Horicon Bank The Natural Choice Member FDIC
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Contributing Horicon Bank Writers:
Fred C. Schwertfeger PRESIDENT
Steve Leaman
Cassie Voight
Chris Zirbes
SENIOR VICE PRESIDENT & CHIEF BANKING OFFICER
SENIOR VICE PRESIDENT & OPERATIONS DIRECTOR
SENIOR VICE PRESIDENT & BUSINESS BANKING DIRECTOR
Rose Petitte
Chrissy Oelke
Renee Peterson
SENIOR VICE PRESIDENT & DIRECTOR OF BUSINESS DEVELOPMENT
ASSISTANT VICE PRESIDENT & MARKETING & DATA INSIGHTS MANAGER
VICE PRESIDENT & PEOPLE & CULTURE MANAGER
Table of Contents: The Founder Story That Still Matters Today........................................................................3
130 Years Strong: A Legacy Built on People and Purpose........................................12
Bridging the Middle-Market Gap: Where Horicon Bank Delivers Value.............4
Committed to Staying Local........................................................................................................ 13
Modern Banking Done Right: Innovation, Personalization,
The Natural Choice: Growing with Purpose......................................................................15
and Trust with Horicon Bank...................................................................................................5
Banking Over the Next 50 Years.............................................................................................. 17
From Startup to Success: A Growth Story with Horicon Bank................................7
Leadership Perspective: What Will Never Change.........................................................18
From Investment to Impact: A Community Story............................................................10
T H IS AD VERT IS IN G S UPPLEM EN T IS PU B LIS H ED BY:
HORICON BANK - 130TH ANNIVERSARY PUBLICATION 126 N. Jefferson St., Suite 403, Milwaukee, WI 53202-6120 PHONE: 414-277-8181 FAX: 414-277-8191 WEBSITE: biztimes.com EDITORIAL: andrew.weiland@biztimes.com ADVERTISING: advertise@biztimes.com REPRINTS: reprints@biztimes.com PUBLISHER / OWNER: Dan Meyer
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The Founder Story That Still Matters Today BY FRED C. SCHWERTFEGER In an era when startups are synonymous with venture capital and rapid scale, it’s easy to forget some of the most enduring businesses began with a much simpler and more local ambition: to help communities grow. That was the case for Daniel Van Brunt, an industrial innovator and inventor of the grain drill, whose legacy extends far beyond the factory floor to the founding of Horicon Bank. Van Brunt was not only the Bank’s founder, he was a builder. Before establishing Horicon Bank, he had already made his mark in manufacturing, developing equipment that would ultimately become tied to John Deere, one of the most iconic names in American industry. The Horicon factory today is the company’s largest producer of “Gator” utility vehicles and other farm and lawn equipment. Van Brunt’s work helped fuel agricultural productivity and economic growth across the Midwest. He understood something fundamental about business: progress requires both ingenuity and access to capital. This realization laid the groundwork for the Bank’s foundation. Rather than viewing finance as a separate industry, Van Brunt saw it as an extension of innovation itself. Builders, entrepreneurs, and risk-takers needed more than ideas; they needed partners willing to invest in them. Horicon Bank was created to meet that need by being grounded in a philosophy where business growth and community prosperity are inseparable. That founding purpose continues to show up across southeast Wisconsin today. From farms and small businesses to expanding suburban markets, Horicon Bank serves as a financial partner for people willing to build something new, including local entrepreneurs launching ventures, manufacturers expanding operations, and developers investing in community infrastructure. In each case, the Bank’s role extends beyond lending to helping ideas move forward with the right support and local understanding. One of Horicon Bank’s customers, Kurt Williams, offers a modern example of that same spirit. Like Van Brunt, Williams used innovative production methods to solve a real agricultural challenge, developing corn grain spreading equipment designed to improve efficiency and performance, and perfecting the soil to nurture the seed. Horicon Bank’s partnership with Williams reflects the same belief that shaped the Bank’s beginning: when local innovators have access to trusted financial partners, they are better positioned to scale their ideas and strengthen the communities around them. That connection between innovation, capital, and community keeps Van Brunt’s legacy relevant today. As banking continues to change, larger institutions often depend on centralized decision-making and standardized credit models. Horicon Bank’s roots point to a different approach of firsthand knowledge of local markets, relationships, long-term potential, and the people driving them. As economic conditions fluctuate and industries evolve, the need for thoughtful risk-taking has only intensified. Innovation may look different today than it did in Van Brunt’s era, but the underlying principle remains unchanged. Growth happens when someone is willing to build, and someone else is willing to believe in them. Horicon Bank continues to do both. l horiconbank.com
Top: Daniel Van Brunt, innovator and inventor of the grain drill Middle: Van Brunt Grain Drill Bottom: Terry O’Connor (Horicon Bank Business Banker) and Kurt Williams (Horicon Bank Customer) 130th Anniversary Publication - HORICON BANK
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Bridging the Middle-Market Gap:
Where Horicon Bank Delivers Value BY STEVE LEAMAN Across southeast Wisconsin, middle-market businesses, often defined as established companies with meaningful scale, increasing complexity, and ambitious growth plans, are a critical driver of economic vitality. Yet many of these organizations face a persistent challenge when it comes to financial partnerships: finding a bank that truly fits. The reality is that many financial institutions fall at either end of the spectrum. Smaller banks are often relationship-driven and accessible but may lack the infrastructure, expertise, or balance sheet to support increasingly complex needs. Larger institutions, while well-equipped from a product and capacity standpoint, can struggle to deliver the responsiveness and personalization that middle market companies value. The result is a gap that leaves many businesses underserved at a pivotal stage in their growth. At Horicon Bank, we see that gap as an opportunity and a responsibility.
dational. Our clients have direct access to decision-makers, not layers of bureaucracy. When a need arises, whether it’s time-sensitive financing, a strategic discussion, or a quick answer, we respond with urgency and clarity. That proximity allows us to stay aligned with our clients’ goals and act as a true partner, not just a provider.
Right-Sized for Complexity Middle-market firms are navigating more sophisticated financial needs than ever before. From multi-entity lending structures and treasury management optimization to strategic acquisitions and succession planning, these businesses require a financial partner that understands nuance and can deliver tailored solutions. Horicon Bank is intentionally positioned to meet these needs. We bring the capabilities and expertise required to support complex financial structures, while maintaining the ability to adapt quickly. Our teams have experience in guiding businesses through evolving challenges, without defaulting on rigid processes or one-size-fits-all solutions.
A Partner in Growth and Community What sets middle-market companies apart is not just their size, but their impact. These businesses are often deeply rooted in the communities they serve, creating jobs, supporting local initiatives, and driving regional growth. That’s a perspective we share at Horicon Bank. For 130 years, we’ve been committed not only to serving our clients, but to strengthening the communities we call home. Our work with middle-market businesses is a natural extension of that mission. When these companies succeed, our communities thrive. We are proud to play a role in that momentum.
Accessible by Design One of the most frequent frustrations we hear from business leaders is a loss of access, particularly as their company grows and their banking relationship shifts to a larger institution. Decisions move further away. Communication slows. Relationships become more transactional. We’ve built our model differently. At Horicon Bank, accessibility is not a feature - it’s foun4
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Responsive and Relationship-Driven In today’s environment, speed matters. Markets shift quickly, opportunities emerge without notice, and businesses need a partner who can keep pace. Responsiveness is where our difference becomes most tangible. Our size allows us to move efficiently, while our culture ensures that we prioritize relationships over transactions. We listen, understand context, and act, delivering solutions that are not only technically sound but aligned with each client’s long-term vision.
Closing the Gap The middle-market gap is real, but it doesn’t have to be a barrier. With the right partner, one that is equipped for complexity, committed to accessibility, and grounded in responsiveness, businesses can move forward with confidence. At Horicon Bank, we are proud to be a right-sized, relationship-driven partner focused on what matters most: helping our clients and communities grow. l horiconbank.com
Modern Banking Done Right: Innovation, Personalization, and Trust with Horicon Bank BY CASSIE VOIGHT Banking is evolving faster than ever, driven by digital transformation, rising customer expectations, and the need for secure, convenient services. For community banks, the challenge is not simply to innovate; it is to innovate without losing the relationships and trust that make community banking different. Modern banking done right means using technology to enhance customer experience, strengthen personal connections, and give bankers more time to serve their customers. Banks have more insight than ever into customer behaviors, preferences, and needs. When used responsibly, this information allows us to personalize services, provide relevant recommendations, offer support, and make banking feel more useful and intuitive. Personalization can help customers feel known, supported, and understood. Customers now expect fast, simple, and responsive digital experiences. Horicon Bank meets these expectations through tools such as Online Banking with reporting, alerts, money movement, and card controls; Online Account Open-
ing for new and existing customers; and Interactive Teller Machine (ITM) services which combines convenience with personal support. These services are not meant to replace relationships, but to make banking easier and more flexible while keeping help close at hand. To stay relevant, community banks must also be able to integrate the best technology available. Horicon Bank’s core system, Fusion Phoenix, provides open architecture that supports best-in-breed solutions and allows our teams to build an agile technology stack. This flexibility helps us adopt tools to solve real customer and associate needs instead of forcing people to adapt to rigid systems. Christian Ruppe, Partner & CSO at ImpactFI Advisors, reinforced that “the best innovation starts with knowing the community. Rather than trying to be everything to everyone, community banks can identify what customers need most, develop specialized expertise, and build or buy solutions that support Continued on page 6
Congratulations to Horicon Bank
on 130 years of community banking excellence.
We are proud to celebrate this remarkable milestone with you and wish you continued success for generations to come.
Congratulations on 130 years, Horicon Bank!
Built for forward-thinking organizations that are shaping the future while staying true to their people, purpose, and values, our solutions are designed to transform everyday spaces into smarter, more connected experiences that elevate both people and performance. We’re honored to be part of this milestone with you.
(262) 955.6333 • info@smartspaceswi.com horiconbank.com
Congratulations to Horicon Bank On 130 Years of Impact A legacy built on relationships, community and putting people first — values we proudly share at Creative Planning.
130 YEARS OF TRUSTED SERVICE C R E AT I V E P L A N N I N G .C O M 130th Anniversary Publication - HORICON BANK
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those priorities.” In other words, innovation should help a bank become even better at serving its people and communities. Innovation does not mean removing people from banking. ITMs, chat support, digital tools, and in-branch service all play a role in meeting customers where they are. The strongest model blends digital convenience with human guidance, giving customers options while preserving access to real bankers for advice, complex questions, and important financial moments. Ruppe also commented, “technology should empower people, not take them out of the process. By automating manual work, reducing paper-heavy tasks, and improving processes, bankers gain more time to make calls, meet with customers, and deepen relationships. Technology can make banking more human, not less.” Trust remains the foundation. Customers want speed and convenience, but they also expect security, transparency, reliability, and clear communication. New
A legacy of forward thinking
technology must provide value for the customer, not just efficiency for the bank. If a tool repeatedly fails or creates frustration, confidence can erode quickly. Trust is earned when digital solutions work consistently, protect customer information, and make the experience easier, safer, or more useful. Horicon Bank’s vision, “Together, Doing Good...” reflects this approach. Technology should support meaningful outcomes for customers, associates, and communities. It should simplify work, create better experiences, and strengthen the relationships central to community banking. Modern banking done right is not using technology for technology’s sake but, it is innovation with purpose: using data responsibly, building flexible digital experiences, integrating strong solutions, and giving bankers more time to serve. The future belongs to banks that balance digital excellence with human trust, proving innovation and relationships can grow stronger together. l
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Congratulations on 130 years
Congratulations to Horicon Bank on 130 years of serving Wisconsin’s communities with integrity and vision. Wishing you continued success as you build on your remarkable legacy. EXPLORE OUR PRACTICES
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From Startup to Success: A GROWTH STORY WITH HORICON BANK BY CHRIS ZIRBES Behind every growing business is a leader with a vision, the courage to take risks and the determination to keep moving forward. From Ben Westra building WDS Construction from the ground up, to Animart evolving into the nationally recognized Armor Animal Health, to Chuck Smith growing Current Electric into an innovative electrical and solar service provider, these stories reflect what happens when entrepreneurs turn opportunity into lasting impact. Horicon Bank is proud to support customers whose leadership, innovation and commitment continue to strengthen the communities they serve. Current Electric, Chuck Smith Current Electric’s banking relationship began in 2017, when Chuck Smith was looking for a more responsive partner to support the company’s working capital needs. After experiencing delays with a “big bank,” Chuck was introduced to Cornerstone Community Bank by a home builder and longtime customer who trusted Current Electric as their preferred electrical contractor. That relationship continued when Cornerstone Community Bank merged with Horicon Bank in 2023, bringing Current Electric into the Horicon Bank customer family. Since then, Horicon Bank has worked closely with Chuck and his management team as Current Electric has continued to expand its operations and customer offerings. The relationship has grown to include full depository and treasury management services, working capital lines of credit, financing for a vehicle fleet overhaul and support for the purchase of a new 40,000-square-foot building designed to bring the company’s entire operation under one roof. Horicon Bank has also partnered with Current Electric and its customers on new solar opportunities, helping them take advantage of available tax credits while investing in energy solutions for the future. Founded in 1983, Current Electric has grown into a trusted provider of electrical, solar, generator, construction and remodeling services. Known for its customer-first approach and energetic brand personality, the company’s
Chris Zirbes (Horicon Bank Business Banking Director), Chuck Smith (President and Owner of Current Electric) and Fred C. Schwertfeger (Horicon Bank
superheroinspired logo reflects its commitment to showing up for customers with the right solutions when they need them most. Today, Current Electric employs about 150 full-time team members, including apprentices, master electricians and office staff. “Current Electric’s core values of putting the customer first, getting better, working hard and staying grounded line up closely with those of Horicon Bank,” said Chris Zirbes, Senior Vice President and Business Banker at Horicon Bank. “Chuck Smith is a good businessman and a better person, and Horicon Bank is honored to have a long-term relationship with him.” Growth stories such as Current Electric are more than business milestones; they are examples of what can happen when strong leadership, trusted relationships and a shared commitment to community come together. Horicon Bank is honored to walk alongside its customers like Current Electric as they build, adapt and grow. Their success strengthens local economies, creates opportunities and reflects the lasting impact of businesses rooted in purpose, innovation and partnership—an expression of our vision, “Together, Doing Good…” l
Happy Anniversary
Congratulations!
Congratulations on 130 years of serving your Customers & the Community Your Friends at
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From Startup to Success: A GROWTH STORY WITH HORICON BANK BY TERRY O’CONNOR Behind every growing business is a leader with a vision, the courage to take risks and the determination to keep moving forward. From Ben Westra building WDS Construction from the ground up, to Animart evolving into the nationally recognized Armor Animal Health, to Chuck Smith growing Current Electric into an innovative electrical and solar service provider, these stories reflect what happens when entrepreneurs turn opportunity into lasting impact. Horicon Bank is proud to support customers whose leadership, innovation and commitment continue to strengthen the communities they serve. WDS Construction, Ben Westra When Ben Westra founded WDS Construction in 2005, he had a clear vision: build a company that put relationships first, delivered exceptional client experiences and created opportunities for its people. As a 28-year-old fourthgeneration builder, he had the passion and determination to make that vision a reality – but like many entrepreneurs, he needed a financial partner who believed in it too. Ben connected with Terry O’Connor, then a business banker at Horicon Bank, who provided the line of credit that helped launch WDS Construction. More importantly, he found a banking partner that shared his long-term outlook and commitment to building lasting relationships. From there, Ben built trusted relationships with companies, earning opportunities to construct and improve commercial properties across a growing footprint. Year after year, WDS 8
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Construction continued to grow, eventually becoming one of Horicon Bank’s largest customer relationships. Over the past 20 years, WDS Construction has grown from a startup into a nationally recognized general contractor and has served clients across 47 states. While the company’s footprint has expanded, its purpose has remained the same: to provide for WDS families and build communities through a passion for construction. Today, WDS is known for more than the buildings it constructs. Guided by its core values of Hungry, Humble and Loyal, the company has built a reputation for putting clients first, investing in its people and delivering projects with integrity, collaboration and quality. Those same values have shaped not only its culture and growth, but also long-standing partnerships like the one it shares with Horicon Bank. “Alongside their growth, Horicon Bank has remained a steady partner, supporting a journey defined not only by business success, but by leadership, legacy and giving back,” said Terry O’Connor, EVP and Chief Lending Officer at Horicon Bank. “It’s a great pleasure to work with Ben and his company, and we look forward to continuing our relationship with them.” Headquartered in Beaver Dam, Wisconsin, WDS Construction remains deeply committed to its local roots, even as it continues to build projects and relationships across the country. Like Horicon Bank, WDS believes lasting success is built on trust, strong partnerships and a shared commitment to helping communities thrive. l horiconbank.com
From Startup to Success: A GROWTH STORY WITH HORICON BANK BY MATTHEW BERG Behind every growing business is a leader with a vision, the courage to take risks and the determination to keep moving forward. From Ben Westra building WDS Construction from the ground up, to Animart evolving into the nationally recognized Armor Animal Health, to Chuck Smith growing Current Electric into an innovative electrical and solar service provider, these stories reflect what happens when entrepreneurs turn opportunity into lasting impact. Horicon Bank is proud to support customers whose leadership, innovation and commitment continue to strengthen the communities they serve. Animart/Armor Animal Health, Jim and Ruth Metz Animart’s growth story began in Beaver Dam, Wisconsin, when founders Jim and Ruth Metz built a small local business dedicated to helping farmers and producers strengthen animal health and improve their operations. From its first loan through Horicon Bank in 1997 to its evolution into the nationally recognized Armor Animal Health, the company has remained rooted in the values established by the Metz family: practical expertise, innovation, and a customer-first approach that supports rural communities. What began as a local enterprise steadily grew into a leading animal health organization, ultimately attracting private equity investment and positioning the company for continued expansion on a national scale. As the industry evolved, Animart expanded its reach
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and capabilities through strategic mergers with Stockmen’s Supply and Midwest Supply & Distributing in 2016 and Animal Profiling International in 2019. These milestones strengthened the company’s ability to serve producers and veterinarians with products, services, diagnostics, and datadriven solutions across the animal health industry. Building on the strong foundation created by Jim and Ruth Metz, the company successfully transitioned from founder-led ownership to private equity ownership, enabling further growth while maintaining its commitment to customers and communities. In 2020, the company rebranded as Armor Animal Health, bringing its legacy organizations together under one identity that better reflected its integrated approach to veterinary expertise, diagnostics, data analysis, consulting, and product solutions. “Animart, now Armor Animal Health, has been a true pioneer within the animal health industry,” said Matt Berg, Assistant Vice President and Business Banker at Horicon Bank. “What started as a small local business founded by Jim and Ruth Metz has grown into a nationally recognized leader in animal health. Their willingness to innovate, embrace change, and continuously expand their capabilities has helped set them apart on a national level. The successful transition to private equity ownership reflects the strength of the organization they built and the opportunities ahead. Just as importantly, they have remained exceptional stewards of the communities they serve, supporting agriculture and helping producers succeed. We are incredibly proud of their accomplishments and grateful for the partnership we have built together over the years.” l
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Milwaukee Parks Foundation donation in 2026
From Investment to Impact: A COMMUNITY STORY BY ROSE PETITTE & CHRISSY OELKE Community impact is not measured by good intentions alone. It is measured by the lasting difference those intentions create. At Horicon Bank, community impact is visible in gathering places, in businesses strengthening local economies, and in programs continuing to make a difference long after the initial investment. It reflects a simple but powerful idea guiding everything we do: “Together, Doing Good…” Sometimes, it starts with a transformational commitment. In Horicon, a $1.25 million gift helped bring a new athletic complex, Sword Field, to life. This turned a community vision into a permanent gathering place for students, families, and local pride. It’s not just a field. It’s Friday night lights, early morning practices, and years of memories that would not exist without the investment. But just as often, impact is built in quieter, more personal ways through lending. Behind many local businesses is a familiar story. A business owner has a vision but faces the gap between idea and execution. A local lender steps in at the right moment with the resources and belief to move the vision forward. 10
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It might mean financing a first location, supporting an expansion, or helping a family business transition to the next generation. These are the moments where community banking becomes community building. Jobs are created. Main streets stay active. Local economies grow from within. Across Wisconsin, Horicon Bank invests in the future workforce through partnerships with organizations like GPS Education Partners and Secure Futures. These efforts create pathways for students to gain hands-on experience, connect with local employers, and build skills leading to meaningful careers. Additional support includes events such as the BizTimes Future Workforce Summit, the Greater Brookfield Non-Profit Showcase and Children’s Wisconsin Rally Round. Together, these investments connect community partners to opportunity and reflect what “Together, Doing Good…” looks like in action. We also see an impact on organizations working every day to protect and improve the places we call home. Through a recent initiative, Horicon Bank contributed $15,000 across three environmental organizations supporting conservation, education, and preservation efforts in Wisconsin. Those dollars translate into healthier horiconbank.com
Above: Sword Field in Horicon, Wisconsin Left: Plaque commemorating Sword Field
ecosystems, stronger community spaces, and opportunities for future generations to experience the same natural resources we value today. Financial investment, however, is only part of the story. Real impact is built by people. Bankers who live in these communities choose to show up. Horicon Bank employees volunteer their time, serve on nonprofit boards, support local events, and engage in community initiatives throughout the year. Full-time associates are given 40 hours of paid volunteer time to give back, reinforcing a culture where “Together, Doing Good…” is not just a vision. It is a
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responsibility. The combination of capital and commitment shapes how decisions are made. We do not just respond to needs; we anticipate them. We do not just fund projects; we help them succeed. We are not just present in our communities; we are part of them. Over time, those efforts build something bigger. A school facility strengthens community pride. A business loan creates jobs and brings energy to a downtown. A nonprofit investment expands access to critical services. “Together, Doing Good…” creates lasting momentum through what we build, support, and show up for every day. Because real community impact is built through action. At Horicon Bank, we listen. We care. We take action. l
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130 Years Strong: A LEGACY BUILT ON PEOPLE AND PURPOSE BY RENEE PETERSON As Horicon Bank marks 130 years of community banking, the milestone invites a broader question: what is the secret to sustaining growth, relevance, and employee loyalty across generations? I have worked at Horicon Bank for over 26 years. During that time, and even long before, our organization has weathered economic shifts, industry disruptions, and expansion into new markets. Yet our longevity cannot be attributed solely to financial strategy or market positioning. At its core, it is the result of a deeply rooted organizational culture that has consistently aligned values, employee experience, and customer relationships over time. In 1996, during our 100-year anniversary, Fred F. Schwertfeger (now CEO of Horicon Bank, and back then President) shared in an interview that the Bank’s success was driven by its people: those who work within the organization and those within the communities we serve. If asked the same question today, his answer would remain unchanged. His perspective reflects the essence of our culture. It endures through both economic uncertainty and periods of success. It is not reactive or situational; rather, it is a consistent foundation guiding how we operate and grow. When I joined the Bank in 2000, my intention was not to build a lifelong career in banking. I was simply working to save for college. Since then, Horicon Bank has grown from a $150 million institution to more than $1.6 billion in assets, creating opportunities for employees to develop alongside the organization. My own journey from drive-up teller to Vice President of People and Culture reflects that progression. It is fair to say, had the bank remained at its original size, my path may have looked very different. A key contributor to our sustained success is our intentional approach to hiring and development. We seek candidates who embody our CORE Virtues: Capable, hOnest, Respect, and Energy. Among these, Respect serves as a guiding principle for performance and leadership, defined as “mutual consideration and generosity of spirit.” This principle
Horicon Bank employees ready to serve our customers at our Wauwatosa branch in The Mayfair Collection.
extends to our customer relationships, shaping interactions which are both thoughtful and relationship driven. Horicon Bank is also distinguished by the tenure and commitment of its employees. Long-standing team members continue to contribute meaningfully to the organization’s growth for several reasons. Employees are empowered with autonomy in decision-making, and when escalation is required, decisions remain local, made by leaders who understand the communities we serve. Additionally, our workforce reflects a thoughtful balance of tenured employees and new talent, allowing us to preserve our cultural foundation while continuously evolving through fresh perspectives. Another critical factor in employee engagement and retention is our Employee Stock Ownership Plan (ESOP). Currently, Horicon Bank is 25% employee owned. This structure reinforces a shared sense of accountability and investment in the Bank’s success. Employees understand their decisions directly impact not only the organization and its customers, but also their fellow employee-owners. Our culture also extends beyond the walls of our organization and into the communities we serve. Strong community connection is integral to both employee engagement and customer loyalty. Through financial contributions and volunteerism, we actively support the well-being of our communities - an effort reflecting our broader purpose. At Horicon Bank, we are proud to be “Together, Doing Good…” l
Congratulations on
130 years!
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Members of the Schwertfeger family with “Curly” the Mammoth at the Horicon Marsh Education Center.
Committed to Staying Local BY FRED C. SCHWERTFEGER The number of banks in the United States has roughly halved in the last 20 years. At a time when the banking industry is shaped by consolidation, scale, and national expansion, Horicon Bank makes a deliberate choice to remain independent and locally rooted. That decision shapes how Horicon Bank serves customers, supports businesses, and defines success. In 1963, a Wisconsin statute (Wis. Stat. § 221.08) required all bank directors to maintain residence in Wisconsin. When the original Van Brunt/Wilcox family moved out of state, this caused the sale of the bank to local Horicon businessmen. Thirteen years later, a structural innovation followed, the formation of Sword Financial owned by the Schwertfeger family, a holding company structure designed to help preserve independence, strengthen local control, and position Horicon Bank for disciplined growth. While others pursued mergers or acquisition-driven expansion, Horicon Bank chose a different route, one that prioritized agility over scale and relationships over volume. Horicon Bank’s ability to remain independent improved when it started its business banking function. When other big publicly traded banks make lending decisions, they often extend beyond the local level, requiring coordination across locations and management layers. Horicon Bank ramped up their business banking function when they hired Al Schwab, who led the Business Banking function for horiconbank.com
over 25 years. When Schwab found himself at his prior bank faxing a small car loan application to a Kentucky office for approval, he realized he needed to make a change and came to Horicon Bank, where local decisions mattered. This was a moment that reveals both a gap and an opportunity: local businesses needed more than access to capital. They needed responsiveness, understanding, and bankers who could make decisions with context. This realization led to the development of a more localized, empowered approach to business banking designed to keep decision-making closer to the customer. The communities Horicon Bank serves all have local business bankers who understand local businesses. The Bank’s commitment to independence has also been reinforced over time through elements of employee ownership. Horicon Bank has been partially employee owned since 2006 through an Employee Stock Ownership Plan, giving employee owners a vested interest in the overall success of the Bank and helping build a culture grounded in personal accountability. As consolidation continues to reshape the banking landscape, many businesses find themselves working with larger institutions where decisions are made farther from the communities they affect and influenced by broader portfolios Continued on page 14
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Above: Al Schwab, Gale Brandsma, Terry O’Connor, and Paul Huebner in the back and sitting is John Zanghi (Beaver Dam Banking Team in 2016) Right: Frederick R. Schwertfeger and his wife, Addie, at a Horicon parade in 1996. As an owner of Horicon Bank, Frederick R. played an important role in the Bank’s history, serving as a director for 37 years (1965–2002) and as President from 1978 to 1982.
rather than local conditions. Remaining independent allows Horicon Bank to tailor solutions to southeast Wisconsin’s unique industries, growth patterns, and entrepreneurs, while providing consistency in relationships with bankers who understand both a business owner’s financials and their story. Independence does come with trade-offs, requiring disci-
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plined growth, thoughtful risk management, and intentional investment in systems and talent. For Horicon Bank, those challenges are outweighed by the ability to stay aligned with its core purpose of serving local businesses in a way larger institutions often cannot. In the end, the decision to “stay local” was about choosing a path that keeps Horicon Bank close to the people, businesses, and communities it serves, a commitment that matters more than ever in today’s environment. l
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The Natural Choice: GROWING WITH PURPOSE BY CHRISSY OELKE At Horicon Bank, “The Natural Choice” is more than a tagline. It reflects where we come from and the kind of bank we continue to choose to be. Our story is closely tied to the Horicon Marsh, one of Wisconsin’s most significant natural landmarks. Spanning more than 33,000 acres, it is one of the largest freshwater marshes in the United States and home to a complex ecosystem that depends on balance, connection, and time. That sense of balance has shaped how we think about banking. Since 1896, Horicon Bank has focused on building steady, genuine and durable relationships. Much like the marsh, strong communities are not sustained by any single element, but by the strength of the connections between them. Businesses, families, and local partners all play a role. When those relationships are grounded in trust and consistency, growth happens in a way that is both natural and lasting. “The Natural Choice” reflects this belief. It is about combining thoughtful decision-making with the ability to move quickly, staying closely connected to the people and businesses we serve, and supporting them in practical
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and lasting ways. At its core, it is our people serving the communities we are part of and building meaningful connections every day. As Horicon Bank continues to grow, including in the Milwaukee area, this foundation remains at the center of our approach. We’re grateful to be joining a vibrant, well-established business community and look forward to becoming a part of it in a way that aligns with who we are and the impact we hope to make. It starts with relationships. We take the time to listen, understand the businesses we serve, and respond with practical, straightforward solutions. Through consistency, follow-through, and a genuine understanding of our customers, we build trust that lasts. The idea of “The Natural Choice” also carries into how we think about sustainability. Inspired by the Horicon Marsh, we recognize that healthy ecosystems depend on strong foundations, balance, and the ability to evolve over time. Those same principles guide how we operate, from the way we design our spaces to the way we approach growth with Continued on page 16
CELEBRATING 130 YEARS OF BANKING Congratulations to Horicon Bank on this impressive anniversary. Wipfli is proud to recognize your history, leadership and continued commitment to helping businesses, families and communities thrive.
wipfli.com 10000 Innovation Dr, #250, Milwaukee, WI · (414) 431-9307
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Above: Oshkosh Branch – Geothermal Building Left: Horicon Marsh
care and intention. That mindset is reflected in the steps we have taken to be more environmentally conscious and energy efficient. Our Fond du Lac and Oshkosh offices are among the few geothermal bank buildings in the Midwest, and Horicon
Bank is also one of a small number of banks designated as “Eco-Conscious” by Sustain Link. For us, sustainability also extends beyond environmental responsibility. It includes supporting local businesses, contributing to strong regional economies, and helping customers grow in ways that are thoughtful, steady, and built to last. Like any lasting commitment, it requires consistency over time. For businesses in the Milwaukee area, we understand trust is something built over time. Our approach has always been to immerse ourselves in the communities we serve, building relationships through consistency, reliability, and long-term commitment. By showing up, staying connected, and investing in the people and businesses around us, we work to become a trusted partner and, ultimately, “The Natural Choice.” l
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HORICON BANK - 130th Anniversary Publication
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Banking Over the Next 50 Years BY RICHARD TOBIAS & CHAD ZIMBORSKI As Wisconsin’s population trends reshape the state’s economic future, banking over the next 50 years will be defined by a delicate balance between demographic reality and technological transformation. A shrinking workforce, aging population, and increasing strain on key industries will challenge traditional growth models, pushing financial institutions to do more with less. Yet even as technology expands capabilities, the foundation of banking will remain rooted in trust, discipline, and human connection, redefining not just how banks operate, but the value they bring to the communities they serve. Experts agree America’s Dairyland is facing a future of downsizing. The Wisconsin Department of Administration’s State and County Population Projections 2020-2050 report forecasts a population decrease over the next 50 years. Baby Boomers are moving into higher-mortality age groups while birth rates have remained below replacement for decades. Domestic migration is expected to remain largely neutral. The report notes individuals relocating to Wisconsin originate from the Upper Midwest and other regions experiencing similar demographic shifts. The decline is expected to ripple through the state as qualified workers become scarce, and the talent pool continues to shrink. The impact of these demographic shifts will extend across several of Wisconsin’s core industries, with healthcare among the most immediate. As the state’s population continues to age, demand for care is expected to grow significantly. A 2024 report by Forward Analytics, On the Brink: Probing the Coming Senior Care Crisis by Kevin Dospoy, estimates Wisconsin will need approximately 19,900 additional nursing, CNA, and aide positions by 2040 to meet that demand. Manufacturing and agriculture will face their own pressures. Manufacturing, one of Wisconsin’s largest contributors to state GDP, remains especially vulnerable as the sector already faces headwinds from a softening labor market. Agriculture, which is concentrated in regions most affected by population decline, is also under pressure from global trade shifts, volatile input costs, and climate patterns marked by warmer temperatures, intense storms, and swings between wet and dry conditions. As these workforce pressures build, technology will become an increasingly important way for Wisconsin employers to extend existing capacity. Community banks are no different; our process-heavy operations create meaningful opportunities for productivity gains. Basic applications include streamlining application processing, extracting data, and using generative AI to guide customers and manage routine inquiries. More advanced use cases include fraud detection and transaction monitoring, preliminary credit risk assessments, liquidity forecasting, and capital stress testing. These changes can improve efficiency ratios and help alleviate pressures from a strained labor market. Trusting AI in a heavily regulated environment comes with its own risks. As human intervention declines, examiners are placing greater emphasis on model governance, explainability, oversight, data access controls, and documentation supporting horiconbank.com
AI-driven decisions. Beyond regulatory oversight, AI also raises a broader strategic challenge for banks. The same technology that can support day-to-day operations also has the potential to disrupt the industry’s traditional strategy. A May 2025 report from Boston Consulting Group, For Banks, the AI Reckoning Is Here by Saurabh Tripathi, Stiene Riemer, Matteo Coppola, Kirsten Rulf, Jürgen Rogg, Christian Schmid, and Michael Strauß, warns that traditional banking strategy must evolve. A single AI prompt can give depositors an immediate view of the entire market, making it easier to find the best deal. The report states, “AI-driven transparency will expose rate structures, fees, and lending terms in real time, eroding pricing power based on opacity. Banks will increasingly need to compete on financial value—offering transparent pricing—as well as intangible value: the timeliness and quality of their advice and how well they understand and anticipate customer needs.” While technology continues to accelerate, the ethos of community banking never changes. AI can do a lot of things, but it cannot look a borrower in the eye, navigate a funding crisis, or understand the local economics of a market. The human relationship side of banking isn’t disappearing; it’s becoming the only thing that matters. Customers will likely seek organizations they can trust, and banks will be more selective when evaluating potential borrowers. In uncertain markets, discipline matters. Risk tolerance and the 5 Cs of credit (character, capacity, capital, collateral, and conditions) remain timeless principles. Community banks will likely become more specialized, focusing on areas where they have deep expertise. Bonds will continue to help balance lending risk, while analytics, not emotion, will guide decisions and protect against potential losses. l 130th Anniversary Publication - HORICON BANK
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Leadership Perspective:
WHAT WILL NEVER CHANGE BY FRED C. SCHWERTFEGER Banking is an industry of constant change. Regulations grow more complex, interest rates shift, and technology evolves faster every year. In that environment, stability is a competitive advantage. At Horicon Bank, the operating environment may change, but the principles do not. They are summed up in a simple vision: “Together, Doing Good…” Most companies post “core values” on a wall, where employees can take them or leave them. Horicon Bank instead holds to Core Virtues — a deliberate word choice, since virtues are qualities that are inherently good. CEO Frederick F. Schwertfeger drew them from one of the oldest organizational management conversations on record, found in the biblical text of Exodus 18, where Moses’s father-inlaw Jethro (also called Reuel) advises Moses to delegate authority to capable, honest people who reject greed and are full of the Spirit. Schwertfeger calls these “Reuel’s rules,” and at Horicon Bank they spell CORE: Capable, because competence is the basis of every job; hOnest (forgiving the silent “h”), because handling confidential financial information demands it; Respect, a generosity of spirit
toward others; and Energy, having enough of it for work, family, and community alike. The last two are what sets Horicon Bank apart. The virtues are matched by a mission to CARE: for the Communities the bank serves; for its Associates, the employees who own shares through the bank’s employee stock ownership plan; for Relationships with customers the bank can grow alongside; and for the Expectations of shareholders that the bank remain sound and profitable. These pillars have carried Horicon Bank through 130 years, and they start with motivated employees. Digital platforms and efficiency matter, but banking is not a transactional business. Customers are not accounts. They are individuals, families, and business owners making decisions that shape their lives. Discipline around risk is equally essential. The bank does not avoid risk — growth requires it. What matters is how risk is understood and managed: through thoughtful, wellinformed decisions grounded in local knowledge and a longterm view rather than short-term gain. That balance lets the bank support growth while protecting stability and trust. Independent ownership is another non-negotiable. As consolidation reshapes the regional financial landscape, independence gives Horicon Bank faster decision-making, greater flexibility, and closer alignment with community needs — advantages larger organizations struggle to replicate. It also reinforces accountability, because decisions are made by people who live and work in the communities they serve. Ultimately, the bank’s purpose is to use banking to help people, businesses, and communities move forward. Success is measured not just in financial results but in impact: businesses that grow, families that buy homes, communities that get stronger. As tools evolve from digital platforms to data analytics, that purpose keeps innovation grounded in service. Technology will keep changing. Markets will shift. Customer expectations will rise. What will not change is Horicon Bank’s conviction that banking is about people, trust, and long-term impact — strong relationships, disciplined decisions, local accountability, and doing good. Those principles are not just the bank’s history. They are its future. l
Fred F. Schwertfeger and grandchildren celebrating the 100th anniversary of the Horicon branch building on May 19, 2015.
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Reinhart congratulates Horicon Bank on 130 years of commitment to service, community and lasting partnerships.
414.298.1000 reinhartlaw.com