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Wisconsin Banker January | February 2026

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Wisconsin Bankers Unite to Protect Aging Population from Fraud By Elizabeth Fenton In small-town Wisconsin, a woman quietly withdrew more than $140,000 — money she believed would prevent legal trouble and protect her family. Across the state, a widower spent months wiring money to someone he thought cared about him. These scammers used social engineering in different ways, yet both roads led to the same devastating end: the loss of hundreds of thousands of dollars that were impossible to recover. These stories are not one-off tragedies — they’re happening to our own grandparents, neighbors, and bank customers. Financial exploitation targeting older adults is accelerating across Wisconsin, and the strategies behind these schemes are becoming increasingly sophisticated and emotionally manipulative. Bad actors weaponize romance and crypto kiosks to swindle funds from unsuspecting and well-intentioned elderly people — and banks around the state often serve as the final line of defense between older customers and devastating financial loss. Policymakers and financial institutions alike are committed to identifying these ever-evolving crime patterns by establishing stronger frameworks to reduce harm and empower frontline staff to intervene when they suspect fraud is afoot. Members across our industry have followed with interest the work of the Speaker’s Task Force on Elder Services — a group consisting of people from both sides of the aisle. The Task Force seeks to identify vulnerabilities facing older Wisconsin residents, particularly in areas regarding safety, financial exploitation, housing, and access to services. Several months of hearings are complete and new legislation is slated for 2026 — so banks may soon see policy changes affecting how crooked transactions involving seniors are handled. An Urgent Need for Intervention Representative Pat Snyder, chairman of the Task Force and legislator for Wisconsin’s 85th Assembly District, recounted a wave of alarming reports from local law enforcement regarding staggeringly-high-dollar loss cases among seniors. Crypto kiosks — machines allowing cash to be converted into digital currency — were repeatedly cited as enabling fraud situations that banks could not stop once a customer had withdrawn funds from their account. “When someone receives a text saying they’ve missed jury duty

and will be arrested unless they pay immediately, they panic,” Snyder explained. “People walk into their bank, withdraw $5,000 or $10,000, and then go straight to a kiosk to deposit it — sometimes while still on the phone with the scammer.” What’s worse: These victims rarely disclose the situation to their family members. Pride and embarrassment often bar these older adults from admitting a fraudster manipulated them, even when bank employees or law enforcement finally intervene. These fraud situations have devastating impacts that extend far beyond the financial. “In some cases, we’re seeing people withdraw life savings, then experience shame so severe that it affects their mental and physical health,” Snyder shared. By 2035, Snyder said, Wisconsin will have more residents over the age of 65 than under 18. These patterns — paired with our state’s aging population — contribute to a significant need to create safeguards for seniors. Legislation in the Pipeline The Task Force has held hearings in Madison, Wausau, and LaCrosse, with plans to conclude its work in early 2026. Snyder anticipates recommending five or six legislative bills focusing on both physical safety and financial protection of elders. One priority under consideration involves granting banks greater authority to place temporary holds on large or unusual transactions involving vulnerable adults. “We’re not talking about stopping everyday activity,” Snyder explained. “But when a customer suddenly requests thousands of dollars while on the phone with someone telling them what to say, we need a way to pause that money from going out the door.” Solutions being explored include: • A mandatory hold period when transactions significantly deviate from a customer’s normal pattern • Formal guidelines protecting banks when intervening • Coordination with law enforcement and social services during active fraud attempts Other potential proposals may address: • Daily caps on cryptocurrency kiosk transactions • Requirements for convenience store operators hosting the machines

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Inside this issue. . . WBF Excellence in Financial Education Awards . . . pg. 9 Wisconsin Economic Report . . . . . . . . . . . . . . . . . . . . . pg. 17 The Stock Market Game . . . . . . . . . . . . . . . pg. 28 Community Advocate Spotlight . . . . . . . . . . . . . . . . . . . pg. 30

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Staying Relevant Through the Power of Networking By Paul Northway Relevance. It’s the

theme I chose to guide my year as Chair of the Wisconsin Bankers Association, and it’s an idea that has taken on more meaning with each conversation I’ve had with bankers. In an industry defined by constant change — economic shifts, new technology, everincreasing regulatory pressures — relevance is not static. It is earned and re-earned through intentional connection, continuous learning, and a commitment to staying engaged with the broader banking community. One of the most effective ways to maintain relevance is through networking. Networking is often misunderstood as an act of handing out business cards or exchanging LinkedIn invitations. True networking is about creating relationships that help us grow, think differently, and strengthen both our individual careers and our institutions. The Wisconsin Bankers Association plays a vital role in making those relationships possible. WBA creates spaces where meaningful networking happens, like leadership development programs, peer groups, advocacy events, or statewide conferences. Networking as a Strategic Imperative Banking has always been a relationship business, but the value of internal, industry-focused relationships has never been higher. Today’s environment requires leaders to think beyond their own institutions. We are managing rapid digital transformation, recruiting and retaining new generations of talent, and building a balance sheet that weathers all storms. None of us can solve these challenges alone. That is why networking is not a “nice to have”— it is a strategic imperative. When we talk with peers, share best practices, and learn from one another’s successes and failures, we sharpen our ability to lead. We also gain a broader perspective on the trends shaping our industry and the strategies that may help our banks outperform. The Power of WBA Programs The Wisconsin Bankers Association has long recognized that networking is a catalyst for leadership. Many of WBA’s most successful programs are built around structured, high-value peer connection. Three offerings, in particular, stand out as powerful examples: • BOLT: Building Our Leaders of Tomorrow BOLT is one of the industry’s strongest leadership pipelines,

designed to equip emerging banking professionals with the skills, confidence, and connections needed to grow into leadership roles. Participants gain practical insight through expert-led sessions while building networks that become career-long support systems. BOLT embodies the philosophy of “growing our own” by helping future leaders understand that relevance and strategic thinking must be cultivated early. • CEOnly and CFOnly Peer Groups WBA’s CEO-Only and CFO-Only peer groups provide confidential forums where senior leaders can engage in candid discussions with others who understand the pressures of executive decision-making. These groups move beyond surfacelevel networking to explore strategy, regulation, succession planning, capital management, and market trends that directly impact institutional performance. The exchange of perspectives strengthens leadership effectiveness and reinforces a sense of community across banks of all sizes. • Networking Through Advocacy Advocacy events such as Capitol Day, Washington, D.C. visits, and legislative roundtables offer powerful networking opportunities by bringing bankers together around a shared mission. Standing side by side to communicate the real-world impact of policy decisions strengthens relationships while amplifying the industry’s collective voice. These experiences foster cross-functional learning, deepen understanding of the regulatory landscape, and reinforce the importance of unity in advancing banking’s role in our communities. The Bottom Line My challenge to each of you is simple: lean into these opportunities. Attend one more event. Join a peer group. Reach out to a banker you met at a conference last year. Invite a rising leader at your bank to attend BOLT. Sign up for Capitol Day. Share your experiences and ask about someone else’s. Our relevance as an industry depends on our willingness to show up for one another — and there is no better community than the one we have right here in Wisconsin banking.

Northway is president and CEO of American National Bank Fox Cities and the 2025–2026 WBA Chair.

WBA Agricultural Bankers Conference April 16–17, 2026 I Kalahari I Wisconsin Dells 2

Wisconsin Banker

January | February 2026

Committed to the Industry. Committed to your Bank. • Mergers & Acquisitions • Strategic Planning • Ownership Succession • Securities Offerings • Vendor Contracts • Compensation Plans • Commercial Lending • Consumer Finance • Workouts & Bankruptcy • Privacy & Information Security • Fintech

As a WBA Gold Associate Member, we prioritize our commitment to the Wisconsin banking industry. More depth, more expertise, better results. “We trusted Godfrey & Kahn with the sale of our family’s most valuable asset...our bank. And we would do it again.” — $50 Million Community Bank “Godfrey & Kahn’s responsiveness, follow-up, teamwork and expertise exceed expectations.” — $1 Billion+ Community Bank

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Wisconsin Banker

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A Refresher on Rescission Rules interest. In short, any consumer with an ownership interest in the dwelling taken as security receives the right of rescission. One of the consumer This could include a non-borrower. protection rights afforded by Truth in For example, consider a situation where Lending is the right of rescission. While a borrower’s parents pledge their house there are no changes to this rule, it is as security for a covered transaction. The a frequent topic for questions received parents are not borrowers and thus, not through the WBA legal call program. In this obligated to the transaction. However, month’s legal column, we discuss this rule because their ownership interest in the house and some important aspects to consider. is subject to the security interest, they must The right of rescission can be found be provided with the right of rescission. under Regulation Z for both closed-end and It is also worth noting that sometimes a open-end credit (citations follow at the end trust can be considered a consumer for of this article). Generally speaking, rescission purposes of rescission. Credit extended to applies in a credit transaction secured trusts established for tax or estate planning by a consumer’s principal dwelling. For purposes or to land trusts is considered to purposes of rescission, each consumer whose be extended to a natural person for purposes ownership interest is subject to the security of the definition of consumer. In the case interest shall have the right to rescind the where the property is held by a trust, the transaction, unless exempt. lender should make sure to review Reg Z to One of the most common questions see whether the trust might be a consumer WBA receives is: Who gets rescission? All for purposes of rescission. consumers receive the right of rescission. WBA also receives questions of whether Reg Z defines “consumer” as a natural a consumer can waive the right to rescind. person to whom consumer credit is offered In certain rare circumstances this is possible, or extended. However, for purposes of but only in the case of a bona fide personal rescission, the term also includes a natural financial emergency. The rule does not person in whose principal dwelling a security provide examples, but the situation must interest is or will be retained or acquired, present a true emergency. As a result, if that person’s ownership interest in the whether such an emergency exists is a dwelling is or will be subject to the security

By Scott Birrenkott

fact-specific question. WBA has heard of situations where the borrowers are going on vacation and want to close without a waiting period, or where the seller is growing anxious and does not want to wait any longer. Such situations are not emergencies. A true, bona fide financial emergency must exist for it to be possible to waive rescission. Another common question regarding rescission involves the exemption for residential mortgage transactions. Any transaction to construct or acquire a principal dwelling, whether considered real or personal property, is exempt from rescission. However, it’s important to consider the definition of “principal dwelling.” Reg Z includes commentary going into the aspect at length. The regulation draws distinctions between a vacation or other second home, as well as construction of a new principal dwelling, and “bridge loan” scenarios. For the full discussion, see the citations below. For reference, consider the following citations to Regulation Z: Rescission for open-end credit: 1026.15 Rescission for closed-end credit: 1026.23 Birrenkott is WBA director – legal.

Additional Comment Letters Filed this Year WBA has filed four additional comment letters since the previous edition of the Wisconsin Banker. As discussed in the last edition, the Administrative Procedure Act requires agencies to provide the public with an opportunity to comment on proposed rules for a designated period (typically at least 30 days). WBA encourages all members to participate in this process by submitting comments to federal and state agencies when appropriate. Comment letters and WBA-created templates, when available, are shared with members through the Wisconsin Banker Daily. Additional federal rulemaking developments are compiled in the monthly WBA Compliance Journal.

rule and recommended suspending compliance dates until revisions are finalized. The letter urged a narrow interpretation of “representative,” supported allowing reasonable fees for data access, and called for prohibiting screen scraping as an unsafe practice. WBA also advocated for a clear liability framework, regulatory parity for fintechs, and practical compliance timelines aligned with industry standards. •

October 23, EGRPRA Regulatory Review: WBA encouraged agencies to modernize outdated operational regulations, recalibrate capital requirements for community banks, and maintain proportional standards for large institutions. The letter supported rescission of the 2023 CRA rule, recommended inflation-adjusted thresholds, and urged simplified compliance paths for well-rated institutions.

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November 3, GENIUS Act Implementation: WBA emphasized the need for a balanced regulatory framework for payment stablecoins that promotes innovation while safeguarding consumers and financial stability. The letter highlighted priorities including consumer protection, operational resilience, competitive equity, and rural inclusion. WBA urged avoidance of regulatory spillover that could impose additional BSA/AML burdens on banks and recommended targeted support for rural communities.

WBA has submitted four recent comment letters to promote regulatory clarity, modernization, and industry flexibility: •

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October 20, FDIC Part 328 Signage Proposal: WBA supported FDIC’s proposed revisions to signage requirements for digital deposit-taking channels. The letter endorsed changes that remove prescriptive design standards, narrow scope for non-deposit signage, and simplify one-time notification requirements. WBA also urged FDIC to suspend enforcement of current deadlines to avoid duplicative compliance efforts and requested additional guidance on standards for mobile platforms and third-party integrations. October 21, CFPB Personal Financial Data Rights (Section 1033): WBA welcomed CFPB’s decision to revisit its 2024

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Engage. Advocate. Lead: Why Your Participation in WBA’s Capitol Day Matters By Lorenzo Cruz Each year, hundreds

of bankers from across Wisconsin gather in Madison for the WBA’s Capitol Day — our most important advocacy event of the year. On February 11, 2026, we will once again bring a strong, united voice to the State Capitol, and we encourage bankers from every corner of the industry to participate. Your presence matters, and your engagement helps shape policies that directly impact our institutions, customers, and communities. The day begins with a dynamic morning program featuring a panel of legislative leaders or political analysts who will share insights on the legislative landscape and upcoming elections. This is followed by a briefing from WBA’s government relations team, who will outline key legislative issues and provide guidance on conducting productive conversations with elected officials and their staff. Over lunch, participants may also hear from a state agency head offering additional perspective on regulatory and policy developments. The afternoon is dedicated to what makes Capitol Day so powerful: face-to-face meetings with legislators at the State Capitol. These conversations allow local bankers to share realworld stories about how issues such as fraud, interchange fees, and credit union acquisitions affect consumers and businesses within their districts. These are the moments when lawmakers learn firsthand how their decisions influence the financial wellbeing of the communities they serve. Last year, 320 bankers attended Capitol Day — an impressive turnout that made a clear impact. Legislators repeatedly commented on WBA’s visible presence, noting that you “could not walk the halls without bumping into a banker.” This level of engagement elevates our industry’s profile and

Wisconsin Banker

January | February 2026

helps advance the association’s priorities. But to build on this momentum, we must continue to grow. Breaking last year’s attendance record will ensure that our industry’s collective voice remains strong and unmistakable. As one legislative leader reminded us, “If you’re not at the table, you could be on the menu.” Showing up in significant numbers sends a powerful message: Wisconsin’s banking industry is informed, engaged, and committed to safeguarding the financial stability of households and businesses across the state. Your participation ensures that bankers — not outside interests — are shaping the policies that affect how we serve our customers. Engagement on Capitol Day also extends to political giving. We encourage both new and returning attendees to consider making a personal contribution to WBA’s PAC or conduit, either at the event or ahead of time via our website or the fundraising QR code. These contributions support pro-industry candidates and strengthen WBA’s advocacy efforts at both the state and federal levels. Last year, Capitol Day participants contributed over $4,000. If every attendee contributed $50, $100, or more, we could easily triple that impact. Every contribution, no matter the size, helps amplify our voice in the policymaking process. Your participation and support are essential to protecting and advancing Wisconsin’s banking industry. Register today and be part of a powerful tradition of engagement, leadership, and advocacy.

Cruz is WBA vice president – government relations.

Invest in the Success of Your Bank’s Future Leaders Registration open for WBA’s highest-level school Beginning on April 20, 2026, the Wisconsin Bankers Association’s School of Bank Management will assist your team in becoming more well-rounded bankers. The week-long school provides bankers with an enhanced understanding of the bank as a business which, in today’s ever-changing banking environment, is critical for those who have the potential to rise within the institution.

Banking at UW–Madison. Additionally, GSB instructors and alumni make up a majority of the school’s faculty, providing attendees with the chance to establish and build connections early.

This year’s school will cover a number of topics including economics, money, and market; understanding the bank’s UBPR; lending functions in a bank; bank human resources; compliance management and bank operations; bank marketing; digital banking; asset/liability management; and more.

To learn more about additional educational opportunities available through WBA this spring, please see pg. 32 of this issue or visit wisbank.com/Education.

As the highest-level school offered by WBA, the School of Bank Management is the ideal opportunity for management trainees, managers new to the banking industry, and bankers pursuing a career in bank management and leadership to prepare for future enrollment at the Graduate School of

BankWork$ Builds Meaningful Careers in Banking ®

Congratulations, Graduates BankWork$® is a free, eight-week training program to prepare participants — primarily individuals from under-resourced communities — for retail banking careers. The nationwide program was brought to Wisconsin in 2019 through a partnership between the Wisconsin Bankers Association (WBA) and Employ Milwaukee. In November, sixteen students — including Alexi Vincent, Ardi Triggs, Daria Williams, Genia Williams, Isaiah Harris, Jamie Wright, Keisha Smith, Keyara Henley, Marshaye Scott, Nicolas Zabala, Patricia Lowe, Pria Moore, Sam Hoffmann, Shirley Arberry, Thlee Xiong, and Tina Harris — graduated from the program. WBA’s Heather MacKinnon attended the ceremony and congratulated the graduates on their achievement. Over the course of the eight-week program, students learned the hard and soft skills necessary for entry-level retail and operations positions. Upon graduation, each graduate has the opportunity to take part in on-the-spot interviews with BankWork$® employer partners.

BankWork$® is a public-private partnership that primarily trains adults from underserved neighborhoods for careers in retail banking. To learn more about the program, or how your bank can get involved, please visit employmilwaukee. org/BankWorks.htm.

Pictured (front left to back right): Thlee Xiong, Genia Williams, Shirley Arberry, Daria Williams, Keyara Henley, Ardi Triggs, Tina Harris, WBA VP Legal and Communications Heather MacKinnon, Patricia Lowe, Keisha Smith, Jamie Wright, Marshaye Scott, Alexi Vicent, Pria Moore, Isaiah Harris, Nicolas Zabala, Sam Hoffmann.

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2026 Wisconsin Woman of Impact Award The WBA Woman of Impact Award has been established to celebrate Wisconsin Bankers Association members who have made significant contributions and positive impacts in their organizations, communities, and the banking industry. These awards will be presented at the 2026 WBA Women in Banking Conference on April 27, 2026, in Wisconsin Dells. Submission considerations: • • • •

Contributions to and impact on their bank Contributions to and impact on the communities that their bank serves Impact on and support provided to other women in banking Commitment and service to the banking industry

WBA requests examples and personal anecdotes from nominators or colleagues to support the nominee’s story to be included with submission for the award. The nominee must currently be employed by a WBA Member bank. Nominations are accepted January 5, 2026-March 6, 2026.

WBA Announces New Staff

WBA

Kendall Wade has joined the WBA team as IT Support Specialist. He was in the U.S. Marine Corps where he worked in IT for three years, becoming an IT Support Team Supervisor. He more recently worked for over four years at Raymond Management Company in Madison, a hotel management company, and was on an IT team that supported various hotel staff and customer needs across the United States.

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4–6,Banker 2026 | Wisconsin Dells 2026 8 February Wisconsin January | February

Over 40,000 Wisconsinites Reached by Banks’ Financial Education Efforts Wisconsin Bankers Foundation Recognizes Volunteer Service of Bank Employees

The Wisconsin Bankers Foundation (WBF) has recognized 114 Wisconsin bankers and 25 banks for their efforts in promoting financial literacy to Wisconsin’s community members. WBF is the charitable arm of the Wisconsin Bankers Association (WBA) whose mission is to promote financial literacy and financial capability to the public and to broaden consumer empowerment in the financial services industry through research, education, grants, and scholarships. The outstanding efforts of all honorees were celebrated at the recent WBA FLEX Retail and Marketing Summit held in Wisconsin Dells on November 19–20, 2025. During the 2024– 2025 fiscal year, the individual and bank-level WBF Excellence in Financial Education award winners helped WBF expand its financial education to reach over 40,000 people throughout the state. These efforts included giving presentations in local classrooms to teach children about saving and managing money, leading homeownership workshops, and hosting fraud prevention seminars, among many other initiatives. This year, Sue Krause of Fox Valley Savings Bank in Fond du Lac was awarded the prestigious Financial Literacy Banker of the Year Award. Krause completed 133 financial education presentations over the year. Jen Yager, of Royal Bank in Elroy, was recognized with the Financial Literacy Banker Award for completing 66 financial education presentations. In addition, Krause and Yager were honored with the Certificate of Excellence alongside Sharilyn Zimmerman and

Peter Schleicher, Bank of Lake Mills; Sam Reierson, Bank of Sun Prairie; Ann Cooley, Community First Bank; Rachael Ehrenberg, Farmers State Bank of Waupaca; Amy Weiss, The First National Bank of River Falls; Tammy Tongusi, Forte Bank; Mary Albrecht and Lisa Pauly, The Port Washington State Bank; Jenean Friedl, Ashley Lombard, and Paige Vieth, Royal Bank; and Michelle Friemoth, Unity Bank for exceeding 20 financial education presentations in their local communities during WBF’s 2024–2025 fiscal year. The WBF Excellence in Financial Education Award was presented to the following WBA-member banks for their bankwide dedication to financial education: Abby Bank, Abbotsford; Bank of Lake Mills; Bank of Luxemburg; The Bank of New Glarus; Bank of Prairie Du Sac; Bank of Sun Prairie; Community First Bank, Boscobel; Farmers Savings Bank, Mineral Point; Farmers & Merchants State Bank, Waterloo; The First National Bank of River Falls; FNC Bank, New Richmond; Forte Bank, Hartford; Ladysmith Federal Savings & Loan Association; The National Exchange Bank & Trust, Fond du Lac; One Community Bank, Oregon; Pillar Bank, Baldwin; The Port Washington State Bank; Premier Community Bank, Marion; PremierBank, Fort Atkinson; Royal Bank, Elroy; Security Bank, New Auburn; The Stephenson National Bank & Trust, Marinette; Waukesha State Bank; Waumandee State Bank, and Wolf River Community Bank, Hortonville.

WBF Spring Scholarship Opportunity The WBF’s Spring Scholarship application period will open in late January and close on March 13, 2026. Four scholarships of $2,000 each will be offered to selected students. To qualify, students must either: • Be a Wisconsin high school senior, an employee of a WBA-member bank, or a dependent of a WBA-member bank employee; • Be currently enrolled or enrolling in fall at an accredited Wisconsin public or private, non-profit college, university, or technical college; and • Demonstrate academic, community, and pre-professional (job or internship) achievement and be able to articulate the importance of financial literacy. Visit wisbankfoundation.org/scholarships to learn more and to apply. wisbank.com

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Awareness programs for caregivers and community service professionals • Pilot funding for in-home safety programs Snyder emphasized the importance of bipartisan support, noting that a 4-4 committee composition increases the likelihood that the Governor will consider signing final recommendations into law. Elder Fraud as Seen by Wisconsin Banks Bad actors continue to tailor their techniques and leverage AI for increasingly sophisticated attacks — but certain techniques remain consistent, according to Ken Schweiger, SVP/COO at Community First Bank and chair of WBA’s Financial Crimes Committee. “Romance or companionship scams are among the most common we encounter at our bank,” Schweiger said. “In our recent experience, however, ‘grandchild’ schemes have resulted in the largest financial losses.” In the latter, attackers pose as family members who are faced with urgent harm — claiming to need bail money or to pay off emergency medical care. Scammers lean into highly emotional or formidable narratives to drum up a sense of urgency. This feeling of immediate importance prevents customers from verifying identities or contacting other family members. Schweiger noted that another growing threat involves computer-support pop-up messages. These alerts claim a device has been compromised and instruct the user to call a customer service line, often using logos and language that resemble reputable tech companies. Scammers then persuade victims to allow remote access to their computer, log into their bank accounts, provide multi-factor authentication codes verbally, or install hidden monitoring software. “This is particularly dangerous,” Schweiger explained, “because the fraudster bypasses security procedures in real time by simply asking the victim to read the authentication codes.” In more insidious cases, attackers remain connected to a victim’s computer for months or longer, monitoring emails or recording keystrokes. Schweiger also attributes vulnerability to cultural norms and Midwest politeness. “A lot of older individuals are uncomfortable hanging up on someone, 10

Wisconsin Banker

even when the situation feels wrong,” he explained. “They tend to assume honesty in others, especially when the request comes wrapped in urgency or fear. We live in an era where vast volumes of personal information are publicly accessible on the internet, such as family names, birthdays, hometowns, and workplaces. Fraudsters can easily fabricate a believable story without conducting deep reconnaissance. The Future of Fraud The era of cartoonishly-obvious scams — outlandish requests from foreign princes and messages riddled with mangled grammar — has long since faded. “In the past, misspelled words were telltale signs of fraud,” Schweiger explained. “AI eliminates many of those indicators and allows criminals to personalize messages with real-time data.” Deepfake audio, which is already used commercially, is especially concerning. Bad actors can create audio that perfectly mimics the voice of your boss, granddaughter, or spouse with only a 10-second clip of their voice. Older adults who have diminished hearing capacity or declining memory are especially susceptible to these phishing attempts. How Banks Can Intervene Fraud attempts can end at the teller line. As Snyder described, banks often serve as the “last line of defense” before permanent financial loss occurs. Bank employees may identify that a customer has arrived under emotional pressure, often while still receiving instruction from a scammer through texts or phone call. These frontline staff are placed in the awkward position of feeling responsible to intervene, while also honoring the customer’s autonomy. Both Snyder and Schweiger argue that legislative authority to pause transactions is a critical next step so the gray area of identifying fraud is not fully shouldered by bank employees. As Schweiger explains, the majority of customers who proceed with suspicious transactions against a bank’s better advice later regret their decision. “They come to the realization within 24 hours that they have been scammed and want us to reverse the transaction,” he explained. “It’s heartbreaking to see the stress this causes for the customer and their families.” Therein lies the paradox for banks:

January | February 2026

Institutions may have full faith that a transaction is fraudulent, yet their legal authority to act remains limited. Fraudsters, meanwhile, weaponize speed and urgency, pressuring victims to make irreversible transactions before a meaningful review can occur. Schweiger believes that even a short delay could significantly change these bad outcomes. “Fraudsters are well aware that urgency is one of their primary motivators and if we could slow things down temporarily, many customers would think the situation through and the result would be different.” The proposed legislation being discussed by the Speaker’s Task Force would give banks the ability to pause suspicious activity long enough for questions to be asked or law enforcement to intervene. For many older adults, especially those acting in isolation, this breathing room could save them from being tricked out of their life savings. WBA Expands Resources to Strengthen Fraud Prevention WBA continues to help prepare members to combat fraud through educational programs. The highlyattended Fraud Summit last June inspired the launch of a new, multi-session fraud learning series starting in early 2026. Unlike single-event webinars, the series is structured to allow bankwide participation. Topics will include cybersecurity and digital fraud defense, frontline fraud detection, elder fraud exploitation (with real case studies), and internal fraud and employee misconduct. These sessions will be led by subject matter experts and will highlight emerging risks. Wisconsin’s aging population represents decades of savings and community investment. Protecting their financial well-being and legacy requires coordinated action from policymakers and banks alike. For banks serving Wisconsin’s older population, the months ahead will bring opportunities to contribute to these timely advocacy efforts and take advantage of resources designed to shield vulnerable populations from fraud.

Fenton is WBA Communications Coordinator.

Why Fraud Victims Get Defensive and What Banks Can Do About It By Tara Lagerman Why Older Adults React So Strongly On a quiet morning, a customer who’s been with her community bank in Wisconsin for decades comes in to withdraw several thousand dollars. She knows the staff well, and the teller greets her by name. When he gently asks what the withdrawal is for, her tone shifts. She insists she needs the money immediately, and pushes back at questions meant to protect her. Staff later learn she spent the morning on the phone with a scammer, who thoroughly coached her not to trust anyone who challenges the story she’s been told. Moments like this can feel surprising, especially when they involve customers who have trusted their community bank for years. But reactions like these are connected to something deeper than the transaction. They are tied to identity, independence, and the emotional groundwork scammers build long before a suspicious withdrawal or transfer appears in the system.

Many community banks serve a large population of older adults who take tremendous pride in managing their own finances. For them, handling money is not simply about paying bills. It is about maintaining control in a world where many aspects of life are becoming harder. Driving may no longer be safe. Technology moves faster than they can keep up with. Friends and family members become unavailable or pass away. Daily routines that once felt simple begin to change. Managing their own finances becomes one of the last places where they still feel fully capable. When a banker questions a transaction, even with the best intentions, it can feel like a challenge to that independence. Instead of hearing concern, they hear something much more personal: “I don’t think you can handle this.” That emotional reaction is often what staff see across the counter. The defensiveness is not about the bank. It is about protecting their sense of control. How Scammers Exploit That Vulnerability Scammers understand this dynamic and use it to their advantage. They create urgency, present themselves as knowledgeable, and position the customer as the responsible one who needs to act quickly. They often instruct the victim not to involve anyone else, including the bank. In those moments, the scammer becomes the ally who supports the customer’s capability, while the bank becomes the barrier that might slow them down. By the time the customer reaches the teller line, they believe they are

doing what is necessary to protect themselves. A routine question from a banker disrupts the story the scammer has built, and the customer’s instinct is to defend the plan they think they are carrying out. Why Traditional Fraud Messaging Is Falling Short Many fraud education messages still rely on simple instructions: never share your PIN, do not trust unsolicited calls, contact the bank directly if something feels off. These guidelines are important, but they do not address the emotional manipulation victims experience. Older adults do not ignore fraud warnings because they do not understand them. They ignore them because the scammer has made this situation feel like the exception. Rules feel distant when someone is already scared and convinced they are doing the right thing. What Empathy Based Fraud Prevention Looks Like Community banks have a unique advantage. Staff often know their customers personally and have the trust that comes from years of service. When banks approach fraud conversations with empathy and an understanding of what independence means to older adults, communication becomes more effective. • Use language that keeps the customer involved. Try, “Let us look at this together,” instead of, “This looks suspicious.” • Acknowledge that fraud attempts are stressful and confusing for anyone. • Normalize the fact that scammers target smart, capable people every day. • Slow the moment down to interrupt the urgency created by the scammer. • Reinforce that the bank’s role is to help protect, not to judge or take control away. Community banks are at their best when they understand the people behind the transactions. When staff recognize why independence matters so deeply to older adults and how scammers exploit that vulnerability, they can communicate in ways that preserve dignity and keep customers safe. And when banks honor both safety and independence, they create the kind of trust that keeps customers turning to their community bank when it matters most. Lagerman is VP of Marketing at WaterStone Bank and a member of the WBA marketing committee.

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Wisconsin Bank CEO Survey Reflects Economic Steadiness at 2025 Year End WBA releases results of Year End 2025 Bank CEO Economic Conditions Survey

The results of the latest Wisconsin Bankers Association biannual Economic Conditions Survey of Wisconsin bank CEOs reflect 79% of respondents rated Wisconsin’s current economic health as “good.” Fifty-five percent of respondents expect Wisconsin’s economy to stay about the same over the next six months which is similar to the sentiment captured in the previous survey (59%) this past June. Seventy-two percent of respondents expect interest rates to fall in the next six months. The end-of-year 2025 survey was conducted November 19-December 12 which coincided with the latest rate decrease by the Federal Reserve on December 10.

Among the economic bright spots cited by bank CEOs in the recent study were low unemployment and consumer spending along with strength in the manufacturing, residential construction, healthcare and biotech sectors. Looking ahead to the first six months of 2026, however, bank CEOs reported continued concerns over inflation, housing affordability, finding qualified employees, and tariffs as top concerns facing business customers. To review the survey results, visit www.wisbank.com/ceosurvey-2025/

The responses to this recent survey indicate a steady, measured outlook with demand in the next six months projected to grow for residential real estate and all other categories to remain about the same, including staffing levels. “Given the integral role that bankers play in driving economic growth in their local communities, they often see early signs of economic strength or challenges,” said WBA President and CEO Rose Oswald Poels. “The survey responses reveal notable bright spots in Wisconsin’s economy as we move into 2026, even as concerns about costs remain.”

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Wisconsin Banker

January | February 2026

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Time to Prep for Power of Community Week In 2025, 334 bank branches (representing 56 member banks) reported their participation in the Wisconsin Bankers Association’s (WBA) Power of Community Week. The annual campaign brings Wisconsin’s banking industry together and encourages WBA-member banks, Associate Member companies, and the WBA staff to engage in community service activities. The Power of Community Week demonstrates the ongoing commitment of Wisconsin’s banking industry to local communities. This year, WBA’s Power of Community Week will be held April 20–25, 2026. April is National Community Banking Month, and National Teach Children to Save Day also aligns with Power of Community week on Thursday, April 23. While there is a designated week, any community service projects in April and May count toward a bank’s participation in the WBA Power of Community Week. WBA invites all members to participate in this effort. If your bank is looking for inspiration, check out the interactive map on WBA’s Power of Community Week webpage at wisbank. com/BanksPowerWI to learn how banks participated in 2025. In past years, banks have volunteered at nursing homes, hosted shredding events, organized food drives, presented financial literacy materials or the Wisconsin Bankers Foundation Reading Raises Interest Kits in classrooms, and more.

While you’re on the webpage, make sure your team has their Power of Community shirts ready. These t-shirts feature the campaign logo and hashtag (#BanksPowerWI) and can be ordered on the WBA website at wisbank. com/BanksPowerWI. A bank or company logo may also be added to the back of the shirt. WBA encourages banks to share their Power of Community Week plans through a web form at wisbank. com/BanksPowerWI. All bank initiatives will be added to an interactive map to highlight their impact and communityfocused activities. A media kit, including a press release template, sample social media posts, and best practices, is also available. When you post your Power of Community Week photos on social media, use the hashtag #BanksPowerWI. Throughout Power of Community Week, WBA will be sharing the ways Wisconsin’s banking industry is committed to serving Wisconsin communities.

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Bulletin Board

News from Wisconsin Bankers Association Members

Staszak

Allard

Fryman

Stein

Frinzi

Kast

Schroeder

Van Boxtel

Anzivino

Heintz

Waters

Nelson

Longmeyer

Sanders

Streicher

Moon

Flahaut

Barberino

Van Schoyck

Tallman

Alt

Viar

Monterrey

McEnroe

Prevail Bank announced the retirement of Linda Susa, Branch Manager of its Owen location, after 12 years of dedicated service and an impressive 45-year career in banking. In Memoriam WBA extends its heartfelt sympathies to the family, friends, and colleagues of Nathan “Nate” Zastrow (pictured) of Oconomowoc. Nate’s deep love Prairie du Sac for Oconomowoc was reflected in his Bank of Prairie du Sac welcomed Richelle Alt (pictured) as a Commercial extraordinary record of community service, including leadership roles with Loan Officer. St. Paul’s Lutheran Church and School, Waukesha the Oconomowoc Area Foundation, Waukesha State Bank announced the Rogers Memorial Hospital Foundation, promotion of Aryanah Viar (pictured) Blessings in a Backpack, the Waukesha Marinette to Bank Manager of its Muskego office, County Economic Development The Stephenson National Bank & and announced the expansion of its Corporation, and the YMCA — where Trust proudly announced that Danielle and mortgage lending team with the he supported projects such as the Moon (pictured) earned the prestigious hire of Mario Monterrey (pictured) as Miracle Field and the downtown Certified Trust and Fiduciary Advisor Mortgage Consultant. boardwalk redevelopment. He will be designation through the American remembered as both a cornerstone of Bankers Association and was promoted Wausau Wisconsin’s banking community and IncredibleBank announced the to Trust Officer. promotion of Ryan McEnroe (pictured) a dedicated community leader whose Marshfield legacy of service, humility, and heart to Vice President of Business Forward Bank welcomes three dynamic Banking and the appointment of Greg will continue to inspire many. leaders — Jeri Koester, Brent Arndt, Simkowski (pictured) as Senior Vice Good News and Butch Wiegel — who bring a President of Credit. Security Financial Bank (SFB) shared passion for innovation, service, announced plans for the construction Anniversaries and community. Sheri Redman (pictured) celebrated 30 of new administrative offices in Eau New London Claire, marking a major investment in years of service to National Exchange First State Bank is proud to announce the Chippewa Valley and reinforcing its Bank & Trust. the promotion of Anna Flahaut, long-term commitment to the region. Fortifi Bank celebrated President & (pictured) formerly Branch Manager North Shore Bank announced the CEO Greg Lundberg’s (pictured) 15th and Mortgage Banker in both the opening date of a new West Allis Stevens Point and Wisconsin Rapids anniversary with the organization branch located at 10539 W. National during a special gathering. locations, to the role of Treasury Ave. Management Officer. Retirements

Nero Simkowski Redman Lundberg Promotions and New Hires Manitowoc Brookfield Bank First announced the following North Shore Bank announced that Tom promotions: Joe Nelson (pictured) to Staszak (pictured) has joined the team Region President; Matt Longmeyer as a mortgage loan officer for the bank’s (pictured) to Chief Information Officer; Northeast Region of Wisconsin. Kristy Sanders (pictured) to Deputy Additionally, Nicole Allard (pictured) BSA Officer; and Ryan Streicher has joined the team as Vice President of (pictured) to Assistant Vice President – Commercial Real Estate Lending. Internal Audit.

Fond Du Lac Amanda Fryman (pictured) has been promoted to vice president of loan operations at National Exchange Bank & Trust. Horicon Horicon Bank announced the promotions of Jennifer Stein (pictured) to Senior Vice President, Kevin Frinzi (pictured) to Chief Information Security Officer, Sheila Kast (pictured) to Vice President, and Kristine Schroeder (pictured) to Assistant Vice President. Kaukauna The Bank of Kaukauna announced Tyler Van Boxtel (pictured) as its new Business Banking Portfolio Manager. Madison Capitol Bank announced that Theresa (Esa) M. Anzivino (pictured) has joined the bank as Vice President, General Counsel and Chief Compliance Officer. Additionally, Theresa Heintz (pictured) has joined as Assistant Vice President of Treasury Management & Business Development.

Oregon One Community Bank announced the following promotions: Mark Barberino (pictured) to Executive Vice President while maintaining his role as Chief First Business Bank welcomes Michael Credit Officer; Alicia Van Schoyck Waters (pictured) Partner at Capital (pictured) to the role of Bank Manager Connection, to its Northeast Wisconsin at its Waunakee location; and Advisory Board of Directors.

Wisconsin Banker

January | February 2026

Zastrow Susa Mike Tallman (pictured) to the role of Chief Technology Officer.

Premier Community Bank announced Lake Ridge Bank has officially opened the upcoming retirement of Kim Nero, its doors at its new larger full-service (pictured) Assistant Branch Manager Janesville location at 2605 Kennedy Road. of the Tigerton branch. Nero has dedicated an outstanding 27 years to Premier Community Bank and an impressive 48 years to the banking industry.

Bulletin Board

News from Wisconsin Bankers Association Members Celebrating a Lifetime of Service

Community First Bank

Bank CMG

Vicki Ebbers was recognized for 40 years of service to the banking industry, and Tom Brickley was honored for an amazing 30 years in banking.

Jim Hegenbarth of Bank CMG was presented with a 40-Year Lifetime Service Award in recognition of his four decades of dedication to the Wisconsin banking industry.

Community First Bank

Jeanne Wolff of Community First Bank was presented with a Lifetime Service Award by WBA’s Daryll Lund for her 50 years of dedication.

Michael Phillips, president of Mound City Bank, was recently honored with the 40-Year Lifetime Service Award in recognition of his decades of dedication to Wisconsin’s banking industry.

Capital Campaign with a $100,000 pledge over five years.

Two Wisconsin community bankers — Donna Hoppenjan, CEO of Mound City Bank in Platteville, and Liz Sarauer, vice president and head credit analyst of bank stock lending at Chippewa Valley Bank in Hayward — have been recognized among BankBeat’s 2025 Outstanding Women in Banking.

Community Involvement

Accolades

The AbbyBank Foundation, Inc. awarded grants to three local organizations in the Abbotsford and Athens areas as part of its Fall 2025 grant cycle. Recipients include the Abbotsford Girls Cross Country Team, St. Anthony de Padua Catholic School, and Trinity Lutheran Church. Bank Five Nine donated $10,000 to Special Spaces, helping make a dream bedroom come to life for a local child battling cancer. Bank Five Nine supported the annual Santa Train arrival in Hartford with a $2,500 donation. Bank of Wisconsin Dells employees are showing their support for the Friends and Family Cancer Foundation by participating in “Go Pink Fridays” throughout the month of October. Community State Bank offered commodity loans to help farmers manage post-harvest needs and maintain flexibility during a critical season. In response to the need arising from the lapse in SNAP benefits as well as the spike in applications for food assistance, Lake Ridge Bank made multiple donations to local programs that work to support food security in our communities. National Bank of Commerce announced its partnership with the University of Wisconsin–Superior as the naming rights sponsor for the university’s new baseball and softball facility.

During National Bank of Commerce’s annual Fall Week of Caring, 240 associates came together to make a meaningful impact in the communities NBC serves. North Shore Bank hosted a free coin counting fundraiser and food collection to benefit The Sharing Center. North Shore Bank hosted toy drives at eight of its branches in the northeast for local organizations in preparation for the upcoming holiday season. North Shore Bank helped kick off the 40th Candy Cane Lane. During opening night, North Shore Bank was onsite collecting donations for Midwest Athletes Against Childhood Cancer, Inc. Additionally, bank employees collected loose change for the North Shore Bank “Change for a Cure” drive, in which the bank matched donations. One Community Bank (OCB) held its fifth annual Badger Tailgate at its Waunakee location on Saturday, October 4th. Premier Community Bank employees stepped out of their branches and into their communities for Make A Difference (MAD) Day, the bank’s annual day of service held in conjunction with Columbus Day/ Indigenous Peoples Day. PremierBank announced their support of Phase One of the Fort Atkinson Badgerland After School Enrichment Program’s Future Home

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Each Prevail Bank branch collected donations for a local nonprofit — and for every dollar donated, Prevail Bank matched it, up to $1,000 per organization. Prevail Bank distributed 20 charitable contribution checks totaling $47,000 to support community programs across central Wisconsin. Security Financial Bank announced a $6,000 Community Reinvestment Act investment in GoVA Foundation to sponsor free financial education for 40 military members and veterans across western Wisconsin. The team at Oostburg State Bank planted, mulched, and watered trees at Maywood–Ellwood H. May Environmental Park, crafted Valentine’s Cards for Project Angel Hugs, and sorted and bagged food for Sheboygan County Food Bank. The team at Waldo State Bank volunteered on Veterans Day to honor those who have served in their community. They partnered with Dogs2DogTags for a half-day of helping around the facility, both indoors and outdoors, to ensure a smooth experience for the veterans and their four-legged friends. Waukesha State Bank announced its partnership with the Federal Home Loan Bank of Chicago (FHLBank Chicago) to award a $212,700 Community First® Developer Program grant to Habitat for Humanity of Waukesha, Jefferson and Rock Counties. First Citizens State Bank, a community partner of the University of Wisconsin-Whitewater since the university’s founding in 1868, is a 2025 recipient of the Universities of Wisconsin Regents Business Partnership Award.

First Federal Bank of Wisconsin was recognized with three Banky™ Awards from The Institute for Extraordinary Banking™. The bank received honors in the categories of Money Smarts, Customer Service, and Thought Leadership. Peoples State Bank has been named one of the nation’s 2025 Best Banks to Work For. First Citizens State Bank was a 2025 recipient of the Universities of Wisconsin Regents Business Partnership Award. National Exchange Bank & Trust was recognized on the Forbes list of America’s Best-In-State Banks 2025. Junior Achievement of Wisconsin – Northwest Area recognized Brenda Knutson, Prevail Bank’s Vice President of Marketing, as the 2025 Volunteer Hero for her outstanding dedication and impact as a mentor, celebrating more than 20 years of service to students across Eau Claire, Altoona, and Menomonie. Premier Community Bank congratulated Rickie Kamke, Compliance Specialist, on earning the Certified Community Bank Compliance Officer designation through ICBA Education’s Certified Bank Compliance Officer Certification program.

wisbank.com

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Wisconsin Banker

January | February 2026

Wisconsin Economic report Mixed Economy Will Continue in 2026

Rose Oswald Poels President and CEO of the Wisconsin Bankers Association

Nationally, this past year was one of slow economic growth brought about in part by policy uncertainty and tariff disruptions. Some sectors fared better than others, while some parts within a sector did better than other segments. There was also a widening gap between the wealthy and the middle and lower classes. I expect this uneven growth to continue into next year both nationally and in Wisconsin. Wisconsin’s banking sector remained very strong throughout this past year and is well-positioned to help meet the varying financial needs of customers in the coming year. Third-quarter data released by the Federal Deposit Insurance Corporation (FDIC) shows Wisconsin banks remain wellcapitalized and profitable. Yearover-year lending increased in all categories (commercial, residential, and farm loans), demonstrating the responsiveness of banks to meet their communities’ needs. Individuals and businesses continue to trust banks as a safe place to keep money, as evidenced by an increase in deposits, both year over year (5.20%) and quarter over quarter (2.06%). Third quarter net interest margin, a key indicator of a bank’s profitability and growth, increased to 3.46%, an increase over both the prior quarter and the prior year. In 2025, the Fed lowered rates three times beginning in September

primarily to counter a weakening labor market and slow job growth. These cuts, of course, made borrowing cheaper and the banking industry saw some increase in mortgage loan volume as a result. In cutting rates over the last several months, the Fed was prioritizing supporting employment over inflation control. While I expect to see more rate cuts by the Fed in 2026, it may only be two as the Fed balances its dual mandate of controlling inflation and supporting employment. At the same time, assets in nonaccrual status through the third quarter remained nearly the same quarter over quarter at 0.28%, and slightly raised year over year at 2.34%, as some borrowers faced growing challenges requiring them to work with their banks through workouts and other arrangements. Past due loans of Wisconsin headquartered banks have also increased although remain lower than national levels. The banking industry is seeing some weakness in certain narrow consumer, business, and ag portfolios generally across the state. These challenges are primarily resulting from a slower GDP growth early in the year, tariff and trade uncertainty and rising cost pressures. With economists having mixed views on whether 2026 will even bring moderate growth nationally, I expect these stressed segments of the economy to remain challenged for some time into the new year. For example, volatility in agriculture due to input costs and commodity-price swings will continue to challenge row crop farmers next year as it has the past few years. Despite certain segments experiencing challenges, there were several bright spots to the economy this past year and I expect that to

continue next year. Businesses in Wisconsin, including manufacturing, generally are doing well as are many agribusinesses and livestock farmers. The housing market is stabilizing as home prices level off while interest rates continue to slowly decrease. For the banking industry, these factors should result in continued solid loan demand across all loan categories and stable deposit levels throughout next year. Like other businesses, the banking sector is leveraging technology and artificial intelligence to improve internal operations and customer experiences. At the same time, as consumers and businesses continue shifting toward digital payments, banks are investing in these capabilities to deepen customer relationships. While these expenditures impact the bottom line, banks understand that these investments are critical to strengthen their long-term competitiveness. In conclusion, Wisconsin banks have a strong earnings and capital foundation heading into the new year which will allow them to effectively respond to the evolving needs of the state’s businesses, households and communities.

Oswald Poels is president and CEO of the Wisconsin Bankers Association. Founded in 1892, the WBA is the state’s largest financial industry trade association, representing 180 commercial banks and savings institutions, their branches, and nearly 30,000 employees.

wisbank.com

Wisconsin Economic report Public and Private Investments in Wisconsin Shine in 2026 Construction Outlook

Robb kahl Executive Director of Construction Business Group

Wisconsin’s commercial construction industry helps shape the state’s public works, commercial real estate, residential development, telecommunication advancements, and energy production. However, new construction demand is not limited to these traditional market segments. In Wisconsin — as elsewhere — data centers have emerged as a major growth engine. A large $3.3 billion data-center campus broke ground near Mount Pleasant in 2024, employing thousands of Wisconsin union construction trade workers daily. Additional data-center projects are underway or planned elsewhere in the state, including Port Washington, Beaver Dam, DeForest, and Janesville. These projects also bring demand for supporting infrastructure like energy, water and sewer, fiber-optic networks, and transportation.That diversification should help cushion against slowdowns in any single market segment in 2026. While data centers are driving growth, challenges in other segments of the construction industry continue to persist. Nationwide, nonresidential construction spending is softening in many categories outside data centers and infrastructure-focused work. In the Midwest, nonresidential construction is projected to continue to shrink in 2026 — highlighting potential downward pressure for traditional commercial construction. Meanwhile, a challenging interest 18

Wisconsin Banker

rate environment, inflation, and uncertainty around tariff and clean energy policies continue to discourage some large private-sector investments. These factors likely will lead to continued strong reliance on road, sewer, water, and other infrastructure, energy production, and data center construction while we will see ongoing pressure in traditional commercial and residential segments. Because much of 2026 construction growth depends on infrastructure, utilities, and tech-driven projects, investors, developers, and policy makers are likely to gravitate toward projects and legislation related to data centers, broadband/fiber optic, renewable-energy infrastructure, and critical utilities — rather than retail or traditional commercial development like office space. State policymakers could help improve Wisconsin’s economic and construction outcomes through several strategic actions. First, we must sustain and prioritize infrastructure investment through adequate funding for roads, bridges, water and sewer upgrades, and broadband networks. This continued investment will support construction jobs and improve long-term economic development. We also need to streamline permitting and regulatory approvals for infrastructure and utility projects, reducing bureaucratic delays that raise costs and hinder progress. We should continue to support and incentivize clean energy projects, including offering tax incentives or grant programs for renewable energy, energy storage, and utility-scale projects where Wisconsin construction workers are utilized. We should also encourage data-center expansion while addressing the concerns about

January | February 2026

water and energy demands these projects present. Finally, Wisconsin must support the building trades in their efforts to expand and diversify apprenticeship training programs, including programs aimed at high school students, veterans, and other underemployed and unemployed adults. Wisconsin enters 2026 with a foundation of strength: low unemployment, stable wage growth, a diversified economy, and a construction sector anchored by infrastructure, utilities, and growing demand for data centers. For the state to fully capitalize on its potential, policymakers should lean into longterm infrastructure investment, clean energy transition, data center development, and construction workforce expansion. Construction Business Group is prepared to work with our industry partners and elected officials in 2026 to enhance the impact that the construction industry has on the state, private industry, and individuals.

Kahl is the executive director of Construction Business Group. The Construction Business Group works to promote and protect the construction industry by ensuring fair contracting laws are followed on public construction projects. CBG works cooperatively with contractors, employees, and public entities by educating them on fair contracting laws; monitors projects for fair contracting compliance; and aids to resolve compliance issues.

Wisconsin Economic report Headwinds Outpacing Gains in 2025 for Wisconsin Farmers

bradley uken Wisconsin Farm Bureau’s Chief Administrative Officer

Wisconsin farmers have had some wins in 2025 but the broader picture has us falling further behind. Excess grain supplies and lower crop prices, rising input costs, elevated borrowing costs and federal policy changes that will reshape payments, disaster assistance and insurance options are major challenges to profitability and farmers’ peace of mind. On the national level the One Big Beautiful Bill passed midyear and included the majority of what has historically been included in a farm bill. While farmers have things to be thankful for at the state-level, such as a farmer-friendly state budget, the marketplace has farmers facing a unique set of pressures. After a farm bill failed to materialize again last year, passage of the OBBB included some welcomed updates to reference prices and milk and livestock programs. More than 80% of dairy farmers participate annually in the Dairy Margin Coverage program. Changes in the bill increased eligibility to 6 million pounds of milk, which allows farmers to use their highest production history from 2021 to 2023, and offers a 25% discount for long-term program

commitments. This is a win for dairy farmers. The bill established a biannual cost survey for cheese processors, a long-overdue step toward improving transparency in dairy pricing. This survey is especially important for dairy farmers, as it will help determine the make allowance — the amount deducted from farmers’ milk checks to cover processor costs. The bill also increased reference prices, with soybeans rising to $10.00 per bushel and corn to $4.10. These price adjustments help farmers better weather volatile markets and high input costs. Unfortunately, volatility and high input costs are what we continue to see in the farm economy. Increasing input costs, especially fertilizer, drove up the price of growing crops and market access losses internationally combined with ongoing high volumes of existing holdover stocks have kept prices low to the point that it is now expected farmers will lose over $15 billion selling the corn they grew this year. Worse yet, this is part of a growing trend not just for corn but for all major crops which have a combined $54 billion loss over the past three years. This ongoing trend requires an all-hands-on-deck approach to right the ship. In the short term we need our friends in Washington to provide additional financial support to avoid the accelerated loss of farms in

Wisconsin and throughout the country. We’ve just finished harvest season but spring planting is only a few short months away and farmers need to know they have the resources to plan for next year’s season. Just as importantly, we need to stabilize our trading relationships and grow new domestic opportunities and commodity markets. Efforts toward growing our available markets for biofuels and bringing new opportunities like sustainable aviation fuel online are already underway. Wisconsin Farm Bureau will continue to work with policymakers and our agricultural partners to move our state and our country forward. We all need to work to ensure the legacy we pass down is one of strength and opportunity for the next generation to feed our communities.

Uken is chief administrative officer (CAO) of the Wisconsin Farm Bureau Federation. The Wisconsin Farm Bureau Federation is the largest general farm organization in the state and serves as a voice for farmers. WFBF’s mission is to lead the farm and rural community through legislative representation, education, public relations, and leadership.

wisbank.com

Wisconsin Economic report Wisconsin Grocers 2026 Outlook: Value, Velocity, and the Next Wave of Consolidation

mike semmann President and CEO of the Wisconsin Grocers Association

The Wisconsin grocery industry could really use a moment of rest. For real. The past year has been a test of endurance, shaped by uncertain supply chain policy, tight margins, shifting consumer sentiment, and some serious competition. Those forces are not fading. Instead, they look like they will continue, although the rate of change is still in question. Success will belong to operators who turn pressure into progress through smarter cost control, sharper differentiation, and new revenue streams. Food price inflation has cooled from its peak, and holiday staples offered a brief sigh of relief, but households still feel the weight of cumulative increases. Consumer sentiment remains fragile and sensitive to headlines about tariffs and broader economic trends. The flight to value will continue, especially among middle- and lower-income families who build their baskets around promotions, store brands, and clear unit pricing. Retailers who can pivot quickly by adjusting prices, communicating transparently, and managing inventory with precision will be best positioned to ride these swings. The wild card in the consumer space is the battle over marketing dollars, which currently favors the most influential (largest) stores in the market. The policy machine will add another layer of uncertainty. Every move (or lack thereof) sends ripples through logistics, packaging, and center-store categories. The smart play for 2026 is flexibility: hedge where possible, maintain supplier agility, and prioritize categories that can absorb volatility without eroding loyalty. Competition remains Wisconsin’s 20

Wisconsin Banker

hidden advantage for consumers. The state boasts some of the nation’s lowest weekly grocery expenses, thanks to lower living costs, smaller households, proximity to Midwestern producers, and fierce rivalry for the shopper’s dollar. That rivalry is only intensifying. Expect localized pricing battles, expanded private-label tiers, and assortment strategies, especially in perishables where quality and local sourcing resonate deeply. Wisconsin saw this exact situation during the avian flu when some local egg producers provided relief for consumers. Brick-and-mortar transformation and growth are returning, but slowly and deliberately. In 2026, expansion will be selective: infill locations in growth corridors, remodels that elevate fresh departments, and back-of-house upgrades to support e-commerce and prepared foods. Capital projects must do more than add square footage. They need to advance differentiation through service counters, local vendor showcases, and frictionless checkout. Larger state independent stores and regional players will scoop up fatigued owners and pursue “tuck-ins” that deliver a wider footprint and operational scale. For independents, this is both a risk and opportunity. Strong operators can command attractive valuations, while others can double down on niche strengths such as specialty service to defend its market share. Cost control remains non-negotiable, but 2026 will demand more than trimming expenses. Grocers must turn pilot programs into dependable alternative profit streams. Retail media networks, membership programs, and financial services affiliates/partnerships can no longer be experiments. As a result, differentiation will favor the agile. Winning in 2026 means iterating faster by testing specialized service models, expanding local and regional assortments that celebrate Wisconsin’s food culture,

January | February 2026

and doubling down on convenience along with time-targeted promotions. Those who learn quickly and operationalize what works will thrive. Why Public Ownership Fails in Grocery, Just Like It Would in Banking Some are advocating for publiclyowned grocery stores and say a new ownership model will create opportunities to bolster food insecure areas. History and economics suggest otherwise. Grocery retail is a low-margin, high-complexity business that demands operational excellence, quick decisionmaking, and efficiency. Public ownership introduces layers of bureaucracy and political influence that slow innovation and dilute accountability. The results are higher costs, weaker customer experience, and ultimately failure. The same logic that applies to banking applies to grocery. In both cases, success depends on speed, expertise, and adaptability. These are qualities that thrive in competitive markets, not governmentrun enterprises. The bottom line is that 2026 will not ease margin pressure, but it will reward operators who keep the customer at the center, translate value into differentiated experiences, and build durable revenue streams. In a market where competition is a tailwind for shoppers and consolidation reshapes cost structures, resilience will belong to those who learn faster, execute cleaner, and never lose sight of what matters most: the shopper.

Semmann is president and CEO of the Wisconsin Grocers Association. The Wisconsin Grocers Association represents over 500 independent grocers, retail chain stores, warehouses and distributors, convenience stores, food brokers, and suppliers in Wisconsin.

Wisconsin Economic report Hospitals See Modest Gains in Latest Fiscal Data, But Cautious on Road Ahead with a commensurate decrease in commercial pay patients. What does this all mean? Every kyle O'brien one-point shift in payer mix from commercial to Medicare means President and CEO of the a roughly $200 million loss in Wisconsin Hospital Association revenue to Wisconsin hospitals, not including physician and According to the Wisconsin Hospital Association’s most recent provider services. Since 2016, this has resulted in a staggering $1.2 fiscal survey, the state’s hospitals billion reduction in revenue for and health systems experienced a Wisconsin hospitals, all because modest improvement in finances patients are retiring onto Medicare compared to the last two years, and coming off commercial reporting a 2.2% average health system operating margin in 2024. insurance. This is all happening while the input costs for a hospital This is the first time that the to deliver care (i.e. salaries, average health system margin has supplies, and pharmaceuticals) been in the black in the last three keep rising. years. While hospital finances While this is good news, it have improved overall in 2024, must be viewed with caution. Uncompensated care (charity care 41 — nearly one-third of all and bad debt) increased by nearly Wisconsin hospitals — operated with a deficit. These hospitals 30% between 2023 and 2024; are largely in areas dependent on labor and supply costs continue government payment sources, to increase at a rate that outpaces like Medicare and Medicaid. At Medicare and commercial insurance rate increases; insurance the same time, access to care in some communities has suffered, companies are making it more with local hospitals struggling or difficult for providers to get even closing, as was the case in the reimbursed for care; and patients Chippewa Valley. are waiting longer to be seen. In the last state budget, Nearly half of patients receiving Governor Evers and legislative care in a Wisconsin hospital leaders from both parties came depend on Medicare for their together to enact a Medicaid rate coverage, while patients covered increase through an enhanced with commercial insurance now state-directed payment program make up less than one-third for hospitals that would align of the patients hospital see. Wisconsin’s program with other In other words, more hospital states. While the program awaits business involves services that federal approval, this could reimburse below what it costs to provide substantial resources provide that care. Since 2016, targeted to hospitals serving Wisconsin hospitals reported a Medicaid patients and offset at six-point increase in the number of Medicare patients they’ve seen, least some of their losses.

Wisconsin’s business community and hospitals need each other. Hospitals need a thriving local economy to provide the commercial patient base necessary to operate a hospital. The non-health care economy needs high quality health care to attract and retain a productive, healthy workforce, and support local businesses. In our 2024 WHA Community Benefits Report, retired President & CEO of Menasha Corporation and Froedtert ThedaCare board member Jim Kotek said their local hospital and health system is there for, “more than just medical care; they’re an anchor institution that supports other local businesses, from service providers to suppliers, helping to create a stronger, more resilient local economy.” I couldn’t have said it better myself.

O'Brien is president and CEO of the Wisconsin Hospital Association. WHA was established in 1920, and later became the Wisconsin Health and Hospital Association in March 1996 in an effort to reflect the ever-changing, broadbased needs of statewide health care providers. In September, 2002, the WHA membership voted to revert back to the original name — the Wisconsin Hospital Association — to focus on the core mission and vision of the Association and its members.

wisbank.com

Wisconsin Economic report Data Center Boom or Bust?

Kurt bauer President and CEO of Wisconsin Manufacturers & Commerce

I told a reporter two years ago that artificial intelligence has the potential to revolutionize manufacturing in much the same way the assembly line did in the early 1900s. In fact, AI holds the promise or threat, depending on your perspective, of disrupting many things in our economy and society. Whether you fear or embrace AI, it is here to stay and given its expected transformational impact on darn near everything, it has become an economic and national security imperative for the U.S. to be the global leader in its development and application. It’s nothing short of a high-tech arms race between us and China. Wisconsin is doing its part to help the U.S. win. For example, multiple Wisconsin manufacturers, both large and small, are producing key components for the data centers, which are basically warehouses for computer servers that store data and carry out AI commands. But Wisconsin is attracting the data centers themselves, well, kind of. A tax credit was included in the 2023 state budget bill designed to lure data centers to our state. That credit, along with the fact that Wisconsin has available land, water resources, reliable electricity and limited (we hope) natural disasters

Wisconsin Banker

like hurricanes and earthquakes, should make Wisconsin ideal for data centers. For a while, it seemed like Wisconsin was experiencing a data center gold rush. As of last August, there were at least eight major data center projects in various stages of planning, development or construction. But three have already been scrapped due to local opposition and two others are facing growing opposition. The biggest concern seems to be the pure scale of some of the proposed projects, as well as the water and electricity resources they will consume. For example, the data center proposed for Port Washington will be 2.5 million square feet and cover 1,900 acres. That is big, to be sure. But the land is there, as is the water needed for the chillers to manage the heat generated by the computer electronics. Further, concerns about water usage are overstated because most data centers use recycling closedloop systems that don’t use near the amount of water as some claim. As for electricity, Wisconsin’s reliable supply is one of the state’s selling points to data center developers, as mentioned above. More infrastructure may be needed, but the data center boom will necessarily encourage important modernization of Wisconsin’s electrical grid by improving and expanding transmission lines and supporting new baseload generation, perhaps including the development of Wisconsin’s first new nuclear power plant since the 1970s.

January | February 2026

Additionally, bespoke “tariffs” (a confusing term of art for electricity rates) will ensure that data centers, not existing residential, commercial and industrial customers, pay for the utility infrastructure that is developed for their benefit. Plus, there are plans to place solar panels on the spacious rooftops of the data centers. Also on the positive side, the proposed Wisconsin data centers will employ thousands of well-paid construction workers and hundreds of employees once complete, including engineers, electricians, IT technicians, as well as personnel for administration, maintenance and security. Data centers built elsewhere also provide a major injection into the local property tax base and operators have proven to be good corporate citizens. One final point; the opposition to data centers reminds me of the decades-long debate in Madison about creating a so-called knowledge economy in Wisconsin, i.e., high tech. Well, what fits the definition of “knowledge” and “high tech” better than an AI data center? Overall, I think building data centers is a good deal for Wisconsin and necessary for our country if we are going to win the future. Bauer is president and CEO of Wisconsin Manufacturers & Commerce. WMC is the combined State Chamber of Commerce, Manufacturers’ Association and Safety Council. WMC represents 3,800 businesses of all sizes and from every sector of the economy.

Wisconsin Economic report Wisconsin 2025 Home Sales and Price Appreciation Primarily Impacted by Inventories and Mortgage Rates

tom larson President and CEO of the Wisconsin Realtors Association

With insights from David Clark, Marquette University Professor Emeritus of Economics Existing home sales grew for a second straight year, albeit at a slower pace than 2024. If the pace of sales established in the first 10 months of 2025 continues through the end of the year, home sales will approach 69,400 for the year, which represents a 2.4% increase from 2024. Note that this is about half the 5% rate of growth seen in 2024. In addition, the statewide median price is on pace to close 2025 at just under $327,400 which is an increase of approximately 5.6% over the 2024 average of $310,000. It should be noted that this is the lowest annual rate of housing price appreciation recorded since 2017. These trends are influenced by numerous factors, most prominently inventories and affordability. There is ongoing progress on the inventory front. Total inventories have finally begun to improve, which has led to modest growth in sales and some easing of the appreciation of sale prices. To provide some perspective, WRA began tracking annualized changes in total inventories in January 2016, and they consistently fell until September 2023 when the trend reversed. While the overall inventory growth rate for all of 2023 was still negative, we have seen significant improvement since that time. Specifically, the 2024 average growth of total inventories was 14.8%

and it averaged growth of 9.7% for the first 10 months of 2025. Although the state housing market is still classified as a seller’s market since it has less than the six-months of supply that signifies a balanced market, we are making progress here as well. There was an average of 3.9 months of supply for the first 10 months of 2025 and this compares to an average of 3.5 months of supply in 2024, 3 months in 2023, and just 2.5 months in 2022. Affordability challenges have generally softened demand, especially for first-time buyers and mortgage rates play a significant role in determining housing affordability. The Wisconsin Housing Affordability Index shows the percent of the median priced home that a potential buyer with median family income qualifies to purchase assuming a 20% downpayment, and the remaining balance financed with a 30year fixed mortgage at current rates. In 2020 and 2021, 30-year mortgage rates were under 4% and as a consequence, the average annual housing affordability index was more than 200% indicating a high level of affordability. However, since 2023, average monthly mortgage rates have ranged between 6.2% and 7.6% which combined with relatively strong housing price appreciation has dropped the affordability index to the range of 128% to 134%. The good news in 2025 is that mortgage rates have been trending downward throughout the year and home price appreciation has moderated. We believe 2026 will see additional growth in existing home sales. Ongoing demographic shifts will continue to play an important role. The oldest baby-boomers turn 80 in 2026, and their average age will be just over 70 years. The aging of this generation will increase the pressure on older

boomers to transition out of singlefamily homes. We are also hopeful that mortgage rates will continue to fall into the upper 5% range. Lower mortgage rates will also improve inventories as existing homeowners with mortgages in the 3%-4% range are more willing to take on a new mortgage if current rates continue to fall. Lower rates will also improve affordability which will make it easier for first-time buyers to finally buy their first home, There are many ways that policymakers can help improve the housing market. The Trump administration needs to continue its efforts to keep inflation in check while maintaining a strong labor market. Lowering tariffs, promoting domestic energy projection and reducing the regulatory burden will improve productivity for producers and help grow the economy while also lowering inflationary expectations to bring down mortgage rates. State and local policymakers can improve the state economy by pursuing pro-business initiatives that allow Wisconsin firms to grow and thereby create jobs that attract and retain a strong statewide workforce. A key component of that strategy is maintaining a healthy housing market by streamlining the regulatory process to make it profitable for developers and builders to serve buyers at various price points including entry-level homebuyers. It also means keeping the property tax burden low which also promotes affordability. Larson is president and CEO of the Wisconsin REALTORS® Association (WRA).

Founded in 1909, WRA is one of the largest trade associations in Wisconsin. It represents and provides services to more than 15,000 members statewide.

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Wisconsin Economic report Larger Forces Can Shape Wisconsin Economy in 2026

•

tom still Past President of the Wisconsin Technology Council

By some national measures, Wisconsin looks like an economist’s version of “Midwest nice.” Its unemployment rate is below the U.S. average, its workforce participation rate generally exceeds the norm, its median wage is higher than in many states and its indebtedness rate is well below average. In short, Wisconsin people go to work — mostly, for a fair wage — don’t over-borrow, and pay their debts.

•

That doesn’t mean Wisconsin is immune from larger economic trends, however. With its historic manufacturing and agricultural base, it can be susceptible to influences beyond in-house control. Here are some larger forces that could hit home in 2026: •

President Trump imposed tariffs on many foreign-made goods in hopes of luring manufacturing back to the United States. That’s helping to bring some factories home but continues to raise many consumer prices. Global retaliation makes it harder to sell some goods and commodities as buyers find other sources. The immigration crackdown has proven overly Wisconsin Banker

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broad in some industries, such as Wisconsin dairy farms. Large data centers that power artificial intelligence are being planned or built across Wisconsin, creating jobs for many but raising worries for others. Can enough electricity be generated to satisfy AI’s appetite as well as society’s overall power needs? With a balanced approach engaging solar, wind, hydro, battery storage, natural gas and –— eventually — a rebirth of nuclear power, the answer is a qualified “yes.” Wisconsin utilities are heavily regulated, so solutions that shift costs or hurt the environment are unlikely to be accepted. Speaking of AI, some opponents portray it as little more than a plaything for techies or a tool for graphics-minded scammers. Wrong. The growth of “physical AI” can make Wisconsin’s core industries such as manufacturing, food production and construction more efficient. That trend will mature in coming years. As “Baby Boomers” age out, are there enough workers in Wisconsin’s Generations X, Y, Z and Alpha to fill the workforce gap? That’s a major question in northern and central Wisconsin, where workforce participation rates are lower. Keeping younger people in Wisconsin is vital, even in an era when online workers can be recruited around the world.

January | February 2026

•

It’s not your father’s college degree anymore. Amid reports of recent graduates not landing jobs to fit their education, some college-age students are wondering if they would rather be an electrician or plumber versus an anthropologist or historian. Wisconsin’s excellent technical colleges and trade schools may see an enrollment spike. Private and public research will become everyone’s business. Skepticism over medical science has found a home in Trump’s remodeled White House, with potentially dangerous results. Wisconsin is home to some of the nation’s best public and private research centers, which collectively help to save lives and power the next generation of companies. Whether those companies are startups — or major firms acquired for billions of reinvested dollars — they’re vital to our economy. Let’s hope 2026 reverses the anti-science trend.

Still is the past president of the Wisconsin Technology Council and the former associate editor of the Wisconsin State Journal.

Are You Open To AI? By Jeff Schmid, CRCM spent valuable time downloading publications from the internet Bankers who have to perform the Search command in a reached out to me over the years for PDF document, only to realize their answers to their regulatory questions answer could not be found. Or maybe may have received the response “if I they did an internet search and landed don’t know the answer, I will make on a public network with hundreds of one up.” Little did I know that I was bankers providing a hundred different a pioneer of open artificial intelligence interpretations to the same question. well before its time. Today, not much You never really knew who to believe has changed except instead of reaching or what you read. Back then we out to me, bankers are now turning to considered this progress. open AI for quick answers. And much

Open AI has changed much of the research landscape for today’s banking professionals. The good news is that by It’s true that AI has sped up the conducting an open AI search you will process in our search for simple answers be guaranteed an answer. Whether it’s to complex problems. We have come a the right answer is yet to be perfected. long way in the last twenty years when And clicking on those little links to the our answers were found by reading publication is a helpful tool, but only if bank regulations on onion skin paper. you read the publication. The challenge And it wasn’t too long ago that bankers in an open AI environment is that your keyword search is returning answers from outdated publications and incorrect interpretations The ConnectFI Digital Lending Solution by combining enhances the borrower online experience keywords or and streamlines your loan process phrases across a spectrum of SAVE TIME WITH DIGITAL LENDING information and FEATURES creating its own ✓ Online applications answer. Sound ✓ Automated document collection ✓ Borrower notifications familiar? And ✓ Third-party integrations depending on your reliance BENEFITS on that answer, ✓ Close loans faster that could spell ✓ Eliminate data entry ✓ Quicker document collection trouble for your ✓ Easy to implement & use bank if not your customers. like me making up an answer, open AI can be just as dangerous.

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Mortgage, Commercial, and Consumer Modules plus online deposit account opening fipcosales@fipco.com

During our WBA sponsored Compliance Officer School, we teach Compliance Officers the tools of the trade and how to effectively use technology to search for answers to regulatory questions. The phrase we often use is “trust but verify.” While the initial instinct is to trust everything you read on the internet, it’s just as important to verify that information through other means. Recently, our ShareFI team has been introducing bankers to a valuable closed AI environment. In this environment, only up-to-date regulatory publications are searched, thus reducing the amount of time it takes to verify the trusted results. It also provides bankers with the opportunity to search all publications used in creating the answer. This can be a very effective tool during your next regulatory compliance examination or audit. While AI is still being perfected, it’s still farther along than any research I have ever completed, and if I don’t know the answer, trust me, I no longer make one up. Artificial intelligence is certainly here to stay and is finding its way in many aspects of bank management and operations. Banks of all sizes are adapting to its efficiency quickly. And who knows, in the next twenty years AI might simply read our minds and provide answers before we ask the question. If you are open to closed AI regulatory solutions, please contact me at jschmid@fipco.com. I am sure you will find value in the efficiency and accuracy of your next regulatory question. Really, I am not making this up. Schmid is director of compliance and management services at ShareFI. FIPCO is a subsidiary of WBA and a WBA Gold Associate Member.

800-722-3498

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New WBA 2026 Banker Forum Memberships The Wisconsin Bankers Association is introducing new role-based banker forum memberships. The forums available include WBA Bank Marketing Forum, WBA HR Officer Forum, WBA Operations Officer Forum, and WBA Risk Management Forum. The membership is based on a calendar-year. During the year, each group will gather twice in Madison at the WBA office for a forum meeting. The membership also includes registration at the relevant specialty WBA conference in 2026! Each group will have its own online community on the WBA website to stay connected throughout the year and share questions and ideas. To view information and to register visit: https://www.wisbank.com/education/banker-only-forum-memberships/

2026-27 WBA BOLT Leadership Academy Application Period Open This program brings together a cohort of 20–25 community banking leaders over a 13-month period for extensive industry and leadership education, along with several networking opportunities for the group. The program has been designed for highly motivated bank leaders who have a desire to grow their leadership skills and grow a trusted network of community banking peers from across the state. The selected cohort members will come from diverse business functions within the banking industry and various locations throughout Wisconsin. Applications for the 2026–27 BOLT Leadership Academy are due by March 20, 2026. Applicants are encouraged to review included education program dates to ensure they can commit to participating in all sessions. Given the small size of the cohort, spots are limited. To view information and to apply visit: https://www.wisbank.com/education/bolt-leadership-academy/

Happy New Year! Wishing you abundant joy and health in 2026! Thank you for your loyalty and goodwill throughout the year.

Jeff Wagner | jwagner@wisbank.com | wbaebc.com

Wisconsin Banker

January | February 2026

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Philanthropic Opportunity for Wisconsin Bankers: Support The Stock Market Game The Wisconsin Bankers Foundation (WBF), the charitable arm of the Wisconsin Bankers Association, is committed to advancing financial literacy and educating the public about the financial services industry. WBF proudly supports The Stock Market Game, a statewide online educational competition that helps students in grades 4–12 build financial intelligence and money management skills. During the Spring 2026 semester, thousands of Wisconsin students will work in teams to manage a simulated $100,000 investment portfolio, gaining hands-on experience with global capital markets and financial decision-making. WBA member organizations are invited to participate by sponsoring individual student teams for $500 per team. Each sponsoring organization appoints a Team Mentor from its staff, and EconomicsWisconsin matches mentors with student teams to provide guidance and inspire the next generation. Team Mentors check in regularly throughout the 10-week Spring Semester challenge February 17–April 24, 2026 to help students understand course material and navigate the competition. Participating banks benefit from meaningful community engagement, exposure among Wisconsin families, and logo recognition on the EconomicsWisconsin website. Banks interested in sponsoring a team and appointing a mentor for the Spring Semester should contact Elizabeth Fenton at WBA at efenton@wisbank.com. Applications and payment are due prior to the start of the Spring challenge.

WDFI Division of Banking 2026 Escrow Rate – 0.17% The Wisconsin Department of Financial Institutions (WDFI), Division of Banking, has calculated the interest rate required to be paid on required escrow accounts for residential mortgage loans subject to sec. 138.052(5), Stats., to be 0.17% for 2026. The interest rate will be in effect January 1, 2026 through December 31, 2026. Pursuant to sec. 138.052(5)(am), Stats., except as provided in sec. 138.052(5)(am)(b), Stats., and unless the escrow funds are held by a third-party in a noninterest-bearing account, financial institutions which originate a loan on or after January 1, 1994, and before April 18, 2018, and which requires an escrow account must pay interest on the outstanding principal balance of the escrow at the rate established by WDFI’s Division of Banking. Section 138.052 applies to a consumer-purpose loan secured by a first lien or first lien equivalent in a 1-4 family dwelling that is used as the borrower’s principal residence. WDFI’s 2026 Escrow Rate: https://dfi.wi.gov/Pages/FinancialInstitutions/BankingSavingsInstitutions/EscrowNotice.aspx

Leaders in Banking Excellence The Wisconsin Bankers Association Leaders in Banking Excellence Wall honors current and former banking leaders who have helped shape their bank and/or our state’s banking industry with recognition as a fixture in the WBA building in Madison. The wall was established in 2020 and now has 32 profiles. Nominate a banker at wisbank.com/excellence by Friday, May 15, 2026 for excellence in: •

Banking

•

Civic Involvement

•

Community Service

Bankers will be recognized with a plaque in the WBA headquarters and at a ceremony in fall 2026. A contribution to WBA's charitable Foundation accompanies the nomination.

WOMEN IN BANKING April 27, 2026 I wisconsin dells

Wisconsin Banker

January | February 2026

Help Drive the Future of Wisconsin Banking By Daryll J. Lund Apply to join a committee, section, or advisory board The success of the Wisconsin Bankers Association is powered by one key ingredient: you. As a member-driven organization, we rely on the passion, expertise, and collaboration of bankers across the state to shape our initiatives and strengthen Wisconsin’s banking industry. Now is your chance to make a difference! Through Monday, March 9, WBA is accepting applications for volunteers to join our diverse committees, sections, or advisory boards. These groups — made up of dedicated bankers from various roles — play a pivotal role in shaping the future of the WBA and the banking industry at large. Whether your focus is financial crimes, mortgage lending, human resources, marketing, IT or another vital area, this is your opportunity to make your voice heard. Why Volunteer with WBA? • • •

Shape the Future: Collaborate with fellow bankers and WBA staff to design programs, advocacy efforts, and resources that address the ever-changing needs of the banking industry. Expand Your Network: Build valuable connections with peers from across Wisconsin, sharing insights and ideas that will enrich your career and strengthen your bank. Make an Impact: Your expertise will directly influence the success of WBA and help elevate Wisconsin’s banking sector.

If you welcome the chance to lead, and inspire apply to join a WBA committee, section, or advisory board by completing the application at wisbank.com/about/committees. Lund is WBA executive vice president and chief of staff.

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Community Advocate Spotlight

Wisconsin bankers are the definition of “community advocates” in all that they do every day to improve their local economy through bank products and services, as well as through generous philanthropy of time and money. The Community Advocate Spotlight shares and celebrates the diverse backgrounds, experiences, perspectives, and innovation of some of the extraordinary bankers in the state.

Questions and Answers

The following is a brief interview between WBA President and CEO Rose Oswald Poels and President and CEO of Cleveland State Bank Tim Schueler.

the fabric of local economic and social life. From local decision-making that considers the unique circumstances of clients, to donations, event sponsorships, and the expertise our employees share, community banks are true Rose: How did you first get into the banking industry? partners in growth. Second, I wish more young people Tim: My path into banking was not a straight line. understood the breadth of careers available in banking. Through high school and most of college, I worked on a This industry offers opportunities to be part of something small local dairy farm, which I thoroughly enjoyed. Each bigger than yourself, to improve the community you day brought new challenges, and I valued the responsibility live in, and to build a career that is both meaningful and that came with the work. When the farm’s owner decided rewarding. to retire, he asked if I wanted to take over. Knowing the 4. Where do you believe the industry’s greatest agricultural economy was struggling in the late 1980s, challenges are in the next 3–5 years? I sought advice from my parents, who directed me to our community banker, Mr. Charles Kolb. He listened Two challenges stand out. Cybersecurity will continue to carefully to my plans and encouraged me to finish school test us, especially as fraudsters become more sophisticated first. Years later, after earning my degree and working and AI makes it harder to detect threats at first glance. in manufacturing, Mr. Kolb called to ask if I had ever Protecting our clients and communities requires vigilance considered banking. He was looking for a lender trainee, and innovation. The second challenge is talent acquisition. and that conversation changed the course of my life. Mr. Many of us who entered banking decades ago are nearing Kolb explained the profound impact community banks retirement, and it is critical to attract and develop the next have on their communities, and I fell in love with the generation of leaders. Ensuring they are deeply engaged in industry. More than 36 years later, I can honestly say every our organizations will be essential for the industry’s future. day has been rewarding and never felt like “work.” 5. Please describe your current role at your bank and 2. What is your favorite aspect of your role at the bank?

share one of your more rewarding experiences.

Early in my career as a lender, my favorite part was listening to people’s dreams and helping them find a way to achieve them. Clients always did the heavy lifting, but being able to play even a small role in their success was incredibly fulfilling. Those experiences, combined with an employer who valued continuous learning, cemented my passion for community banking. Today, in a leadership role, I find equal joy in helping both clients and teammates reach goals they never thought possible. Seeing others succeed — whether it’s a business thriving or a colleague growing into their potential — remains the most rewarding aspect of my work.

As President and CEO, I work closely with our executive team and board to shape strategy and ensure it becomes reality. My role spans every area of the bank, but at its heart, it is about relationships with clients, employees, and the community. One experience that has stayed with me occurred early in my career when I had to say “no” to a longtime client. At the time, it was difficult, and the client was understandably disappointed. Years later, he sought me out to thank me, explaining that my decision forced him to reevaluate his business. The changes he made turned a challenging situation into a success story. His gratitude reminded me that doing what is right, even when it is hard, ultimately serves clients best. That lesson has guided me throughout my career, and it reflects the true value of community banking — building trust, fostering resilience, and helping people achieve more than they thought possible.

3. What do you wish the general public understood about the banking industry? I often emphasize two points. First, community banks are vital to the success of their communities. Our role goes far beyond deposits and loans — we are deeply woven into 30

Wisconsin Banker

January | February 2026

New Associate Members Vibrancy Unlocked

Raymond James

https://www.vibrancyunlocked.com/ | Brent A. Hafele hello@vibrancyunlocked.com | (715) 204-4233 WBA Bronze Associate Member

https://www.raymondjames.com/ | Jason Goode jason.goode@raymondjames.com | 727-643-123

Vibrancy Unlocked supports Wisconsin banks by helping CEOs, C-Suite leaders, and their teams lead with greater clarity and confidence. We provide CEO and C-Suite coaching, leadership training, and employee engagement services that strengthen culture, retention, and organizational performance. As a Gallup-Certified provider, we use CliftonStrengths to deepen team alignment and improve workplace effectiveness. Our commercial sales engagement services help banks acquire and retain high-potential clients. Through practical, researchbacked development strategies, we help banking leaders create healthier teams and more resilient organizations.

Aunalytics

https://www.aunalytics.com/ | Dan Fenech info@aunalytics.com | 855-799-3282 Solutions: Legal Services Sevices: Data Warehouse, Information Technology/Cybersecurity, Managed Analytics

Aunalytics empowers community banks with AI-enhanced data analytics, managed IT services, and secure private cloud solutions. Our private, cloud-native data platform, Aunsight, uses AI to help financial institutions uncover actionable insights in their transactional data to drive productivity, increase deposit growth, and enhance customer relationships. With a blend of advanced technology and expert guidance, we help banks thrive in a digital world.

SOUND STRATEGIES FOR PORTFOLIO INVESTMENT OPPORTUNITIES. Trust our investment and trading desk specialists to help reach your goals. Serving as your partner, we provide portfolio analysis and strategies supported by the knowledge of our experienced professionals.

Combining the broad capabilities of a leading financial services firm with the industry expertise of a boutique, Raymond James offers depository institutions sophisticated advice and execution regarding strategic direction, capital formation, funding and liquidity, balance sheet optimization, wealth management and more – all bolstered by a robust platform designed to meet a diverse range of objectives.

Midwest Business Finance Corporation https://www.mbfc.org | Terry Stein tstein@mbfc.org | 320-333-9033

Midwest Business Finance Corp. (MBFC) is a leading non-profit Certified Development Company specializing in the SBA 504 Loan Program. Partnering with lead lenders, MBFC helps small business owners finance fixed assets with lower down payments and long-term, below-market fixed rates. Serving Wisconsin, Minnesota, North Dakota, and bordering counties into South Dakota and Iowa, MBFC operates six offices to provide responsive, efficient service to their lead lenders and small business owners. With extensive experience, quick turnaround, and a commitment to excellence, MBFC delivers financing solutions that empower small businesses and distinguish it as a trusted partner in economic growth.

Wisconsin Banker WBA Mission We actively advocate for, educate, and support our members to help Statement them positively impact the Wisconsin communities they serve. Association Officers: Paul J. Northway (Chair), President and CEO, American National Bank Fox Cities, Appleton Joe Peikert, (Chair-Elect) President and CEO, Wolf River Community Bank, Hortonville Greg Lundberg (Vice Chair), President and CEO, Fortifi Bank, Berlin Alvaro (Al) Araque (Past Chair), Senior Vice President, Director of Consumer, Private, and Business Banking, Johnson Financial Group, Racine Rose Oswald Poels, President and CEO, Wisconsin Bankers Association, Madison

Association Board of Directors: Tina DeGustino, Regional President Wisconsin Region, BMO Bank, Milwaukee Jim Hartlieb, President and CEO First Business Bank, Madison Kelly Heroux, President and CEO Peshtigo National Bank Shay Horton, President and CEO Cumberland Federal Bank Shane Ilstrup, President Citizens First Bank, Trempealeau Jimmy Kauffman, President and CEO Bank of Sun Prairie

Todd Nagel, President and CEO IncredibleBank, Wausau Nathaniel (Nate) Parrish, President First Citizens State Bank, Whitewater Timothy (Tim) Schneider, President and CEO Bank Five Nine, Oconomowoc William (Bill) Sennholz, CEO Forward Bank, Marshfield Lindsay Spitzer, President and CEO Bluff View Bank, Galesville Eric Witczak, Executive Vice President and COO, Nicolet National Bank, Green Bay

The Wisconsin Banker is published by the Wisconsin Bankers Association, 4721 South Biltmore Lane, Madison, WI 53718; Telephone: 608-441-1200; wisbank.com. Elizabeth Fenton, Commmunications Coordinator, efenton@wisbank.com

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To report a change of address, please email us at requests@wisbank.com. The publication of advertisements does not necessarily represent endorsement of those products or services by the Wisconsin Bankers Association. The editor reserves the right ot reject any advertising or editorial copy deemed unsuitable for publication for any reason. Copy deadline is eight business days before publication date.

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Disclaimer: With the exception of official announcements, the Wisconsin Bankers Association disclaims all responsibility for opinions expressed and statements made in printed articles and advertisements in the Wisconsin Banker. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal or accounting advice or expert assistance is required, the services of a qualified professional should be sought.

wisbank.com

January 14

March continued

Midwest Economic Forecast Forum

18-19

Virtual – multiple registration options available 1/81/30 9

Understanding Bank Performance Virtual Series Eight-part webinar series – $1,000/attendee

Online Workshop: Credit Analysis Basics Virtual full day – $275/attendee

Community Bankers for Compliance – Session I

Branch Manager Boot Camp: Session I

TBD

Fraud On-Demand Video Series

February Wisconsin Dells 11

Capitol Day Madison

11 17

Information Security Officer Workshop Online Workshop: Fundamentals of Commercial Lending 101

April

Eight-part webinar series – $1,000/attendee Fond du Lac - $550/attendee

14-16

Real Estate Compliance School Madison or Virtual - $895/attendee

Online Workshop: Basic Personal & Business Tax Return Analysis Virtual full day – $275/attendee

16-17

Agricultural Bankers Conference Wisconsin Dells - $350/attendee

20-25

Principles of Banking

9th Annual Power of Community Week www.wisbank.com/BanksPowerWI

20-24

Branch Manager Boot Camp: Session II

School of Bank Management Madison - $1,395/attendee

Community Bankers for Compliance – Session II Virtual half-day – annual membership/pricing varies

ABA/WBA Washington Summit Washington, DC

Hot Topics in Commercial & Agricultural Lending Webinar Series Multi-part webinar series

Online Workshop: Wowing the Client!

March 10

Four-part series, virtual half days – $900/attendee

Principles of Banking

Compliance Forum: Session III

Four-part series, virtual half days – $900/attendee

9-11

Branch Manager Boot Camp: Session III

8-9

Madison - $550/attendee 26

Wisconsin Dells - $275/attendee 26

Virtual full day – $275/attendee

Virtual half-day – $300/attendee 25-26

Security Officer Workshop

Understanding Bank Performance Virtual Series

Virtual full day – $275/attendee 25

Virtual full day – $275/attendee 26

4/24/24

Wisconsin Dells – $275/attendee 25

Online Workshop: Fundamentals of Comm. Lending 201: Analyzing Repayment Sources

Online Workshop: Key Ratio Analysis

Wisconsin Dells – annual membership/pricing varies 24

Residential Mortgage Lending School Madison - $1,095/attendee

TBD

Bank Executives Conference

Loan Compliance School Madison or Virtual - $895/attendee

23-26

Virtual half-day – $1,700 membership/1 attendee

Five-part video series – $995/bank

4-6

Wausau – $550/attendee 17-19

Four-part series, virtual half days – $900/attendee

Supervisor Boot Camp

KEY: Color-Coded Event Descriptions Conferences/Summits – One or more days, based on hot topics, industry

Advanced IRA Workshop

news and best practices, scheduled time for peer networking.

Madison or Virtual - $275/attendee

Schools/Boot Camps – Focused on a particular area of banking, allowing for a deep dive into that focused area over the course of two to six days.

Health Savings Accounts (HSA) Workshop Madison or Virtual - $275/attendee

Workshops/Seminars – One-day programs focused on a specific topic or

11-12

Call Report Workshop Two Virtual Half-Days - $295/attendee

area of banking.

3/125/9

Virtual Credit Analyst Development Program

WBA-Hosted Webinars

Six-part online workshop series – $2,750/attendee

Other Events

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Wisconsin Banker

January | February 2026