It’s been nearly 150 years since Edgar County Bank first opened its doors to serve the citizens and businesses of Central Illinois. A lot has changed since then, including the name of that same financial institution, which is now known as Prospect Bank. But one thing has remained the same—a dedication to serving a diverse base of financial clients with a diverse base of financial products.
Staying true to its original mission, Prospect Bank has assembled a series of products known as its Wise Solutions that can help individuals, businesses, municipalities and more at every stage of their respective financial lives. Need to deal with estate planning, manage corporate funds, find capital to buy new farm equipment, or start an individual retirement account? There’s a Wise Solution for all that, and much more.
“Each of these products have grown over time, with the needs of our customers. We view it as one customer at a time, and it's further defined as one relationship at a time,” says W. Eric Volkmann, president and CEO of Prospect Bank. “And so, as we look at a relationship, we find the best fit for that customer and what type of product would meet their needs, and then build long-term relationships. Some relationships would use only one of these, while others would use a piece of each. So, it all depends on the customer’s situation.”
Cash management to debt financing
The five Wise Solutions available through Prospect Bank — BankWise, FarmWise, InvestWise, MuniWise and TrustWise — each serve different financial needs. The initiative began with BankWise and started as corporate cash management in which idle money is swept each night into investment accounts that can help bolster a business’ bottom line. The program has since been expanded to not only include cash flow management, but also 24/7 access to your accounts, online bill pay, statements, and transfers as well. “The program can be customized,” Volkmann said, “in order to meet the needs of the customer and make the best use of their funds.”
Next came InvestWise, which offers investment services for both individual and business clients. Individuals in need of building a nest egg can put money into a certificate of deposit or an individual retirement account like a Roth or SEP, while businesses can set aside funds for their employees or open repurchase accounts that provide a competitive rate of return. In every case, InvestWise is about securing a better future by letting your money work for you.
Given the agricultural roots of Central Illinois, it was only natural to follow with FarmWise, which offers checking accounts tailored specifically for farmers, in addition to agribusiness loans that can help finance crop production, new farm equipment, or additional farmland. The experts overseeing the FarmWise program at Prospect Bank come from family farms themselves and understand the unique financial needs that farming presents.
TrustWise navigates legal arrangements to help ensure clients that their families will be taken care of after they’ve passed on. That can include protecting assets from excessive taxation, ensuring they’re distributed according to your wishes, or even creating a charitable giving plan. TrustWise can administer trusts, estates and guardianships, and do much more to help clients achieve peace of mind.
And then there’s MuniWise, which provides customized banking services designed for municipalities or their affiliated agencies — entities like a town government, school board, fire department or public works division. Through tools like cash concentration accounts and debt financing, MuniWise has helped a school district lease new buses, a village acquire a backhoe, and various municipalities repair roads and finish public construction projects.
“We're in a lot of communities,” Volkmann says, “and each of the communities have different levels of sophistication, and each have different needs. So, we have to bring to those communities what best fits them.”
Products that evolve with client needs
It all helps Prospect Bank better serve the Central Illinois region it’s called home since 1873. And those Wise Solutions products continue to evolve, Volkmann says. “As we learn more about what our customers’ needs are, we develop relationship products to meet those particular needs.”
Some clients, like those wanting to set up a Roth IRA or a trust, may use only one of the Wise Solutions. But others can be helped by several at once—think of a corporate farmer, Volkmann suggests, who in addition to FarmWise agricultural loans may be able to take advantage of the cash management expertise that comes with the BankWise program, as well as InvestWise to help set up simple employee pensions for each of its employees.
It’s a diverse set of programs tailored for a diverse client base, with one fundamental assurance running through them all. “The common thread is the full faith and credit of Prospect Bank,” Volkmann said. “We’ve been backing up all of our products and services since 1873. The common thread is that Prospect Bank stands behind them all.”
Interested in exploring more about what Prospect Bank’s Wise Solutions can do for you or your business? Visit one of its ten locations across Central Illinois and Indiana, including Terre Haute, call (877) 465-4154, or visit BankProspect.com for further information.
