News Blog

April 15, 2020 – Americans are preparing to receive their economic impact payments from the government. With this influx of money, fraudsters are creating a variety of new scams in attempts to take these payments. The American Bankers Association has highlighted the five most common scams to watch for as listed below:

  • Offering Early Access to the Economic Impact Payment
    • There is not an exact time when eligible individuals will receive their payments. A promise of early or fast payments in exchange for personal information or money is most likely a fraud attempt.
  • Use Incorrect Terminology or Suspicious Phrases
    • The official term for the payment is “economic impact payment” as stated by the IRS. Correspondence using different terminology, such as “stimulus check” or “stimulus payment” may be a scammer.
  • False “Government” Communication
    • Government agencies will never communicate through email, call, social media or text message. If you do receive a message with a link asking you to register online to receive your economic impact payment, DO NOT click on the link. You are most likely being scammed.
  • Phone Calls or Texts Asking for Personal Information
    • Consumers do not need to take any actions to receive their economic impact. If a call is received from an individual claiming to be from your bank or a government agency asking to verify your personal information, DO NOT engage in conversation. Hang up immediately and contact us or report it to the IRS.
  • Mail a Fake Check
    • Some fraudsters will send out fake checks. These checks may or may not have the correct economic impact payment amount and would require the recipient to verify personal information to cash it. This is a scam. The only mail correspondence that you should receive will come from the IRS in letter form. This letter will have information on how the economic impact was made and how to report any failure to receive the payment.

To receive your Economic Impact Payment if you did not file a tax return for 2018 or 2019, or if your address has changed since your last tax return was filed, click here.

If you have any questions about a scam or the legitimacy of an economic impact payment communication, please contact us before taking action. For more information about the economic impact payments, contact us or visit the American Bankers Association FAQ.

April 9, 2020 – Decorah Bank and Trust understands that there may be instances in which customers find themselves facing financial difficulties due to this unique time. We have different homeowner and consumer payment relief programs now in place to help customers in need of assistance. We are here to help, and encourage those who may be impacted or need support to please contact us to discuss and find a solution for you.

As always, the health, safety, and well-being of our customers, associates, and our communities are of our utmost concern. We continue to monitor this quickly evolving situation and are committed to assisting our customers in any way that we can. Please continue to check our Facebook page and website for updated information. Together, we will get through this.



April 8, 2020 – As of today, the Paycheck Protection Program (PPP) has new eligibility extensions. The US Treasury and Small Business Administration have expanded guidance on eligibility rules for the PPP program. All banks are trying to keep up with this fast-moving program in which rules and interpretations are changing by the hour. From the beginning, it was known that traditional small businesses qualify. It now appears that eligibility is expanding to certain industries that traditionally are not SBA eligible.

Resources to help understand the new eligibility extensions can be found through this link:


If you have any questions, please reach out to us. We are more than happy to explain these new interpretations and walk you through the PPP process.


April 6, 2020 – You’ve likely heard of multiple small business tools available through the Small Business Administration (SBA), the most popular being the Paycheck Protection Program under the CARE Act. Congress approved $349 billion to help small businesses retain workforce through this difficult time. Qualified small businesses can apply for a forgivable loan up to 2.5 times monthly payroll.

We have been receiving applications all weekend. As of 6:30 Sunday morning, we’re happy to have gained access to the SBA site where we are now transmitting applications. We will work around the clock accepting and transmitting these applications for our small business customers. If you are a small business and have not considered applying, we encourage you to do so soon. The application and more information can be found here. For questions, please contact a business bankers.


UPDATED as of April 23, 2020 – Today, the government is voting to approve additional funding for the Paycheck Protection Program, aimed at helping small businesses who have been severely impacted by the coronavirus to maintain their workforce. Qualified businesses can apply for this forgivable loan of up to 2.5 times monthly payroll. If you have not applied, we recommend that you begin your application immediately as these funds are expected to go quickly. To apply, submit your information in the application linked below. Decorah Bank and Trust is here to help you navigate through this process.

April 2, 2020 – Decorah and Cresco Bank and Trust are committed to helping small businesses navigate the SBA disaster loans being made available in response to the COVID-19 crisis. Part of the new CARES stimulus package, the Paycheck Protection Program, is a federal loan program aimed at helping small businesses who have been severely impacted by the Coronavirus to maintain their workforce. To apply, submit your information on the Payment Protection Program application link below.

In addition to the Paycheck Protection Program loan, the U.S. Small Business Administration is also offering an Economic Injury Disaster Loan to small business owners. You can apply for this low-interest, federal disaster loan directly through the Small Business Administration. We are currently waiting on final guidance from the SBA on the full details of the Paycheck Protection Program. Below, we have listed the resources included in each of the programs as we know them right now.

Payment Protection Program Application

SBA Loan Program (PPP) Borrower Form

Loan Program Options:

Business loan options

hands holding heartMarch 31, 2020 – For many years, Decorah and Cresco Bank and Trust has helped our customers and our communities through both good and challenging times. Today is no different, and we stand ready to help you and your small business or nonprofit. The CARES Act is the new federal relief package that was recently signed into law. Part of this act is the Paycheck Protection Program, a federal loan program aimed at helping small businesses impacted by COVID-19. Providing $350 billion in new lending capacity, this program accounts for a majority of the small business assistance. Decorah and Cresco Bank will be providing these loans as soon as the U.S. Small Business Administration (SBA) releases details and guidance on this program. To better understand the requirements for eligibility, go to the U.S. Chamber of Commerce’s Small Business Guide and Checklist.



hands holding heartMarch 19, 2020 – Decorah and Cresco Bank will be sending out an email today explaining the variety of banking options that are currently available to customers and current information about our response to COVID-19. If you do not receive it, please read the message below:

We hope you and your loved ones are doing well during this unique time in history we are living in. We know this is a time of unrest and uncertainty, and we want banking to be low on your list of concerns.

During this time, we have a variety of banking options that you can use:

If you would like to meet with a Banker in-person, please call 563-382-9661 (Decorah) or 563-547-2244 (Cresco).

If you do need to venture out, please use our ATMs or drive-thrus. As a precautionary measure, access to our lobbies are by appointment only. Click here for direct lines to our various locations.

In this time of uncertainty, please be on the lookout for COVID-19 related scams. Visit the Federal Trade Commission website for more information.

We all have a role to play in staying healthy and curbing the spread to allow our health care system to function at its best. If at all possible, stay home and wash your hands often.

Look to our social media and website with current information about our response to the COVID-19 and ways in which we can assist you. Click here to read our newest details. Click here to view a video message from bank president & CEO Ben Grimstad.

We are dedicated to assisting you and the services you expect during these turbulent times. Should you have a question, please contact us.

We are all in this together. Thank you for banking with Decorah and Cresco Bank & Trust.


March 19, 2020 – We know this is a time of uncertainty and unrest, and we want banking to be low on your current list of concerns. We want to make sure you have all the tools you need to keep banking as you normally would. We have a wide variety of digital services available to you 24/7, so please take advantage of these, and rest assured we have support staff standing by to assist you.

For anyone needing to open new accounts, please take advantage of our digital account opening tool. Click here to open an account online. If you have digital banking, you can find this same feature once logged in under the “transactions” menu. Accessing digital account opening from your online or mobile banking will take you through an expedited process to open any new deposit account. We also offer online loan applications, so be assured we can continue to meet any new financial need. Our bankers will still be available by appointment, so please don’t hesitate to call if needed.

Please download our mobile app, found on Google Play or the Apple App store to quickly check balances, transfer funds, pay bills, and take advantage of mobile check deposit. Checks submitted before 5:00 PM using Mobile Deposit will count as a deposit for that business day. Checks submitted after 5:00 PM will count towards the next business day.

Finally, please don’t hesitate to contact us using secure messaging found inside digital banking, or utilize our new chat functionality, found on our website. Our chatbot, Cora, can answer many of your questions, and will transfer you to an available representative during business hours when further assistance is needed. Of course, you can always call us as well, but know there are many options available to you.

We are dedicated to assisting you and providing the service you have come to expect during these turbulent times. Please contact us with questions on any of our digital services.


Beginning Wednesday, March 18th, Decorah and Cresco Bank lobbies will be closed until further notice. Banking services will be provided in the following ways:

If you would like to meet with a banker in-person, please call 563-382-9661 (Decorah) or 563-547-2244 (Cresco) to set up an appointment.

We fully expect to keep banking services available to our customers for the duration of the COVID-19 situation. This is in the best interest of our staff, customers, and community.

Your patience during this unprecedented time is greatly appreciated. We will resume normal lobby hours as soon as is practical.

Despite these reduced options, be assured that help from a friendly and familiar banker is only a phone call away – we are here for you!

Be well,

Ben Grimstad, CEO and Joe Grimstad, Vice Chairman