within their organization as a way to connect with other bankers from around the state. The next monthly meeting will take place virtually on Wednesday, July 27 from 1:00–2:00 p.m.

A few days after the first meeting of the ERG, WBA hosted a webinar led by Alonzo Kelly on the topic of creating a culture where everyone feels they belong. It is very clear that expectations of today’s workplace go far beyond just job duties, and team members do not simply check their personal lives and unique identities at the door when they arrive at work. It is important for staff not only to feel supported by their colleagues, but also to find others whose experiences resonate with their own.

The conversation took off right away at the first meeting of the ERG. It was evident that bankers were eager to find a forum like this to have a safe space to share their concerns and ideas, as well as to receive advice and actionable tools that they can bring back to their organization. We know that many small community banks would not be able to offer this type of employee benefit on their own — and that employees from larger banks also appreciate being able to connect with bankers outside their organization — so this is an area where WBA can play a helpful role.

The WBA Board of Directors formalized a Diversity, Equity, and Inclusion (DEI) plan about two years ago, and this new employee resource group is one of the many ways the plan is being carried out. This group is designed to be an inclusive space for members of the Black, Indigenous, and People of Color (BIPOC); LGBTQ+, persons with disabilities, religious minority communities, and veterans as well as anyone who has an identity that is underrepresented in the banking community. If you have not yet done so (or if you would like to send a reminder of the opportunity), I would highly encourage bank leaders and HR professionals to extend this invitation to the staff in your organization who could benefit from it. Bankers can sign up here for the ERG, and they will receive a calendar invite to the upcoming meeting on July 27.

If you would like to learn more about the DEI resources offered by WBA — including the WBA Connect DEI peer group, the bank DEI sample policy, and more — please visit the DEI page on our website and reach out to any of the contacts listed on that page if you have questions. Thank you for your continued participation in making Wisconsin’s banking industry a welcoming space for everyone who is employed at and does business with our institutions!

Triangle Background

Carrie Schraeder

One Community Bank is excited to announce the recent promotion of Carrie Schraeder to vice president – retail banking manager.

“Carrie joined us in May 2020 as AVP – bank manager of our Oregon location. Carrie will continue to oversee our Oregon location as the bank manager and in her expanded role, she will support the Middleton bank manager, Michael Adler” said Shelley Edgington, SVP – retail banking.

Schraeder has been in the banking industry for 20 years and has held leadership positions for most of those years.

Schraeder is very passionate about her community and building relationships. “ I feel very fortunate to work at OCB. I have enjoyed building relationships with our clients, leading my teams, and being active in the communities we serve” beamed Schraeder.

In her free time, Schraeder enjoys spending time with her family, being outdoors, and volunteering in her community.

Schraeder is a registered volunteer with the Girl Scouts of Badgerland Council. She is a member of the Oregon, Verona, Middleton, and Fitchburg Chambers of Commerce. She also is an ambassador for the Fitchburg Chamber of Commerce.

It is with sincere gratitude for all he has contributed to our organization that Bank Five Nine announces that Mark W. Mohr has chosen to retire from his role as president and CEO in early 2023.

Mohr has enjoyed a 40+ year career in community banking and has served as president at three different organizations. During his 15 years at Bank Five Nine, their assets grew by $1 billion, they doubled their branch footprint, and expanded the corporate headquarters. He led the bank through a complete rebrand in 2020 and he is particularly proud of their advancements in support of small businesses, non-profit organizations, and low-to-moderate income families.

At Bank Five Nine, their mission is to Make Lives Better, and no one exemplifies these words more than Mohr. Throughout his career, he has served on several corporate, civic, and non-profit boards, often in leadership roles. Additionally, he has made lives better for the bank’s employees, as demonstrated by the 13 consecutive Top Workplace awards and six consecutive Best Banks to Work For awards they have received. For all his efforts, Mohr was named the ICBA National Community Banker of the Year in 2015, and a Top Workplace Leader in 2012, 2014, 2016, and 2019.

Bank Five Nine remains committed to being a strong, local, and independent community bank. As such, the bank’s Board of Directors has retained a nationally-respected executive search firm, Chartwell Partners, to assist them in finding their next president and CEO.

Alfredo Martin

Latino Chamber of Commerce of Southeastern Wisconsin and North Shore Bank has announced that Alfredo Martin, assistant vice president at North Shore Bank and community leader, has been appointed Chairman of the Latino Chamber of Commerce of Southeastern Wisconsin Board.

“Latinos are the largest ethnic minority in our state and in the nation. As the Latino Chamber of Southeastern Wisconsin continues to grow as a lender, a convener, and advocate for Latino-owned enterprises in southeastern Wisconsin, it is imperative that our board member reflect the region and bring the skills set required to positively impact our thriving entrepreneurial ecosystem, and we’re thrilled to have Alfredo named as chairman of the board,” says Nelson Soler, president and CEO of Latino Chamber of Commerce of Southeastern Wisconsin.

Martin has been with North Shore Bank for over 20 years and has been working with the Latino Chamber of Commerce to foster culturally relevant financial literacy resources for the past 5 years. In addition to this appointment, Martin serves on the board of directors of St. Anthony’s School and has been awarded a number of recognitions for his financial education efforts in the community. Earlier this year, Wisconsin Gov. Tony Evers and the Governor’s Council on Financial Literacy and Capability awarded Martin with the Governor’s Financial Literacy Award.

“I’m honored to be appointed as chairman of the board and am excited to continue my work with the Chamber alongside other fantastic Milwaukee area leaders,” said Alfredo Martin, AVP and community engagement manager. “My dedication to the Chamber and its members continues to strengthen each year, and I’m looking forward to what this year brings for myself and for our community.”

Other board members include Rudy Gutierrez, Amanda Roman, Tim Syth, Elaina Williams, David Kircher, Johanna Jimenez, Alfredo Luna, Ivan Cicla, Dr. Gonzalez-De Jesus, Tannette Johnson-Elie, Gaby Benishek, Ashley McManus, Margaret Capper, German Novelli, and Jeff Musa.

Triangle Background

After a successful career in community banking, Tami Eid of First National Bank and Trust Company (formerly State Bank of Arcadia) will retire on June 30, 2022.

A native to Independence, Eid graduated from Independence High School. Additionally, she graduated from two programs with the Wisconsin Bankers Association including Commercial Lending School and Real Estate Lending School, as well as the Graduate School of Banking, Western States School of Banking Albuquerque, N.M. She also holds life, health, accidental, and casualty insurance licenses.

In her 43-year banking career, Eid has served in numerous banking and management roles, including compliance, operations, and more. She served as chief credit officer and compliance officer and various positions during her 29 years at Independence State Bank before coming to First National Bank and Trust Company in 2008. During her 13 years, she has served as vice president of operations and cybersecurity and most recently as branch manager.

Eid has been actively involved in community service throughout her career. She has served as a board member, including president of the Wisconsin Bankers Association Peer Group as well as with the St. John’s Finance Council, Whitehall Chamber of Commerce, and over 10 years on the Junior Achievement Whitehall Committee. Eid and her husband Gilbert will be married 38 years this July and have two adult sons, Erik and Alex (Samantha). Eid enjoys reading, music, traveling, watching sports, the beach as well as spending time with family and friends.

Please join us in congratulating Tami Eid on her retirement at an open house on Wednesday, June 29 from 9–11 a.m. in the Whitehall lobby. If you are unable to attend in person, you may also send your best wishes and salutations to 36450 Main Street, PO Box 96, Whitehall, WI 54773.

Triangle Background

The Wisconsin Bankers Association has recently become aware of banks facing scrutiny over Home Mortgage Disclosure Act (HMDA) reporting. Specifically, reporting of the number of individual dwelling units when the covered loan is cross-collateralized by multiple properties. While the rules have not changed, there has been some confusion regarding the interplay of cross-collateralization clauses and HMDA rules. This article will discuss those HMDA requirements in relation to cross-collateralization considerations. 

Subject to certain exemptions, HMDA requires financial institutions to report data on covered transactions. Data is reported on those fields as required by Regulation C section 1003.4. For institutions which qualify for a partial exemption, some of those fields are optional. For purposes of this article, only one of those data fields is discussed, being the number of individual dwelling units related to the property securing the covered loan or, in the case of an application, proposed to secure the covered loan (total units). This data point is required by Regulation C section 1003.4(a)(31). Total units is not a field subject to optional reporting.

The total units field requires a reporting institution to enter, in numeral form, the number of individual dwelling units related to the property securing the covered loan. For example, if there are five (5) individual dwelling units, bank will enter 5 on the HMDA LAR. When a loan is secured by multiple properties, bank may need to consider each of those properties securing the loan to properly report this field. This includes property securing the loan by any means.

This could be the result of future advance language or other cross-collateralization. For example, when taking a loan using the WBA 451 Business Note, cross-collateralization language is included which provides broad coverage in support of the bank as lender. This language provides in part that the note is secured by all existing and future security agreements and mortgages by the borrower, by any indorser or guarantor, and by any other person providing collateral security. Lenders must carefully consider this language, and its relationship with the borrower, including guarantors and other parties, in order to determine those properties which secure the loan. This type of broad cross-collateralization language is most common on business notes.  

As a consumer example, when taking a loan secured by a WBA 428 Real Estate Mortgage, the mortgage document states that the mortgage will secure certain future advances. However, in general, most WBA consumer notes disclaim dwellings as collateral, unless the dwelling is specifically described in the note or agreement. So, a pre-existing mortgage on a dwelling does not secure a future consumer note or agreement unless the note or agreement specifically identifies the dwelling.¹

Lenders need to review their notes and security agreements for this, and similar language. While this is important for a number of reasons, this article strictly discusses the significance of such language as it relates to reporting HMDA total units. 

When reporting total units, HMDA provides clarity within its commentary. Comment 1 to section 1003.4(a)(31) makes a cross-reference to section 1003.4(a)(9) comment 2 regarding transactions involving multiple properties with more than one property taken as security (comment 2). This discussion provides clarity regarding how to report on various data points. Comment 2 draws distinctions between those data points which require reporting for a single property (selected by the lender), and those which must be considered for every property securing the loan (in addition to that single property selected by the lender). The information reported for total units is one of those which must be reported for every property securing the loan. Comment 2 in relevant part provides:

“…for aspects of the entries that do not refer to the property identified in § 1003.4(a)(9) (i.e., § 1003.4(a)(1) through (4), (7), (8), (10) through (13), (15) through (28), (31) through (38)), Financial Institution A reports the information applicable to the covered loan or application and not information that relates only to the property identified in § 1003.4(a)(9).”

Because the commentary includes total units as one of those categories for which information must be reported applicable to the covered loan, and not that which relates only to the single property identified under 1003.4(a)(9), then the lender must report total units based upon every property which secures the loan. As a result, lenders must consider whether the loan is secured by multiple properties. Lenders must review their language specifically to make this determination, but as a final point of distinction, note that the effect of cross-collateralization clauses is to secure the loan with multiple properties.

While this is not a new rule, it is recommended that banks review the above HMDA sections as a refresher. From there, banks should review their contracts and HMDA reporting to ensure that all applicable fields are being reported for all applicable properties. It may be that additional monitoring systems need to be put into place to account for multiple properties securing a loan. Banks should conduct this review in advance of any upcoming compliance exam and prepare accordingly. 

In summary, if a loan is secured by multiple properties, those properties must be included for purposes of reporting total units. As a result, lenders must review their notes and security agreements to understand the extent of how their loans are secured. This is a contractual matter which can vary from note to note, and from one loan relationship to the next. As such, each loan relationship must be reviewed to determine HMDA reporting requirements. Lastly, as mentioned above, this article is specific to the implications of cross-collateralization clauses in relation to reporting of total units for HMDA purposes. However, cross-collateralization clauses are important to understand for reasons beyond HMDA reporting, and such matters will be addressed in a broader sense in a future article.

For any questions on this matter or others, please contact WBA’s legal team at or 608-441-1200. 

¹This is for purposes of flood rules. For further discussion on cross-collateralization as it relates to flood requirements, please review the WBA Compliance Journal from February, 2022. 

Adam Stone was promoted to president of the trust division for National Exchange Bank & Trust on June 10, 2022. In his role, Stone will manage and oversee the trust division while maintaining and growing client investment portfolios. He will also establish new account relationships in both the trust and investment management areas.

Stone was a part of the trust division when he joined the bank in 2003. In 2007, he moved into investment services where he focused on enhancing customer offering in partnership with Raymond James. In 2016, he was promoted to senior vice president within the National Exchange Bank investment services division where he oversaw the banks wealth management strategy.

Stone is a Certified Trust and Fiduciary Advisor (CTFA), a designation from the American Bankers Association that demonstrates expertise in the trust and financial advisor field while recognizing the growing client relationship skills necessary to be a successful wealth manager. He is also a graduate of St. Mary’s Spring High School, the University of St. Thomas with a bachelor’s degree in marketing management, and the University of Wisconsin-Madison Graduate School of Banking in addition to holding several brokerage licenses.

Stone plays an active role in the Fond du Lac community and represents National Exchange Bank through his current and past involvement on the Agnesian Foundation, YMCA, St. Mary’s Springs Academy, Moraine Park Foundation, Cedar Benevolent Community, and Children’s Museum boards, as well as participation in other community organizations.

Stone and his family are Fond du Lac residents.