State of the State - January through April 2020

May 13, 2020

The first four months of 2020 have gone nothing like envisioned and can be labeled as unprecedented in many ways.  The first four months also have to be labeled as impressive.  The staff at Citizens State Bank have acted with grit and determination to accomplish some amazing feats during pandemic conditions.

This State-of-the-State will recap the Bank's efforts and reactions during COVID-19, the highlights of the Bank's performance from January through April 2020, and the procedural response to the COVID-19 pandemic.

COVID-19 - Customer Focused Response:

1. With the formation of a COVID-19 task force, an emphasis was placed on aiding customers through the pandemic.  The focus was on how to help them achieve their banking needs, providing support through hardship, and helping to quell anxiety and fear through education.

2. Citizens State Bank continued to uphold its mission of developing long-term relationships based on trust by handling customer needs through an individualized approach centered on creating a solution based on the customer's needs.

3. The Bank proceeded with offering Paycheck Protection Program (PPP) loans, a program under the CARES Act.  At the end of April, the Bank had processed 46 PPP loans for just over $1.8 Million with an additional 32 PPP loans in process for an additional $624,000.  That money is infused back in the communities of Cadott, Cornell, and Chippewa Falls to aid businesses and their employees.

Mortgage Lending:

1. During the first four months of 2020, mortgage interest rates have been volatile.  Rates have lowered significantly creating a prime opportunity of refinancing for customers.

2. The Mortgage Banking team held true to the Bank's mission by partnering with clients to help them through this process. 

3. Customer traffic and demand rose significantly and, by the end of April, the Bank had processed 134 mortgage-related loans for just under $14 million.  This equates to helping with 134 transactions in real estate for customers in Cadott, Chippewa Falls, Cornell, and surrounding areas which vitalizes and strengthens our communities.

COVID-19 - Procedural Response:

1. The Bank took quick action in forming a task force to monitor and address the pandemic issue in early March.

2. On March 12, 2020, the Bank published internal communication about the pandemic and heightened precautions to staff to keep the team and customers safe and healthy.

3. Further communication followed on March 16^th and forward.  The communication enacted new sanitation, travel, internal process, and lobby closure procedures and guidelines in efforts to further enhance safety and aid in "stopping the spread".

4. By the last week of March, the Bank had developed a systematic approach to handle potential exposure and diagnosis and created work zones within the Bank as well as created communication channels to keep staff updated on internal responses and COVID-19 happenings. 

5. Throughout April, the Bank has upheld the procedures and guidelines and will do so going forward until recommendations advise otherwise.

6. The continued approach through COVID-19 has been to heed recommendations and make decisions based on the safety of the customers and staff.

Citizens State Bank is pleased to share these happenings with the communities and customers.  The Bank is honored to be able to serve the Cadott, Chippewa Falls, Cornell, and surrounding areas.  This is accomplished through the staff members that uphold the mission of developing relationships through individualized, personal service, and the loyalty of customers who continue to partner with their community Bank.

Thank you for letting us serve you!