pressures on to customers, the bank prioritized compassion over profit. “When interest rates went up, we made the decision not to raise ours as much as we could have,” Schwerdtfager says. “That meant less income for the bank, but we wanted to ease the burden on our customers. If they can’t make their payments, that hurts everyone.” Fief adds that the bank’s private ownership allows for long-term thinking. “We’re not focused on the next quarter’s earnings—we’re focused on the next quarter century,” he says.“That’s the beauty of being a family-owned, community-focused bank. We think generationally.” During the height of the pandemic, that philosophy was put into action. The bank played a major role in processing Paycheck Protection Program (PPP) loans—not only for its own customers but for those of competing banks that lacked the technology to The bank’s outreach extends to the classroom. “I’ve personally gone into high schools to talk about things like balancing a checkbook, understanding credit, and applying for that first loan,” Schwertfeger explains. “It’s about preparing students for real-life financial decisions.” Beyond classroom education, the bank supports agricultural education through partnerships with local schools. “Our primary ag lender, Steve George, was instrumental in getting the FFA program started at Bennington High School,” Fief says. “Without his involvement, I don’t think that program would have gotten off the ground.” STANDING STRONG THROUGH ECONOMIC SHIFTS Like every financial institution, The Bank of Tescott faced unprecedented challenges during and after the COVID-19 pandemic. From volatile real estate markets to shifting interest rates, the landscape was anything but stable. But rather than pass those 121 BUSINESS VIEW MAGAZINE VOLUME 12, ISSUE 11 THE BANK OF TESCOTT
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