STRONG FOUNDATION SUPPORTS FUTURE GOALS!

Earlier this year, I took a couple of hours to re-read the history of Woodland Bank as we began the current observance of our 90th anniversary.

I discovered, once again, the value of the foundation that was established in 1920 and continued through the years in good times as well as bad.  For instance, during the Great Depression, my grandfather, Gotfred Nicklason, spent many a weekend personally visiting the bank's customers to assure them their bank was doing fine and to appreciate their business.

From humble beginnings as Shovel Lake State Bank to today as Woodland Bank, we have grown from one location to seven.  Our assets exceed $100 million, a 700-percent increase since 1991.  Today we have 45 full-time employees.

However, that was then, and this is now.  At one time, our primary strategy was focused on growth by expanding into unbanked communities.  It played out fine for us then, but our focus has changed.  We are well positioned now to be highly competitive, and our goal is to grow earnings at 3 to 5 percent annually. 

For the next 10 years, one of the biggest challenges we face is the rash of new goverment regulations that have been established since the current banking crisis began in 2008.  Unfortunately, community banks such as Woodland are under the same new rules as those imposed on large banks, and this has posed some competitive challenges in regard to size, resources and revenue.

Another important factor for all banks is continuously keeping up with necessary and costly technology to meet customer expectations, especially in providing more fraud protection.  Identity theft and other scams will continue to proliferate, and we will do what is necessary through heightened security of personal financial information.

I expect to see us responding quickly to the demand for mobile phone banking with new products and services.  We anticipate there will be greater demand for more online services, especially in the application process.

After our recent expansion into Jenkins, Deer River, and Grand Rapids, I see us spending the next 10 years solidifying our offices and offering new products and services.  And I anticipate spending a lot more time in our locations talking to customers and business/community leaders.

One final note:  Our 90 years of growth would not have been possible without extreme customer loyalty and employee dedication.  Thank you so much.

Sincerely,
Brian Nicklason
President/CEO