Archive for month: February, 2024

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Prevail Bank Recognized by United Way of Portage County

Prevail bank professionals with the award. Best new campaign graphic.Prevail Bank – Stevens Point won this year’s United Way of Portage County’s 2023 Best New Campaign Award. This recognition is awarded to an organization that demonstrates best practices and a concerted effort to support the community through United Way. Prevail Bank professionals (l to r) Troy Kempfert, Branch Manager; Michelle Mangal, Commercial Credit Analyst; Amanda Jordan, Process Improvement Analyst; and Dale Sankey, VP; Commercial Lending Officer accepted the award at United Way’s Recognition Luncheon on February 14 at the Holiday Inn Convention Center in Stevens Point.

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Executive Letter: New Opportunity to Invest in Your Emerging Leaders

By Rose Oswald Poels

Announced earlier this month during the annual Bank Executives Conference, the Wisconsin Bankers Association has launched our newest opportunity for emerging bank leaders — the BOLT (Building Our Leaders of Tomorrow) Leadership Academy. Having long prioritized professional development to ensure that members stay at the forefront of industry trends and best practices as they move through their career, the Association is excited to expand upon this commitment to present a formalized leadership program designed specifically for your bank’s highly motivated emerging leaders.

Each year, thousands of bankers utilize the Association — whether for participating in educational programs or leveraging resources — to foster their professional development and enhance their contributions to the industry. For over a decade, WBA’s BOLT Program has propelled countless bankers across the state into leadership positions. In establishing a comprehensive and structured approach to leadership development as part of the BOLT Leadership Academy, the Association looks forward to continuing our legacy of shaping the aspiring leaders of Wisconsin’s banking industry for generations to come.

The BOLT Leadership Academy takes the success of WBA’s well-established BOLT Program one step further through an all-encompassing and targeted experience for a cohort of 20 to 25 bankers. This structured approach aims to empower participants with the skills and broad knowledge necessary to successfully navigate the complexities of being a leader in the banking industry.

Throughout the 15-month program, bankers will take part in a number of in-person and virtual events — many of which have been developed exclusively for the Academy participants — to facilitate long-lasting connections and hone essential leadership competencies, including strategic management, risk assessment, and communication. The curriculum for the BOLT Leadership Academy extends the BOLT mission to assist members in advancing as leaders all while making the most of the small group setting.

WBA is now accepting applications from aspiring banking leaders who are interested in developing their skills to advance their career in our industry. With limited space available, please encourage your bank’s emerging leaders to complete the application before Friday, March 22, 2024.

Learn More
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March/April 2024 Wisconsin Banker

Learn more about the oldest operating banks in Wisconsin, how to make the most of your bank’s benefits with WBA, and opportunities to advocate for your industry this spring.

Featured inside are the chair’s column by Donna Hoppenjan, current WBA chair and president and CEO of Mound City Bank, Platteville; the Community Advocate, Eric Glewen, Oostburg State Bank President and CEO; and a recap from the 2024 Bank Executives Conference.

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2023 Agricultural Banking Scholarship Awarded to Two UW Students

The Wisconsin Bankers Foundation, the non-profit arm of the Wisconsin Bankers Association, has awarded Chad Achenbach and Taylor Lindsay with the 2023 Agricultural Banking Scholarship. Demonstrating the Foundation’s commitment to cultivating the next generation of agricultural bankers in Wisconsin, the Agricultural Banking Scholarship is offered annually in the fall. Two $1,500 scholarships are awarded to students attending an accredited public or private, non-profit college, university, or technical college who demonstrate in their application a strong understanding of the importance of financial literacy and are actively pursuing a career in agricultural finance.

Pictured (left to right) are: Cassandra Krause, executive director, Wisconsin Bankers Foundation; Chad Achenbach, 2023 WBF Agricultural Banking Scholarship recipient; and Cody Kirschbaum, vice president – ag relationship manager, Peoples State Bank.

Chad Achenbach is a declared double major in agribusiness and animal science expected to graduate from UW–Platteville in May 2025. Active throughout the agricultural community, Achenbach grew up on a hobby farm in Eastman, Wis. and was involved with 4-H and FFA through high school. In 2020, Achenbach became an inaugural member of Wisconsin Department of Agriculture, Trade and Consumer Protection’s (DATCP) Wisconsin Agriculture Youth Council, where he gained insight on state agricultural policy development and tools available to support Wisconsin farmers. At UW–Platteville, Achenbach is involved in Alpha Gamma Rho (Beta Gamma chapter), Block & Bridle, and the Pioneer Dairy Club. He also serves as an ambassador for the UW–Platteville School of Agriculture. During the summer of 2023, Achenbach interned at Peoples State Bank in Prairie du Chien, Wis. as an ag loan officer.

Pictured (left to right) are: Michael DeLong, vice president – commercial/agriculture loan officer, Pillar Bank; Cassandra Krause, executive director, Wisconsin Bankers Foundation; Jenny Jereczek, director of agriculture banking & market president – Durand, Security Financial Bank; Taylor Lindsay, 2023 WBF Agricultural Banking Scholarship recipient; Dr. Brenda Boetel, professor and Agricultural Economics department chair, University of Wisconsin – River Falls; and Tony Betley, vice president – senior agricultural banking officer, Nicolet National Bank.

Taylor Lindsay is a declared agricultural business major and animal science minor expected to graduate from UW–River Falls in May 2025. Growing up on her family’s beef farm in Boyd, Wis., Lindsay has been around agriculture her entire life. Involved in 4-H and FFA throughout high school, Lindsay is pursuing an agribusiness career to not only remain active in the agricultural industry but also to help make a difference in her community. At UW–River Falls, Lindsay is a member of the Agricultural Business and Marketing Society, Agribusiness Leadership Team, Block and Bridle, Collegiate Farm Bureau, and Collegiate Livestock Judging Team. During the summer of 2023, Lindsay interned as an agriculture credit analyst at Nicolet National Bank in Eau Claire, Wis.

“In awarding the Agricultural Banking Scholarship to two deserving individuals, the Foundation aims to support and encourage the growth of talent in the agricultural finance sector,” said Foundation Chair Rose Oswald Poels. “I am pleased to recognize Chad and Taylor for their achievements and outstanding commitment to Wisconsin’s agricultural industry and wish them the very best in their future agribusiness careers.”

To learn more about the Wisconsin Bankers Foundation and its current scholarship opportunities, please visit wisbankfoundation.org.

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Business Impersonation New Account Fraud Targets Wisconsin Banks

By Dave Oldenburg

With mail theft at an all-time high, bad actors continue to cash in on check fraud. Organized criminals take mail from blue USPS collection boxes, or businesses that have unsecured mailboxes, looking for checks, which are used to deposit to fraudulent accounts and withdraw available funds quickly.

After the checks are stolen, fraudsters “impersonate” the business listed as the payee by fraudulently registering the business with the Wisconsin Department of Financial Institutions. The fraudulent registration is used as documentation to open a new account.

This type of fraud continues to gain traction because legitimate high-dollar checks are pilfered and deposited into an account without having to alter checks — a strategy designed to throw off suspicion.

Common Tactics

  • The fraudster may park or is dropped off near the branch to avoid vehicle identification.
  • The person opening the account may provide two forms of identification (later determined to be counterfeit) such as an out-of-state driver’s license and a passport identification card.
  • The person will furnish a copy of a utility, cable, or mobile phone bill that lists a local address.
  • The person opening the account may not deposit the stolen check right away to avoid scrutiny.

Possible Red Flags

  • Internet research shows that the business operates out of state.
  • Internet research cannot support a connection to Wisconsin.
  • The registered agent’s address is outside the geographical area where the business operates.
  • Recent and/or multiple business registrations for the same person are listed with the Wisconsin Department of Financial Institutions. Based on the number of stolen checks in their possession, fraudsters may register multiple businesses around the same time.
  • The name of the business differs slightly from the payee listed on the check or is a variation of a larger, well-known corporation.
  • The signer seems rushed or provides vague information about their business.

Best Practices and Procedures to Prevent Losses

  • Consider additional due diligence on new business deposit accounts that were recently registered. A quick Google search will often reveal that the business operates out of state and has no affiliation with the registered agent, or the address they provided.
  • Double check for signs of fake or altered identification.

Because there are variations of business impersonation new account fraud, it is best to follow your institution’s best practices and procedures regarding suspicious activity.

 

Oldenburg is vice president – director of financial investigations at Tri City National Bank, West Allis, and member of the 2023–2024 WBA Financial Crimes Committee

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Executive Letter: Boosting Employee Wellbeing

By Rose Oswald Poels

Culture plays an important role in shaping the identity and values of an organization. In much the same way as banks are recognized for their dedication to community wellbeing, they are equally committed to fostering workspaces in which bankers are engaged, empowered, and valued. When a team feels inspired to collaborate and contribute their best, it not only enhances the workplace environment but also propels the bank towards sustained success and growth.

With numerous bankers reaching milestone anniversaries every year, the banking industry is known to cultivate enduring and fulfilling careers. However, in order to ensure that the trend of strong employee satisfaction continues for years to come, it is important that banks are proactive in fostering a sense of belonging among all employees.

On Wednesday, March 13, 2024, from 1–2 p.m., the Wisconsin Bankers Association will host Beth Ridley, a leading, Wisconsin-based consultant, for a one-hour webinar on improving the bank’s ability to recruit and retain top talent, enhance its brand, and increase profitability through building and maintaining a workplace culture committed to belonging. The webinar is free to all WBA-member banks, and a recording will be available following the presentation.

In addition to hosting the WBA all-member webinar, Beth Ridley has been enlisted to facilitate WBA’s employee resource group (ERG) through November 2024. Under her guidance, participants will have the opportunity to build upon the strategies discussed during the free webinar through a nine-part discussion series focused on belonging and building engagement. Participation in the ERG is free and includes access to Ridley’s website with pre-session materials and additional resources. Both the free webinar and the ERG meetings are open to all bankers.

Instilling in your team the value of their contributions and perspectives fosters inclusion that goes beyond day-to-day operations. Actions such as asking team members for input on key decisions, encouraging involvement in employee-led groups, and expressing interest in their personal and professional lives help build trust and boost employee morale. For the bank, these actions contribute to a workplace culture where employees feel able to effectively communicate, collaborate, and contribute to the collective success of the organization.

To learn more and access resources that assist your bank in fostering a culture where everyone feels empowered, please visit wisbank.com/DEI.

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February 2024 Compliance Journal

The February 2024 WBA Compliance Journal is now available. In this edition, readers will find an article regarding agency examination principles related to valuation discrimination and bias in residential lending, an overview of FRB’s top compliance examination violations from 2022 exam data, and a new resource for helping to identify number of total units for HMDA LAR purposes. The “regulatory spotlight” section sets forth summaries of recently published agency rules and notices, and the “compliance notes” section provides other important compliance-related updates for bankers.

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From the Fields: Choppy Waters Ahead for Row Crops in 2024

By Adam Sommer

Winter in Wisconsin is defined by many words, but rarely are the words crisp or comfortable one of them. February has brought some unseasonably warm weather to the state as we wrap up the month, and it has been quite crisp and comfortable. It has left us dreaming of spring. With spring comes one of the wonderful seasons of year on the farm. Crops are being sewn across the state, calves are being born, and the season brews new hope for the agricultural year to come.

However, 2024 looks like a year of some uncertainty across many agricultural fronts in Wisconsin. Interest rates have remained higher than recent memory, inputs are costly, and commodity prices have tumbled. Farmers are whispering of concerns for what the year ahead looks like, and choppy waters look like a near certainty.

So, what does this mean for our row crop operators? A year of tighter margins and pricing challenges is likely ahead. Barring global economic shifts, geopolitical forces upending the current pricing outlook, or a major weather event changing the current trajectory, farmers are preparing for prices that are down from a year ago. Below are two charts (one for corn and one for soybeans) using CME Group data on pricing for the March, September, and December corn contracts, and using the same data on pricing for the March, August, and November soybean contracts. This illustrates the trend we continue to see for both old crop and new crop pricing in 2024.

Even as the trend points down for crop pricing, many farmers here in the state of Wisconsin will reference a dry 2023 crop year and the hope for a spring bump in price. Anecdotally, there is still a large amount of grain stored in bins across Wisconsin. This unpriced crop could be troubling for the income statements of farmers, in some cases, against borrowed funds. The concern is that even as the year was dry, production remained at a strong, although not bin-busting, level. What that can mean going forward is that production across the United States could be at record levels given good growing conditions, should that occur in 2024. Much of what is driving these future markets is the anticipation of this higher production level and challenges on the trading front with a strong U.S. dollar to boot. Ending stock projections for corn could reach one of the highest levels since the late 1980s should projections ring true. With that concern in mind, it prompts the question as to how the farmer and banker can respond?

In our world, this means that conversations with farmers early in 2024 are all that more important as expectations are set for the coming crop year. Conversations should address the needs of the producer, alternative strategies for shortfalls, and plans regarding insurance coverage and marketing strategies. Not all that different than the annual conversations, but with more depth around the downside risk. Anticipating corn prices with a three or four leading the way hasn’t been a consistent concern over the last few years. Doing so will harken back a few years and with inputs elevated it leaves some concern.

In conclusion, some of the best steps row crop farmers and ag bankers can take are steps of preparation and communication. Farmers are a resilient bunch who have weathered the ups and downs of the rolling commodity cycles. Preparation and awareness will help each of them in this cycle as well. And the hope is that this is all premature speculation. The hope is that farmers in Wisconsin have a bumper crop, with international partners buying more, and a prosperous year ahead. We wish all the farmers the best as they tackle this next crop season.

Sommer is assistant vice president – ag and commercial loan officer at Bank of Brodhead. Sommer also currently serves on the WBA Agricultural Bankers Section Board of Directors.

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Aerial view of suburban neighborhood
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Executive Letter: New WBA Grant Opportunity for Housing and Economic Development

By Rose Oswald Poels

WBA has an opportunity to provide five (5) grants of $10,000 each for member banks to use for housing, economic development, and certain financial literacy purposes in 2024. The WBA Board is excited to offer members this new funding opportunity to help support affordable housing and economic development initiatives your bank may engage in this year. The criteria for the grants are outlined below and applications must be received by WBA no later than 5:00 p.m. Central Time on Friday, March 15, 2024.

There are three broad categories for which the grant proceeds may be used: housing and housing literacy, economic development/community investment, and financial or cyber literacy. The funds must be used for one of these purposes and directly benefit consumers and/or businesses in Wisconsin. Grant recipients will be asked to submit an impact report about how the funding was used, a description of the program or project and goals achieved, and specific metrics to illustrate the consumer/business impact of the program or project. The impact report must be provided within 30 days from the date the grant proceeds were used.

Some examples of programs that may qualify for a grant include:

  • Provide financial education and housing counseling to consumers as a means of improving home ownership opportunities.
  • Conduct a housing study in your community to help leaders identify housing needs to sustain population numbers and/or manage population growth.
  • Fund expert speakers at a meeting (e.g., rotary event) or community event on housing, housing literacy, lowering barriers to affordable housing, expanding housing supply, or economic development through the growth of small business.
  • Create tools (e.g. brochures, videos, other) that raise awareness of the benefits of home ownership for Wisconsin consumers.
  • Hold events or create educational resources intended to increase consumer or business awareness of financial health and well-being, cyber literacy, and/or credit building and repair strategies.

Please complete the grant application found here by March 15, 2024 to be considered. WBA will provide all applicants with a response no later than April 19, 2024. If you have any questions on this grant opportunity you may contact me or Daryll Lund.

Apply Now
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4721 S Biltmore Ln.
Madison, WI 53718

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