Rooted in community, bank grows strong

Even in today's tough economic times one independently owned bank, which opened its doors in 1944, continues to be strong, locally owned and managed, and it recently broke ground on a new location.

"We view ourselves as a small, community bank," said Ty Taylor, president of Waukesha State Bank.

It is easy to find him at the bank. His office, like that of his predecessors is located in the lobby. His grandfather, Carl founded the bank in downtown Waukesha with a location on Main Street. Carl ran the bank for 25 years. "He had his desk near the front door. The managers' offices are still located in the main lobby," said Traci Huntemann-Piatt, marketing director.

In 1956 a new home office was built along the Fox River in Waukesha.

Following Carl's tenure, his son and Ty's father, Don, served as president for 25 years. Marty Frank took Don's place until 2003 and served as president for 10 years. He passed away about a year and a half ago.

"I had great mentors and we have a lot of good people in place," said Ty Taylor.

He attributes the success of the bank to several factors. "Being more closely held is a plus," said Ty Taylor. The bank has a 13 percent capitol ratio compared to 6 percent which is good. "We are very well capitalized and we operate with a larger margin of safety than our peers."

On the Grow

As the Waukesha area experienced growth, the bank also grew. A branch was opened in Delafield in 1994 and in Pewaukee in 1996. Since 2004, offices have opened in Oconomowoc, Muskego, Brookfield, Mukwonago and Sussex. The bank broke ground April 22 for its newest full service banking office at East Racine Avenue and Highway 164 in the City of Waukesha. The new location is expected to open in fall.

This will be the bank's 13th full-service office. All of the bank's offices are located within Waukesha County.

"People recognize the difference of a local bank," said Huntemann-Piatt.

Waukesha State bank operates differently than the huge banks that are suffering in this economy. "Our decisions are local," said Huntemann-Piatt. "Our managers live locally, they know Waukesha County. They are very aware of what is going on in the county." Many of the managers and officers serve on local boards and committees. "We are always looking to meet the needs of the community," said Huntemann-Piatt.

Though the emphasis is local, Huntemann-Piatt said that customers get all the products and services provided by the big national banks. "We are one of the strongest banks in southeastern Wisconsin," said Huntemann-Piatt.

Changing focus

Banking services have changed over the years especially in the area of internet services. Waukesha State Bank was ready for new national legislation when Check 21 required banks to process electronic checks. "We saw that coming and we were on top of it,"said Ty Taylor.

Bank customers are also changing their focus in response to the challenging economy. "People are certainly paying closer attention to the FDIC levels and the safety of a bank," said Ty Taylor.

More people are putting their savings in money market accounts. "We are seeing more people save. Some people are saving where they would have spent it before. Others are saving instead of investing in the stock market," said Ty Taylor.

"Credit is still tight. The sub-prime market is dead. Fannie Mae's are tighter. We haven't changed our credit standards much, but the industry has. We never did sub-prime mortgages," said Ty. Because of that, the bank has not experienced many customers with foreclosures.

With tighter Fannie Mae regulations people are finding it harder to get home mortgages. At the same time, government involvement is making interest rates low, which is better for the home buyer.

The rules have not changed much for second mortgages. Taylor said the bank has seen this market slow up a little bit.

Waukesha State Bank helps the community in many ways, said Huntemann-Piatt. The downtown office offers the public a free community room. Non-profit groups use bank parking lots to sell Christmas trees, wreaths, Girl Scout cookies and the HAWS bake sale.

For more information visit www.WaukeshaBank.com

Changing Times

Waukesha State Bank has seen changes in the industry. Banking customers today are:

• paying closer attention to FDIC levels to be sure their money is safe

• putting savings in money market accounts instead of investing in the stock market

• finding it harder to get home mortgages because of tight credit

• enjoying low interest rates for home purchases

• not taking out as many second mortgages, though the rules have not changed