Nobody knows when the pandemic is going to clear up. Some are saying there will be a vaccine soon; others are saying we will be dealing with masks, social distancing, quarantines and travel bans for years. I have decided to stop waiting for things to get better; it’s time to make the most of the present, regardless of the conditions we can’t control. [Continue]
Unlike the previous economic crisis just over 10 years ago, and the recessions that preceded it, the current downturn has mostly spared the banking industry. Indeed, though it is not necessarily reflected in the share prices of publicly traded institutions, many US banks have strong balance sheets and are poised for growth. And that includes community banks. [Continue]
In late 2019, when ag bankers reflected on the year and forecast expectations for 2020, they foresaw classic perennial challenges: bad weather and low commodity prices. What 2020 actually delivered would have been hard to predict. No one has been immune from the struggles the COVID-19 pandemic has wrought on the nation’s health or the economy, including farmers and their community banking partners. [Continue]
What does it mean to be family built and community strong? That’s the question Aleesha Webb asked herself as she rejoined Village Bank in 2018. She’d begun her career at the Minnesota bank led by her father, but had taken time to work in other financial institutions. As newly minted president and vice chair, she took stock of the situation and what needed to be tweaked.
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The state of Wyoming is on the brink of becoming a trailblazer in the world of cryptocurrency now that it has awarded its first special purpose bank charter allowing institutions to receive deposits and serve as custodians of digital assets. The Wyoming Division of Banking granted San Francisco-based Kraken Digital Asset Exchange its first-ever Special Purpose Depository Institution charter on Sep. 16. [Continue]
Medica, the largest non-profit health insurer in Minnesota, has traditionally had most of its operations accounts in larger banks. After visiting with a neighborhood bank in Edina, Minn., however, John Naylor, the president of Medica, wondered whether the company’s cash would benefit the community more if it was placed in a community bank. [Continue]
Almost every Friday morning for the past 10 years, Kathy Schoettlin’s voice is heard on the local radio. Fueled by fruit and coffee and likely without much sleep, she presents $100 to a local charity in exchange for airtime. Born at the border of Kentucky, she speaks with a slight southern twang, and with careful consideration. Choosing her words, she said, is as important a task as caring for her community. [Continue]
It’s been 12 years since the world was introduced to the technology that launched cryptocurrencies like Bitcoin. The revolution was here! Once a mere curiosity, this tech has gotten a breakout session or two at banker conventions ever since it hit the scene. Its insistence for attention has persisted, and has never been more warranted than right now. Blockchain is on the verge of doing much shaking. [Continue]
Barb Smith has always been driven to make a difference for her employer. Earlier in her career, Smith had been a senior lender at a Bemidji, Minn., community bank when it was acquired. When a new retail sales role caught Smith’s eye, a colleague wondered why Smith wanted to also learn retail sales and service and deposit functions. She told him it was an opportunity to learn and “a way to make a difference.” [Continue]
2020 was a year like no other in recent memory. For years, regulators have required that annual risk assessments include rating the risk of pandemics … now we know why. Banks, like all businesses were largely caught by surprise with minimal plans in place when the shutdown happened. Banks are required to provide essential services to their communities, but also required to protect the health of their employees and customers. [Continue]