Citizens State Bank - Cadott

Background

Overview

Citizens State Bank, established in 1902 in Cadott, Wisconsin, was founded by local businessmen, farmers, and workers to meet their financial needs and support community growth. Over the years, the bank has expanded its presence, now operating seven branches across Wisconsin, including locations in Chippewa Falls, Lake Wissota, Cornell, Stanley, Prentice, and Stratford.

Mission and Vision

Mission: To develop long-term relationships built on trust.

Vision: Empowering staff to meet customer needs with a caring, flexible approach, ensuring every interaction benefits both the client and the bank.

Community Engagement

Citizens State Bank is deeply committed to community involvement, supporting numerous local organizations and initiatives, including 4H Clubs, local schools, and various community events. In 2022, employees volunteered 927 hours through the "Citizens State Bank Cares" program, which honors employee volunteerism with donations based on hours served.

Key Strategic Focus

Core Objectives

Customer-Centric Services: Providing personalized financial solutions tailored to individual and business needs.

Community Development: Fostering economic growth by supporting local businesses and community projects.

Technological Advancement: Enhancing digital banking services to offer convenient and secure financial management tools.

Areas of Specialization

Agricultural Banking: Offering specialized loans and financial products to support the agricultural sector.

Commercial Lending: Providing operating lines of credit, term loans, equipment loans, and commercial real estate loans.

Business Banking: Offering a variety of business checking accounts and financial management services.

Primary Markets

Citizens State Bank primarily serves communities in Wisconsin, focusing on both urban and rural markets, with a strong emphasis on supporting local businesses and agricultural enterprises.

Financials and Funding

Financial Overview

Total Assets: As of December 31, 2024, the bank reported assets totaling $237.62 million.

Total Deposits: Deposits stood at $192.90 million.

Net Loans and Leases: The bank had net loans and leases amounting to $181.42 million.

Capital: Total capital was reported at $17.92 million.

Performance Metrics

Return on Assets (ROA): 0.48%

Return on Equity (ROE): 8.08%

Risk-Based Capital Ratio: 11.47%

Leverage Ratio: 8.22%

Technological Platform and Innovation

Digital Banking Services

Citizens State Bank offers a comprehensive mobile banking application, providing customers with real-time access to their financial accounts, including features such as mobile deposit, bill pay, and account aggregation.

Online Banking Enhancements

In July 2023, the bank upgraded its electronic banking options, introducing enhanced online platforms for both consumer and business customers, including new mobile applications and improved bill pay features.

Leadership Team

Travis Udelhofen: President and CEO

Background: Over 20 years of experience in banking, lending, and management.

Role: Appointed as President/CEO in July 2024, focusing on enhancing customer service principles and the bank's mission as a community bank.

Nicole Kauphusman: Executive Vice President

Tim Stone: Chief Financial Officer

Angie Wald: Vice President of Human Resources & Retail

Eric Bourget: Vice President of Information Technology

Chris Galvez: Vice President of Compliance and Risk

Leadership Changes

In July 2024, Travis Udelhofen was promoted to President and CEO, bringing over two decades of banking experience to the role. He succeeded Tim Cruciani, who previously held the position.

Competitor Profile

Market Insights and Dynamics

The banking industry in Wisconsin is characterized by a mix of large national banks and smaller community banks. Community banks like Citizens State Bank play a crucial role in supporting local economies, particularly in rural and agricultural regions.

Competitor Analysis

Key competitors include other community banks and regional financial institutions offering similar services. While specific competitor details are not provided, the competitive landscape emphasizes personalized customer service, community involvement, and a focus on local economic development.

Strategic Collaborations and Partnerships

In May 2023, Citizens State Bank merged with Community Financial Bank, expanding its assets to approximately $220 million and increasing its branch locations to seven. This strategic move enhanced the bank's ability to serve a broader customer base and strengthen its community banking model.

Operational Insights

Citizens State Bank's commitment to community involvement and personalized service differentiates it from larger financial institutions. The bank's focus on agricultural and commercial lending positions it as a key player in supporting local businesses and farmers.

Strategic Opportunities and Future Directions

The bank aims to continue its growth through strategic mergers and acquisitions, technological enhancements, and deepening community engagement. By leveraging its strong local presence and customer-centric approach, Citizens State Bank is well-positioned to meet the evolving needs of its customers and communities.