Archive for the ‘ Business ’ Category

Mark Denn Appointed to Citizens Bancorporation of New Ulm, Inc. Board of Directors

 

Mark Denn

Mark Denn appointed to Citizens Bancorporation of New Ulm, Inc. Board of Directors

Citizens Bancorporation of New Ulm, Inc, parent company of Citizens Bank Minnesota, is pleased to announce the appointment of Mark Denn to the Board of Directors of both companies.

Denn has been a Vice President and Branch Manager at the Citizens Bank Minnesota’s LaSalle office since joining the bank in 2000. He was recently appointed Executive Vice President and will assume responsibility for day to day operations of the bank in January of 2019.

Denn joins Dustan Cross, Lou Geistfeld, Bob Hinnenthal, Al Holm, Jim Schuetzle, Bryon Christenson, Walt Luneburg, and Ted Marti on the bank boards.

Citizens Bank Minnesota has offices in New Ulm, Lafayette, La Salle and Lakeville Minnesota

The Farm Economy

combine and field

As the seasons change, so comes another harvest nearing an end. After harvest, many farmers will start to compile their farm records, perform year-end tax planning and plan for the upcoming year. The farm economy has seen its share of challenges and farmers continue to search for ways to remain viable after multiple years of declining profitability.

On Thursday, January 18, 2018, Citizens Bank Minnesota is hosting a seminar with nationally known speaker, Dr. Michael Boehlje, Professor Emeritus in the Department of Agricultural Economics and the Center for Food and Agricultural Business at Purdue University. He previously held faculty and administrative positions at Iowa State University, University of Minnesota and Oklahoma State University. Dr. Michael Boehlje has devoted his career to helping farm and agribusiness managers and policymakers understand the pragmatic economic and financial consequences of their decisions.

The fundamental focus of his work has been to integrate concepts of economics, finance and strategy to solve problems of farm and agribusiness managers. A major theme of Dr. Michael Boehlje’s research, writing and lecturing for the past 10 years has been the importance of strategic planning and thinking, and positioning the firm for long term viability and success.

The following are a few of his recommendations he calls “Elements of Best in Class”:

1. Intense Cost Control
-Efficiency/productivity is critical
-Know your cost components per unit sold

2. Margin Management
-Know your costs of production
-Know your margins

3. Execution
-Timely operations
-Details, details, details

4. Buying Right
-Compare supplier offers
-Consider repairing rather than replacing

5. Managing Operating Risk
-Technology performance –pest control, fertility effectiveness/loss, seed selection
-Marketing/pricing of inputs and products
-Government programs and crop insurance participation

6. Debt/Capital Management
-Maintain working capital
-Reduce capital expenditures
-Don’t surprise your lender

7. Simplification/Automation
-Complexity creates confusion/mistakes

8. Do Fewer Things Better
-What is your hedgehog –what do you do better than anyone else?
-Focus and intensify

9. Data Management
-Collect efficiently
-Capture the insights
-Think carefully

Citizens understands the uncertainties of agribusiness and can help you plan your operation throughout the year.

We look forward to seeing you at our upcoming seminar featuring Dr. Michael Boehlje! Watch for more information about the seminar coming out soon!

By: Scott Tauer, Vice President – Loan Officer

https://ag.purdue.edu/commercialag/Pages/Faculty-Staff/Boehlje.aspx

“THE FARM ECONOMY AND THE FUTURE OF AG LENDING” by Michael Boehlje
Center for Commercial Agriculture, Purdue University and Senior Associate Centrec Consulting. West Lafayette, Indiana, August 7, 2017.

Equal Housing Lender - larger

I Bought What?! Enroll in Text Alerts!

shutterstock_387607450Don’t get caught off-guard by fraudulent activity on your debit card! With Citizens Bank Minnesota’s MasterCard Debit Card, you can enroll to receive FREE* smsGuardian text alerts for your card activity! This is a great tool for fraud prevention and detection.

*Message and data rates may apply

 

Enroll in smsGuardian Text Alerts today!

Enrollment must be completed for each card number.  If at any time your debit card number or cell phone number change, you will need to re-enroll with updated information.

Alerts will be sent for the following:

  • Out of state transactions
  • International transactions
  • Card not present and online purchases
  • Authorizations greater than $300.00
  • 8 or more transactions in 24 hours
  • Declined authorization attempts

If you receive an alert for a transaction or attempt that was not initiated by you and you believe to be fraudulent, reply to the text with the code provided in the alert and your card will be shut down immediately.  If you have questions regarding the alert or need additional information, contact our Citizens Connection Department at 1-800-549-0194 available Monday thru Friday 7:30am – 5:00 pm and Saturday 9am – 12pm.

By: Melissa Bergeman, Citizens Connection Manager/Complaint Resolution Officer

Dustan Cross elected as Chairman of Citizens Bank Minnesota Board of Directors

Citizens Bank Minnesota Board of Directors Chairman, Dustin Cross

Dustin Cross

Citizens Bancorporation of New Ulm, Inc., parent company of Citizens Bank Minnesota, held its annual meeting on Tuesday, January 10, 2017. Citizens Bancorporation is owned by approximately 350 shareholders from the New Ulm and surrounding area.

Re-elected to three year terms were incumbent directors Lou Geistfeld, Bob Hinnenthal and Ted Marti. Other directors not up for election include Bill Brennan, Bryon Christenson, Dustan Cross, Mark Furth, Walt Luneburg and Jim Schuetzle. Dustan Cross was elected to serve as Chairman of the Board, replacing Mark Furth who will be retiring from the Board in March.

Stockholders in attendance were provided with a complete review of the financial performance of the bank for 2016. Highlights of the financial report were that the bank has grown to over $369 million in assets, has total equity capital of $38,930,000, and a net profit in 2016 of $2,770,581. Dividends paid to stockholders in 2016 totaled $0.76 per share.

Citizens Bank Minnesota was chartered in 1876 and has offices in New Ulm, Lafayette, La Salle and Lakeville.

Citizens Bank Minnesota donates $15,000 and is committing up to $65,000 in total for Madelia Fire Disaster Relief

social media collage

Madelia has suffered a tremendous loss and Citizens Bank Minnesota is committed to supporting our fellow neighbors, businesses and friends and to help this small community rebuild after a fire that took place on Wednesday, February 3, 2016. Mark Denn, La Salle Branch Manager, and Fire Chief for Madelia Fire Department states,  “As an employee of Citizens and a volunteer fire fighter and Chief for Madelia Fire Department, I am amazed at how the surrounding fire departments and communities have come together to support Madelia. Words cannot express the gratitude and appreciation for all the help to rebuild Madelia’s main street!”

Citizens will donate $10,000 to the 10 area Fire Departments involved in the incident. A donation of $5,000 will be given to “Madelia Strong, Inc.”, which was formed locally to administer financial relief to those affected by the fire. Lastly, Citizens will establish up to $50,000 in interest free loan funds, to be administered out of their La Salle Branch, to be used for both personal and business purposes to those applicants that demonstrate job displacement or loss resulting from the fire.

Those interested in learning more about the loan program please contact our La Salle Branch at (507) 642-3121. Let’s get Madelia back on its feet!

Citizens Celebrates 140 Years of Making Things Happen

BlueCircle

February 1, 2016 marks Citizens Bank Minnesota’s 140th Anniversary! We have a short anniversary video that highlights 140 years of making things happen!  You can view our video here: 140th Anniversary Video

 

Seven Tips to Prevent Tax ID Fraud

tax-id-theft-week-2014

Citizens Bank Minnesota Offers 7 Tips to Prevent Tax ID Fraud

Tax Identity Theft Awareness Week is Jan. 25-29

As Americans begin the process of filing tax returns, identity thieves are scheming to get their hands on that money. Tax identity theft has been the most common form of identity theft reported to the Federal Trade Commission for the past five years. Citizens Bank Minnesota is using Tax Identity Theft Awareness Week, Jan. 25-29, to raise consumer awareness and provide tips to prevent tax ID fraud.

Identity thieves look for every opportunity to steal your information, especially during tax season. Consumers should be on high alert and take every step they can to protect their personal and financial information.

Tax identity fraud takes place when a criminal files a false tax return using a stolen Social Security number in order to fraudulently claim the refund. Identity thieves generally file false claims early in the year and victims are unaware until they file a return and learn one has already been filed in their name.

To help consumers prevent tax ID fraud, Citizens is offering the following tips:

  • File early. File your tax return as soon as you’re able giving criminals less time to use your information to file a false return.
  • File on a protected Wi-Fi network. If you’re using an online service to file your return, be sure you’re connected to a password-protected personal network. Avoid using public networks like a Wi-Fi hotspot at a coffee shop.
  • Use a secure mailbox. If you’re filing by mail, drop your tax return at the post office or an official postal box instead of your mailbox at home. Some criminals look for completed tax return forms in home mailboxes during tax season.
  • Find a tax preparer you trust. If you’re planning to hire someone to do your taxes, get recommendations and research a tax preparer thoroughly before handing over all of your financial information.
  • Shred what you don’t need. Once you’ve completed your tax return, shred the sensitive documents that you no longer need and safely file away the ones you do.
  • Beware of phishing scams by email, text or phone. Scammers may try to solicit sensitive information by impersonating the IRS. Know that the IRS will not contact you by email, text or social media. If the IRS needs information, they will contact you by mail first.
  • Keep an eye out for missing mail. Fraudsters look for W-2s, tax refunds or other mail containing your financial information. If you don’t receive your W-2s, and your employer indicates they’ve been mailed, or it looks like it has been previously opened upon delivery, contact the IRS immediately.

If you believe you’re a victim of tax identity theft or if the IRS denies your tax return because one has previously been filed under your name, alert the IRS Identity Protection Specialized Unit at 1-800-908-4490. In addition, you should:

  • Respond immediately to any IRS notice and complete IRS Form 14039, Identity Theft Affidavit.
  • Contact your bank immediately, and close any accounts opened without your permission or tampered with.
  • Contact the three major credit bureaus to place a ‘fraud alert’ on your credit records:
  • Continue to pay your taxes and file your tax return, even if you must do so by paper.

More information about tax identity theft is available from the FTC at ftc.gov/taxidtheft and the IRS at irs.gov/identitytheft.

%d bloggers like this: