Greenwoods State Bank’s newest Madison location combines an innovative concept with over 130 years of history in southern Wisconsin. They focus on local Private and Commercial Banking relationships, filling a need that larger institutions no longer prioritize and most smaller institutions don’t offer. We asked them about their non-traditional approach to banking.
What exactly is Private Banking?
“Private Banking isn’t a secret, but it can seem elusive as it varies widely between institutions. At Greenwoods, our program is designed to maximize efficiencies and ease of banking for our clientele. Most of our clients are busy professionals or entrepreneurs who require services above and beyond typical banking transactions. They have complex financial needs and income profiles that a traditional bank is not set up to handle. We work with their partners and advisors to ensure our customers’ everyday financial decisions align with their overall goals and dreams. We consistently focus on legacy wealth, so our relationship extends throughout the family, often involving intricate estate plans. We truly enjoy getting to know multiple generations – from opening a child’s first savings account to financing the last home in retirement.”
What makes Greenwoods State Bank’s Private Banking team unique?
“Our Private Banking team has a combined 100+ years of experience. We’ve brought in the best of the best bankers in the Madison area. Each of us left successful long-standing careers to work for a relatively unknown bank because we were excited to build the best suite of services and focus on what we enjoy most – building relationships with our clients. After years of being competitors at multiple institutions, we chose to collaborate and combine our expertise, providing the best results for our clients.”
What solutions can you provide that differ from traditional banking?
“Tailored lending is where we truly shine – we take the time to understand each unique situation, consider various types of collateral assets, understand all income sources, and provide solutions based on client preferences. We have created specialized lending programs to meet our client needs which include partnership buy-ins, financing assets owned in trust, significant home remodels, and high-end new home construction projects. Private clients often need higher limits for mobile deposits and debit transactions, which we can easily accommodate. For daily banking needs – we can execute most signatures remotely and are happy to meet them in person at a location convenient to them, minimizing the hassle of coming into a branch on busy days.”
What common misconceptions do clients have?
“A frequent misconception we hear is that someone must be a multi-millionaire to be a candidate for our services. We serve many professionals new to their careers – such as physicians, dentists, attorneys, and CPAs. These professionals benefit from our holistic approach, starting as a young professional through building a family and into retirement.
Additionally, clients focused on FDIC coverage feel they must split funds at multiple banks to ensure their funds will be “safe”. We have solutions available to maximize FDIC coverage and can help advise on available options depending on the type of ownership and account preference of each client.”
What should individuals look for when selecting a Private Banking partner?
“Look for a partner who is interested in getting to know you and your goals. We recommend finding someone you enjoy working with, as ideally, it's a long-term relationship. Make sure you're assigned a dedicated banker/team. You should be able to contact your banker directly should any questions or needs arise, and they should proactively anticipate your needs as the relationship grows.
A trusted Private Banker should have working knowledge of important financial concerns such as business entity structures, trusts and estate planning, financial planning, and wealth management – to ensure your goals are met throughout your financial life.”
Our Private Banking team has a combined 100+ years of experience. We brought in the best bankers in the area. After years of competition, we've combined our expertise, providing the best results for our clients.