ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Community Banking

The Incredible Bank Journey

April 17, 2019
Reading Time: 4 mins read
The Incredible Bank Journey

By Karen Kroll

A community bank based in Wausau, Wisconsin is a top SBA lender, boasts a robust and national online presence, and has staked out a leading position the niche area of high-end motorhome lending. It employs staff at each location who’ve been trained to deal with clients who have dementia. Perhaps not surprisingly, it’s growing at about ten percent annually.

Given its accomplishments, it’s also not surprising the bank is changing its name from River Valley Bank to Incredible Bank.

The success of these initiatives bears out the assertion of Todd Nagel, CEO with the $1.35 financial institution, that “community banking isn’t dead.” At the same time, he notes, community banks need to leverage the changes underway in the financial services sector. Here’s how Nagel and his team are accomplishing that.

Moving online.

In 2007, Nagel, then COO with River Valley Bank, noticed the explosive growth of several online-only banks. “I thought, ‘well, if these guys can launch a website and go get some cash, why can’t a little Wisconsin bank?’”

At the time, however, aside from a few high-profile ventures, very few financial institutions had launched dedicated, online banks. Nagel and his team had to educate both local and federal regulators. It wasn’t until 2009 that they launched incrediblebank.com, as a division of River Valley Bank.

The wait was worth it. “It exceeded expectations right away,” Nagel says.

Then came the downturn. For several years, Nagel and his team focused on keeping the core business at River Valley Bank up and running. As a result, they weren’t able to give incrediblebank.com much attention.

Beefing up lending.

That changed as the economy improved. In about 2014, Nagel vowed to diversify away from commercial real estate, which had led to losses for River Valley during the downturn.

Nagel’s personal interest in motorhomes helped him move toward this goal. In 2005, he took his family to Yellowstone National Park in a recently-purchased motorhome, and “fell in love with the motorhome lifestyle,” he says. As Nagel talked to motorhome dealers, he learned they often couldn’t get financing for motorhomes over about $400,000. IncredibleBank.com began offering motorhome loans with a guaranteed 48-hour turnaround on applications.

In 2018, in another move to diversify, Nagel recruited several experienced SBA lenders to build on the existing SBA team. For the last quarter of 2018, River Valley was among the 25 most active SBA 7(a) lenders in the U.S.

To market its loan products, River Valley has established a strong referral network, Nagel says. In addition, its loan officers travel the country, attending trade shows and other conferences.

Bringing the banks together.

Armed with the new lines of business, incrediblebank.com began growing at a faster rate than River Valley. It’s captured deposit customers in all 50 states—on the lending side, it has customers in 42 states.

Employees were increasingly pulled between the two entities. In 2016, management developed a strategic plan to merge them. After all, the banks offer the same products. The breakdowns between consumer and business accounts are roughly similar.

Incredible Bank would be the surviving brand for a simple reason: five other banks in Wisconsin have “river” in their name.

The dual-brand campaign launched in early April 2019 with a video and a letter from Nagel to all customers. Both of these communications let customers know that in the fall, the bank will be changing its name to Incredible Bank. All reiterate that it’s the same ownership.

Most responses have been positive. To the few that have been negative, Nagel says the bank will do a better job telling its story.  “We don’t want to have one customer leave us or be upset because we’re changing our name,” he adds.

ADVERTISEMENT

Keeping an eye on future growth.

Nagel’s goal is to continue boosting Incredible Bank’s bottom line by at least 10 percent annually. He also continues to look for ways to diversify its revenue stream.

While online banking is growing, “our golden goose is still the community markets,” Nagel says. At the same time, community banks that want to survive—presumably, all do—will have to do fewer things, and do them well, he adds. For instance, Incredible Bank has cut its lending for investments in original equipment manufacturer (OEM) equipment, as most manufacturers offer their own financing, he adds.

Community banks also need to be tech-savvy. Nagel notes that reductions in the cost of technology are leveling the playing field between banks of all sizes.

At the same time, community banks need to maintain their customer focus. At Incredible Bank, employees answer the phones—no aggravating, endless voicemail loops—and listen to customers’ concerns.

To help customers suffering from dementia, River Valley Bank instituted an extensive training program. One or two employees at each branch knows how to work with these customers. Essentially, they provide more handholding and work at a slower pace throughout each transaction, Nagel says. When authorized, they’ll also communicate with the customer’s family members or caregivers.

By keeping customers front and center, while also embracing technology, community banks can go head-to-head with the big banks, Nagel says. If they do that, he thinks their future looks pretty bright.

Karen M. Kroll is a business and financial services writer and content marketer based in Minneapolis-St. Paul. Email: [email protected].

Tags: BrandingCommunity bankingDigital lendingOnline lendingTechnology
ShareTweetPin

Related Posts

Budget bill narrowly passes Senate, moves back to House

Breaking down the bank-related provisions in the big budget bill

ABA Banking Journal Podcast
July 10, 2025

Following the enactment of the One Big Beautiful Bill Act, hear from ABA experts on how key ABA-supported provisions on tax policy, rural real estate and health savings accounts in the budget reconciliation law will affect banks.

OCC sees need for regulatory reform in bank merger process

Business First to buy Progressive Bancorp in Louisiana

Community Banking
July 8, 2025

Business First Bancshares in Baton Rouge, Louisiana, has agreed to buy Progressive Bancorp in Monroe.

ABA, groups urge FHA to improve loss mitigation options for borrowers

FFIEC publishes 2024 data on mortgage lending

Community Banking
July 8, 2025

The Federal Financial Institutions Examination Council recently published data on 2024 mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,908 U.S. financial institutions.

ABA, associations urge lawmakers to finalize deal on debt ceiling

Updated: President signs ‘big beautiful bill’ including numerous ABA-backed provisions

Ag Banking
July 3, 2025

Included in the bill were several ABA-supported tax provisions related to banks, including a modified version of the ABA-advocated ACRE Act and the permanent extension of the Section 199A pass-through deduction rate of 20%.

Using Artificial Intelligence to Make Sense of Mountains of Data

Three myths about AI in banking

Technology
July 3, 2025

Common myths and misperceptions might confuse about what to expect and misdirect investment and efforts.

Chair’s View: Celebrating a century of giving back

Chair’s View: Celebrating a century of giving back

Community Banking
July 1, 2025

Not only do we celebrate the 150th anniversary of our organization, we also commemorate an important milestone for the ABA Foundation.

NEWSBYTES

Mortgage rates rise

July 10, 2025

Fed seeks public input on large bank rating system revision

July 10, 2025

Senate confirms Gould as comptroller of the currency

July 10, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

Breaking down the bank-related provisions in the big budget bill

July 10, 2025

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025

Podcast: Staying close to clients amid tariff-driven volatility

June 18, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.