Area bank aims to stay independent

Random Lake man buys up shares in Collins bank

By: Jake Phillips, Valders Journal

At a time when larger financial institutions tend to gobble up smaller ones more and more frequently, Collins State Bank was able to change hands earlier this month and remain a community bank under local ownership.

Randy Habermann, one of the stockholders who previously owned the bank said everyone who had a share was looking to develop a succession plan that would ensure the bank’s longevity but keep alive the same principles that helped found the bank in 1914.  Habermann has worked for the bank since 1961 when just two people handled the entire operation.

The answer to that plan turned out to be Jeff Mueller, a third-generation bank owner who formerly owned State Bank of Random Lake until the shareholders merged with a Milwaukee-based bank in 2004.  His banking experience dates back to 1989, when he started out as a teller, and he has worked his way up the family business from there.

Habermann said the shareholders began the process of interviewing potential successors in September, and the sale was official on May 9.

Mueller, 48, purchased 100 percent of the Collins State Bank stock to own the business.  The bank currently boasts $20.5 million in assets and about 2,000 accounts.

“It’s been a great blessing to the community,” Habermann said about the shareholders finding someone who wanted to keep the bank independent.

Customers will hardly notice a change unless they decide to partake in some of the new services the bank will soon offer.  Mueller said people will continue to get that same first-name basis service from the same employees and the bank’s name will not change.

“It’s a joy to come to work,” Mueller said. “I felt comfortable here immediately.”

A main project the bank is working on under the new ownership is updating its data processing capabilities, which will make online banking as well as a number of other services available to customers.
Mueller said merchant and remote capture will soon become available as well as free ATM access anywhere in the state.  Customers will be able to access mobile banking with a compatible wireless device and both kids and senior clubs will be formed.

Expanded mortgage options and home equity lines of credit will also be offered.

In short, Mueller said they’re hoping to take care of any customer’s potential needs and keep costs at a minimum.

He added that the bank will be circulating a survey to customers as a way to get feedback on the services they offer and gather options on what they should offer in the future.  Mueller said it’s not the traditional type of bank that presents customers with a straightforward set of options, but works together with people to create the options important to them.

Mueller hops to emphasize development of several services, such as municipal lending, agriculture, and working with small- to medium-sized businesses.  And while the bank is certainly focused on Collins community residents, it hopes to work more in the surrounding areas and stretch out as far as Manitowoc and Two Rivers.

“It’s an investment for me, but it’s also a journey,” Mueller said about becoming the bank’s owner. “And it’s one I’m looking forward to.”

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