In contrast to Bob Chernow’s recent blog, I would point out that the Wisconsin banking industry has been and will always be evolving to meet the needs of businesses and families in the Badger State.
The core concept, serving communities through finance, has stayed the same. Everything else has changed. How a community banker helped their customers 100, 50 or even 25 years ago is completely different than it is now. Of Wisconsin’s 252 banks, 136 state chartered banks have been serving their communities for over 100 years. Twenty-five existed 125 years ago and four have been helping businesses and families for over 150 years.
How many other businesses can boast they have continually adapted to customers’ needs to the point that they are still relevant and, more importantly, necessary after 150 years?
The banking industry is built on trust, especially in Wisconsin where most institutions are locally owned and have very strong ties to the community. That trust comes from consumers and their bankers building relationships based on consistent positive interaction. Every day, in hundreds of communities across the state, bankers work hard to earn their customers’ trust.
Wisconsin’s banks continue to show strength as an economic driver in the Badger State. We saw a robust 14 percent increase in commercial lending over the past year with overall loans growing 5 percent during the same timeframe.
Banks, in the past, have been uniquely positioned to keep the state moving forward and this will continue well into the future as they help businesses grow and families prosper. However, growth of banking over the past century demonstrates that Wisconsin’s diverse banking industry continues to positively benefit both consumers and businesses. And that will hold true in this century and beyond.
Rose Oswald Poels is the president and chief executive officer of the Wisconsin Bankers Association.
