Going Local: Why Your Money Belongs Where Your Heart Is

By Jason Winter
Citizens State Bank President

In a group I was with a few weeks ago, the conversation took a turn that really got me thinking. One person made a passionate argument for putting savings in an online-only bank. The argument was straightforward. An online-only bank was offering a fraction of a percentage more in interest. This person advocated chasing the highest rate possible. On the surface, it is a beneficial strategy. In a world of mobile apps and digital receipts, it is easy to think of your hard-earned savings as nothing more than a balance on a smartphone. But as I looked around that room, and as I look out at our neighbors here in Norwood Young America and the surrounding towns, I am reminded that where you keep your money determines exactly where that money goes to work.

When you choose Citizens, your deposits do not fly off to build a skyscraper in New York City or a server farm in Silicon Valley. They stay right here in the surrounding local communities. That is a distinction that the big banks and the big credit unions cannot claim. Whether you live in Carver, Sibley, or McLeod County, your savings account is the very same fund that helps the family down the street buy their first home. It is the capital that allows the local hardware store to expand its inventory for the spring season or helps a young farmer get the equipment he needs for the next harvest. While those massive institutions often rely on rigid rules and one size fits all formulas, we have real conversations. We know our teachers and our local entrepreneurs by name. We understand that a person’s character and their commitment to this community are worth much more than a credit score generated by a computer in another time zone.

The allure of a slightly higher rate at an online-only bank comes with a hidden cost that you will not see on a monthly statement. It is the loss of local reinvestment. Those digital only institutions will not be sponsoring our youth baseball teams. They will not be showing up for the Stiftungsfest celebration or sitting on the chamber board or school board to ensure our community stays strong. When you have a problem or a unique situation that does not fit into a neat little box, those big banks will put you on hold with a call center. At a big bank, you are a line item. At a credit union, you might be a member, but often you are just one person in a massive and impersonal pool of thousands.

This local commitment is something we took to heart this past year. I was particularly proud that our bank was able to step up for our local schools. We were able to donate the funds that allowed them to buy a new set of instruments for the band room to make sure our student musicians have what they need to succeed. We also provided funds for new equipment for our local FFA chapter to support the next generation of leaders in our agricultural community. These are the kinds of investments that happen when your bank is your neighbor.

Choosing where to bank is an investment in the future of Norwood Young America. We offer competitive rates and the same modern technology you would find at any of the giants, but we pair it with a handshake and a deep-rooted commitment to see this area thrive. Interest rates may fluctuate from month to month, but the value of a neighbor you can actually talk to is constant. I believe our town is worth more than a few extra pennies on a spreadsheet. We have been here through the good times and the lean ones, and we plan on being here for many years to come. Thank you for keeping your roots and your resources right here at home. It is an honor to serve this community and work alongside all of you to keep our local economy strong.