News Blog

June 24, 2020 – One of our goals is to help others use and reap the benefits of clean energy to help reduce the impact on our environment. In 2019, we reached carbon neutrality and continue to work on decreasing our environmental footprint! Joe Grimstad, our Vice Chairman, helped lead us in these efforts. He will be sharing a series of sustainability tips to help you and or your company become more environmentally friendly! Do you have any tips you would like to share or topics that you’re interested in learning more about? Drop a comment below!

June 22, 2020 – We have recently received the following updates for borrowers regarding the PPP Forgiveness Application:

  • The Treasury reduced the requirement for payroll expenses from 75% to 60%.
  • They are offering a 24 week covered period to maximize your loan forgiveness.
    • Loans made prior to June 5th may elect to use the 8 week covered period or the 24 week covered period.
  • You have ten months from the end of your covered period to submit the application.
  • They provided an EZ application for those:
    • Who are sole proprietors or contractors, or
    • Employers who did not reduce wages or headcount during the covered period, or
    • Were unable to operate during the covered period at the same level of business activity as before February 15th, 2020, due to COVID-19 safety restrictions and did not reduce salaries or wages.

To read more about this, visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program. Revised applications and instructions can be found under the heading, “Loan Details and Forgiveness”.

Please note, we cannot accept applications at this time, as there is no avenue for the banks to submit the application to the SBA. We will notify you when this changes. In the meantime, please continue to keep good records of payroll and non-payroll expenses and check our website for further updates.

Bottom line: Wait, be patient, more to come. There is plenty of time.

Ben Grimstad
Bank CEO and President

 

 

June 10, 2020 – Last week changes to the Paycheck Protection Program were finalized.  Good News: many (but not all) concerns of our small business customers were addressed.

Our friends at Pioneer Bank in Mankato, Minnesota, recorded an excellent video on the updates. They are graciously allowing us to share this video with you.  Please take time out of your day to watch the video to familiarize yourself with the changes.

We will continue to update you as changes to this program are made. Thank you for trusting us to work through this process with you. Please contact us if you have any questions, we are here for you!

Sincerely,

Ben Grimstad
Bank CEO and President

 

 

Liz in front of door

Liz Roe at Decorah Bank welcomes you!

Lori T. open doors Cresco

Lori Truka at Cresco Bank welcomes you!

June 5, 2020 – We want to thank all our customers for your patience and understanding throughout the last few months. Though our lobbies were closed, we are grateful to have continued serving your financial needs in various ways.

We are excited to announce that Cresco Bank will be reopening on June 8th and Decorah Bank will be reopening on June 15th. We typically love to see our customers in the bank, having a cup of coffee and a cookie, but these are different times. Re-opening and allowing customers to wear masks in a bank lobby presents unique challenges. Due to the continued threat COVID-19 presents, we have initiated a variety of new protocols to ensure the safety and well-being of our customers and staff.

  • Decorah Bank access will only occur through our North doors, next to our parking lot. Cresco Bank access will only occur through the front (South) doors to limit traffic.
  • We encourage customers to wear masks – we will be wearing masks or have sneeze guards in place for everyone’s protection.
  • A staff member will greet you at the door and you may be asked to lower your mask for identification. We are different from other businesses and need to identify those coming in. Generally, we do not allow individuals to wear masks in the bank for security reasons.
  • Our walk-in services will initially be teller services only. To meet with a banker or access your safe deposit box, call ahead to make an appointment.
  • We will limit the number of customers allowed in the bank building at a given time
  • If you have a cough or fever, please do not enter the bank. Instead, give us a call or take advantage of our online services. We are confident that we can serve you through these “virtual doors” and work through all of your financial needs.
  • We ask everyone to practice the social distancing guideline of 6-ft when inside the bank

As always, we will continue to offer online and digital banking options, helping you to maintain banking from the safety of your own home if you prefer to do so. Our ATMs and drive-ups will continue to be fully operational. Please call us with any questions or concerns that may arise. We are always here to help.

Thank you for following these new rules. We will continue to monitor the pandemic status and update you as changes are made. We look forward to beginning this reopening process, and cannot wait for the day that we can all enjoy conversation around that cup of coffee again. Thank you for being a loyal customer; we are grateful for you and know that we will get through this unique time together.

 

Child holding jar of milkJune 5, 2020 – June Dairy Month initially began as a way to distribute extra milk during the warm months of summer. It was started in 1937 by grocer organizations sponsoring “National Milk Month.” By 1939, June became the official “dairy month.” National Dairy Month acts as a reminder of the health benefits that dairy products provide. Here are some fun and interesting facts about the dairy field!

Cow Facts:

  • A cow produces an average of 6.3 gallons of milk daily and 350,000 glasses of milk in a lifetime.
  • Cows eat about 100 pounds of food every day
  • A cow spends about 6 hours eating and 8 hours chewing its cud every day.
  • Cows drink about 35 gallons of water a day – about the same amount as a bathtub full of water.
  • Cows can walk upstairs but not down because a cow’s knees are unable to bend the way that is needed to walk downstairs.

Dairy Facts:

  • These products contain a variety of essential nutrients — including calcium, potassium, vitamin D, and protein.
  • Dairy also reduces the risk of high blood pressure, osteoporosis, and certain cancers, while helping us to better manage our weight.
  • Most milk alternative drinks have only half the nutrients of real milk and cost nearly twice as much.
  • The average American consumes almost 25 gallons of milk a year!

Dairy Farming Facts:

  • 98% of dairy farms in the U.S. are family-owned and operated!
  • Dairy farmers take great care of their cows, working closely with veterinarians to keep them healthy and comfortable. Dairy cows receive regular checkups, vaccinations, and prompt medical treatment.
  • Dairy farmers follow strict Food and Drug Administration guidelines and process all dairy foods in a safe environment.

We know what you’re craving now… go enjoy a delicious dairy treat to celebrate! You deserve it!

 

 

GREENPENNY_Logo

June 3, 2020 – Decorah Bank & Trust is delighted to announce today’s launch of greenpenny, a digital-only branch with the aim of serving industry and individuals who are concerned about climate change.

Digital-only means that the services provided by greenpenny are accessible to people anywhere in the U.S., through digital channels only and not within physical bank locations.

This digital branch will allow the Bank to expand its service territory digitally, while the existing banking offices and services in Decorah and Cresco are unaffected. Customers of Decorah and Cresco Bank will not experience a change as the operation will be facilitated through a digital (mobile and online) technology.

Clean energy mission-based
“As the climate movement progresses, people are looking for ways they can do their part to help support the use of clean energy. Because of our long-standing values, it seems natural to offer tech-based greenpenny to serve a community of like-minded individuals beyond Northeast Iowa,” states CEO Ben Grimstad.

Click here to view full story

 

 

diversity hands

June 3, 2020 – This is a painful and difficult time for our nation, as we are reminded that social and racial inequalities continue to plague us. Contributing to this is a significant economic divide between groups, which presents many problems and continues to feed the disparity that exists. Decorah Bank and Cresco Bank are a part of the Global Alliance of Banking on Values, an independent network of banks using finance to deliver sustainable economic, social and environmental development. We will work to live out this mission, working to educate ourselves and support individuals of all races and economic backgrounds. There is a power that diversity brings, improving our area and nation.

 

 

May 29, 2020 – The Coronavirus Food Assistance Program’s (CFAP) direct payments have widespread application for producers.  Most row crops and specialty crops qualify, as do dairy and most classes of livestock.

Visit https://www.farmers.gov/cfap for a summary of the features, a payment calculator, and requirements for this program.  Signup began on May 26, so be sure to contact your local Farm Service Agency office to make an appointment.

Your Decorah and Cresco Bank and Trust team is here to help as you gather documentation on your crop production and inventory information.  During these challenging times, we aim to continue providing the resources necessary to assist in your operation.  Please reach out if you have any questions. Thank you for putting your trust in our Bank, we are grateful for your business!

 

 

May 29, 2020 – We have received questions about individuals receiving their Economic Impact Payment (EIP) in the form of a prepaid debit card, questioning its legitimacy. The IRS has announced that nearly 4 million people are being sent their EIP in this way, instead of a paper check. The payment will be on a prepaid debit card, called an “Economic Impact Payment Card”. If you receive this Card, it will arrive in a plain envelope from “Money Network Cardholder Services.” The IRS states, “The Visa name will appear on the front of the Card; the back of the Card has the name of the issuing bank, MetaBank®. Information included with the Card will explain that the Card is your Economic Impact Payment Card”.

 The following information is from EIPcard.com

If you have received an Economic Impact Payment Card, you should:

  • Read the Cardholder Agreement and Fee Schedule, located on EIPcard.com
  • Activate your EIP Card account, set your 4-digit PIN and get your balance by calling 1.800.240.8100
  • Sign the back of your EIP Card
  • Keep your EIP Card number in a safe place

How to use your EIP Card

  • Shop anywhere Visa Debit Cards are accepted: in-store, online or by phone, including paying bills
  • Get cash back at the register with PIN debit purchases at participating merchants
  • Get cash surcharge-free at any in-network ATM. Go to EIPcard.com to see eligible ATMs

How to get your balance

  • Log into your account at EIPcard.com, you must register as a new user
  • Call Customer Service at 1.800.240.8100

For more information, visit EIPcard.com

 

 

May 11, 2020 – The IRS has released guidelines on how to return an Economic Impact Payment (EIP). If your deceased loved one received a payment, follow these steps to return the EIP.

If the payment was a paper check:

  1. Write “Void” in the endorsement section on the back of the check.
  2. Mail the voided Treasury check immediately to the appropriate IRS location as listed on the IRS website linked below.
  3. Do not staple, bend, or paper clip the check.
  4. Include a note stating the reason for returning the check.

 

If the payment was a paper check and you have cashed it, or if the payment was a direct deposit:

  1. Submit a personal check, money order, etc. immediately to the appropriate IRS location as listed on the IRS website linked below.
  2. Write on the check/money order made payable to “U.S. Treasury” and write “2020EIP” and the taxpayer identification number (social security number or individual taxpayer identification number) of the recipient of the check.
  3. Include a brief explanation of the reason for returning the EIP.

 

For more information, visit the IRS website and scroll down to Q41, “What should I do to return an Economic Impact Payment?” The website is linked here: https://www.irs.gov/coronavirus/economic-impact-payment-information-center?utm_campaign=NEWSBYTES-20200507&utm_medium=email&utm_source=Eloqua