Archive for category: News

Prevail Bank is pleased to announce that Brenda Trump has joined the Eau Claire team as branch manager and Scott Rannila has joined the Eau Claire team as a vice president & commercial banking officer.

Trump has over 20 years of banking experience, from business development and marketing, to mortgage underwriting and lending officer, to controller and branch management.

“I’m excited to have Brenda join our team,” said Renée Leinfelder, senior vice president of retail. “Her wealth of knowledge and years of customer service and banking experience will make her transition seamless. I look forward to working with her and watching her build relationships with our customers.”

“I chose Prevail Bank for many different reasons,” said Trump. “First and foremost, I support Prevail Bank’s mission 110%. I will always help customers, employees, and communities obtain their financial goals to the best of ability. It is so rewarding to be their trusted advisor and a part of their success.”

Trump and her husband, Bill, moved to Wisconsin from Arizona earlier this year. She’s already expressed an appreciation of Wisconsin’s cheeses and the abundance of freshwater lakes to fish.

“Moving to Eau Claire has been a great experience for us,” said Trump. “We have thoroughly enjoyed the farmers markets and what they have to offer, along with the lakes, the downtown murals, and the beautiful countryside.”

Trump enjoys reading, fishing, and spending time with family and friends. She’s a fan of the Bears, the Cubs, and the Blackhawks — a result of living in Illinois for numerous years prior to Arizona. Her two grown sons are split between those states; one lives in Buckeye, Ariz., the other in Peru, Ill.

Rannila, the bank’s newest vice president & commercial banking officer, brings decades of private banking, wealth management, and commercial lending experience to the full-service business team of Prevail Bank.

“We are excited to have Scott join our team,” said Craig Philipp, Prevail Bank’s chief commercial lender. “Scott has spent the past 20+ years in various roles working with families and businesses to achieve their financial goals. He has several professional designations and certifications, is a true advocate and strategist for his customers, results-oriented, and actively involved in the community. Scott’s talents and attributes will allow him to continue to meet and exceed customer expectations.”

“I chose Prevail Bank because I believe it offers the best of a community bank feel with the capabilities of a larger financial institution,” said Rannila. “I’m excited to help Prevail grow their presence and market share in the Chippewa Valley!”

Over the past 10+ years Rannila is or has served as a board director for Downtown Eau Claire, Inc., Big Brothers Big Sisters of Northwest Wisconsin, and as a Rotarian with the Eau Claire Noon Club. Outside of the office, Rannila and his wife Jamie are busy raising three very active thirteen year olds; Jack, Jordan, and Addison — triplets! He is an active youth sports coach, enjoys cheering on his favorite sports teams, and a few rounds of golf every now and then.

One Community Bank is proud to continue investing in the surrounding communities. To celebrate its two-year anniversary as One Community Bank, colleagues selected the non-profit Wisconsin Academy for Graduate Service Dogs (WAGS) for a $1,000 donation.

The team at WAGS is passionate about promoting functional independence and improving the quality of life for people with physical disabilities with highly skilled service dogs. They have facilitated the partnership of more than 250 service dogs for people with physical disabilities such as multiple sclerosis, spinal cord injury, cerebral palsy, neuromuscular disease, and injuries associated with combat veterans.

“For our clients, a WAGS dog provides practical physical assistance and unconditional love and companionship. We are grateful to the team at One Community Bank for their donation. We plan to use the donation towards the purchase of our next puppy” said Aaron Backer, executive director of WAGS.

“One Community Bank is thrilled to deepen our relationship with WAGS and contribute to the impact they are making in our communities to help people with disabilities. We believe in investing in our communities and are excited to present WAGS with a $1,000 donation. This organization is very deserving of this donation” said Steve Peotter, president and CEO of One Community Bank.

One Community Bank remains committed to investing in our communities and is proud to support this feel good organization.

4-H-ers have to be in 3rd grade to sell their prize winning livestock from the Price County Fair at the “Market Animal Auction”. Dakotah and Landon Patrie knew this as they watched the older children parade their animals in the market ring. Cherie Lenz noticed their sad faces and witnessed the interaction between them and their grandmother as she explained the rules and said, “Someday you will be able to show your animals in the ring.” That comment prompted Lenz to step forward, politely introduce herself, and extend an offer to purchase Dakotah’s and Landon’s sheep for $1,000. Lenz, who was representing Prevail Bank that day, turned heartache to happiness.

But Prevail Bank didn’t stop there. The bank donated the 126 lbs. of lamb chops, burger, steaks, and roasts to St Vincent DePaul’s Food Pantry in Phillips to help provide a reprieve for the 211 households who struggle to make ends meet.

“We are excited to support so many people through one action,” said Lenz, Prevail Bank branch manager. “We (Prevail Bank) supported two future farmers or young entrepreneurs through the purchase of their sheep; in addition to providing fresh meat for hundreds of people who are hungry in Price County. Solving problems, fulfilling dreams — that’s what we do at Prevail.”

Prevail Bank has heart and compassion,” said Kendal Patrie, mother of Dakotah and Landon. “It’s hard to put into words how much Cherie’s actions affected our family that day. It will always be remembered.”

Prevail Bank’s core values are: Put people first; be a solution seeker; do the right thing; take ownership. Cherie Lenz fulfilled all four of those philosophies on Friday, August 26.

Wisconsin bankers prepare for forthcoming legislation, guidance

By Hannah Flanders

An increasing number of Wisconsinites are growing concerned about climate change and its effects on the state’s key economic sectors — agriculture and forest product, fisheries, and outdoor tourism and recreation. Each year, these sectors continue to be negatively impacted as a result of increasing temperature, humidity, precipitation, and extreme weather events.

In an effort to preserve America’s unique, natural resources, promote public health and safety, and extend the positive growth in our economies, regulators across the country have turned their focus to understanding climate-related financial risks. In January 2021, President Joe Biden issued an Executive Order relating to protecting public health and the environment. As a result, many key banking regulators and Wisconsin officials have announced advisories, statements, and proposals of their own to aid banks and other industries in mitigating the effects of climate change on the economy.

Ensuring Consistency

As sectors and jurisdictions in the financial system become increasingly more intertwined and supervisory and regulatory authorities continue to assess climate-related financial risks, the Financial Stability Board (FSB) has published draft recommendations in an effort to promote consistency throughout the financial system as well as to assist financial institutions in managing and mitigating climate-related risks. Final recommendations from the FSB are expected in the fourth quarter of 2022.

The Financial Stability Oversight Council (FSOC), in addition to establishing the Climate-related Financial Risk Committee (CFRC) which assists in identifying, assessing, and mitigating climate-related risks to the financial system and developing common approaches and standards, the Council has recently released recommendations to FSOC members — including the U.S. Securities and Exchange Commission (SEC), the Federal Reserve Board (FRB), and the Federal Housing Financing Agency (FHFA) — regarding their action on climate change data, disclosure, and scenario analysis.

While several agencies, including SEC and the Office of the Comptroller of the Currency (OCC), have already acted on risks related to climate change, Acting Director of the FHFA Sandra L. Thompson said in a statement released in December 2021 that FHLBanks are encouraged to designate climate change as a priority and actively consider its effects in their decision
making. The FHFA also created a new Conservatorship Scorecard which assesses Fannie Mae, Freddie Mac, and Common Securitization Solutions on their ability to promote sustainable and equitable access to affordable housing while operating in a safe and sound matter.

Proposed Federal Legislation

Both the OCC and the Federal Deposit Insurance Corporation (FDIC) have issued draft principles that provide framework for the management of climate-related financial risks by banks with more than $100 billion in total consolidated assets.

Although either draft has yet to be finalized, the Wisconsin Bankers Association (WBA) issued a comment letter in June to members of the FDIC warning of the potential negative impact this draft may unintentionally have on smaller, community banks and the communities they serve.

In addition to commenting on the FDIC’s draft principles, WBA joined the Independent Community Bankers of America (ICBA) and several state banking associations from around the country in expressing concerns related to the FDIC’s proposed statement of principles highlighting the effects of large financial institutions being pressured or required to “de-risk” their loan portfolios. The ruling in its current state has the potential of excluding lawful but climate disfavored customers or industries from the financial system.

This year, the SEC has also proposed two climate-related disclosure rulings that Wisconsin bankers should consider for investment purposes. The first proposal — the Enhancement and Standardization of Climate- Related Disclosures for Investors — focuses specifically on requiring registrants to include certain climate-related disclosures in their registration statements and periodic reports.

While the approach to release climate-related disclosures through existing SEC requirements is appreciated, in its comments, WBA highlighted that Wisconsin’s financial institutions, publicly traded or not, have successfully managed credit-based risk for decades and that this proposal is primary built on supplying non-financial information that many businesses do not have the resources to provide.

In addition to recommending that SEC repeal said proposal in its own comments, the Association joined nearly 100 supporting groups in signing onto the House Small Business Committee’s Republican-led letter to SEC demanding the rescission of the proposed ruling.

The second — Enhanced Disclosures by Certain Investment Advisers and Investment Companies About Environmental, Social, and Governance (ESG) Investment Practices — amended the ruling and forms under the Investment Advisors Act and the Investment Company Act. This would require certain advisers, investment companies, and business development companies to provide additional information regarding their ESG investment practices. Comments on this ruling were due August 2022.

Wisconsin-Specific Efforts

In Wisconsin, Governor Tony Evers has highlighted combatting climate change is a key priority for the administration. Earlier this year, the Governor’s Task Force on Climate Change — a coalition of representatives from industries and communities across the state — recommended the creation of the Office of Environmental Justice within the Department of Administration (DOA).

The Office, supported by the first state-level chief resilience officer (CRO) in the Midwest — now serves as the state’s principal office in coordinating agency frameworks, strategies, and policymaking to ensure state action does not have an adverse or disparate environmental effect on under-resourced communities.

Additionally, the Wisconsin Department of Financial Institutions (DFI) has so far only released an ESG investing advisory which includes an overview of its effects and what investors should consider. However, as climate-related risk becomes an increasing concern for industries and communities across the state, Wisconsin bankers should expect that state-level advisories, guidance, or legislation may be forthcoming.

While no hard and fast ruling yet stands for banks related to climate-related risk disclosures either at the federal or state levels, WBA advises bankers to be aware of the potential for upcoming regulation on the topic.

View WBA’s recent comment letters by visiting wisbank.com/CommentLetters. For questions on legal developments or regulations related to climate change or other compliance matters, please reach out to WBA legal at wbalegal@wisbank.com or 608-441-1200.