20 Days of Giving

2020 has been quite the year, and we have not been able to celebrate our clients quite the same as we have in the past. To say ‘thank you’, Citizens Bank Minnesota’s “20 Days of Giving” is kicking off on Friday, November 27th! Watch for your chance to register online for prizes, and we will be having a new giveaway each week too (while supplies last)! We appreciate all of our loyal clients!

Harvest 2020

As an eventful, and often times stressful, 2020 crop season comes to an end with the pandemic and Covid-19 occurring in our world, it appears the harvest season is going extremely well with excellent harvest conditions.

  • Farm Safety
    • Please check to make sure all safety equipment (i.e. safety shields, fire extinguishers, etc.), are in place and in working order.
    • Be especially careful and diligent around any moving equipment and/or parts. Don’t assume anything as things happen faster than we expect.
    • Make sure to use your flashers and be aware of your surroundings.
    • Wear protective and reflective clothing.
    • When working around and in grain bins, use appropriate safety equipment and if at all possible, have a second person around in case of an emergency.
  • Crop Insurance
    • Be aware of your crop insurance coverage and contact your agent as quickly as possible after harvest to turn in yields in case of a claim.
    • Crop insurance yield claims need to be filed within 10 days of harvest completion.
    • Please keep load records of your yields for each farm and mark your bins if you are comingling production from several farm units.
  • Farm Finances
    • Did you have a marketing plan built into your 2020 cash flow projection and are you adhering to it?
    • Do you remember/know your break-even commodity prices from the cash flow completed this past year with your lender?
    • Should you be meeting with your lender to review your spring cash flow plan to see how it relates to current marketing opportunities?
    • Have you signed up for round 2 of the Coronavirus Food Assistance Program (C-FAP 2) which had a beginning signup date of September 21, 2020 and runs through December 11, 2020? Note, C-FAP 2 has expanded coverage for additional agricultural commodities so make sure and review C-FAP 2.
    • USDA has announced that dairy margin coverage program enrollment for 2021 opened up as of October 13, 2020. (DMC program).
    • USDA has announced that October 30, 2020 is the deadline to sign up for the WHIP+ program which stands for Wildfire and Hurricane Indemnity Program as a result from the 2018 and 2019 losses due to hurricanes, floods, snow storms, tornados, typhoons and excessive moistures that occurred during those calendar years.
    • If you utilize an operating line of credit, does your 2020 line of credit have enough availability to cover your expected fall expenses.
    • If there are expected 2020 prepaid expenses being purchased as part of your year end, do you have a 2020 operating line of credit in place?
    • If you are expecting to seal your grain and potentially utilize the FSA CCC loan program, please notify and consult with your operating lender prior to doing so.
    • Do you have a capital replacement plan or budget?
    • Do you, as a farm business, have scheduled anticipated capital improvements and purchases built into your cash flow?

2020 has been an interesting and challenging year considering the Coronavirus that has taken the world by storm. To date, we have had outstanding fall harvesting conditions which has accelerated harvest with the number of farm units completing harvest at this time with average to above yields and improved prices.

From all of us at Citizens Bank Minnesota, we wish you a continued safe and prosperous harvest!

By: Duane J. Laffrenzen, Vice President

Member FDIC/Equal Housing Lender

INVESTMENT AND INSURANCE PRODUCTS: Are not insured by the FDIC or any other federal government agency • Are not deposits of or guaranteed by a Bank or any Bank Affiliate • May Lose Value

#BanksNeverAskThat

October is National Cybersecurity Awareness Month. To coincide with this, the American Bankers Association (ABA) has launched a #BanksNeverAskThat antiphishing campaign to help Americans keep their bank accounts safe!

Every day, thousands of people fall victim to fraudulent emails, texts and calls from scammers pretending to be their bank. The ABA wants to help change that by raising awareness among banks and their customers of best practices for phishing defense.

Visit our Facebook page at: https://www.facebook.com/citizensmn and watch for multiple posts throughout the month to help you become a pro at spotting fraud. You’ll even have a chance to win weekly prizes courtesy of the ABA! Get tips and tricks to spot scams with the #BanksNeverAskThat quiz: bit.ly/2Dt8bCD

Operation: Stop The Spread!

September is the Minnesota Bankers Association’s Community Impact Month, and Citizens Bank Minnesota is once again proud to be participating!

This year we are focusing our efforts on “Stopping the Spread” and collecting items needed in schools to protect students and staff from COVID-19. 

If you are interested in donating, the following items are needed in classrooms:

  • Adult cloth masks or face shields
  • Youth cloth masks or face shields
  • White paper towels
  • Latex gloves, size Large & X-Large
  • Disinfectant Wipes
  • Hand Sanitizer

Monetary donations will also be accepted and used to purchase needed supplies.

Donations can be dropped off September 1st – 18th at any of our Citizens locations and the items will be distributed at our area schools.

Thank you for your support!

#BanksBuildMN

Fitbit Pay & Garmin Pay – Now Available!

Fitbit Pay

Just add your debit or credit card to your Fitbit watch and you’re ready to go! You’ll get the same rewards, points, miles and other perks with Fitbit Pay that you’d receive with your physical card. Fitbit uses industry-standard tokenization to help keep each transaction private.For more information and details about compatible devices, go to: https://www.fitbit.com/us/technology/fitbit-pay(Opens in a new Window)

Garmin Pay

Garmin Pay is easily accessible from your compatible Garmin Watch. Enter your passcode, select the card you want to use from your virtual wallet, and then hold your wrist near the card reader. Your card number is not stored on your device and Garmin Pay protects you by using watch-specific card numbers and transaction codes every time you make a purchase.For more information and details about compatible devices, go to: https://explore.garmin.com/en-US/garmin-pay/

2020 Citizens Bank Minnesota Scholarship Recipients

Citizens Bank Minnesota is proud to support the youth of our communities by awarding scholarships to area students. This year marks the twentieth year of the program! These scholarships are part of the Community Bankers Scholarship Program TM and 6 students were awarded the annual Citizens Bank Minnesota scholarship.

Anna Sekerak, a graduate of Lakeville North High School was recently awarded with a $1,000.00 scholarship that is renewable for a potential value of $4,000.00 over four years of post-secondary education.

Rachel Hohensee, a graduate of New Ulm Public High School, Emily Stevensen, a graduate of Madelia High School, and Anson Tiong, a graduate of Lakeville South High School were the recipients of a $1,000.00 scholarship. 

Kincaid Diersen, a graduate of Minnesota Valley Lutheran High School and Lauren Mages, a graduate of New Ulm High School were the recipients of a $500.00 scholarship.

Citizens awards six scholarships to customers graduating from high school. Applicants must be high school seniors who plan to enroll in a full-time undergraduate course of study at an accredited two year or four year college in the fall following graduation. Scholarships are available to Citizens Bank Minnesota’s customers who complete the online educational banking videos and have a Citizens checking account. Citizens is proud to invest in their futures by promoting education and excellence.

Anna, daughter of Cara and Raymond Sekerak, will be attending the University of Minnesota – Twin Cities this fall, pursuing a degree in pre-med/genetics, developmental and cell biology.

Rachel, daughter of Mary and Jeff Hohensee, will be attending the University of Wisconsin – La Crosse this fall, pursuing a degree in bio-medical science.

Emily, daughter of Nichole Perrine and Chuck Stevensen, will be attending Bemidji State University this fall, pursuing a degree in social work.

Anson, son of Zhifang Liu and Taihoom Tiong, will be attending the University of California – Berkeley, this fall, pursuing a degree in electrical engineering and computer science.

Kincaid, son of Greg and Kelly Diersen, will be attending Marin Luther College this fall, pursuing a degree in education, biology and chemistry.

Lauren, daughter of Jeremy and Kari Mages, will be attending the University of Sioux Falls this fall, pursuing a degree in nursing.

For more information about the scholarship visit: https://www.citizensmn.bank/personal/scholarship

CARES Act Loans Program Update

Citizens Bank Minnesota continues to process Paycheck Protection Program (PPP) loans for those businesses that qualify and have not yet taken advantage of the program. So far Citizens has helped over 250 businesses with PPP loans to help their employees. Click HERE to visit our website for additional information on applying.

Also, the Small Business Association’s (SBA) Economic Injury Disaster Loan (EIDL) has re-opened, with funds currently available only to agriculture businesses with 500 employees or less.

Those interested may apply for a loan of up to $2 million, and at the end of the application form, applicants can request an advance of up to $10,000 ($1,000 per employee). The advance will be provided just days after the application has been submitted. The advance amount received doesn’t have to be repaid, even if you ultimately don’t qualify or decide to withdraw your EIDL application.

One important note is the amount of any EIDL advance received will be subtracted from the forgivable portion of PPP funds provided to the same applicant.
Unlike applying for the Paycheck Protection Program (PPP), which requires applicants to work with their lender, clients must directly apply for an EIDL through the SBA.To learn more or apply for an EIDL, visit the SBA website at: sba.gov/disaster .

Citizens Agency Changes Name to Citizens Agency Minnesota

Citizens Agency is excited to announce that its name has changed to Citizens Agency Minnesota effective April 20, 2020. This is in conjunction with the purchase of the Farmers State Agency of Watkins. There will be no change in management nor staff. Citizens Agency Minnesota will continue to provide the same products and services you know and trust. Visit us at www.cbmnagency.com or stop by our offices in New Ulm, La Salle and now Watkins.

Investments and Insurance products:

•Are Not Insured by the FDIC or any other federal government agency • Are not deposits of or guaranteed by a Bank or any Bank Affiliate • May Lose Value

Lic. #5609

CARES Act – SBA Loan Assistance Information

**Please Note: The PPP application was updated late on 4-2-20. The updated link to the application, as well as an updated documentation link is listed below.

The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. The CARES Act Loan Guide provides information about the major programs and initiatives that will soon be available from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of the SBA.

How can we help?

Paycheck Protection Program

Citizens Bank Minnesota will be processing and approving your Paycheck Protection Program (PPP) applications. To be efficient, we will be accepting applications and documentation HERE.

Important Links:

**PPP Application – There were changes made to the application on 4-2-20. Updated link is listed below.

Application

Documentation List – If you have submitted these items to Citizens Bank Minnesota previously, we will provide them for you. If you have not submitted them to Citizens Bank Minnesota, they are required to complete the application.

Calculator

Regulations for the Payroll Protection Program

All PPP forms available HERE.

Economic Injury Disaster Loan and Grant

To apply for the Economic Injury Disaster Loan and the Emergency Economic Injury Grant, the application can be found at: https://covid19relief.sba.gov/ (This application does NOT go through Citizens Bank Minnesota.)

Here is a list of documents that you will need to provide to complete the application:

If you would like, we can send you the documents in a secure email.
For the fastest help with the application, watch the training, download the slide deck, or access these step-by-step instructions.

Let us know if you have any questions – we are here for you!
Citizens Bank Minnesota Lending Team

Questions? Please give us a call at 800-549-0194.

Citizens Bank Minnesota acquires Farmers State Bank of Watkins

Citizens Bank Minnesota is pleased to announce that an agreement has been reached to acquire Farmers State Bank of Watkins, located in Watkins MN.  Farmers State Bank will merge with and into Citizens Bank Minnesota. In addition to the Bank merger, Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, has entered into an agreement to purchase Farmers State Agency of Watkins, Inc., an insurance agency.  An April 18, 2020 closing date is expected for both acquisitions.  

Citizens Bank Minnesota is community-owned and operated with over 144 years of strength and stability.  Being chartered in 1876, it is one of the oldest banks in Minnesota with total assets of $430 Million.  Citizens main office is located in New Ulm, with branch offices in Lafayette, La Salle and Lakeville, Minnesota.  

Citizens Agency is an independent insurance agency representing more than 20 companies with a full-line of insurance products and services. 

Citizens is well known for its energetic community involvement and support for growth and success in the areas it serves.  The bank takes pride in being community-owned with stock widely held by residents of the area.  Bauer Financial, an independent bank research firm, has consistently rated Citizens a 5-Star institution for the past 30 years.  In 2019 Citizens was named New Ulm’s Large business of the year and New Ulm Journal’s Reader’s Choice Award for Best Financial Institution.  For more information, we encourage you to visit www.citizensmn.bank

Farmers State Bank of Watkins was founded in 1914 and has been providing financial services to the town of Watkins and the surrounding area for over 100 years.  The existing staff of Farmers State Bank of Watkins and Agency will continue providing the same quality service for clients, with added benefits of Citizens WooHoo! Banking products, enhanced technology and more to come. “We are excited to be joining with Citizens and believe the transaction will enhance our ability to serve the banking needs of our Watkins customers,” said David Neisen, President of Farmers State Bank of Watkins. 

 “We are excited for Watkins to join the Citizens team and believe they will be a great fit with our culture, which is essential to our continued success,” said Mark Denn, President and CEO of Citizens Bank Minnesota.  “All of ourlocations are high performing and committed to the customers and communities they serve.  We are honored for this opportunity and ready to move forward together and have some fun.”

Dustan Cross, Chairman of Citizens Board of Directors states, “The Board of Directors and the shareholders are proud of the hard work and due diligence undertaken by our Bank’s management team to bring this merger together.  We believe this acquisition will continue our Bank’s long-term strategic goal of smart and sustainable growth to ensure that Citizens Bank Minnesota remains a premier source of financing and other products for all of its customers.” 

Citizens looks forward to serving the Watkins community!

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