Work is underway on new Forward building in Phillips

Lee Reinsch

Contributor

July 8, 2024

PHILLIPS – Construction has started on Forward’s new Phillips location at the intersection of State Highway 13 and County Road F.

The project will consolidate all Forward operations in Phillips – including investment (Forward Investment Services), insurance (Forward Insurance) and banking (Forward Bank) divisions – bringing them all under one roof.

According to Vice President and Marketing Director Jennifer Sobotta, Forward Bank’s future home will have two stories and a design that “accents the natural surrounding beauty,” as it overlooks Long Lake.

Forward Bank CEO Bill Sennholz said the team put a lot of thought into the location and design of the new facility, including:

• How it will fit with its surroundings
• How it will affect nearby natural resources
• Any impact on the parking needs of its neighbors
• Regulations of the Wisconsin Department of Transportation regarding accessing Highway 13

Sennholz said blending natural beauty, new technology and service by a team of professionals will represent the community well.

“It is set on a beautiful lot allowing customers to enjoy the views as much as we do,” he said.

Sobotta said the location and facility “set a tone for a positive customer interaction” – which is why so much thought went into the design.

“We want our building to represent the community well and provide a welcoming atmosphere,” she said. “We spend much of our waking hours at work and want our team to have a great place to work together serving customers.”

The project broke ground last month and general contractor Don Nikolai Construction of Marshfield is prepping the site for construction.

Sobotta said the company will use as many local subcontractors as possible.

She said construction will continue into the fall, with completion expected by early winter.

Three in one

When it opens later this year as Forward Bank, Insurance and Investment Services, Sobotta said the building of 5,000 square feet will include offices to accommodate eight to 10 staff members – which includes banking services staff, insurance agents and investment advisors.

Forward’s two existing buildings in Phillips, she said, will find new purposes.

Once operations move into the new space, the current Forward Bank and Forward Investment Services building at 366 N. Lake Ave., Sobotta said, will be sold.

The current Forward Insurance offices located at 172 N. Lake Ave., she said, are expected to be leased out to other businesses.

The offices, Sobotta said, will allow for collaboration between bank, insurance and investment team members offering customers a triad of services under one roof – upping the convenience factor.

“(Customers) can walk into the building to do their normal day-to-day banking transactions and then walk across the lobby to an insurance agent’s office to have a policy review or to schedule an appointment with an investment advisor,” she said. “To have all of that happening in the same building, (is convenient for customers).”

The increased collaboration the space provides, Sobotta said, will also improve a customer’s overall experience.

“We find by having banking services, investment services and insurance services, we can take care of a person from the beginning of their financial lifecycle straight through to the end,” she said. “If we have all of the right people in the same building working for our customers together, that gives the best customer experience.”

New technology

Sobotta said the new site will offer customers the chance to do some of their banking tasks via Forward’s interactive teller machine (ITM), known as EVA – Forward’s enhanced virtual assistant.

EVA can accept deposits 24 hours a day using a customer’s debit card – which Sobotta said eliminates the need for customers to put money in an envelope and drop it through an after-hours slot.

Through EVA, she said, customers can link to any fee-free ATM around the country. 

Sobotta said customers can deposit checks and cash, use their debit card to access funds, check the balance of their savings account and more through EVA.

During regular business hours, she said customers can connect with a member of the Forward customer support team via a video feed to the equipment if needed.

“They will process the customer transaction as if they were standing at a teller line,” she said. 

According to NCR Atleos, demand for convenience has fueled banks’ adoption of such technology.  

The banking tech company reported that in a recent survey it conducted, 91% of those surveyed said they preferred to do their banking on their own terms – meaning choosing a self-serve mode such as an ATM, interactive teller machine, mobile or online – over visiting a branch in person.

NCR Atleos reported some banks can increase their operating hours by 88% by utilizing ITMs – with some reporting almost a third of their deposits are made outside of regular banking hours. 

Sobotta said Forward has EVA technology at eight of its other sites in Wisconsin: Athens, Colby, Dorchester, Greenwood, Marshfield, Stanley, Three Lakes and Withee.

More than a century of service

Forward got its start 105 years ago, in Marshfield, as the Marshfield Building & Loan Association.

That organization became insured under the Federal Deposit Insurance Corporation (FDIC) 30 years later, in 1949, according to the company’s website (forward.bank).

It rebranded into Marshfield Savings & Loan when it began offering savings accounts and other savings products.

In 1993, Marshfield Savings & Loan became Marshfield Savings Bank – becoming a mutual state-chartered savings bank and starting the era of it operating as a full-service financial institution.

According to the Federal Deposit Insurance Corporation, as of March 31, Forward Bank had more than $1 billion in total assets – with more than $8.35 million in domestic deposits and more than 1.7 million in net income.

In 2006, Forward’s vision shifted slightly – expanding its reach beyond traditional mortgage and consumer lending to help businesses and nonprofits in the community.

This, Sobotta said, led to the development of the Charitable Money Market Account product, supporting the funding needs of area charities – resulting in more than a million dollars in giving since inception.

Forward Investment Services made its debut in 2006 to provide advisory and brokerage services to supplement the bank’s other products and services.

The expansion to Stanley and Withee in 2008 involved the purchase of an insurance agency, which became known as Community Insurance Agency.

As the bank continued to expand its physical presence throughout North Central Wisconsin, the Marshfield Savings Bank name was retired, and in 2010, it became known as Forward Financial Bank.

In 2016, an expanded insurance product offering officially ushered in the Forward Insurance brand

Forward’s insurance division offers health, life, homeowner and auto insurance, as well as insurance for boats and personal watercraft, recreational vehicles, businesses, farms, nonprofit organizations, renters and personal umbrella liability.

Forward is headquartered in Marshfield and has had a Phillips presence since 2019.

“We started as a savings bank in 1919 and have continued to grow, being depositor-owned,”  Sobotta said.

Insurance Agent Steve Precour said because Forward is investing in the new facility, it’s proof it’s committed to the community and the people there.

“We’re looking forward to showing you this full-service office and moving forward together for many years,” he said.

Forward employs more than 200 people across its locations in 14 small communities in Wisconsin and one in Minnesota.