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March 9, 2026
PESHTIGO – Community banking has long been the backbone of Wisconsin’s small towns.
Today – according to the Wisconsin Bankers Association – only a few dozen banks headquartered in the state have reached 125 years of continuous operation.
Peshtigo National Bank (PNB), President and CEO Kelly M. Heroux said, is one of them.
Founded in 1901 and still locally owned, Heroux said the bank has quietly built a reputation for steady leadership, personal service and a deep commitment to the communities it serves – a rarity in an era marked by mergers, acquisitions and out-of-state ownership.
For 125 years, Heroux said the focus has remained simple: know your customers, invest locally and grow with intention.
A foundation built to last
Heroux said Peshtigo National Bank officially opened its doors Feb. 1901, when local leaders recognized the need for a hometown financial institution.
In its first year, she said the bank recorded $7,111 in cash and $25,000 in capital stock.
Today, Heroux said the bank manages approximately $300 million in assets – reflecting more than a century of resilience and seasoned expertise behind its success.
Through the Great Depression, world wars, economic cycles and rapid technological change, Heroux said the bank remained steady, continuing to lend, support families and help businesses navigate uncertainty.
“The goal has always been to stay rooted,” she said. “We’ve focused on serving the people and businesses who count on us, no matter what’s happening around us.”
After decades of operating from Peshtigo alone, Heroux said growth accelerated in the early 2000s with a second branch opening in Marinette, followed by locations in Coleman, Gillett and Oconto Falls.
In 2019, she said the bank set up shop in Antigo with a loan service office that became a full-service branch in 2024.
Heroux said each move was deliberate, guided by the bank’s longstanding philosophy of finding the right people first and building around them.
Strong relationships, she said, drive everything they do – a strategy that has paid off multiple times.
During one period of expansion, Heroux said deposits grew from $52 million to $156 million, while total assets climbed from $58 million to $177 million, a combination of trust earned and demand followed.
These expansions, she said, created the ability for all five branches at the time to be full-service locations serving Marinette, Oconto, Langlade and Shawano counties in Wisconsin, as well as Menominee County in Michigan.
What sets a community bank apart
At its core, Heroux said community banks play a role similar to fire departments or schools, essential, local and woven into everyday life.
“The money stays here,” she said. “Whether it’s your local softball team, a school project or an updated playground, we’re out there volunteering and supporting it. Employees serve on boards, coach teams and show up at community events.”
Heroux said though the bank regularly sponsors fundraisers and invests in local organizations, its influence reaches far beyond dollars and cents.
Employees, she said, feel invigorated by giving back to the communities they call home, strengthening authentic, long-term relationships.
In many cases, Heroux said those relationships expand well beyond the scope of traditional banking.
“People come in for conversations they don’t have with anyone else because everything is confidential,” she said. “You’re not just their banker – you’re a trusted partner and a resource.”
Heroux said that trust is strengthened by Peshtigo National Bank’s ownership structure.
Since 1989, she said the bank has operated under single local ownership, allowing decisions to be made quickly without layers of bureaucracy.
“The larger you get, the more red tape there is,” she said. “We don’t have that. It’s a quick turnaround in most cases.”
Heroux said that flexibility has helped the bank carve out strong niches in small business and agricultural lending areas that often require creativity and patience.
“Agriculture is very cyclical,” she said. “Commodity prices are up and down, so you have to be willing to accept the highs and the lows. We do, and we have the expertise for it.”
What does community mean to PNB?
At Peshtigo National Bank, Heroux said “community” is less about location and more about commitment.
She said, for her, that commitment means planning for another 125 years – focusing on steady growth, continuous learning and developing the skills necessary to keep pace with modern banking while remaining aligned with the needs of the community the bank serves.
“You need to grow and evolve with the community you’re in,” she said. “If you don’t, they’ll find somewhere else to go. You want to be resourceful and relevant in the same breath for individuals, families and businesses alike.”
Heroux said that balance between progress and staying true to its roots has guided Peshtigo National Bank through decades of change, including the 2008 financial crisis and the COVID-19 pandemic.
Rather than chasing rapid expansion or risky ventures, Heroux said leadership prioritized thoughtful and measured decisions.
“We focus on steady, intentional growth and staying in our lane,” she said. “There’s risk in everything, so you have to be conscious of the long-term impacts. Not only for the customer, but for the bank as well.”
Heroux said the foundation of the bank is simple: know the business, know your team and use their strengths to serve your neighbors well.
And though the bank operates as a for-profit business, she said it also serves a deeper role as a community gathering place.
“We want you to come in and see your neighbor and connect with others,” she said. “When a community bank disappears, you lose a major pillar. In this digital age, it’s still nice to see people come together and have those conversations in person.”
As Peshtigo National Bank expanded into new communities, Heroux said its philosophy remained grounded in the same principles that shaped it in 1901.
Growth, she said, has never meant abandoning the bank’s roots.
Rather, Heroux said the steady approach of balancing opportunity with discipline meant customers receive consistency: familiar faces, steady leadership and decisions made with the community’s future in mind.
In an era of online everything, she said those in-person conversations, whether at a desk or a lobby, still matter.
From teller to CEO
Heroux said her own journey mirrors the culture Peshtigo National Bank has built over the past 125 years, one rooted in opportunity, hands-on experience and growing leaders from within.
Originally planning to pursue marine biology, she said she took an unexpected turn into “liquidity” instead.
While still in high school, Heroux said she accepted a job as a teller at Farmers State Bank in Coleman, working summers and holidays.
She said it didn’t take long to realize she was hooked.
“I knew pretty quickly that banking was where I wanted to be,” she said.
When that bank was later acquired by a larger institution, Heroux said she found herself drawn back to the independence and decision-making that come with community banking.
In 2004, she said she helped launch PNB’s Coleman branch, a move she describes as “right place, right time.”
From there, Heroux said she worked nearly every role in the organization, gaining experience across departments before stepping into the president and CEO position in 2017.
“That perspective matters,” she said. “From the teller role to leadership, everyone has something valuable to contribute.”
Heroux said she credits the bank’s collaborative, team-first culture for both her own growth and the institution’s longevity.
That culture, she said, was especially evident during the pandemic, when employees had to quickly adapt how they communicated and served customers.
“It changed a lot of how we operate,” she said. “We had to learn how to cope, communicate and work differently. In the long run, it made us a stronger team.”
Today, Heroux said she is focused on developing the next generation of leaders, particularly young professionals and women entering an industry that remains largely male-dominated at the executive level.
Through mentorship, networking groups and early outreach to students, Heroux said she hopes to create clear pathways into community banking careers.
“Community banks survive because of people,” she said. “Investing in talent is just as important as investing in technology.”
Looking ahead
If the first 125 years were about building a strong foundation, Heroux said the next chapter is about adapting while staying true to what has always set PNB apart.
Like most financial institutions, she said the bank continues to evaluate new technology, from automation and digital tools to AI-driven services.
However, Heroux said adoption isn’t about chasing trends – it’s about making sure innovation actually improves the customer experience.
“Technology has to enhance relationships, not replace them,” she said. “That’s the balance.”
Though larger banks often move quickly into chatbots and automation, Heroux said those solutions don’t always match what customers expect from a community bank.
Cost, she said, is also a factor, making careful decision-making essential.
“We’ll continue to adapt, but it has to make sense for our customers and our communities,” she said.
Planning horizons have shifted, too, Heroux said.
She said what used to be a 10-year strategy has narrowed to five, and now often just three, as the pace of change accelerates across the industry.
Heroux said the bank is exploring opportunities in markets like Green Bay and Central Wisconsin, while continuing to strengthen its presence in agricultural and small business lending.
Leadership, she said, is also focused on attracting younger talent early, talking with high school and college students, offering shadow opportunities and “planting seeds” for the future workforce.
“In the long run, it’s about mindful growth and retaining good people,” she said. “Still, the mission hasn’t changed after more than a century.”
Heroux said Peshtigo National Bank isn’t focused on becoming the biggest bank in the region – it’s focused on remaining the most trusted, and in the small towns of Northeast Wisconsin, that distinction means everything.
Learn more about upcoming celebrations that will be held throughout the year at pnbwi.com.
