SFB upholds commitment to community for nine decades

Matthew Day

Contributor

June 24, 2024

EAU CLAIRE – In 1934 – in the middle of the Great Depression – Security Financial Bank (SFB) opened in Durand. 

Today, President and CEO Mark Oldenberg said he, the bank’s shareholders and its employees remain true to the institution’s founding principles.

“There’s a lot of pride because we’ve been here for 90 years – through all sorts of economic cycles – and continue to serve our local communities as strongly as we did when the bank was started,” he said.

Originally, the bank primarily served farmers, he said, though SFB later expanded its customer base to maintain viability.

Other such measures, Oldenberg said, have included expanding the bank’s locations and acquiring three smaller local banks, which he said is “where a lot of our growth has come in the last 10 years.” 

“Our board (of directors) is looking out longer term and wanting to do things that are going to give us the ability to still be here – that’s part of what drove some of the acquisitions,” he said. “Whether it’s through natural growth or acquisitions, the competition is getting larger – so we’re forced to get larger if we want to stay independent and continue to be here 10 or 20 years from now.”

Long-term, local loyalty

Oldenberg said he has spent his entire life and 30-year banking career in West Central Wisconsin, providing his personal sense of responsibility to successfully lead SFB into the future.

He said this includes a sense of duty to serve the region’s small business owners – who aren’t always as highly regarded by larger banks. 

“The larger regional banks don’t want to deal with a customer below a certain dollar amount – they don’t give that customer the attention we give them,” he said.

Oldenberg said SFB continues to buck the ongoing trend of bank consolidation.

“When I started in banking, in Wisconsin, there were more than 300 banks,” he said. “Now we’re at 160, roughly, and the expectation is we’re going to have fewer banks going forward – the mergers and acquisitions are going to continue.”

Oldenberg said thinking about how the industry is going to be different and what it’s going to take to be competitive five or 10 years from now is something he spends a fair amount of time on.

“I enjoy it quite a bit – understanding how the business is changing all the time,” he said.

Oldenberg said SFB’s customers can rest assured the bank will persist because of his loyalty to the region and the chance to wield his fascination and knowledge of the broader banking industry.

Perhaps most significantly, he said, SFB’s shareholders have made it clear they have no desire to ever sell the bank.

“The bank is locally owned,” he said. “Our shareholder base that started in Durand still owns a large percentage of the bank, and the ownership is committed to keeping the bank local.”

Oldenberg said during his first shareholder meeting – which was four months after he had started as CEO – the shareholders were adamant about remaining locally owned and independent.

“They want us to be a local community bank,” he said. “They’re proud of our ties to Durand and our 90-year history, and they want to continue to serve local farmers and local small businesses – even second- and now getting to third-generation ownership. Ther e’s still a strong tie to the local communities.”

Oldenberg said this commitment transcends mere financial justification, aiming instead at a higher sense of investment.

“I won’t say our stockholders don’t expect financial performance, but it’s not short term,” he said. “They’re looking at long-term performance. They believe in what we’re doing. They like the service we provide.”

Banking on connection 

With a total of approximately 135 SFB employees, Oldenberg said his regular visits to the bank’s branches make it possible for him to interact with the entire team – it also allows for company-wide events.

“In a bigger bank, you don’t have that,” he said. “I get a chance to know each of our employees. It’s more like a family business than it is (a) corporate-run business.”

The customer service SFB can provide, Oldenberg said, is likewise much more individualized – and less “about numbers and names on a spreadsheet.”

“I get out and visit with customers all the time,” he said. “There’s not a single customer we have who can’t talk to me if they want to. I really enjoy getting to tour and learn about their businesses. I’ve been to some interesting businesses – things you didn’t know were even around locally. (I’m also able to meet) with some of our local farmers and try to understand the ag(riculture) business better.”

Today, SFB has offices in Alma Center, Black River Falls, Bloomer, Durand, Eau Claire, Ladysmith and River Falls.

Oldenberg said for all of the personalized, trustworthy financial service SFB has been able to provide for 90 years and counting, the bank itself is ultimately indebted to its customers.

“The bank wouldn’t be here without our customers, and we try to keep that in mind every day – we’re here to serve them,” he said. “We make them the priority. We’ve benefited from strong relationships with our customers, and we look forward to continuing to serve them in the future.” 

Just how far into the future? 

“We intend to be here forever,” Oldenberg said.