‘An experience worth remembering, memories worth believing in’
November 25, 2024
WEST CENTRAL WISCONSIN – Friendly. Service-focused. Helpful. Convenient. Local.
These, CEO Herb Lallemont said, are descriptors that rose to the top when Waumandee State Bank customers were asked to describe the bank.
Lallemont said a word collage of the top descriptors now appears on signage in all eight Waumandee branches.
He said it’s just one part of the bank’s efforts to commemorate its 110th anniversary.
The comments received from customers, Lallemont said, is something the Waumandee State Bank team is very proud of.
“We take great pride in our work,” he said. “It should be a given to take care of people but when (a financial institution) gets to a certain size, that can get lost track of.”
Steadfast guiding principles lead the way
Lallemont said the bank’s mission statement – which was created after he joined the Waumandee team in 2002 – is an outline of the bank’s focus on being a forward-looking bank that provides financial leadership to several key constituents: communities, customers, employees and shareholders.
He said it outlines Waumandee’s commitment to growing with its employees and customers to ensure positive, long-lasting experiences.
The proof, Lallemont said, is in the lived experience of Waumandee State Bank’s customers and communities at large – which harkens back to 1914, when some progressive residents of the Waumandee Valley (also known as Garden Alley) determined they needed a bank to serve the prosperous farming community.
“Farmers had been successful and prosperous over the years, and they felt they needed a bank that was local versus having to go to other towns,” he said.
So, on Sept. 14, 1914, Waumandee State Bank (S2021 County Road U) opened the doors to its first location – and it’s one Lallemont said in which the bank remains all these years later.
He said the flagship location was expanded in 1951, 1964, 1980 and 2008, but it remains as the main office for customers.
Something of which the bank is extremely proud – and that points to its stability – Lallemont said, occurred during the Great Depression when a 10-day moratorium was placed on banks by President Franklin Roosevelt, suspending all bank transactions immediately.
Ten days later, he said the moratorium was completely lifted from Waumandee State Bank – something that did not occur for all banks at the time.
“We were one of very few banks allowed to go back to doing business 100% with no restrictions,” he said. “Our community and shareholders are proud of that and that the bank has stood the test of time.
Growth mode accelerated in 2003
From 1914 to 2003, Lallemont said the bank remained a single-location entity in Waumandee.
Concerted expansion, he said, began in 2002 when he joined the team and the bank moved to Fiserv – a state-of-the-art system that enabled the bank to expand under the direction of its board of directors.
Lallemont said that was followed by acquiring a branch in Arcadia in January 2003, Fountain City in July 2004 and five former Associated Bank locations in October 2007 in Durand, Mondovi, Black River Falls, Blair and Whitehall.
In August 2020, they acquired a bank in Blair, bringing Waumandee State Bank to a total of eight locations.
Collectively, Lallemont said Waumandee is staffed by about 70 full-time employees, holds assets of $330 million, loans of about $256 million and deposits of about $280 million.
The loan portfolio, he said, is well diversified with about one-third in consumer, agricultural and commercial loans, respectively.
Lallemont said that’s a far cry from the $25 million bank Waumandee State Bank was when he joined the team in 2002.
He said he credits the growth to acquisitions and internal growth supported by its 190-shareholder base.
“Our shareholders in the surrounding areas are good customers and good supporters of the bank, helping to market it,” he said. “Starting back at the Great Depression, customers and communities were strong and loyal. We support our communities and they support us.”
Keeping it local but serving all
Lallemont said many Waumandee customers are multi-generational in their support, dating back to grandparents or great-grandparents.
The same, he said, can be said for the employee base – as many of today’s employees are another generation of employees who helped to start the bank.
Lallemont said the bank’s customer base tends to be within the four-county area – Buffalo, Trempealeau, Pepin and Jackson counties – with the majority of customers residing within about a 35-mile radius around any one of the bank’s branches.
That isn’t to say the bank’s reach ends there.
Between customers who have moved outside the area, students at college, etc., Lallemont said Waumandee State Bank serves customers throughout the United States.
“With state-of-the-art tech, we can bank them from anywhere,” he said.
The tip of the tech iceberg was the adoption of Fiserv, but Lallemont said that’s been followed with the incorporation of online banking, mobile banking, mobile deposit, Zelle payment method and other technologies sought by businesses and consumers alike.
Options matter, he said, especially when working with a variety of generations of customers.
“If I handed someone of the younger generation a bank statement and a stack of checks, they may ask what to do with them,” he said. “They, and a lot of generations, are into online banking with electronic statements.”
Lallemont said the bank itself has shifted its approach to educating and advertising to customers as well, adopting the use of Facebook, X and a website.
However, he said Waumandee has continued to support face-to-face opportunities, whether that’s in tellers’ windows or at volunteer activities in various communities.
He said team members are encouraged to volunteer and be entrenched in the communities they serve, both because it’s good for the community and good for business.
“Word of mouth is huge for us – customers tell family and friends (about us), and we have built a lot of business through that,” he said.
Lallemont said the local board of directors is an important local tie as well, comprised of six people who live and work in the communities Waumandee State Bank serves.
Not surprisingly, he said local decision-making is a fundamental aspect of the bank’s operations, and that means they can respond to inquiries pretty quickly if needed.
“I’ve had someone stop me on a weekend about (a loan for) an auction on a Monday, and we get that taken care of,” he said.
Embracing the new, maintaining the legacy
Lallemont said the bank’s conservativeness and accessibility have served it – and its customers – well, especially during rough times.
“Even when the 2008 housing crisis hit, and a lot of banks failed, that’s where our conservative communities and very strong employment base (served us well),” he said. “With Ashley Furniture headquarters in Arcadia, Bauer Built in Durand and the Ho-Chunk Nation in Black River Falls, our employment base (in the region) is steady and strong. We are lending, but our customer base is a little more conservative, and we don’t see the peaks and valleys seen on the coasts.”
If customers do hit “rough spots,” Lallemont said Waumandee is open to working with them.
“If they are willing to work with us, are willing to come in, talk to us and figure out a solution – we will work with them,” he said.
Lallemont said he sees a lot of weakness in the economy nationally but credits a strong local employment base in not having as hard of a hit locally.
That said, he said the housing market is as hot as everywhere else, rents have escalated, but people as a whole do try to live within their means.
Lallemont said he credits the knowledgeable and customer-oriented team with helping customers anytime they can, and says the multi-generational representation within helps the bank maintain a good balance in serving a variety of customers’ needs and service preferences.
“Waumandee is here to serve you, and you can call us, get online or even stop by my house,” he said. “I get calls on the weekends, and that’s all part of being a community banker. Even as we have embraced technology, we have stuck with our core in how we serve and meet the needs of our customers.”
Preparing for another successful 110 years
Lallemont said the bank has been fastidious about planning for its future, performing strategic planning three to five years ahead – focusing on generating solid, steady growth with business that’s local to the market.
“We stay focused in our market, and though that may create a little slower growth doing it that way, we would much rather do that so that when times get hard, people can come in and see us,” he said.
Looking to 2025 and the future, Lallemont said he emphasizes Waumandee prefers to control its growth to maintain its stability.
“We may be a little bit boring and steady, but that’s been a core (value) that’s been with us since the Great Depression,” he said.
Come February 2025, Lallemont said there is a significant shift planned for the bank, but one that has been thoughtfully and strategically planned – his retirement.
Lallemont said he will retire on the day of his 23rd anniversary of the bank, and Todd Proschinske, president of the bank, will assume the role of CEO.
Though he is looking forward to spending more time with his wife and family and traveling, Lallemont said it will be a bittersweet day for him.
“Todd will assume his role, and the bank is in great hands,” he said. “I’m proud to have led the team during a time of tremendous growth, but it’s time for the next move. With the Midwest values and the economy here, we’re very steady. As long as the four groups (communities, customers, employees and shareholders) are taken care of, that’s what is going to take Waumandee into the future in banking and ensure it is around for another 110 years.”
