I love the banking model because it allows us to be an integral part of a community's economic engine. In 2024, we significantly impacted the Itasca area and our loyal, incredible customers. We introduced new financial products tailored to local needs, supported small businesses through dedicated financing options, and participated in community events to foster stronger relationships. Our team is committed to continuing this positive momentum, ensuring that we contribute to the economic growth and prosperity of the community in meaningful ways.
By partnering with Woodland Bank, our customers have created an astounding local impact during 2024. Here are some of the results with estimates on finishing out the remainder of 2024:
- Woodland Bank paid out nearly $2.7 million in interest to our customers across checking, savings, and certificate of deposit accounts. This provides our customers with an additional income stream to supplement their primary sources of income.
- Woodland Bank has distributed over $250,000 to our Kasasa Checking Account customers through reward payments, ATM fee reimbursements, and high-interest earnings, currently at 5%.
- We have contributed over $26,000 in donations to support various worthy local causes, demonstrating our ongoing commitment to making a positive impact.
- We have contributed nearly $12,000 in sponsorships to support a variety of outstanding events within our communities.
- Our employees have generously contributed nearly $10,000 of their own funds to Second Harvest Food Shelf and the Grace House. Each month, they also dedicate some of their time, with the equivalent value donated to these two chosen charities.
- We offer our Grand Rapids Community Room to local non-profits and small businesses at no cost. In 2024, the space was used more than 70 times, supporting our vibrant community.
- Our total payroll expenses, including employee benefits, amount to $2.4 million.
- The total property taxes we contributed to the communities we serve, including our school districts and the counties of Itasca and Aitkin, amount to $101,000.
On behalf of the employees and shareholders of Woodland Bank, I extend our heartfelt gratitude to everyone who trusts us with their financial needs. Your support, in turn, enriches our communities in countless ways, as highlighted above. It is both an honor and a privilege to serve as a community banker. We are committed to continuing our efforts to provide exceptional service and innovative solutions that meet your needs.
Together, we can build a stronger community and a brighter future for all. Thank you for being a valued part of the Woodland Bank family.
Thank You,
Brian Nicklason
CEO