Are you doing all you can to assure that your finances are in order? Do you need some help learning tips on safe money-handling to rest assured, knowing you’re financially in the right spot? Well, most of us need a little help in that area, so we talked to local finance experts and they’ve agreed to share some knowledge. Use their smarts and a little bit of your own to get your money lined up so you can breathe easy and spend wisely.
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3,191
39,807 $255M
$486M
Total number of PPP loans
Estimated number of jobs
Minimum total amount of
Maximum total amount of
made in Eau Claire, Dunn,
these loans helped protect.
loans issued in the
loans issued in the
Chippewa Valley.
Chippewa Valley.
and Chippewa counties.
Source: U.S. Small Business Administration through June 30.
BIG PROGRAM, BIG IMPACT Paycheck Protection Program pumps hundreds of millions into Valley economy, saves thousands of jobs WORDS: TOM GIFFEY The federal Paycheck Protection Program had a massive impact on the Chippewa Valley economy, pumping as much as nearly half a billion dollars into local businesses and nonprofits and saving as many as 40,000 jobs, at least temporarily, figures from the U.S. Treasury show. The PPP – passed by Congress in March in response to the coronavirus pandemic – was intended to provide temporary relief for small businesses struggling to maintain their payrolls as the economy screeched to a halt. Nationwide, as of early July, 4.9 million loans had helped protect 51 million jobs, the U.S. Treasury reported. The figures are similarly impressive on a state and regional level, a fact that kept unemployment from reaching “staggering numbers” during the beginning of the pandemic, said David Minor, president and CEO of the Eau Claire Area Chamber of Commerce. “It is what has kept them going and being able to keep their employees coming to work,” Minor said of the PPP’s impact on many businesses in the Chippewa Valley. Back in March, not long after Wisconsin’s “Safer at Home” order went into effect, the PPP was the subject of one of the chamber’s first virtual town hall meetings for members, Minor said. At that time, he recalled, member businesses were clamoring to apply even as the federal government was still writing rules for the program. While PPP loans are backed by the federal Small Business Administration, they are issued through private financial institutions, which meant the Chippewa Valley’s banks and credit unions had to react quickly to process loans even as they were dealing with pandemic-related shutdowns themselves. “Our little tagline has been ‘building a plane while you’re flying it,’ ” said Glen Kennison, vice president for credit risk management at Eau Claire-based
Royal Credit Union. “For RCU it really was an all-in effort from our business department, with a lot of help and support from other departments.” Across its Wisconsin service area alone, RCU made over 900 PPP loans – more small business loans than the credit union typically makes in an entire year – worth a total of $39 million. “There’s so many things that are astonishing about this: the dollars, the numbers, the speed, the agility of it all,” Kennison said. In Eau Claire County alone, there were roughly 1,577 PPP loans totaling $219 million, said Luke Hanson, executive director of the Eau Claire Area Economic Development Corp. Without the program, Hanson said, many local businesses would have closed this spring – maybe for good. “If it didn’t directly help, it definitely bought the company time,” he said.
$150,000, exact amounts are listed, but the names and addresses of businesses are not. For loans over $150,000, on the other hand, names are listed, but exact amounts are not: Instead, loans are identified as falling within various numerical ranges. For example, three Eau Claire-area businesses received loans between $5 million and $10 million, while 15 received loans between $2 million and $5 million. So, while specific dollar amounts are impossible to calculate, we can at least zero in on a range of numbers – and those numbers are big. By analyzing PPP recipients with ZIP codes in the three counties that are the heart of the Chippewa Valley – Eau Claire, Dunn, and Chippewa – Volume One learned the following: • In the three-county area, 426 loans worth $150,000 and above were made. Based upon the dollar ranges provided, these loans were worth a total somewhere between $396 million and $165 million. • These larger loans helped businesses retain an estimated 24,453 workers. • Meanwhile, in the three counties of the Chippewa Valley, there were 2,765 loans worth less than $150,000. Together, these loans totaled just over $90 million and saved an estimated 15,354 jobs. • All together, there were 3,191
IMPRESSIVE NUMBERS It’s safe to say that the PPP met its intended goal: keeping paychecks coming for workers around the United States during an unprecedented economic shutdown. However, calculating the full financial impact of the program on a particular region is difficult because of how the federal government has reported PPP data to the public. Information was released in two different ways: For loans under
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loans of all sizes made in the three counties. They totaled somewhere between $486 million and $255 million. • In the state as a whole, there were 86,372 loans made worth a total of $9.84 billion, according to the Wisconsin Bankers Association. “The numbers show a truly impressive effort from Wisconsin’s banks on behalf of their customers,” said Rose Oswald Poels, the group’s president and CEO. “Bankers worked aroundthe-clock to process these applications in addition to providing the usual economic tools at their disposal to support their communities.”
CHALLENGES LIE AHEAD Like the pandemic itself, the PPP and its ramifications are ongoing. While worries that the federal funds would be exhausted quickly led many businesses to rush to apply in the program’s early days, the PPP re-opened for applications in early July and will accept them through Aug. 8. Then there’s the matter of loan forgiveness: The loans, which have an interest rate of 1%, are fully forgivable if the funds are used on payroll and interest on mortgages, rent, and utilities. That’s provided, of course, that the borrowers and the lenders successfully navigate all the federal requirements. Finally, there’s the question of what comes next: The PPP was meant to provide temporary financial relief, and as the pandemic’s impact has continued, workers and businesses are again looking to Washington for help. Despite the challenges, local lenders said playing a role in the PPP has ultimately been rewarding. “We’ve had people say, ‘We wouldn’t have made it without this, so thank you for taking part in this,’” said RCU’s Kennison. “When you see people say something like that, it really hits home how important it was.”
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on the money SAFETY & SECURITY COLLIDE AS LOCAL BANKS MASK UP WORDS: V1 STAFF Before the pandemic, the idea of wearing a mask into a bank or other financial institution probably seemed highly questionable. We’ve all seen enough movies to know what happens when a person in a ski mask (or, if you’re a fan of Westerns, a red-checkered handkerchief) steps inside a bank. The statewide mandate to wear face coverings to slow the spread of COVID-19 has scrambled many aspects of our lives, and going to the bank is no different. “Out of an abundance of caution and to protect staff and customers, banks have historically prohibited masks and other face coverings,” the Wisconsin Bankers Association said in a recent press release. “While that is no longer the case because of COVID-19, there are still things you should know before walking into your local bank.” While masking rules have varied by city and county, Gov. Tony Evers’ statewide emergency order effective Aug. 1 offers banks some certainty, said Rose Oswald Poels, the president and CEO of the WBA. “For those financial institutions that had been operating in multiple jurisdictions under differing rules, this provides a uniform set of parameters for everyone to operate under,” she said. When you step into your bank or credit union’s lobby, be aware that different institutions are using different approaches to identifying customers. The WBA notes that customers may be asked to: • Lower their mask for a few seconds while facing a security camera • Lower their mask for a few seconds to allow staff to identify them • Answer security/identification verification questions (similar to using phone banking services) • Use the drive-thru if they are unwilling or unable to comply with the bank’s guidelines for masks If you’ve got questions or concerns, check your financial institution’s website or call ahead.
ROYAL & WESTCONSIN TOP LIST OF STATE CREDIT UNIONS WORDS: V1 STAFF Two credit unions based in west-central Wisconsin are among the best in the state, according to a new list published by Forbes. According to the third annual rankings, published earlier this summer by the financial magazine, Royal Credit Union placed No. 1 and WESTconsin Credit Union reached No. 3 among Wisconsin’s credit unions. RCU, which is headquartered in Eau Claire, is a $3.2 billion credit union that serves more than 220,000 members in 26 counties in Wisconsin and 16 in Minnesota. RCU, which was founded in 1964, has nearly 550 employees. Menomonie-based WESTconsin Credit Union, meanwhile, serves customers in 26 counties across west-central Wisconsin and east-central Minnesota. WESTconsin, which was originally founded in 1939, has 376 employees and $1.5 billion in assets. To create the state-by-state rankings, Forbes partnered with Statista, a market research firm, to survey 25,000 credit union customers nationwide. According to the magazine, “Financial institutions were scored on overall recommendations and satisfaction, as well as five subdimensions (trust, terms and conditions, branch services, digital services, and financial advice). Of the 5,236 credit unions nationwide, just 3.5% made our list.” Learn more online at www.forbes.com/best-in-state-credit-unions.
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BUDGETING IN A RECESSION No w mo r e t h an eve r , p e r son al b udge t in g is n e ce ssar y. Som e loca l ex perts offer their a dvice.
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WORDS: FELICITY BOSK Creating a budget can seem like a daunting task, but in financially insecure times like today, it’s an important skill to have. People talk a lot about the importance of creating and maintaining a budget, but why does it really matter? “Its important to keep track of financing,” said Thomas Kemp, professor and chair of the department of economics at UW-Eau Claire. “A simple budget can be as basic as opening a spread sheet on Google Docs or Excel and just trying to jot down about how much money you have each month, or how much you think you have. It doesn’t have to be perfect. And then write down how much you spend in certain categories.” Kemp said to create a category for “needs” like rent, loans, utilities, travel, and groceries, but also “wants” like entertainment and small impulse purchases. He said that a budget is a way of asking yourself, “What do I value in life?” and allocating your money in a way that works for that. Once you have an estimated budget, he said, you can go a week or two and come back to it and see how your spending ended up aligning with how you wanted it to. Joseph Clark is a certified consumer
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credit counselor at FamilyMeans, as well as a coach for the McDonell-Regis youth soccer team. He said that one mistake new college grads tend to make is biting off more than they can chew financially. “There’s an old cliché: You don’t plan to fail, you fail to plan,” Clark said. “People I meet in financial distress ended up there due to lack of planning, so it’s good to pause and take stock of where you are, and take assessment of what’s going in and going out.” When asked how to best prioritize student loans in a budget during a recession, Clark said it is never good to not pay your loans. If you have a federal student loan, it is in deferment right now – meaning they aren’t asking for payments and interest is not accruing. Some private loans are deferred at this time as well, so it’s best to contact your creditor to find out. If not, it’s good to be in contact with them about how to make payments you can afford. Clark said that most creditors are willing to work with you if you are willing to work with them. In a strong economy where you know you have enough money after bills, it
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might not seem like a big deal to keep track of your finances. This can change dramatically during a recession, like the one we are in now. People learned during the 2007-09 “Great Recession” that it is important to save as much as you can in case of a job loss and to avoid financial risks. Kemp said the current pandemic-related recession is not very similar to the Great Recession, but he advised that during a recession you should try to build and maintain useful money skills.
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“There’s really no comparison to this,” he said. “This is more like a hibernation. I still believe that’s the best analogy we have because through our own choice we basically stopped or slowed the economy. That’s not what happened during the financial crisis 10 years ago.” Creating your first budget can be overwhelming, but it’s less overwhelming than not knowing exactly how much money you have coming in and going out.
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ASK THE EXPERTS! l i s t i n g s b y j a me s j o h on n ot t
F I NANCI AL P LANNERS
F INA N C IAL C OU N SE LOR S This list features just local financial counseling services. If we missed your service, let us know and we’ll add you next time!
Catholic Charities Financial Counseling 448 North
Dewey St., Eau Claire • (715) 832-6644 • eauclaire@ cclse.org • cclse.org Offers disaster relief services, bankruptcy counseling, food assistance, housing counseling, and financial literacy counseling.
FamilyMeans Financial Solutions 2194 East Ridge Cen-
ter, Eau Claire • (800) 780-2890 • familymeans.org Offers tools and education so people can regain financial stability and reduce unmanageable debt. Services include budget & debt counseling, credit report review, debt repayment programs, and student loan counseling.
Freund Law 920 S. Farwell St., Eau Claire • (715) 832-
5151 • freundlaw.com Offering bankruptcy, debt relief, and debt collection services for individuals, farmers, and businesses throughout Western and Northern Wisconsin.
Klenz Financial Counseling • adrian@klenzfinan-
cialcounseling.com • Find this business on Facebook Works one on one with individuals, families, and couples to deal with money issues. Areas of focus are on budgeting, the psychology of money, ending destructive money habits, credit repair, and debt negotiation.
Western Dairyland Financial Counseling 418 Wiscon-
sin St., Eau Claire • (715) 836-7511, toll free at (800) 782-1063 • WesternDairyland.org/flip.phtml While Western Dariyland no longer provides financial counseling as a stand-alone program, they still counsel as part of the Work-n-Wheels and the Veteran’s Economic Empowerment Program.
This list features just local financial planning services. If we missed your service, let us know and we’ll add you next time!
Affinity Asset Management 3430 Oakwood Mall Drive, Suite 200, Eau Claire • (715) 833-1884 • gedwards@cfnmail.com • sfswealthmanagement.com/home.aspx Offers retirement planning, risk management, investment solutions, estate planning, and financial planning. Baird Wealth Management 4106 Oakwood Hills Parkway, Suite 100, Eau Claire • rwbaird.com Areas of focus include financial and estate planning, featuring retirement and education planning, tax planning, wealth transfer, and charitable giving; investment management, including portfolios, comprehensive advisement, brokerage, and cash management; and risk and liability management. Bernicke Wealth Management 1565 Bluestem Blvd, Altoona • (715) 832-1173 • bernicke.com Acts as the chief financial officer of their clients, consulting about major decisions and assets, while also contracting specialists. Services include investment management, tax minimization, estate planning, income planning, and asset preservation. Blue Granite Wealth - Raymond James Financial 4257 Southtowne Drive, Eau Claire • 715.514.2903 • bluegranitewealth.com Blue Granite Wealth offers banking & lending solutions, business planning, corporate retirement plan consulting, education planning; estate, charitable giving & trust, financial planning, fixed income services, longevity planning, portfolio management, retirement planning, and risk management. Cadott Tax & Financial Services 345 N. Main St., Cadott • (715) 289-4948 • info@cadott-tax.com • cadott-tax.com As a full-service tax and accounting firm, offering professional, personal service; expert knowledge, and comprehensive tax & accounting services. Can help with businesses, farms, families, estate planning, and life insurance. CLA 3402 Oakwood Mall Dr., Eau Claire • (715) 832-1100 • claconnect.com Offering planning and guidance to help you reach your professional and personal goals. Services include audit preparation, consulting, global services, accounting, health insurance, outsourcing, tax, technology,
business & leadership transitions, employee benefit plans, growth strategies, human resources, wealth advisory, and more. Cornerstone Financial Advisers 1109 W. MacArthur Ave., Suite 3, Eau Claire • (715) 834-5366 • Deborah Becker Insurance & Financial Services Inc. 404 S. Barstow Street, Eau Claire • (715) 835-4328 • deborahbecker. com Deborah Becker has 20 years of experience with State Farm. Offers auto, home, life, business, motorcycle, renters, condo, and pet insurance. Deborah is also licensed to offer banking and annuity services. Fries Financial Group 11 E. Central Street, Chippewa Falls • 715.720.9605 • friesfinancialgroup.com Fries Financial Group is an independent Raymond James Financial branch. They offer asset allocation, asset management, college planning, estate planning, financial planning, and retirement planning. Hall Financial Group LLC 4319 Jeffers Rd, suite 202, Eau Claire • (715) 514-2526 • info@hallfinancialgroup.com • hallfinancialgroupllc.com An independent firm offering including financial plan creation, portfolio preparation, capital preservation, ongoing monitoring, and retirement plan development. Investment Management Associates 431 E Clairemont Ave., Suite A, Eau Claire • (715) 839-1006 • drobl@royalaa. com • imaeauclaire.com An independent advisor offering financial services to build and preserve the wealth of clients from all walks of life including business owners, executives, retirees, and more. They can choose from non-proprietary financial instruments. Jones Financial Consulting, LLC Eau Claire • (715) 5772778 • jonesfinancialconsulting.com Helping you achieve your personal financial goals, make sound financial decisions, and achieve peace of mind regarding your finances. Specializing in comprehensive financial planning and investment guidance for pre-retirees and retirees. Jones Financial is an independent advisory firm that acts as a fiduciary. Keystone Financial 4410 Golf Terrace, Eau Claire • (715) 835-6022 • keystonecv.com KeyStone Financial is a full service financial advisory firm serving clients throughout the Midwest. Services include retirement plans, income strategies, wealth accumulation, life insurance, tax minimization, IRA & 401(k) Rollovers, asset protection, annuities, mutual funds, and bonds. Main Street Capital Management 601 S. Farwell Street, Eau Claire • (715) 834-9111 • mainstreet.capital@lpl.com • mymainstreetlink.com Main Street Capital Management offers services like investing principles and strategies, retirement investing and distribution strategies, estate conservation issues, risk management, planning for college savings, life insurance, and more.
Merrill Lynch Wealth Management 3508 Oakwood Mall Drive, Eau Claire • (715) 835-0710 • ml.com Works with individuals, families, business owners, executives, and institutions to help address wealth management challenges and opportunities. Orgel Wealth Management 2420 Rivers Edge Drive, Altoona • (715) 835-6525 • contact@orgelwealth.com • orgelwealth.com A nimble yet sizable group of financial professionals—all adept at maintaining familiarity with each client. RAI Stone Group 3504 Oakwood Mall Drive, Eau Claire • (715) 598-4340 • raistonegroup.com RCU Investment & Insurance Team Products and Services • rcu.org RCU offers mutual funds; advisory plans; fixed, index, immediate and variable annuities; life insurance, bonds, and retirement accounts. River Prairie Wealth Partners Altoona • 715.832.7715 • ameripriseadvisors.com Area of focus include retirement income strategies, tax planning strategies, and wealth preservation strategies. A financial advisory practice of Ameriprise Financial Services, Inc. Seeman Tax & Financial LLC 535 Fairfax Street, Altoona • (715) 835-1156 • seemanfinancial.com Offers accounting services, tax returns, and payroll to businesses. Stifel Nicolaus & Co Inc. 3704 Oakwood Hills Pkwy, Eau Claire • (715) 852-1990 • stifel.com/branch/wi/eauclaire Offers services for retirement, saving for college, tax minimization, increasing income, investment management, and other personalized services. Terry Krumenauer Financial Group 2889 County Highway I, Ste. 3, Chippewa Falls • (715) 720-4900 • money.usnews. com Offering services of financial planning, education seminars, portfolio management for individuals and small businesses, pension consulting, insurance agent and brokering, and more. Thrivent Financial Advisors • thrivent.com For individuals & families, offers financial representatives, insurance, annuities, IRAs, investments, credit union, digital guidance, mutual funds, student resources, trust services, and charitable planning. Also offers services for businesses, churches, nonprofits, and other agencies. Wealth Enhancement Inc. 2125 Brackett Ave., Eau CLaire • (715) 835-8800 • DanMarx@WealthEnhancementInc. com • wealthenhancementinc.com Services include IRA & pension rollovers, tax management, investment planning, retirement planning, estate conversion, debt elimination, risk management, charitable giving, and college funding. Wealth Management Group 103 N Bridge St #255, Chippewa Falls • (715) 861-7200 • wealthmanagementgroupllc. net Offerings include wealth enhancement, wealth stewardship and wealth administration.
NO MONTHLY FEE
or minimum balance required
1.50
% APY*
on balances up to $5,000
0.20
% APY*
on balances over $5,000
AN AWESOME KID DESERVES AN AWESOME FIRST SAVINGS ACCOUNT.
*Annual percentage yield accurate as of 9/16/19. An interest rate of 0.20% will be earned for the daily balance in excess of $5,000.00, which will result in an APY between 1.50% and 0.20%. Rates are variable and may change after account is open. Up to six withdrawls each monthly cycle.
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FINANCIAL PROFILES
C R E AT I V E C O M M O N S
GIVE YOURSELF CREDIT
W ESTCON SIN CR EDIT UNION I f y o u ’ r e g e t t i n g a m or t gage , aut o loan , or m or e , m ake s ure y ou r credit is on point
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redit scores influence the credit or the amount that is available, and the terms (e.g., the interest rate) that lenders may offer. They are a vital part of credit health. When a consumer applies for credit – whether for a credit card, mortgage, or an auto loan – lenders want to know what risk they would take by loaning money. A credit score helps lenders evaluate a credit report because it is a number that summarizes credit risk based on a snapshot of a credit report at a particular point in time. The collected information in your report is the source of your credit score, a three-digit number that lenders use to decide whether or not to offer you credit and at what price. The higher your credit score, the better your chances are of getting a loan with an attractive interest rate. So when it comes to getting a good loan, it is important that your credit report – the basis for your credit score – is accurate, complete and in the best shape possible. Think of credit scoring as a point system based on your credit history, designed to help predict how likely you are to repay a loan or make payments on time. Your score is calculated from many different pieces of data on your credit reports, but there are five main categories of information they consider: 1. Payment history (35%) 2. Amount of debt (30%) 3. Length of credit history (15%) 4. New credit (10%) 5. Credit mix (10%)
Keep in mind that the importance of any one ingredient depends on the information on your entire credit report. Credit mix, for instance, only makes up 10 percent of your score, but it will be a more important factor if there is not a lot of other information on your report.
WESTCONSIN CREDIT UNION
LOCATIONS THROUGHOUT CHIPPE WA VALLE Y
(800) 924-0022
1. PAY M E N T H IST O RY Have you paid your bills on time? Late payments, bankruptcies and other negative items can hurt your score. A solid record of on-time payments helps your score.
2 . A M O U N T O F D E BT Your credit score will look at the amount you owe on all of your accounts, the number of accounts with balances and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be.
WESTCONSINCU.ORG
4 . NE W CR E DI T Credit scores take into account several factors when considering your amount of new credit, including how many new accounts you have recently opened and whether you have been rate shopping for a single loan or applying for multiple new credit lines. Opening several new credit accounts in a short period indicates greater credit risk.
5 . CR E DI T MI X 3 . L E N GT H O F C R E D IT H IST O RY A longer credit history will increase your score. However, you can get a high credit score with a short credit history if the rest of your credit report shows responsible credit management.
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Several minor factors can influence your score. For example, having a mix of credit types on your credit report – credit cards, mortgage, or personal loans and lines of credit – is normal for people with longer credit histories and can slightly add to their scores.
FINANCIAL PROFILES KEEPING IT LOCAL
CC F BA N K C E O s ay s C C F B an k k e ep s t h e Ch ip p e w a Valle y in sh ar p focus, e v en a mid a pa ndemic CITIZENS COMMUNIT Y FEDERAL BANK L O C AT I O N S T H R O U G H O U T T H E C H I P P E WA VA L L E Y (715) 836-9994 W W W. C C F. U S
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ou might be wondering what Modicum Brewery – a brewery and taproom in Altoona – and CCFBank have in common. The answer: a shared love of the Chippewa Valley. And a vault that’s impossible to move. See, the now-brewery location once was the first CCFBank, started in 1938. As the bank expanded and moved, CEO of CCFBank Stephen Bianchi said there’s no way they could move the giant vault, weighing several tons, from one building to another. So you Ste p h e n B i a n c h i can find footprints of this bank all around the Chippewa Valley community. We had the chance to sit down and chat with Bianchi about how CCFBank is keeping its focus on the Chippewa Valley – even amid a pandemic. Volume One: What are some of the core values of CCFBank? Stephen Bianchi: Banking is a very personal service, and we believe integrity is really important to building trust in our relationships with others. That means we are sincere, kind, fair, and just in our dealings with our customers and our colleagues. We’ve got a really committed team here. We encourage innovation and sustainability, promote collaboration and teamwork. We think those are critical skills in our business and these values really seem to anchor us well. What kind of community involvement does CCFBank have with the Chippewa Valley? How does it support local? While we serve many communities in Wisconsin and Minnesota, we direct a proportionally larger investment through colleague time, talents, and financial support to nonprofits and economic development efforts in the Chippewa Valley because that’s where our business is more concentrated. We have supported our schools and their athletic endeavors – such as supporting the Altoona School District Track & Field Project – among other community projects. Most recently, we contributed $225,000 and over 2,000 gallons of milk toward the Milk Challenge throughout our banking footprint to organizations that provide meals or food items to those who needed help, as a direct result of the pandemic. What are some of your up-and-coming products and features? This is not a time where most people are
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WE BELIEVE INTEGRITY IS REALLY IMPORTANT TO BUILD TRUST IN OUR RELATIONSHIPS WITH OTHERS.
thinking about new products and services at all. They’re thinking about managing through the dayto-day. But over the past few years, we have been making investments to make sure we have the right products and services. As we have been expanding through acquisitions and organic growth, we have been investing heavily in technology so that we can deliver our services digitally and to improve the customer experience. How does CCF Bank think in terms of the future? We can all see how the pandemic has changed our habits, how businesses have been adjusting, and that technological change has accelerated. We think this trend will continue, but we do believe strongly that interpersonal relationships, relationships with our customers, will not be replaced
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or become irrelevant. We think that relationship banking is important to our personal and business customers and it’s also very important to our colleagues. But we also know that convenience services like mobile banking, mobile deposits, the ability to pay bills online, are no longer a nice-tohave option; they are really expected. How have you navigated COVID-19? I would say in one word: smoothly. We had a very robust business continuity and disaster recovery plan in place that we actually practiced twice in 2019, In addition, we already had remote work capabilities and we strengthened that in February as we saw the virus starting to spread in the U.S. Our branch lobbies are available on a bank-by-appointment basis to protect the health of our colleagues, our customers, and our community. We have weekly, all-colleague meetings to ensure we communicate effectively to everybody in the organization, and we use it as a time to collaborate and answer questions. We’re really appreciative of and thankful for our clients that have been understanding and supportive of keeping our lobbies closed because they want to be kept safe too. How do you keep local roots as a part of your business, specifically in the Chippewa Valley? The origins of our company date back to 1938, pretty much where our administration HQ sits today at the Eastridge Center. Across Fairfax, behind the Eastridge Center is the original branch for the location in Altoona, and it is still the largest branch in the company. Of our roughly 270 colleagues, 74% are located in Wisconsin, and the Chippewa Valley region accounts for 50% between our branches and the administrative center. So, it’s easy to see how we can stay connected. To read the full Q&A with CCFBank CEO Stephen Bianchi, which includes more of their COVID-19 efforts and local practices, visit www.volumeone.org.
FINANCIAL PROFILES LONGEVITY & FLEXIBILITY
N O RTHWEST ER N BA NK t h e exp er i e n c e t o ke e p b uildin g st r on g com m un it ie s du ring cha llenging times
NORTHWESTERN BANK OFFICES IN CHIPPEWA FALLS, RIVER PRAIRIE, L AFAYE T TE, BOYD, CORNELL , AND THORP ( 7 15) 723-4 461 (CHIPPEWA FALLS) (715) 839-8642 (RIVER PRAIRIE) W W W.NORTHWES TERNBANK.COM
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hroughout its 116-year history, Northwestern Bank and the communities it serves has been through world wars, economic expansions and recessions, and natural disasters. This year, the bank and its employees have had to tap into that experience and combine it with the flexibility and focus necessary to meet the needs of hometown businesses during unprecedented times. “That hard earned knowledge, wisdom, and experience, has given us the tools to withstand the current pandemic and (hopefully) most things that can be thrown at us,” said Jerry Kuehl, Senior Vice President for Sales and Marketing at Northwestern Bank. Chippewa Falls-based Northwestern Bank – which also operates six other branches in the region, including one at Altoona’s River Prairie – was closely connected enough with its clients that it was able to make about 250 loans in short order as part of the federal Paycheck Protection Program. “It’s been a huge project for us, and one that came out of nowhere,” Kuehl said of the PPP, which was created by the U.S. Treasury this spring in response to the coronavirus pandemic. “The challenge we had was to ramp up a program on the fly, with almost no notice, while it was changing daily.”
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LO N G E V IT Y M AT T E R S NB’s deep roots in the community are key to its success and the success of its clients. “So is the experience of its staff,” said Smiskey, who noted that NB’s President Jerry Jacobson has been with the bank for 42 years and that another employee has worked there for 50 years. “The dedication and the longevity of our employees is unique,” Smiskey said. “You don’t see that as much these days as you once did. This is a very community-focused institution. Our specialty is working with the people in the community and a wide variety of businesses.”
FLE XI BI LI TY I S K E Y NB’s long history hasn’t kept it from being nimble in the face of the curveballs thrown in 2020. “This year,” Smiskey said, “Flexibility took on a much different definition. When bank lobbies were closed, traditional phone calls were key to connecting with clients, as were visits to the drive-thru window, emails, and electronic signatures.” “Frankly, creating relationships – at least pre-pandemic – was all about being in close proximity,” Kuehl added. Current efforts to maintain physical distancing have made in-person visits a challenge, but that doesn’t mean the bank isn’t busy serving customers. “While the pandemic has caused some businesses to struggle, others are having a banner year,” Kuehl said.
THIS IS A VERY COMMUNITYFOCUSED INSTITUTION.
Taking part in the loan program was just another chapter in NB’s long history of helping small and growing businesses throughout the Chippewa Valley. “It was very rewarding calling a small business and letting them know they would be receiving a PPP loan. The owners felt a sense of relief knowing they can continue to keep their employees working,” said Tracey Smiskey, NB’s Market President for the Eau Claire area.
Smiskey said this attitude is encapsulated in the bank’s mission statement: “Building Stronger Communities Where People Matter.” Among its latest outreach to strengthen communities is the “Change for Kids” effort, which has a goal of raising $25,000 for Hope Gospel Mission to provide shelter, training, and counseling for families in need. From 8am to 5:30pm on Tuesday, Aug. 11, families are encouraged to bring their loose change (cash and checks are welcome, too) to Northwestern Bank branches in downtown Chippewa Falls, Lake Wissota, or River Prairie, as well as to Down To Earth Garden Center and Hope Gospel Mission’s office.
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“For example, businesses involved in home improvement, computer networking, or producing personal protective gear have all experienced record demand. In addition, there has been a sharp uptick in the demand for home mortgages – especially home refinancing – as interest rates have plunged. Reflecting on what has been a challenging year so far, Kuehl said, “We really have been doing our very best to meet the needs of our clients and the business community.”
FINANCIAL PROFILES DIGITAL IS AN EVERYDAY WORD
R OYA L C REDIT U N ION R o y al C r e d i t U n i o n d el i ve r s gam e - ch an gin g on lin e an d m ob ile tools ROYAL CREDIT UNION Bet h N e lso n & No rg a n Ja eg e r
LOCATIONS THROUGHOUT CHIPPE WA VALLE Y
(800) 341-9911
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eth Nelson and Morgan Jaeger knew they were in for a learning experience when they accepted marketing internships with Royal Credit Union through the University of Wisconsin-Eau Claire. They just didn’t know that “digital” would become an everyday word for them, both on the job and among their friends. As the COVID-19 pandemic continues, Royal Credit Union has consistently used digital tools to provide service and solutions. “We found that college students like us really love it when companies make things easy,” said Beth, “and Royal’s digital options are a great example of that. From the Royal mobile app to the virtual assistant on the website, so much of what Royal does is designed to remove barriers for people.” Royal Credit Union has had a featurepacked mobile app with an easy-to-use camera check deposit feature for years. Royal also added real-time alerts in early 2020 as a way for people to easily stay on top of their transactions and balances. But they recently took a step in a new direction with the launch of a virtual assistant named Val on rcu.org. “It was interesting to have a hand in coming up with Val’s persona and getting to define who our virtual assistant is. It’s also cool to see how people are interacting with the assistant and getting answers to questions when they need it,” said Morgan. For the initial version of the Royal virtual assistant, conversations are scripted based on frequently asked questions or locationfinding features, and anyone can interact with Val on rcu.org.
P H O T O B Y A N D R E A PA U L S E T H
H U N G RY F O R M O R E F R O M R OYA L C R E D IT U NI ON? When looking for ways to offer financial advice to more people, Royal cooked up the idea of starting a podcast. The result is still baking and waiting for the finishing touches, but be on the lookout for something sweet coming soon !
Another challenge was how to make offices available again once Royal was comfortable opening lobbies. Once again, a digital solution came to the rescue. “We got in on the ground level with Royal’s digital readiness efforts when we started in January,” explained Morgan. “It was such a great experience to see a lot of those digital plans move faster and faster in response to events this year. The online scheduling system was one of those digital readiness ideas that got put into action very quickly.” When looking at strategies to reopen office lobbies closed by the pandemic, the need for an appointment scheduling system became clear. Within weeks, the Royal team was able to provide people with a way to easily schedule an appointment at an
SO MUCH OF WHAT ROYAL DOES IS DESIGNED TO REMOVE BARRIERS FOR PEOPLE.
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office right from the Royal website. “I know I’ll never forget this internship for two reasons,” said Beth. “First, it was absolutely eye-opening about how fast things are moving behind the scenes at Royal. There is a culture of constant change to meet the needs of Royal’s Members. And second, Royal’s response to the pandemic was amazing to see. Royal worked with Members to offer options like loans and deferred payments. I was proud to be a part of a place that stood by its values during a difficult time for many people.” Morgan agreed, and added, “I was honestly surprised that we even got to continue our internships. Royal set us up to work remotely just like everyone else, and we got to be on the same video calls as everyone else. I see that same level of commitment and flexibility in what they offer Members. Being part of these digital projects really felt like I was bringing the future a little bit closer to people every day!” This fall, the two interns are busy planning a new project from start to finish. It aims to show college-age young adults why they should choose Royal Credit Union. And not surprisingly, the digital services that Morgan and Beth are so familiar with are playing a leading role.
FINANCIAL PROFILES BANK OF THE FUTURE
C C F BA N K it’s easy to manage money amid the pandemic with CCFBank’s robust online banking opt io ns
CITIZENS COMMUNIT Y FEDERAL BANK L O C AT I O N S T H R O U G H O U T T H E C H I P P E WA VA L L E Y (715) 836-9994 W W W. C C F. U S
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CFBank has always made interactive personal experiences a priority at each of their 28 branches. But, when the COVID-19 pandemic hit in March, they quickly pivoted to focus on new options in order to make banking easier for their local clientele. “COVID-19 was a tough deal,” said Tyler Tomesh, the Chief Banking Officer at CCFBank. “It impacted a lot of businesses; it impacted all of us in some way, shape, or form. And it’s been an opportunity for CCF to look at the business and make changes that will allow us to deliver our products and services to our customers if we ever experience this again.” Specifically, the bank has put an increased focus on their online banking options, which are of paramount importance to managing money during self-quarantine times. Some of their virtual options include bill pay, E-alerts, mobile banking with mobile deposit, E-statements, PopMoney (P2P payments), Financial Institution Transfers, Stop
Payments, and Credit Card Portal options. People can easily enroll via a computer, tablet, or phone. They also have friendly personal bankers and a customer support center available to help with setting up online banking. But their integrative approach to banking doesn’t stop there. CCF has found that their customers are becoming more reliant on such virtual options, so CCFBank is working to create more robust online experiences. The pandemic gave them the perfect opportunity to reconsider how their platform and delivery channel has changed, as well as how to adapt to the times. “The customer experience is different,” Tomesh said.
tal platform and to try things on their own have made the conscious decision that they are going to use our online products and services because now they know that they’re available.” By investing in local staff and technology, CCFBank has the ability to appeal to all age demographics. They’re looking to expand their products and services to offer banking a number of different ways, whether that’s face-toface, through the phone, or in a chatroom. It’s one of the many reasons they call CCFBank the branch of the future.
IT’S BEEN A WAY FOR US TO FOCUS ON MOVING FORWARD.
“It’s been a way for us to focus on moving forward,” Tomesh said.
Instead of solely face-toface interactions at the bank, they offer Zoom calls, drive-thru options, and tutorial videos. They also offer bank-by-appointment options – with physical distancing and face mask policies in place. Their branches, Tomesh said, are their assets. As opposed to online-only banks, they offer the personal touch needed to help people successfully navigate the financial environment – especially during times when money can be tight.
Moving forward is one of the core values of CCFBank, which has seen a number of fluctuations in the economy since opening its first branch in Altoona in 1938. From rising and falling interest rates, evolving loan and deposit products, changes in the makeup of their locations, and increasing regulatory and compliance demands, they’ve continued to make their CCF footprint, creating more opportunities for financial success for Chippewa Valley residents.
“What we’ve found is the impetus for change has been the pandemic,” Tomesh said. “Folks that were maybe a bit resistant to using our digi-
To become a member at CCFBank, or to learn more about the options of banking at CCF, visit their website at www.ccf.us.
T yl e r To m esh
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FINANCIAL PROFILES INVESTED IN THE COMMUNITY
C H A RTER BAN K
Co n n i e Ped e rse n
E ri k Le M ay
w he t h e r b a n k i n g i n
pe r s o n o r o n l i n e, h u man c o n n ec t i o n i s ke y f o r C h ar t e r B a n k
CHARTER BANK 1010 W. CL AIREMONT AVE., E AU CL AIRE (AS WELL AS CHASKA AND CHANHASSEN, MINNESOTA) (800) 471-4510
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hy do people choose one financial institution over another? For consumers in the Chippewa Valley, there are many options – large and small, local and national – if you’re in the market for a checking account, a small business loan, or a mortgage. From bank to bank, these products may look very similar – but the services surrounding them do not. Nor does the level of personal attention you’ll get from a financial institution. Eau Claire-based Charter Bank, which celebrates its 40th anniversary this year, prides itself on a personal touch you may not find elsewhere. “I think it comes down to knowing your customers,” said Connie Pedersen, the bank’s first vice president. “It’s almost like Cheers – everybody knows your name when you walk through the door. And I think customers really do appreciate that personal service. We’re local – all of our people are invested in the community.”
office at 1010 W. Clairemont Ave. – not an anonymous building in another state – is the corporate headquarters where decisions about issuing loans and other matters are made. “They can get what they want right here at Charter Bank,” Pedersen said of business and individual customers, “but in addition they’re getting that one-on-one, single point of contact, personal service which I think is important to people.”
T H E H U M A N FACT O R And that individualized service isn’t just limited to in-person transactions at the bank’s lobby or drive-thru. Customers making use of any of the bank’s digital tools are welcome to get advice and assistance from real, live human beings.
IT’S ALMOST LIKE CHEERS – EVERYBODY KNOWS YOUR NAME WHEN YOU WALK THROUGH THE DOOR.
“We differentiate ourselves from the personal service perspective,” said Erik LeMay, the bank’s chief information officer, “where you can call or you can stop in, and you can sit down with somebody and they will actually walk you through how to set these services up and use them.”
Pedersen, who has spent more than 27 years in the banking industry, the last five of them with Charter, said fast decision-making is one advantage of working with a locally based bank.
Likewise, phone calls to the bank’s main number are answered by a person, not a piece of voice-activated software that sends you through a frustrating loop of menus. “It’s nice to be able to just call and have somebody answer the phone and get you to the right department,” LeMay said.
“Things that sometimes can take a lot longer elsewhere we can get done in a fairly quick timeframe (at Charter),” Pedersen said. Charter’s
Nonetheless, Charter Bank offers a full suite of digital products for both personal and business customers. On the business side, Charter offers a trea-
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sury management solution available online and in a mobile app. And individual Charter Bank customers can use online and mobile tools such as remote deposit capture, aggregating accounts from multiple financial institutions under one login, and making person-to-person digital payments. (In the near future, this will be done via Zelle, a service similar to Venmo, except it is provided – and monitored for suspicious activity – by the bank.) Customers can also attach their Charter account to a digital wallet, allowing for fast, contactless payments via their smartphones at participating businesses – something that’s become increasingly sought-after and common during the coronavirus pandemic. “We have a lot to offer,” LeMay said. “A checking account’s a checking account, but it’s all the things that go around it.”
COMMUNI TY FOCUS Of course, Charter Bank offers more than just traditional checking accounts. Consider Premium Rewards Checking, a consumer checking account that offers 2% APY interest on balances up to $15,000. Even as interest rates have fallen nationwide, Charter Bank has maintained the 2% rate for Premium Rewards Checking, Pedersen said. It’s the kind of benefit that she says creates loyal customers. Charter Bank and its employees like to reflect that loyalty back toward their communities they serve through philanthropic efforts both on a corporate and individual level, helping nonprofit groups such as Feed My People Food Bank, Junior Achievement, the YMCA, and many others. The dedication to service goes to the top: President and CEO Paul Kohler recently became board chair of the Wisconsin Bankers Association, which serves banks large and small across the state. And if that isn’t reason enough to celebrate, Charter Bank recently reached a major financial milestone, exceeding $1 billion in total assets, Pedersen said. “I think there’s a real family culture here at Charter Bank, and we continue to grow,” she said.
