INSURANCE BARTENDER
IIAW WELCOMES NEW, EXCLUSIVE SUPPORTING COMPANY MEMBER, SECURITY FINANCIAL BANK You have likely read the quote, “Coming together is a beginning, staying together is progress, and working together is success” by Henry Ford in a lot of IIAW publications and on our website. We have adopted this quote as a theme for the Association during the COVID-19 pandemic because it exemplifies the relationship (in various stages) we have with independent agencies, carriers and supporting companies throughout Wisconsin.
Recently, Security Financial Bank (SF Bank), through one of our board members, approached us about getting involved in the Association and working with the Association and its members. I was curious as to why a bank without a significant insurance agency division would want to partner with and join as a supporting member of the IIAW. I immediately began to research SF Bank and found out that they are a growing $600 million independent, community bank with physical locations throughout Northwestern Wisconsin and a presence across the state for the last 85 years. One thing stood out that sets SF bank apart from other financial institutions: Their team of experienced professionals who understand 12 | DECEMBER 2020 |
wisconsin INDEPENDENT AGENT
independent insurance agencies and their goals, desires, strategies, obstacles, and finances. Much to my surprise, SF Bank had created a niche, right here in Wisconsin, in working with and lending to independent insurance agencies. From mergers and acquisitions to refinancing to banking services, they understand and work with several of our members. My team and I at the IIAW quickly set a meeting with Paul Rudersdorf, CEO & President of SF Bank, Curt Van Auken, Relationship Manager, and the rest of the SF Bank team to learn more. I quickly learned that our motto of “Coming together is a beginning, staying together is progress, and working together is success” was more than just a shared vision by the leaders at SF Bank, but that the morals and ideals our members live by and exhibit in their communities are also engrained in the culture of SF bank. Like so many of our IIAW members, SF Bank and its employees are actively involved in supporting the communities they serve by sponsoring, donating, and partnering with more than 140 organizations. In talking with Paul Rudersdorf, one of my first questions was regarding how the bank came to specialize in working with independent insurance agencies. Paul said, “Years ago, our bank had a CPA board member (Dirk Nohre) who was very involved in the insurance industry. His knowledge sparked interest for us and made us question why banks are often uncomfortable lending to agents. Our curiosity resulted in our desire to get educated; to understand the nuances of the
