Tuesday, December 30, 2014

Good Year

2014 has been an excellent year for Oak Bank.  We are blessed with great associates, clients, directors and shareholders.  I just want to wish you a prosperous and healthy 2015! 

Tuesday, December 23, 2014

Last Minute Shopping

Some of you may be heading out of the office early today to do a little last minute holiday shopping for friends and family.  How you go about that shopping is probably quite different from even five years ago when people primarily shopped in person and usually went to the shopping mall if they were looking for a variety of items.  Some 1,500 malls were built between 1956 and 2005, but barely 1,000 malls remain today (not one new mall has been built since 2006).

Wednesday, December 10, 2014

Lump of Coal for Christmas

I came across an interesting story on the connection of coal with Christmas.  As we know, our Western culture legend has it that naughty children wake up Christmas morning to find their stockings filled with lumps of coal instead of the desired toys and delicacies.  The negative association between coal and Christmas dates back thousands of years.  In folklore, people's homes are entered via the fireplace, bearing gifts for well-deserving boys and girls and coal for the badly behaved. 

Friday, November 28, 2014

Cool Place in Chicago

In case you visit the Windy City, you may want to visit the Money Museum at the Federal Reserve Bank of Chicago on LaSalle Street.  And its free!  Lots of history on money.

Wednesday, November 26, 2014

Happy Thanksgiving

Tomorrow is America's official Thanksgiving holiday.  While it is a day to enjoy good food, spend time with friends and family, and maybe watch some football, it is much more.  Thanksgiving Day is a reminder to reflect and be thankful. 

Other countries also have dates set aside for similar purposes and, while the fourth Thursday in November is just the American date for this, it is a perfect time to express our thanks for each and every one of you - wherever you live.

Saturday, November 22, 2014

Great State of Affairs

When was the last time you saw UW Men's basketball ranked third in the nation;  the Packers leading their division; the Bucks 7 and 5; and UW football moving toward a Big 10 championship?  And all at the same time?  Great time to be a Wisconsin sports nut!

Friday, November 14, 2014

Brand Recognition

Research finds the three main drivers of consumer brand equity are awareness (recognition), associated qualities (BMW = quality German engineering), and loyalty (I love my Apple).  Recognition alone isn't enough.  After all, the largest banks have recognizable brands, but what they signify is a different question.  Consistently high quality client experiences.  All the image ads in the world will not overcome a lousy experience when a potential client engages with the staff.  For that reason, a bank's image is almost entirely dependent upon its employees.  We think our staff is client-centric and that they create a lasting emotional impression of competence and concern.

Wednesday, November 05, 2014

Better by the Growler

Here's a continuation of my prior blog post.

Most businesses would love to see the same kind of percentage business increase that small brewers achieved over the last year.  Craft brewers rely upon there being demand for a unique, high quality product that is local in its business focus as well as in its image.  The same should follow for small businesses, but the brand recognition of the large businesses often overwhelms a smaller organization's attributes.

More later.

Saturday, November 01, 2014

Craft Beer and Banks

The other day a German fellow at a beer festival in Bavaria set a record for transporting beer mugs, carrying 27 one-liter beer glasses for 40 meters.  The beer alone would weigh almost 60 pounds! But the point of this blog is that craft breweries are successful.  The sale of craft beers increased by more than 17% last year vs big market brands at 2%.  Do you suppose big market brands will attempt to make a higher quality product to capitalize on the trend that Americans are drinking less but buying higher quality?  More later........

Friday, October 31, 2014

How High Will They Go?

All indications from the Fed still point to policy tightening and a rising rate environment sometime around mid-2015.  How high rates will go remains a question though.  It could be we are approaching yet another time of change and recent market volatility is simply an expression of concern.  

Tuesday, October 28, 2014

Vote Vote Vote

A week from today some significant decisions, by you the voter, will be made.  Be sure to either vote early or be at your polling place on November 4!

Tuesday, October 21, 2014

Early Voting

I usually am one of the first voters at my voting site each election.  But this year I did something new....  I voted early yesterday.  The only downfall is that if you make an error on your ballot, it will be a wasted vote.  Whereas, voting on election day your ballot would normally be rejected if an error is made.

Monday, October 13, 2014

Cybersecurity

I cannot say it too strongly:  you need to protect yourself from cyber attacks!  The easiest way to do this is to do away with weak passwords that are easy to guess or can be easily obtained in cyberspace by would-be criminals.

Friday, October 03, 2014

Good Year for the Bank

I don't often write specifically about Oak Bank but thought a couple comments about our year is timely.  There was some plans of moving to a new location in Fitchburg.  Those plans are on hold right now.  Financially, we are pleased with our results through the first nine months of 2014.  Loan demand is still a little weak, but improving. 

Friday, September 12, 2014

Economy

While there does appear to be any intent of the Federal Reserve to raise interest rates, geo-political situations could effect interest rate levels.  And the one that seems most serious right now is the Russia - Ukraine problem. 

Wednesday, September 03, 2014

How Blessed We Are

When you consider all the turmoil and killing in the world, you realize how blessed we are to live in this country!  When you hear about Ebola, you realize how fortunate you are to live in this country!  When  you hear about the children starving in various parts of the world, you should realize how fortunate we are.  Let us never take for granted our blessings!

Wednesday, August 27, 2014

Mystert

How tragic the two murders in Fitchburg.  How can we know the pain the families are going through and the long-term pain the six children will have to live with.  While I believe everything happens for a reason, just can't figure out why this has to happen. 

Wednesday, August 13, 2014

Vote

Hopefully you all voted yesterday.  Despite what many felt was not an important election, the consequences of many of the races may prove very important.  I was the third person to vote in my ward.  As I was standing in line I had conversation with voters from both parties.   I sensed a feeling that we are tired of the polarization that seems to exist in politics today.  Whatever happened to the ability to reach a consensus through compromise?

Monday, August 04, 2014

Favre's Number

I am pleased to hear the Packers are planning to retire Brett Favre's number "5" next year.  Really wish it could have been this year but another year may get rid of a few boo birds.

Friday, July 18, 2014

Trivia

The most obsolete job in America is the milkman - what is the second most obsolete?  The elevator operator! 

Sunday, July 13, 2014

Baby Boomers

Pew Research reports Baby Boomers started turning 65 years old in 2011 and every day for the next 16 years about 10,000 more will reach that threshold.  That means in 16 years about 20% of the population will be 65 years old or older! 

Tuesday, July 01, 2014

More on Credit Cards

A study on habits of the Millennial generation (ages 19-29) also indicated that family members were cited as a significant influence, with 49% reporting that their parents shaped their views on money matters.  54% reported going to their banks for financial advice.  This is interesting given about 90% of them bank online or on their smartphone.

Thursday, June 19, 2014

More on Credit Card Debt

TD Bank did a study focusing on the habits of the Millennial generation (ages 19 - 29 yrs) and found some interesting results.  This group has entered the workforce in the worst of economic times and as such seems to have tendencies towards financial conservatism quite similar to people who grew up in the Great Depression.  Job prospects have been difficult for this group at best and financial markets were roiled within their formative years.  Many also carry high levels of student debt.  More later.......

Thursday, June 12, 2014

Credit Card Debt

The average credit card debt is $28,000.  The average number of cards per person is 2.2the average utilization is about 30%.   The age group carrying the highest average balance per card and the highest number of cards is the baby boomers (ages of 47-to 65 yrs.), many of whom are both sending kids to college and caring for elderly parents.  More later......

Friday, June 06, 2014

Smart Phones

Predictably, there are more urban mobile banking users (64% in cities versus 60% in suburbs and 43% of rural dwellers.  58% of Americans have a smartphone and the highest use is by those under age 39.  Further, almost 50% of people between ages 50 and 64 are smartphone users.

Wednesday, June 04, 2014

Technology Change

Another amazing technological change over a short time is the use of broadband in homes.  When the Pew Internet Project began studying this in 2000 only 3% of homes had broadband, and now 70% of homes have broadband and internet use is above 80%, regardless of whether one is an urban or rural dweller.

Thursday, May 29, 2014

Mobile Technology

You may wonder how many people still try to avoid omnipresent technology these days.  The Pew Internet Project found in Jan. 2014 that 90% of American adults have a cell phone and only 14% do not use the internet at all.  This really is astounding considering that in 1995, 86% of the population did not use the internet.  More to come......

Friday, May 23, 2014

Dane Day Trips

In 1996 the Capital Times did a series of articles on Dane County Day Trips.  These trips take you to places in Dane County you don't even know exists.  If you'd like a copy of the five trips, e-mail me at rgorsuch@oakbankonline.com.

Tuesday, May 20, 2014

Beauty of Nature

Occasionally one has an experience that reminds them to be aware of your surroundings.  I had one such experience the other day when an Oriole flew unto and landed on the railing of my deck.  It proceeded to go to the patio table that had a little puddle of rainwater on it and took a drink.  What beauty!

Wednesday, May 14, 2014

State of the Economy

Oak Bank had its annual Shareholders' Meeting last night.  A highlight of the meeting was a talk by the economist for Legacy Private Trust, a firm we have partnered with for trust and related services.  Paul Kasriel who has an impressive background with the Federal Reserve Bank of Chicago and Northern Trust Co of Chicago as an economist feels we will see significant growth in our economy over the balance of this year.  In addition to his outlook, it also appears the U. S. Government is backing off some of its stringent mortgage lending rules passed down after the home loan bubble burst.  Good news for the housing industry and the economy.

Friday, April 25, 2014

Small Business & Jobs

Often overlooked when discussing economic conditions is the impact small business has on the number of jobs being created.  Small firms with less than 500 employees accounted for 63% of the net new private-sector jobs created between 1993 and mid-2013.  What's more, small businesses make up 99.7% of U.S. employer firms and 48.5% of private-sector employment.  Clearly small businesses are important to our economy and the community banks that largely serve them.

Thursday, April 17, 2014

Your Branch is your Phone

The use of mobile devices is increasing at a pace that is impacting business sales like nothing before!  This includes banking.  Eventually, it's inevitable that more consumers will turn to mobile and new merchants will come up to speed.  20 years from now I envision banks looking entirely different than we know them today.

Thursday, April 10, 2014

50 years

It is not often someone spends 50 years in a profession and is starting on their second 50!  But that's me.  Doubt if I will complete the next 50, but who is counting?  I could talk for hours about how banking used to be and how it is today.  But with all the changes interest rates today are actually lower than when I started in banking in 1964. 

Friday, March 28, 2014

Elite We Are!

Bo Ryan never ceases to amaze me.  I knew after watching Baylor play last Sunday, and listening to everyone comment about how tough Baylor would be for Wisconsin, that Bo would see it as a challenge.  And he met the challenge!  Someone who has been around as long as he has needs that special challenge once in a while to keep the fun in what they're doing!

Friday, March 21, 2014

Madness!

Well, my possibility of winning the billion dollars by getting all 64 games in NCAA tourney correct ended yesterday!  The wins of No. Dakota State; Dayton and Harvard took my money away!

Wednesday, March 19, 2014

Savings VS Debt

A recent bankrate.com report shows that nearly 50% of Americans have more credit card debt than emergency savings.  What's more, Americans' comfort levels with their savings have fallen to their lowest point in a year.

Tuesday, March 11, 2014

Ethics

As we see the corruption that exists in big government, it is refreshing to be led in this state by one who, in my opinion, exemplifies courage and ethics like not often seen.

Saturday, March 01, 2014

Happy States

I saw a results of a recent study on what states in the U.S.A. have the happiest people and which the unhappiest.  Surprisingly, the top 5 happiest states are all in the north;   No. Dakota, So. Dakota, Nebraska lead the list for the happiest.  West Virginia is the most unhappy state, followed by Mississippi and Alabama.  Wisconsin was not in the top 10.

Wednesday, February 26, 2014

Business Cheerleader

We like to think of ourselves as a cheerleader for small business.  Beyond providing loans and business banking products, we also have an important role to play as a sounding board and trusted advisor.  We think being an effective cheerleader is not waving pompoms, shouting morale-boosting chants into megaphones, or flying 15 feet in the air.  Instead we try to focus on being a good friend to small business owners.  We try to tailor our offerings to our clients and perform a supporting role with gusto and a high level of enthusiasm.  Rah, rah, rah......

Tuesday, February 18, 2014

American TV

The small business community has been rocked by the news of American TV's closing.  Here is a Madison-based business that has been around for 30 years closing shop.  Just down the road a 50 plus year business, Johannsen's closed not that long ago.  While all the talk is about the future plight of small business, I can tell you that small business is alive and well.  There are thousands of small business in Wisconsin thriving and who have a bright future.  So don't despair, quality personal service and products is still here!

Tuesday, February 11, 2014

Why Do You Leave

Research indicates there are two leading reasons people leave their preferred banking institution:

1.  An increase in a fee or fees;
2.  Poor customer service.

Any change we make in fees we feel is necessary and justified.  Those of you on the receiving end of these fees should call us anytime you feel a fee is not understood by you or justified.  And it goes without saying that we always encourage input on our client service level.

Friday, February 07, 2014

Student Loans

Student loans and the repayment of student loans is a real problem in our economy.  It seems those who own up to their commitment to repay the loans are being penalized by those who do not repay.  The rates on the loans to those who are paying keeps going up to offset the losses of those who do not.  I think getting these loans is too easy.  Another example of government taking over what had been a rather successful program and turning it into a mess.

Tuesday, February 04, 2014

Markets

A little correction in the stock market is taking place.  Was due. 

Monday, January 27, 2014

Arctic Air

A person certainly gets a feel for what those who live inside the Arctic Circle experience!  It is damn cold out.  People are always telling me this must remind me of Upper Michigan, where I grew up.  The fact is, it seems colder here.  Granted winters up there are longer with lots of snow.  But I much prefer snow over brutal cold!  Another factor is that the U.P. is almost completely surrounded by open water, which at 32 degrees or more tends to produce snow and milder temps.  So if you want to escape this cold, go to the U.P.  (tongue in cheek!) 

Thursday, January 23, 2014

Here and There

One has to wonder where the 110,000,000 credit and debit card theft from Target will end up.  It also sounds like this is only the tip of the iceberg and that many other retailers may have also been hit.  Does that mean 90% of people in the U.S. have already had their information stolen?  One has to wonder.

Friday, January 17, 2014

Global Warning

I am aware that the issue of global warming is more than just one winter, but I sure am not hearing much about global warming this winter around here!

Tuesday, January 14, 2014

Target

Target Corporation is offering one year free credit monitoring and identity theft protection to anyone who was affected by the recent Target data breach.  So if your credit or debit card was affected, you can go to the following site to get the free monitoring and protection.

https://corporate.target.com/discover/article/free-credit-monitoring-and-identity-theft-protection

Thursday, January 09, 2014

Weather

Yesterday when the temperature got way up to 9 degrees ABOVE zero with the sun shining, one could not help buy notice the lift in peoples'  spirits!  The sun is a powerful intoxicant! 

Friday, January 03, 2014

Fair Weather Fans

Minus 7 degrees at kickoff in Lambeau this Sunday.  I'll be there and not in a suite.  I have a outfit worn by those who compete in the Alaska Iditarod and boots good to minus 130!  Two son-in-laws; 2 daughters and 3 grandchildren accompanying me.  They have been to cold games before, but not as cold as this will be.  Hope it beats the 1967 Ice Bowl for low temp!