Insurance Bartender - IIAW Welcomes New, Exclusive Supporting Company Member, Security Financial Bank

You have likely read the quote, “Coming together is a beginning, staying together is progress, and working together is success” by Henry Ford in a lot of IIAW publications and on our website. We have adopted this quote as a theme for the Association during the COVID-19 pandemic because it exemplifies the relationship (in various stages) we have with independent agencies, carriers and supporting companies throughout Wisconsin.

Recently, Security Financial Bank (SF Bank), through one of our board members, approached us about getting involved in the Association and working with the Association and its members. I was curious as to why a bank without a significant insurance agency division would want to partner with and join as a supporting member of the IIAW. I immediately began to research SF Bank and found out that they are a growing $600 million independent, community bank with physical locations throughout Northwestern Wisconsin and a presence across the state for the last 85 years.

One thing stood out that sets SF bank apart from other financial institutions: Their team of experienced professionals who understand independent insurance agencies and their goals, desires, strategies, obstacles, and finances. Much to my surprise, SF Bank had created a niche, right here in Wisconsin, in working with and lending to independent insurance agencies. From mergers and acquisitions to refinancing to banking services, they understand and work with several of our members.

My team and I at the IIAW quickly set a meeting with Paul Rudersdorf, CEO & President of SF Bank, Curt Van Auken, Relationship Manager, and the rest of the SF Bank team to learn more. I quickly learned that our motto of “Coming together is a beginning, staying together is progress, and working together is success” was more than just a shared vision by the leaders at SF Bank, but that the morals and ideals our members live by and exhibit in their communities are also engrained in the culture of SF bank. Like so many of our IIAW members, SF Bank and its employees are actively involved in supporting the communities they serve by sponsoring, donating, and partnering with more than 140 organizations.

In talking with Paul Rudersdorf, one of my first questions was regarding how the bank came to specialize in working with independent insurance agencies. Paul said, “Years ago, our bank had a CPA board member (Dirk Nohre) who was very involved in the insurance industry. His knowledge sparked interest for us and made us question why banks are often uncomfortable lending to agents. Our curiosity resulted in our desire to get educated; to understand the nuances of the

industry. What we learned was that insurance agencies have a predictable earnings stream in their book of business with a low failure rate. We also learned that agents could use some honest banking advice. As a community bank, we became very comfortable lending in this space. We enjoy working with the insurance industry and look forward to growing our insurance agency customer base.”

I have since learned more about the people and the institution and shared our story of the association and how the bank could provide a valuable service to our members. It is unique that we have a financial institution with the capabilities and competencies to not only work with independent agencies, but they truly understand the intricacies of independent insurance agencies. It was clear that there was a mutually beneficial partnership with SF Bank. As a result, we are proud to announce SF Bank as the newest Exclusive Supporting Company Member of the IIAW.

When I mentioned to Paul that I was going to write this column, I asked him, why do you want to partner with the IIAW? “In October, a group of our employees met with three employees from IIAW. The exchange was open and informative. Instantly, we could tell how deeply IIAW gets involved with their agency members, not only in educating agents, but providing services that allow agencies to profitably grow. It was easy for us to decide we wanted to learn more and become a bigger part of making agencies thrive. This partnership will evolve as each of us gains more in-depth knowledge of our respective industries. This will happen with continual, open communication. We look forward to a long relationship with IIAW”, Paul said.

I echo Paul’s sentiment and I too look forward to a long relationship with SF Bank. The IIAW looks forward to helping educate their associates on independent insurance agencies, promoting the bank and its brand and working together to serve independent insurance agents. For far too long the Association was routinely asked, “Is there a financial institution in Wisconsin we can turn to and trust who truly understands the business model and needs of an independent insurance agency?” Before today, we did not have a partner we could recommend to our members, but that has now changed. I encourage you to contact Paul, Curt or any other members of the SF Bank team. I know you will be as impressed as I have been. As always, I am happy to talk with you regarding our process and due diligence in SF bank and the relationship we’ve established with the team.

While this partnership of coming together is just the beginning, our journey of working together for the progress and success of independent agents throughout Wisconsin is just getting started!

CEO of IIAW

“Pa·tron” (pātron) otherwise known as a person who gives financial or other support to a person, organization, cause or activity. It’s fitting that this month’s drink recipe features Patrón and is perfect for celebrating the holidays or helping you get through the holidays.

• 1.5 ounces Patron Silver Tequila • 1 ounce pomegranate juice • 0.5 ounces fresh squeezed lemon juice • 2 ounces Martinelli’s Sparkling Apple Cider • 1 dash Angostura bitters • Lemon twist for garnish

1. Combine tequila, pomegranate juice, lemon juice, sparkling apple cider and bitters in a large, ice-filled shaker and shake to chill. 2. Strain into champagne flutes, add a twist of lemon and serve.