Archive for category: News

Wisconsin state capital building view from above
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Executive Letter: Resources for Grassroots Involvement and Fundraising

Rose Oswald PoelsBy Rose Oswald Poels

Advocacy is the central focus of nearly every function at the Wisconsin Bankers Association (WBA). With a mission to assist bankers in positively impacting the communities they serve, the Association plays an important role in providing resources and opportunities to all members to help facilitate the conversations that are critical to making their voices heard on matters that affect our industry and, in turn, our neighbors.

Recently, WBA’s Government Relations team mailed each member bank the annual Advocacy Toolkit. The Toolkit features several resources including best practices, how to identify and contact local legislators, as well as all the ways your bank can choose to assist the Association in our political fundraising efforts.

With the support of our members, the last biennium has resulted in several advocacy accomplishments — as highlighted by the 2022–2023 WBA Advocacy Report — on both the offensive and defensive side. While the last session was extremely active, we expect the next two years to be even more so as we prepare for the next U.S. election in 2024.

While fundraising is not always the most glamorous aspect of advocacy, it is certainly one of the most important. It ensures that those who support the banking industry are elected to office and helps our team effectively lobby for key issues impacting the industry. Looking back, I am pleased to say that in 2022, WBA raised over $270,000 to support our mission. Of course, this accomplishment is not possible without the support of our members. One hundred sixty bankers received WBA’s Silver Triangle recognition in 2022 for contributing at least $500 to our advocacy efforts, and 46 institutions earned WBA’s Gold Triangle award for political fundraising in 2022.

This year, the Association’s goal is to raise $300,000 — a feat we have not accomplished in the last five years. As you and your team consider the various ways to participate this calendar year, I remind you that any combination of donations to the Wisbankpac, Alliance for Bankers Conduit (ABW), or the issue advocacy fund move WBA closer to achieving our calendar year fundraising goal.

Personally, I give at least $4,000 each year towards supporting WBA’s political efforts and encourage not only executive management to give generously — as our livelihoods depend on the success of this great industry — but also welcome every banker to contribute as even small-dollar donations help make a big difference.

New members are encouraged to join at the Silver Triangle level, now set at $1,000, and existing members may consider doubling, tripling, or quadrupling their donation amount. As such, WBA is excited to announce two new ways bankers can be recognized for its political giving: WBA’s Leadership Circle, awarded to those who contribute at least $3,000, and WBA’s Hall of Fame Recognition, recognizing those who contribute at least $25,000 in aggregate lifetime investments through any combination of Wisbankpac or ABW.

If you have any questions regarding political fundraising or would like to learn more about which donation level is right for you, please do not hesitate to reach out to or Lorenzo Cruz, WBA vice president – government relations, or me.

Aside from making political contributions, another vital component in ensuring the health and security of banks in Wisconsin is grassroots involvement. As I have stated in a previous Executive Letter, this year we have set an ambitious goal of having 200 attendees at this year’s Capitol Day. As you may know, over 200 attendees were present for the Wisconsin Credit Union League’s Capitol Day, which was held in January. With several legislative priorities on our radar this year, now more than ever, bankers will play a pivotal role in shaping the image of our industry and ensuring that our elected officials remain informed and educated on topics that impact bankers and communities throughout the state.

Currently, only 30% of our attendance goal has been reached, and with WBA’s Capitol Day right around the corner on April 26, 2023, I urge you to register now to join me and your peers at the State Capitol. In addition to receiving a legislative briefing from our GR team, this year’s event will feature a panel discussion moderated by Jeff Mayers, president of WisPolitics.com, as well as an update from the Department of Revenue Secretary Peter Barca. In the afternoon, attendees will meet in groups with their local legislators.

Again, with so much in store for the upcoming legislative session, I appreciate those members who go out of their way to join WBA in supporting the banking industry. The dedication and support of bankers is reflected in the success of our Association and a thriving banking industry in Wisconsin.

Access the Digital Toolkit
Attend 2023 Capitol Day
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Association Update: Engaging with Your Association

WBA offering numerous opportunities to get involved this spring

By Daryll Lund

As the Wisconsin Bankers Association (WBA) quickly approaches the final months of its 2022–2023 fiscal year, I am reminded of the inauguration of Dan Peterson, president and CEO of Marinette’s The Stephenson National Bank & Trust, as our Association’s chair. With an objective to increase membership engagement in the year ahead, it is extremely rewarding to look back upon all our Association has done together since June 2022.

Enhancing member engagement as part of the WBA strategic plan is focused on increasing banker participation in WBA training events including the utilization of the Engagement Center located at the WBA headquarters in Madison, the WBA Legal Call program, WBA fundraising efforts including the Gold Triangle and Bankers Involved in Grassroots and Government (BIGG) awards, as well as utilization of other Association and subsidiary services.

As we approach the final stretch of the 2022–2023 fiscal year, I am certain that bankers will find even more ways to engage with WBA.

This spring, WBA kicks off its busy season with various professional conferences and schools aimed at providing WBA members with the knowledge, resources, and connections to continue their success. Ranging from CFOs to HR and IT professionals and all the way to the frontline staff — our Association prides itself on the breadth of opportunities in store for every member of the bank.

In addition, bankers looking to make a mark on their communities and industry will be out at full strength assisting the
WBA in keeping our elected leaders informed at this spring’s advocacy events — including WBA Capitol Day on April 26 and two upcoming Washington, D.C. trips — as well as participating in activities related to Community Banking Month, Financial Literacy Month, the annual Power of Community Week, and National Teach Children to Save Day.

Of course, new chances to engage are always on the horizon with WBA. Whether you’re looking to volunteer as a committee member or help fundraise to shape public opinion on pro-banking, probusiness issues, it is up to you to choose how you will make the most of your membership, inspire professional development, educate your peers and community members, and engage with the Association!

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Person typing on laptop overlaid with holographic images representing information and security
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Embracing a Culture of Cybersecurity

All staff needed to help mitigate risk

By Hannah Flanders

Cyberattacks are ranked as one of the top threats to banks across the country. As these threats continue to become increasingly sophisticated and prevalent throughout our communities, bankers are looking to mitigate the risk for the safety of both their institution and all customers served. As such, administrators — including members of the human resources (HR) department — have been tapped to take on a new role alongside the information technology (IT) department to protect the bank from falling victim.

Prioritizing Cybersecurity

According to Proofpoint’s State of the Phish survey, approximately 79% of U.S. organizations reported at least one successful phishing attack in 2021. As cybercrime continues to rise — costing over $1 trillion a year worldwide, as highlighted in a report by McAfee Center for Strategic and International Studies — it is critical for the success of banks across the country that they establish a culture of cybersecurity.

In the American Bankers Association’s (ABA) Banking Risk and Compliance Management Outlook for 2023, surveyed bankers identified cybersecurity and IT risk to be, overwhelmingly, the top risk priority for the 18 months ahead. With the use of online banking and digital payments skyrocketing, and employee negligence being cited as one of the top reasons banks are put at risk — Proofpoint’s survey highlights that around 27% of employees believe that their organization/IT department will take care of any mistakes. However, as the cost of cybercrime continues to become more expensive for impacted organizations each year, finding ways to educate both consumers and employees of the cyber risks they face will not only help protect information from being compromised, but save banks from contributing to the astounding losses reported by financial institutions each year.

The Federal Bureau of Investigation’s (FBI) Internet Crime Report highlights that in 2021, Wisconsin totaled over $51,800,000 in victim losses. By taking proactive steps in both their cybersecurity protocols and training, banks throughout the state will have the opportunity to save the organization, and their customers, from substantial loss.

While banks make strides to incorporate risk mitigation — such as integrating multifactor authentication (MFA), a bare minimum in preventing bad actors from gaining access to accounts with greater privileges, and following regularly updated guidance from the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) — into their procedures, those seeking to optimize their efforts are looking beyond their IT staff for assistance.

Team Effort

Establishing a culture that embraces cybersecurity begins from the top and requires uniting members throughout various departments. According to Marsh McLennan, a leading professional services firm in risk, strategy, and people, “a robust cybersecurity culture starts from the top of the organization and involves continuous communication and training for leaders across all key functions.” The firm highlights that, as of 2019, nearly 90% of all organizations only included InfoSec/IT, C-suite, risk management, legal, and finance professionals in the management of cyber risk.

“Cyber defense is a team endeavor, not just an IT or a management one,” emphasizes Rob Foxx, director – InfoSec and IT audit services at FIPCO. “Threats apply to all parts of an enterprise, as should defense.”

The Cybersecurity and Infrastructure Security Agency (CISA) highlights that HR professionals play an integral role in detecting, deterring, and mitigating threats by screening candidates prior to employment, managing secure information, and regularly communicating policies.

When HR professionals have a seat at the cyber risk management table, banks not only gain a risk-conscious ally, but also ensure that HR professionals throughout their organization have a strong understanding of the cyber risk policy they utilize in their own day-to-day operations. Additionally, ensuring that the HR team is abreast of the latest cyber risks and mitigation procedures is critical so that said information can be communicated with all staff members.

Playing a Part in Protection

As the U.S. financial sector continues to prioritize cybersecurity — regularly spending up to $3,000 per employee on ongoing cybersecurity education, according to the McAfee report — ensuring that every employee is making the most of their training, testing, or coaching and remains vigilant against all threats to the organization is critical for the safety and security the institution and its customers.

  • The Employee Lifecycle

Of course, HR plays a substantial role in the onboarding and offboarding process to evaluate the quality of incoming employees and ensure that all former staff are no longer granted access to confidential company data upon their departure. Furthermore, given the close ties to all staff members, HR can play an important role in clarifying policy, providing resources, and working behind the scenes to recognize and anticipate the potential information security issues, highlights the Society for Human Resource Management (SHRM).

  • Training

Although cyberattacks continue to cause headaches for businesses across the country, only 64% utilize organization-wide training, according to Proofpoint’s 2022 survey. Training, which is usually administered by the IT department or virtually, has the potential to be strengthened by HR’s involvement. In taking a human-centric approach that emphasizes how all staff members — administrative through executive leadership — play a role in the security of the institution, employee morale is heightened.

Additionally, HR can emphasize and enforce the importance of practicing good cyber habits and encouraging training from the start because of the department’s close connection to all bank staff. HR staff will also notice if staff don’t attend training, regularly fail simulated tests, or display non-compliance with cyber protocols. From there, action can be elevated beyond coaching from IT staff or managers.

“A significant amount of malware is file-less and exists only in the active memory of a computer,” highlights Foxx. “While the next generation of antivirus has the ability to detect more activity than older versions, file-less attacks are just the beginning, and these tools can now detect abnormal user, host, and network activity. Ensuring your team is on the same page is a critical component in mitigating these attacks.”

  • Coordinating Cybersecurity Requirements

In partnership with the IT department, HR should ensure that there are well-documented policies, standards, and best practices for not only averting attacks or breaches, but also for reporting attempted or successful cybercrimes. Throughout their day-to-day tasks, HR professionals are expected to adhere to the organization’s procedures and guidelines as well as communicate this information with staff. Understanding the various protocols, exploits, tools, and resources fraudsters utilize can help members of HR in assisting their staff to build confidence in mitigating a cyber risk. At the very least, Foxx adds, bankers should adhere to cyber security frameworks such as the NIST Cybersecurity Framework or ISO 27001 certifications, which assist organizations in gaining direction and highlighting areas of need.

As more aspects of our daily lives digitalize, and cybercrime and attacks become a regular and unfortunate normality across the banking industry, the need to secure sensitive data has become a widespread effort. It is critical that leaders look throughout their staff for unique perspectives and opportunities to educate. Establishing a culture of cybersecurity could be the difference between a secure and a compromised institution.

Ready to take your cybersecurity to the next step? Visit fipco.com/solutions/it-audit-security to ensure your bank is secure!

FIPCO is WBA subsidiary and Gold Associate Member.

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Graduating students throwing graduation caps into air in celebration
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Congratulations to the March BankWork$ Graduates!

Pictured (left to right) are: Deja Harris- Smith, Kaprisha Greer, Edgar Martinez Santiago, Destiny Echols, Azarea Glosson, Rose Oswald Poels, Elizabeth Medina, Diarelis Rodriguez, Soaad Abdallah, and Coey Brown.

The March BankWork$ class has now graduated! The Wisconsin Bankers Association (WBA) is proud to partner with Employ Milwaukee to bring this nationwide program to Wisconsin. BankWork$ is a free, eight-week training program to prepare participants in primarily underserved neighborhoods for retail banking careers.

This graduating class of 9 included Soaad Abdallah, Coey Brown, Destiny Echols, Azarea Glosson, Kaprisha Greer, Deja Harris-Smith, Edgar Martinez Santiago, and Elizabeth Medina. WBA’s Rose Oswald Poels attended the ceremony and congratulated the graduates on their achievement.

Over the eight weeks, these students learned the hard and soft skills necessary for entry-level retail and operations positions. The program began in 2019 and has so far provided more than over 100 graduates in the Milwaukee area the opportunity to begin a career in banking.

Thank you to the following banks for sponsoring this program:

  • Associated Bank, Green Bay
  • Bank Five Nine, Oconomowoc
  • BMO Harris
  • First Federal Bank of Wisconsin, Waukesha
  • Johnson Financial Group, Milwaukee
  • Old National Bank
  • Spring Bank, Brookfield
  • The Equitable Bank, Wauwatosa
  • Town Bank, N.A., Hartland
  • WaterStone Bank, Milwaukee
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Executive Letter: An Update on Recent Out-of-State Bank Failures

Rose Oswald PoelsBy Rose Oswald Poels

Since the announcement of the failures of Silicon Valley Bank (SVB) in Santa Clara, California and Signature Bank in New York, New York, the Wisconsin Bankers Association (WBA) has been working with the news media as well as federal- and state-level government officials to reassure the public that the banking system overall — and Wisconsin banks in particular — are safe, sound, and resilient.

On Sunday, I issued a special edition of my Executive Letter to share a summary of events as they were unfolding, including the decision of the regulators to protect all depositors affected by the Silicon Valley Bank and Signature Bank failures. On Monday, WBA issued a statement to the news media highlighting important differences between the failed banks and Wisconsin banks. WBA has been working with newspapers, TV stations, and radio stations across the state to put the public at ease in knowing their money is safe in an FDIC-insured bank in Wisconsin.

Resources for Bank Customers

WBA has created a new consumer-facing piece explaining FDIC insurance. The one-page document can be printed out or shared digitally. It contains a high-level overview as well as links (and QR codes) directing readers to FDIC resources: Understanding Deposit Insurance and Deposit Insurance FAQs. WBA’s FDIC insurance resource — along with a range of other materials, including social media graphics for banks — is available in the Consumer Resources Hub.

My previous Executive Letter also contains talking points about how the situations at the failed banks were idiosyncratic and do not reflect the way Wisconsin banks operate. A number of unique factors converged at the same time to trigger the liquidity crisis at Silicon Valley Bank, which would not apply to Wisconsin banks that are not heavily focused on the volatile tech sector. As government officials, banking leaders, and economists have reiterated: Americans should have confidence in our banking system.

The Federal Reserve’s Bank Term Funding Program

The Federal Reserve has launched the Bank Term Funding Program (BTFP) to offer loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging any collateral eligible for purchase by the Federal Reserve Banks in open market operations. The assets will be valued at par. The BTFP will be an additional source of liquidity against high-quality securities, eliminating a bank’s need to quickly sell such securities in times of stress.

WBA staff participated in a call on Monday with Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury Department and from that call, WBA learned:

  • Bank holding companies are not able to participate in BTFP. Eligible participants include any U.S. federally insured depository institution or U.S. branch or agency of a foreign bank that is eligible for primary credit under the Fed’s discount window.
  • The Federal Reserve is not looking to consider municipal securities as collateral.
  • Banks are not required to first utilize all other available funding options before seeking access to the BTFP.
  • It is not the intention of the Federal Reserve to lengthen the one-year term.
  • At some point in the future, the names of institutions who participate in BTFP will be made public in accordance with Congressional requirements.

The Federal Reserve has made an FAQ and a Terms and Conditions one-pager available regarding the program. It is my understanding the FAQs will be updated, as necessary.

The Federal Reserve announced a free webinar, Wednesday, March 15, 2023, at 1:00 p.m. ET–2:15 p.m. ET regarding the new lending program. The Federal Reserve’s Matthew Malloy, section chief – monetary policy operations and analysis, monetary affairs and Kelley O’Mara, senior counsel – legal division, will lead an Ask the Fed® webinar to provide an overview of the BTFP and address frequently asked questions that have arisen since the program’s launch. Registration for the webinar can be done through the Ask the Fed® website.

The Latest on SVB and Signature Bank Bridge Banks

Moments ago, WBA staff attended a Q&A webinar with FDIC on the status of the two failed banks. The bridge banks Silicon Valley Bridge Bank, N.A. and Signature Bridge Bank, N.A., have assumed the deposits and obligations of the failed banks. FDIC has appointed new CEOs, and their objective is to maximize the value of the entity to attract a buyer as well as minimize cost to the industry. The main theme from FDIC officials was “business as usual” — all deposits (insured & uninsured) have been transferred to the bridge bank, all contracts for services have been transferred, the bridge banks have access to borrow to ensure ample liquidity, they have the same routing number and check stock, and they can operate just as any other open and operating bank.

Our Current Focus

Our immediate priority is to make sure the public knows that the banking system is safe and sound. No taxpayer dollars will be used to repay depositors of the failed banks; longer-term policy questions about the treatment of uninsured deposits are a discussion for a later day. WBA has heard from our membership about the positive steps you are taking through both proactive and responsive conversations with your customers as well as issuing email and social media communications. Thank you for all you are doing to reassure Wisconsinites that our industry remains strong and a source of strength for our economy.

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Wisconsin Bankers Association Statement on the Failure of Silicon Valley Bank  

By Wisconsin Bankers Association President and CEO Rose Oswald Poels

The public can rest assured that the banking system overall and Wisconsin banks are safe, sound, and resilient. Wisconsin banks do not operate in the manner that caused the failure of Silicon Valley Bank in Santa Clara, California and Signature Bank in New York, New York. The customer base of Wisconsin banks is much more diversified and the overall balance sheet management of Wisconsin banks is significantly different. Regulators acted swiftly and decisively, which protected customers of the failed banks and prevented further pain across the banking system. As recent data from the Federal Deposit Insurance Corporation show, Wisconsin banks are well capitalized and remain on solid footing. Consumers can remain at ease knowing that their money is safe in an FDIC-insured bank in Wisconsin.

For further information on FDIC deposit insurance coverage, please refer to FDIC’s Understanding Deposit Insurance resource, Deposit Insurance FAQs, and SVB FAQs.

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Special Edition Executive Letter: WBA’s Response to SVB Failure

Rose Oswald PoelsBy Rose Oswald Poels

The Wisconsin Bankers Association (WBA) is closely tracking developments related to the failure of Silicon Valley Bank and will continue to keep our membership informed.

How Silicon Valley Bank Differs from Wisconsin Banks 

What happened with Silicon Valley Bank is a very unique situation. The bank was heavily connected to the tech sector, which made it vulnerable to the booms and busts of that sector. Less than 10% of its deposits were insured as they were very large deposits (largely from venture capitalists that deposited tech investment money in the bank). In contrast, Wisconsin banks have a far higher percentage of insured deposits. Because Silicon Valley Bank was heavily connected to the tech sector — both on the loan and deposit side — it was not well diversified. Again, this is a stark difference from Wisconsin banks of all sizes, which are much more diversified across different business and personal sectors.

The banking system overall and Wisconsin banks are safe, sound, and resilient. This situation is truly idiosyncratic to Silicon Valley Bank. It grew incredibly fast in a very short time frame, going from $56 billion in 2018 to over $209 billion in 2022. In the span of just one year, they nearly doubled in size, from December 31, 2020 to December 31, 2021, when they went from $114 billion to $209, which is unheard of. No Wisconsin bank has grown like this. So, while Silicon Valley Bank had reached the large bank category, it got there so fast that the bank wasn’t in the large bank asset size long enough for the regulators to push through all the requirements (like stress testing). A bank needs four consecutive quarters over the asset threshold — and then there is a phase-in period. Silicon Valley Bank was still in that phase-in period and not yet subject to full-blown scrutiny.

FDIC Insurance Protects Bank Customers 

The FDIC acted swiftly and decisively, which is good to protect the banking system and customers of Silicon Valley Bank. Banks are encouraged to make sure their frontline staff are prepped to answer questions about FDIC deposit insurance coverage, and may refer to the following talking points:

  1. Customers’ deposits are protected by FDIC insurance. In the 88-year history of the FDIC, no one has ever lost a penny of an insured deposit.  
  2. The FDIC insures up to $250,000 in eight separate account categories per depositor per bank. The FDIC is completely funded by the banking industry.
    • Every bank pays risk-based premiums every quarter to support the fund.
    • The FDIC insurance fund and all of the agency’s costs come entirely from premiums paid by banks.  
    • The industry knows that a strong FDIC and deposit insurance fund are essential to the banking system. Banks stand ready to do whatever it takes to ensure the health of the fund and strength of the FDIC. The FDIC is stronger than ever before.
    • The FDIC insurance fund stood at an all-time high of $124.5 billion as of June 2022.
    • The FDIC has a $100 billion line of credit with the U.S. Treasury, which would, by law, have to be repaid by the banking industry if ever used. The banking industry is well capitalized.
    • In total, more than 99 percent of banks are “highly capitalized” and far above the most stringent regulatory standards. 

Bankers may point customers to the FDIC’s Understanding Deposit Insurance resource, Deposit Insurance FAQs, and SVB FAQs.

Bankers may also learn more about the state guaranty fund and consider proactively calling their larger bank customers’ CFOs to talk about options such as excess deposit insurance, reciprocal deposit programs, or — in the case of municipal government money — the collateral the bank already has insuring the full amount on deposit. Also, when applicable, bankers may talk to their business customers about how they have a very solid, diversified portfolio that doesn’t have strong exposure to the tech sector.

What Happens Next 

In a statement issued on March 12, 2023 by the Department of the Treasury, Federal Reserve, and FDIC, it was announced that FDIC will complete its resolution of Silicon Valley Bank in a manner that protects all depositors. Depositors will have access to all of their money starting Monday, March 13. No losses associated with the resolution of Silicon Valley Bank will be borne by the taxpayer. A similar systemic risk exception will be made for Signature Bank, New York, New York, which was closed on March 12 by its state chartering authority. Shareholders and certain unsecured debtholders will not be protected. Senior management has also been removed. Any losses to the Deposit Insurance Fund to support uninsured depositors will be recovered by a special assessment on banks, as required by law.

Finally, the Federal Reserve Board on March 12 announced it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors.

Banking Industry Remains Strong 

As I recently stated in commentary on FDIC data, Wisconsin’s banking industry is in a solid position. These anomalous events at out-of-state banks do not change that. The banking system in Wisconsin and across the U.S. remains well capitalized and resilient, and the regulators’ quick response is expected to reassure the public. As always, WBA is committed to keeping our members informed on issues impacting the industry and providing resources to support your work at your bank and in your communities.

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Wisconsin Banks Receive $28,845 in Distributions from American Bankers Mutual Insurance, Ltd.

$97.3 million has been declared in total distributions since 1991.

American Bankers Mutual Insurance, Ltd., the reinsurer for the directors and officers (D&O), bond and cyber insurance program co-endorsed by American Bankers Association (ABA) and Wisconsin Bankers Association (WBA), declared a $3 million distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group.

This is the 33rd consecutive year that the industry’s leading professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $97.3 million since the program’s inception. ABA member banks that purchase their directors and officers (D&O), bond, cyber and related insurance from this program are eligible to receive a distribution.

“The American Bankers Mutual Insurance program is a fantastic way for institutions to maximize the value of their ABA membership,” said Rob Nichols, ABA president and CEO. “On top of offering high-quality insurance products, the program has reliably paid out distributions for more than three decades. We hope members will consider participating as they evaluate their insurance needs.”

“For the 33rd year in a row, this program has delivered for its participating members. It provides the banking industry with a long-term, stable source of insurance and risk services, as well as meaningful distributions for eligible ABA member banks,” said Gary Hemmer, chairman of American Bankers Mutual Insurance Ltd. and chairman of the board of First National Bank of Waterloo in Waterloo, Ill.

To receive a distribution, a bank must be a member of ABA and have D&O, financial institution bond, and/or cyber insurance with ABA Insurance Services on Tuesday, January 17, 2023. Distributions will take place mid-February 2023.

About American Bankers Mutual Insurance, Ltd.
American Bankers Mutual Insurance, Ltd. is a bank-owned, mutual insurance company that reinsures policies written for the ABA-endorsed insurance program.

About ABA Insurance Services
ABA Insurance Services, a Member of Great American Insurance Group, serves the banking industry by offering D&O, bond, cyber, and related insurance to financial institutions across the country. Co-endorsed by American Bankers Association and Wisconsin Bankers Association, this unique insurance program has been a market leader since 1987 and is recognized by insurance and banking professionals as a secure, stable, and affordable source of coverage.  For more information about ABA Insurance Services, call 800-274-5222 or visit www.abais.com.

About American Bankers Association
The American Bankers Association is the voice of the nation’s $23.6 trillion banking industry, which is composed of small, regional, and large banks that together employ more than 2 million people, safeguard $19.4 trillion in deposits and extend $12 trillion in loans.

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Executive Letter: Highlighting Your Community-focused Efforts

Rose Oswald PoelsBy Rose Oswald Poels

At the heart of the banking industry is community. Now more than ever, it is imperative that members of the Wisconsin Bankers Association (WBA) shine a spotlight on the work they do to contribute to the wellbeing of their communities, both inside and outside the office.

Credit unions have long touted the ‘exemplary’ work they do to engage and support their communities. However, WBA and bankers from across the state know that banks, too, do important work to support their communities above and beyond what may be required under CRA. Between volunteering their time, donating supplies and money, and helping to educate community members young and old — among so many other things — bankers make a huge impact every day in their communities by reinvesting their time and money into the local economy and its people. However, many bankers are reluctant to take credit, highlight the work they do, or take time to share the information with WBA.

As the Association looks ahead to a busy 2023–2024 legislative session — including goals to pass legislation on several key issues and guard against harmful credit union expansion, credit card swipe fees (interchange), and privacy reform — we encourage bankers to share the work they do to better their communities. Keeping these examples top of mind for legislators helps to advance our advocacy efforts.

In demonstrating to our elected leaders the critical role banks play in supporting their neighbors, the Association has the ability to underscore how issues such as banking modernization and credit union expansion have much wider implications. The credit unions do a good job of convincing elected officials that they are mission focused, and community minded rather than solely profit driven. I would argue that Wisconsin banks are no different. WBA needs your help in sharing our industry’s strong message of community to counter the rhetoric and implications of the credit union industry’s message.

As you reflect upon all the ways in which your bank was involved in your communities in calendar year 2022, I ask that you please complete the WBA Community Involvement Survey to assist our team in accurately highlighting the unique ways WBA members partake in philanthropy and volunteer activities.

If you are looking for more ways to reach your community in 2023, I also encourage you to participate in WBA’s sixth annual Power of Community Week, April 17–22, 2023 — a campaign specifically focused on celebrating the commitment of bankers to their communities. This event also aligns with Community Banking Month and Financial Literacy Month and provides the perfect opportunity for all WBA members to make their community-focused efforts known!

Take the WBA Community Involvement Survey
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Hand holding smartphone with social media icons floating above it
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Go Digital on a Budget

How to kick off your digital strategy with a low (or no) budget

By Grace Bruins

When digital marketing options are endless, marketers are left wondering “where do I even start?” (And bank marketers are left wondering “where am I even allowed to start?”) Add in shrinking budgets in preparation for a recession, and it would be easy to throw in the towel on digital and make it 2024’s problem.

Let me encourage you, friends — don’t give in. Even with a low (or no) budget, you can kick off your digital strategy today. Here’s how to start:

Claim Your Bank on Google

Create a Google My Business account and set up a profile for your branch(es). This allows you to own your profile on Google and optimize it for future searches. Which brings me to…

Ask for Reviews

Did you know people are two to three times more likely to leave a negative review than a positive one? But I’d be willing to bet you have two to three times more happy customers than unhappy ones. So, ask.

When a customer has a great experience, or tells you in person: “I love this bank,” take a minute to ask if they’d be willing to leave a Google review. This may feel like a vanity metric at first, but Google will organically serve up those businesses that are more highly rated on their platform than those that aren’t. (And if you’ve ever Googled anything before, you know the importance of appearing highest in the search results.)

Make a Habit of Responding to Reviews

Good or bad — engage with the people taking a few minutes to talk about you. Google ranks those businesses that engage on their platform higher in searches than those that don’t.

Want to take it one step further? Add in key search terms to your responses. Of course, you want your responses to be authentic, so #checking #account may not be the way to go. But responding with:

“Thanks for stopping in our branch in [your city name]! Our team works hard to provide the best customer service possible and we’re proud to be your community bank! If you ever need us,
don’t hesitate to call [your bank’s phone number]. We’re here to help!”

can be genuine, helpful, and includes a few key terms your prospects may use in the future to find you.

Create Relevant Content

Creating content has become status quo — so much so that we may begin to overlook it as a marketing strategy. But if you can show off your expertise and make it your goal to become the single best resource in your field, people will pay attention. (I wish I could say they will pay attention right away, but they probably won’t.) Don’t let that discourage you, friends. Keep at it. Content compounds in a way that other marketing channels can’t.

Lastly, Don’t Forget to Engage

It’s called social media for a reason. Tag local businesses in your area, congratulate people in your community when they accomplish great things, and use hashtags to be included in the conversation. Bring that sense of community customers feel walking into your branch to the online experience.

Friends, let’s not wait for 2024. You can start your digital strategy today. Just remember to be consistent and be present; keep putting out quality content and engaging with your fans and you’ll bring that sense of community you work hard to create in person to your online audience in no time.

Bruins is assistant vice president – marketing officer at Horicon Bank and vice chair of the 2022–2023 WBA Marketing Committee.

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questions@wisbank.com

608-441-1200

4721 S Biltmore Ln.
Madison, WI 53718

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