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Executive Letter: Promoting Financial Literacy and Capability in Wisconsin

Rose Oswald PoelsBy Rose Oswald Poels

Across the state, bankers make remarkable efforts every day to assist their neighbors in building a solid financial future. Promoting financial capability is a long-standing tradition throughout the banking industry, and every year, hundreds of WBA members take part in various financial education-related events to bring awareness and useful resources to Wisconsinites of all ages. Although many bankers do not seek accolades for their achievements, there are important reasons for sharing your efforts with WBA.

The Wisconsin Bankers Foundation (WBF) annually collects two summary forms (individual and bank-wide) through which WBA-member banks share their efforts in improving financial literacy and capability throughout Wisconsin. The information gathered through the Foundation’s website is then utilized by WBA and WBF staff to inform our elected officials and members of our communities of the collective efforts put forth by banks in the state. Additionally, the Foundation staff utilizes these forms to recognize those who go above and beyond in their work during an award ceremony held at WBA’s FLEX: Retail & Marketing Summit (formerly known as the LEAD360 Conference) in the fall.

The 2022–2023 WBF Financial Education Summary Forms recognize the achievements of both banks and their individual team members for their financial education presentations and activities from June 1, 2022 through May 31, 2023. These activities often include volunteer hours with Junior Achievement, Teach Children to Save presentations, and seminars that assist community members in managing or understanding their personal finances.

Individual bankers who volunteer their time and expertise during a presentation, visit, or other financial literacy-focused event should complete the ‘Individual Summary Form.’ Submissions of this form are compiled to highlight the number of presenters and participants, as well as the financial literacy topics covered, each fiscal year. Based on the number of presentations, bankers may also be selected to receive the Financial Literacy Banker of the Year Award, Financial Literacy Banker Award, or a certificate of excellence or recognition.

The bank-wide form is intended to capture information related to the bank’s financial education initiatives. Based on the level of a bank’s total activity, member banks may earn the Excellence in Financial Education Award, presented at the award ceremony at the FLEX Summit.

The Foundation’s prestigious Financial Education Innovation Award is also awarded to one bank that demonstrates in the summary form a creative, far-reaching financial education initiative or program. A separate ceremony honoring the Financial Education Innovation Award is held during the WBA’s annual Bank Executives Conference in February.

By documenting your bank’s efforts in financial literacy, you are helping our team enhance the story and underscore the value of the banking industry by:

  • spotlighting the outstanding efforts of bankers in Wisconsin to increase the financial literacy and capability of their community members,
  • celebrating financial education and the achievements of hundreds of bankers, and
  • providing insight to Foundation staff on topics, tools, and demographics that can be incorporated into future resources.

Thank you to the bankers who continually commit hours of their time and efforts to improving the financial capability of individuals and communities throughout Wisconsin. The Foundation is pleased to recognize and celebrate the outstanding, and often creative, efforts of the WBA membership. I encourage all members — even those who do not seek recognition — to please submit the two forms located on the Foundation’s website by Monday, July 31.

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Wisconsin Bankers Foundation Honored With Governor’s Financial Literacy Award

Pictured left to right: First Lady Kathy Evers; Ami Myrland, WBF Board member, EVP and CFO of Capitol Bank; Rose Oswald Poels, WBF Board chair, president and CEO of the Wisconsin Bankers Association; Cassandra Krause, WBF executive director, communications manager of the Wisconsin Bankers Association; Governor Tony Evers; David Mancl, director of the Office of Financial Literacy, Wisconsin Department of Financial Institutions

The Wisconsin Bankers Foundation (WBF), the non-profit arm of the Wisconsin Bankers Association (WBA), was selected as a recipient of the 2022 Governor’s Financial Literacy Award in the legacy category. The award was presented by Governor Tony Evers at the State Capitol on April 21, 2023.

“Financial education gives people the tools they need to achieve their dreams, expand their opportunities, and attain financial security for themselves and their families,” said Gov. Evers. “The dedication of these individuals and organizations to help Wisconsinites become more financially secure and achieve their dreams is commendable and helps ensure not only the future success of individuals and families, but our entire state.”

The legacy award is given to an organization, business, or individual whose purpose and heritage is ingrained in sustained financial literacy and capability efforts. The Wisconsin Bankers Foundation was selected in recognition of its Reading Raises Interest program, which provides kits with books and lesson plans that banker volunteers present in preschool and elementary school classrooms around the state. The kits focus on the fundamentals of money management and are distributed annually in conjunction with Teach Children to Save Day in April.

“We are grateful to Governor Evers for honoring our organization with this award and for emphasizing the importance of financial literacy,” said Cassandra Krause, Wisconsin Bankers Foundation executive director. “It is exciting to see the Reading Raises Interest program continue to reach new students year after year thanks to the collaboration of banker volunteers and educators across the state.”

Recognized in the individual category was Terry Patterson-Taylor of the Wisconsin Women’s Business Initiative Corporation, a WBA Associate Member. In the organizational category, the Wisconsin Coalition on Student Debt (of which the Wisconsin Bankers Foundation is a member) and Ascendium Education Group were recognized. Also in the legacy category was Bank On Greater Milwaukee (of which WBA and many WBA-member banks are partners).

More information on the award and the complete list of 2022 recipients can be found on the Wisconsin Department of Financial Institutions’ website.

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Two UW Students Awarded Agricultural Banking Scholarships

Pictured (left to right) are: Jeff Gruetzmacher, senior vice president and director, Royal Bank; Shania Sake, branch manager, Royal Bank; Cassandra Krause, executive director, Wisconsin Bankers Foundation; Elle Horn, 2022 Agricultural Banking Scholarship recipient; and Dan Ravenscroft, president and CEO, Royal Bank.

The Wisconsin Bankers Foundation, the non-profit arm of the Wisconsin Bankers Association, has awarded UW-Platteville freshman Elle Horn and UW-River Falls junior Colby Von Haden with the 2022 Agricultural Banking Scholarship. The scholarship is awarded annually to two students who are pursuing a career in agricultural finance and who demonstrate in their application a strong understanding of the importance of financial literacy.

Horn is a declared agribusiness major and is currently employed as a teller at Royal Bank in LaValle, Wis. Growing up on her family’s beef and dairy farm, Horn developed a passion for volunteering and educating those in her community on agricultural topics. She now enjoys regularly being involved with Block & Bridle, Future Farmers of America (FFA), and 4-H.

Pictured (left to right) are: Dr. Brenda Boetel, professor and department chair, University of Wisconsin – River Falls; Dr. Dean Olson, associate dean and professor, University of Wisconsin – River Falls; Cathy Asher, ag relationship manager, Security Financial Bank; Colby Von Haden, 2022 Agricultural Banking Scholarship recipient; Cassandra Krause, executive director, Wisconsin Bankers Foundation; Isaac Christenson, ag loan officer/credit analyst, Pillar Bank; and Michael DeLong, vice president – commercial/ag loan officer, Pillar Bank.

Von Haden is a declared agricultural business major expected to graduate in December 2023. He currently serves as the president of UWRF’s Beef Management Team as well as vice president of its Block and Bridle Club. Additionally, Von Haden is an active member of the university’s CAFES Student Advisory Council, Alpha Gamma Rho – Alpha Psi, and the Monroe County Jr. Fair Board. Previously, Von Haden worked as a business analyst intern at Bank First, Tomah.

“The commitment both Elle and Colby demonstrate to the agricultural industry and serving their communities is a fundamental aspect of the Wisconsin Bankers Foundation’s Agricultural Banking Scholarship,” said Foundation Chair Rose Oswald Poels. “I am pleased that we are able to honor Elle and Colby for their achievements with this scholarship and wish them much success in their future agribusiness careers.”

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Wisconsin Bankers Foundation Financial Education Innovation Award Presented to The Stephenson National Bank & Trust

WBF Financial Education Innovation AwardThe Stephenson National Bank & Trust, headquartered in Marinette, Wis., has been selected as the winner of the Wisconsin Bankers Foundation’s prestigious 2022 Financial Education Innovation Award. The award was presented at a special luncheon on February 9, 2023 during the Wisconsin Bankers Association’s Bank Executives Conference in Wisconsin Dells, the largest banking event in Wisconsin. 

“We congratulate the team at The Stephenson National Bank & Trust for finding a creative way to continue their financial education efforts when they couldn’t visit classrooms in person due to the pandemic,” said Rose Oswald Poels, WBF Board chair and WBA president and CEO. “Their resources continue to be utilized by teachers and parents and will be accessible for years to come.”   

(Left to right) Daniel Peterson, Lisa Hower, Rose Oswald Poels

The WBF Financial Education Innovation Award recognizes a bank that has taken a unique approach to promoting financial literacy and has exhibited exemplary dedication to expanding financial education in its community. Daniel Peterson, SNBT president and CEO, and Lisa Hower, SNBT financial literacy coordinator and BSA compliance specialist II, accepted the award on behalf of the bank and its financial literacy team. 

The 2022 award recognized an effort to turn an activity that bankers had done in the classroom before the pandemic (for example, in conjunction with the annual Teach Children to Save Day in April) into a game show, “Put Your Money Where Your Mouth Is.” The kid contestants — who were the children of banker volunteers — had a chance to taste both the generic and name brand options, and the host, Penny Saver, showed them just how much they could save in their piggy banks by choosing the lower cost option. The concept for the game show was created by the bank’s financial literacy team and executed by employees in various areas of the bank. The reach of the project extended far beyond the traditional classroom presentations thanks to the creation of web-based resources, outreach to teachers in multiple districts, distribution by employees to their friends and families, and a successful social media campaign.

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Executive Letter: This Giving Tuesday, Give the Gift of Financial Literacy

Rose Oswald PoelsBy Rose Oswald Poels

As a banker, ensuring the financial success and prosperity of your customers and community members is at the heart of what you do, day in and day out. You and your team give back in so many ways, yet we know that we have work left to do. A recent FINRA study showed that:  

  • 37% of Wisconsinites do not have emergency funds,  
  • 27% have used non-bank borrowing methods in the past five years, and  
  • 40% find it somewhat or very difficult to cover expenses and pay bills.  

The Wisconsin Bankers Foundation (WBF) exists because bankers like you care deeply about promoting financial literacy and capability in our state. Please see the Year in Review for an overview of how the Foundation is making an impact.  

Today, on Giving Tuesday, the WBF staff and I invite you to consider a donation to the Foundation. Because of WBF’s public charity status, donations may be tax deductible. Our goal is to raise $70,000 for the 2022–2023 fiscal year, and there are three easy ways for you to join in: 

  • Send a check to the Wisconsin Bankers Foundation, 4721 S. Biltmore Lane, Madison, WI 53718, 
  • Donate online at www.wisbankfoundation.org/donate, and/or 
  • Use the pledge form to donate an item for our silent auction, which will be held online as well as in person at the WBA Bank Executives Conference, February 8–10, 2023. 

Your contribution will enable us to continue to: 

  • Provide Reading Raises Interest Kits to teach the importance of saving money at a young age, 
  • Award scholarships to high school seniors and college students with interests in the banking industry, 
  • Provide comprehensive and comparative data on the banking industry through Banconomics.com, 
  • Honor bankers and industry leaders for their engagement with financial literacy, and 
  • Offer grants to support outstanding nonprofit financial education programs across the state. 

Thank you in advance for considering adding your name to the list of our 2022–2023 supporters. Our collective involvement makes a meaningful difference in the financial wellness of our communities. 

 

Wisconsin Bankers Foundation logo

 

The Wisconsin Bankers Foundation (WBF) is a Wisconsin non-stock corporation organized for charitable and educational purposes. WBF is dedicated to promoting financial literacy and financial responsibility to the public and to broadening consumer empowerment in the financial services industry, primarily through research and education. FEIN 46-3791061

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Executive Letter: Wisconsin Bankers Promote Financial Literacy, Capability

Rose Oswald PoelsBy Rose Oswald Poels

With a long-held tradition of promoting financial literacy and capability to individuals throughout the state, the Wisconsin Bankers Foundation (WBF) — our Association’s nonprofit arm — looks forward each year to recognizing the outstanding efforts of those who continue to make strides in educating members of our communities.

As such, during the annual breakfast program at WBA’s LEAD360 on November 17, several bankers received WBF’s financial literacy awards. This year, 24 bankers and 11 banks were recognized for their remarkable efforts during the 2021–2022 fiscal year.

As the Chair of our Foundation and advocate for Wisconsin bankers and our communities, I am incredibly pleased to honor these individuals and banks for their outstanding achievements and dedication to financial education. I am also very excited to note that this year Wisconsin bankers reached over 10,400 members of their communities!

For the second year in a row, Sue Krause of Fox Valley Savings Bank in Fond du Lac was awarded the Foundation’s most prestigious individual award — the Financial Literacy Banker of the Year Award. This award is presented to the banker who reports the highest number of financial education presentations. This year, Sue was able to do a remarkable 150 presentations in her local community! Thank you, Sue, for your continued commitment to the prosperity of your neighbors.

The Financial Literacy Banker Award, presented to the banker who reports the second-highest number of financial education presentations, was awarded to Joshua Pauling of Farmers State Bank in Waupaca. Josh’s incredible 35 presentations have left a lasting impact on individuals young and old.

Both Sue and Josh, in addition to Jenean Friedl and Paige Hyer of Royal Bank in Elroy and Pam Blattner of Bank of Sun Prairie, were presented with WBF’s Certificate of Excellence Award for achieving 20+ presentations during the fiscal year. Thank you and congratulations to these five dedicated bankers for their incredible accomplishment.

The Foundation also recognized those bankers who give between five and 19 presentations in the fiscal year with a Certificate of Recognition. Thank you to Christine Buckman, Hilari Henke, Deann LaValley, Erik Thompson, and Dawn Whipple of First Bank of Baldwin; Emily Bennig, Rachael Danielson, Katie Dillon, and Tami Miller of First National Bank of River Falls; Kaylee Fellom and Matteson Mahlum of Union State Bank in West Salem; Katlein Detloff of Ladysmith Federal Savings & Loan; Dena Hineline and Pamela Sanderson of Bank of Sun Prairie; Karri Oelke of National Exchange Bank & Trust in Fond du Lac; and Beth Durow, Lisa Hower, Alyssa Manley, and Alicia Schneider of The Stephenson National Bank & Trust in Marinette.

Additionally, congratulations to the 11 banks that were awarded the WBF Excellence in Financial Education Award for their bank-wide dedication to financial literacy. These banks include: Bank of Sun Prairie; Farmers State Bank of Waupaca; First Bank of Baldwin; First National Bank of River Falls; Ladysmith Federal Savings and Loan Association; National Exchange Bank & Trust, Fond du Lac; Premier Community Bank, Marion; PremierBank, Fort Atkinson; The Stephenson National Bank & Trust, Marinette; Union State Bank, West Salem, and Waumandee State Bank.

Thank you, once again, to all the bankers who continue to commit their time and efforts toward improving the financial literacy and capability of individuals throughout our state. If your bank has taken part in any financial education events since June 1, 2022, please do not forget to highlight these efforts at wisbankfoundation.org/financial-education-awards. I also encourage those that have not already to highlight their achievements for the Governor’s Financial Literacy Awards, which are due December 2.

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Executive Letter: Ensuring Financial Success for Wisconsinites

Rose Oswald PoelsBy Rose Oswald Poels

Ensuring the financial success and prosperity of our community members is at the heart of the banking industry. Recently, the FINRA Investor Education Foundation released its National Financial Capability Study results, providing insights into the financial capability of U.S. adults. The findings are a helpful resource in understanding the financial circumstances of households in Wisconsin compared to the region and nation.

The summary of FINRA’s findings — split into specific sections such as making ends meet, planning ahead, managing financial products, and financial knowledge — underscore a few of the most important areas relating to financial literacy. Conducted June through October 2021, the results show that Wisconsinites stand ahead of the rest of the U.S. in many critical areas such as having emergency funds, a savings account, and a plan for their future.

  • 52% of Wisconsin residents spend equal to or more than their income (compared to 53% in USA)

  • 37% of Wisconsin residents do not have emergency money of three months of income (compared to 43% in USA)

  • 27% of state residents have engaged in some form of high-cost, non-bank borrowing during the last five years (compared to 32% in USA)

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Bankers play an important role in outreach efforts in your communities to equip consumers young and old with the knowledge and resources needed to achieve financial stability and prosperity.

In countless ways, Wisconsin bankers do so much to promote financially healthy communities. To support you in this work, the Wisconsin Bankers Foundation (WBF) serves as the hub for all things financial literacy. Annually, Wisconsin bankers venture into schools as part of Teach Children to Save Day in April using WBF’s Reading Raises Interest Kits. In addition, the Foundation is actively working to curate relevant resources bankers can use with people of all ages and levels of financial experience — please wisbankfoundation.org/resources to view what we have available now.

As a reminder, the 2022–2023 Financial Education Summary Forms are now open. Not only does the Foundation assist Wisconsin bankers in providing resources for all consumers, but we also celebrate these important contributions you make each day to our state. If your bank employees participate in any financial education-related event from June 1, 2022 through May 31, 2023, please submit a form as you go to record your activity. Questions related to WBF and resources available for your bank can be directed to Hannah Flanders, WBF coordinator.

Bankers should also be aware of programs such as America Saves, Wisconsin Saves, and ELEVATE Wisconsin that can be implemented in the office, shared with business customers, and members of the community.

  • America Saves: Accessible online guidance, best practices, and goals consumers can pledge themselves to.
  • ELEVATE Wisconsin: An online wellness program providing interactive, effective, and unbiased instruction in personal finance and investing fundamentals to Wisconsin employees.
  • Wisconsin Saves: Small- and medium-sized employers can promote to their employees the ease and benefits of saving automatically for emergencies through split deposit.

Thank you to every bank that assists our industry in continuing its commitment to serving and educating members our communities. Time and time again, data such as FINRA’s National Financial Capability Study reminds us of the strength in our industry — where we’ve come from and where we have yet to go.

*Graphs provided by the Wisconsin Department of Financial Institutions (DFI) based on information provided by the FINRA Investor Education Foundation National Financial Capability Survey.

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Executive Letter: Investing in Our Future

Rose Oswald PoelsBy Rose Oswald Poels

When WBA’s charitable arm, the Wisconsin Bankers Foundation (WBF), was founded in 2015, education remained a top priority to aid the public in increasing their financial literacy and responsibility.

As part of this, the Foundation is proud to offer well-known programs such as Reading Raises Interest Kits that assist bankers in coordinating curriculum used during Teach Children to Save Day in April and scholarships awarded to students throughout the state for their demonstration of excellent financial capabilities. Involvement in these programs brings the Foundation one step closer to ensuring the financial knowledge and responsibility of every youth in our state.

Now through November 15, the Foundation will be accepting applications for the third annual Agricultural Banking Scholarship!

Students who will be enrolled in an accredited Wisconsin college, university, or technical college during the Spring of 2023 and are pursuing a career related to agricultural banking are encouraged to apply.

With agriculture serving as one of Wisconsin’s largest economic drivers, it is critical that we invest now in the students that are interested in driving this critical sector of our state.

The Foundation is also excited to announce this year’s Agricultural Banking Scholarship award has been increased to $1,500 each for the two qualified winners in order to help combat rising tuition costs, assist individuals in reaching their goals, and promote financial literacy in every consumer.

I encourage you to share this exciting opportunity widely within your networks — current and past ag interns, parents of college-aged children, and educators at the many ag programs throughout the state. By aiding us in spreading the word to qualified students, you play a significant part in assisting the Foundation to serve its mission as well as provide new opportunities for your community!

Please visit wisbankfoundation.org/scholarships to learn more or contact WBF’s Foundation Coordinator Hannah Flanders with any questions.

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Executive Letter: Inspiring a New Generation of Money-Smart Youth

Rose Oswald PoelsBy Rose Oswald Poels

As students around the state head back to school, the importance of ensuring every individual has access to high quality financial education and resources to improve their financial literacy continues to ring true. The Wisconsin Bankers Foundation (WBF) has served since 2015 as the hub for Wisconsin bankers when looking to provide resources, including Reading Raises Interest Kits each spring, to communities across Wisconsin.

As the Foundation continues to grow, we are happy to provide small grants to Wisconsin nonprofit organizations that align with our mission of improving the financial capability of our communities.

WBF recently awarded a second $5,000 grant to Asset Builders, a Wisconsin nonprofit organization, in support of its Finance and Investment Challenge Bowl, a quiz bowl competition geared towards high school students on subjects such as personal finance, economics, business, and marketing. The program aligns with Wisconsin’s statewide learning standards and is an effective strategy to complement what students are learning in the classroom.

The Challenge Bowl serves as an exciting and interactive supplement that educators across the state year after year sign up and accompany students to participate in. As students work in small groups to prove their mastery of finance-related knowledge against their peers, they also have a unique opportunity to interact with local banking and financial services professionals, who serve as quizmasters and competition judges.

For the 2022–2023 school year, the Finance and Investment Challenge Bowl tournament now has 12 regional competitions — reaching students in every corner of the state — and concludes with the state championship in Madison in May. These in-person tournaments are lively and immersive for students and volunteers alike. As the Challenge Bowl continues to expand to reach more students, I highly encourage bankers to volunteer not only to keep this value-adding program as high quality as possible, but as an opportunity to connect the banking industry with hundreds of passionate students. This type of engagement demonstrates our industry’s involvement in these critical efforts to keep our community members financially savvy. If you or any member of your staff is interested in a fun and rewarding service experience, please contact Cassie Krause, WBF’s executive director, or me.

In addition to volunteering for one of the many Finance and Investment Challenge Bowl tournaments across Wisconsin, please also consider making a tax-deductible donation to the Wisconsin Bankers Foundation. Contributions made to the 501(c)3 nonprofit organization support financial education in communities across our state. Thank you for your continued support of not only the Foundation, but of programs such as the Finance and Investment Challenge Bowl that offer engaging educational opportunities to Wisconsinites.

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Executive Letter: Ushering in a New Fiscal Year

Rose Oswald PoelsBy Rose Oswald Poels

Earlier this month, the Wisconsin Bankers Association (WBA) began its 2022–2023 fiscal year. The ceremony, held on June 8, formally installed President and CEO of The Stephenson National Bank and Trust Dan Peterson as WBA’s chair of the Board, welcomed several new Board officers, and thanked several members for their valuable contributions to the association as they ended their terms.

Dan was able to sit down with me for a short conversation to introduce himself to the membership and highlight the goals he has for the organization for the upcoming year.

Dan first started his career in banking as an assistant loan officer at The Stephenson National Bank and Trust in 1988. After gaining experience in all lending areas of the bank, he was promoted to his current role as president and CEO in 2013.

As chair of the WBA Board of Directors, Dan aims to deepen member engagement this fiscal year. Following nearly three years of remote or hybrid events, conferences, and schools, it is no question that bankers throughout the state are looking to reengage with their peers and gain valuable experience outside of the office.

As more education and advocacy-related opportunities at WBA return in person — such as peer groups reconvening at our office in Madison or conferences occurring at venues across the state once again — the membership is encouraged to take advantage of WBA’s selection of options to further develop skills, network among peers, or volunteer time for the benefit of our entire industry.

In addition to taking part in events held by WBA, Dan offers a few other ways bankers may consider deepening their engagement with the association. WBA’s newly renovated office in Madison features a state-of-the-art Engagement Center for members from around the state to use, and the Wisconsin Bankers Foundation (WBF) — WBA’s non-profit arm — offers resources that assist bankers in further engaging and connecting with their communities on the topic of financial literacy.

As Dan, the WBA staff, and I look ahead to another summer and fall filled with opportunities for bankers to deepen their knowledge and expand professional networks — we encourage you and your staff to engage however possible. By joining our CEOnly/CFOnly Network, becoming an Advocacy Officer, or attending any WBA school or event, you assist us in better serving you!

To learn more about WBA Board Chair Dan Peterson and his goals for the upcoming fiscal year, please keep an eye out for WBA’s upcoming July Wisconsin Banker.

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questions@wisbank.com

608-441-1200

4721 S Biltmore Ln.
Madison, WI 53718

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