Market Research Report: Decorah Bank & Trust Co.

Company Overview

• Name: Decorah Bank & Trust Co.

• Mission of the Company: To help people achieve their financial dreams.

• Founding Year and Founders: The company was chartered by the State of Iowa in 1935 under the name Security Trust & Savings Bank. It underwent a name change to Decorah Bank & Trust Co. in 2001.

• Key People:

• Ben Grimstad: President & CEO

• Dawn Muhlbauer, CPA: CFO & Cashier, EVP

• Andy Ludeking: Chief Lending Officer, EVP

• Justin Gullekson: Chief Banking Officer, Decorah Market President

• Sara Thomas: Chief Operating Officer, EVP

• Board Members include Joe Grimstad and Donna Thomas among others.

• Headquarters: Decorah, Iowa

• Number of Employees: No information is available.

• Revenue: No information is available.

• What the Company is Known For: Decorah Bank & Trust is recognized as a locally-owned, family, and employee-owned community bank. It is notable for its personal banking experience, commitment to environmental sustainability, and innovative financial solutions.

Products

1. Home Financing

• Description: Assists customers in buying, building, improving, or refinancing their homes.

• Key Features:

• Comprehensive solutions for home ownership.

2. Business Banking

• Description: Offers progressive banking services to support business growth and efficiency.

• Key Features:

• Dedicated support for business expansion and financial management.

3. Personal Banking

• Description: Provides convenient and user-friendly banking options through multiple platforms.

• Key Features:

• Online, mobile, and in-person banking services.

4. Trust & Wealth Management

• Description: Focuses on long-term financial planning for wealth accumulation, preservation, and transfer.

• Key Features:

• Personalized financial advisory and management services.

5. Agriculture Lending

• Description: Specialized financial services tailored to the agricultural sector.

• Key Features:

• Dairy financing, equipment loans, and facility improvement loans through the Farmer Mac Loan Program.

Recent Developments

• New Initiatives:

• Decorah Bank & Trust has made strides toward achieving carbon neutrality and now boasts a significant asset base, with $700 million in bank assets and another $800 million under Mortgage and Wealth Management.

• Leadership Changes:

• Celebrated the retirement of Mike Huinker after 32 years of service.

• Community Engagement:

• Successfully conducted community events such as the “Feed the Pig” Fundraiser, raising over $11,000 for local food pantries.

• Service Innovations:

• The introduction of ClickSWITCH, a platform allowing customers to easily switch their direct deposits to Decorah and Cresco Bank, enhancing efficiency and user experience.

This report is based on the information available, and any fields without information are duly noted. No additional commentary is provided beyond the structured details necessary for an in-depth understanding of Decorah Bank & Trust Co.