Frandsen Bank & Trust
Frandsen Bank & Trust is located at the top of one of our busy Hayward blocks, 10583 Main, to be specific. In October 2020, formerly Peoples Bank Midwest merged with Frandsen Bank & Trust under new ownership. New name – old traditions.
The bank has a long history of success. First opened in 1925 by Quentin Johnson, it was run as a family-owned institution for decades. In the 1990’s Mike O’Meara purchased it and continued its small-town, single family ownership for many more years. The building has undergone upgrades over the years and under its new ownership, will continue to do the same. Remodeling has already begun, and employees who used to work in the lower level will move to the main level in new and improved spaces soon.
Twenty-five people are currently employed at the bank in Hayward. If you ask locals, they will probably be able to give you a name of someone who has worked there for decades. They have a tendency of keeping good staff around, and that shows through their constant emphasis on excellent customer service. Most employees live, work and play in the greater Hayward community but a few commute up to an hour each day. Some will continue to work from home in the coming years since technology has proven effective for some positions.
As the bank transitions to Frandsen Bank & Trust, the two other Peoples Bank Midwest branches in Eau Claire and Vadnais Heights, will join 36 other branches to complete the merger. The website, www.pbmbank.com, will eventually change but for the time being, visitors will be redirected to the appropriate site automatically. As always, they will continue to offer their core products (loans, deposit accounts, IRAs, credit/debit cards, etc.) and will be adding community bank investment services once the merger is complete, such as trust and investment services.
The gentleman behind the merger is owner Dennis Frandsen, from the Luck, WI area. Dennis began his career in logging and at one point was turned down for a loan by his hometown bank. He returned to that bank sometime later and bought it. He started investing in the community and adding banks to his parent company. Rich Hoban is a key Frandsen Financial senior officer, and has been in the Hayward area for twenty years. Rich oversees corporate development, and when not working, you may find him on the Birkie trail or in a board room as he is active in Hayward. Hayward Market
Frandsen Bank & Trust thrives on helping the community. Their goal is to help others prosper and grow. During the Covid-19 pandemic, the Hayward branch touched over 800 jobs in the Sawyer County area as they helped owners/operators navigate the CARES Act loan program. Being on Main Street, they are at the hub of the community in busy times and down times. They have seen people and storefronts change, but feel overall, there is a healthy mix of anchor businesses downtown. There are many long-term tenant/property owners that help the community stay strong. Sponsorships have always been a solid part of their business plan and with the coming merger, they expect that to remain robust as corporate dollars will soon be added to local contributions.
Hours: The lobby is currently closed but open by appointment during normal business hours and Saturdays 8am to noon. Feel free to call 715.634.2674 or simply knock on the door. Drive-through is also open.