August 27, 2012
WAUSAU, WI (August 27, 2012) – River Valley Bank and WoodTrust Bank, through its WoodTrust Asset Management division, have entered into an exclusive agreement whereby River Valley will jointly market and refer its existing and future Trust & Investment Services customers to WoodTrust. Under the agreement, WoodTrust will provide trust, fiduciary, investment management, retirement plan, estate, and financial planning services to River Valley customers, while River Valley focuses on its core banking and insurance businesses.
“This unique strategic alliance will allow two locally owned family businesses, with similar customer-centric values, to work together in providing River Valley customers with comprehensive, high quality wealth management solutions,“ said Todd Nagel, President and CEO of River Valley. “The relationship with WoodTrust immediately enhances the financial services offerings we can present to our valued customers.”
While River Valley customers will gain access to WoodTrust’s extensive array of Trust & Investment solutions, WoodTrust, in turn, will expand its access to River Valley’s extensive customer base for these targeted wealth management services.
Steve Bell, Chairman and CEO of WoodTrust commented, “This is a great opportunity to further expand our wealth management business by working with the tremendous team at River Valley. We look forward to this collaboration where both companies are committed to great customer service and helping our local communities.”
This strategic alliance will not impact either company’s core banking products or services. Each bank will operate independently, as in the past, with regard to all such banking business lines and current River Valley associates will remain actively involved in servicing customer relationships going forward.
According to Chad Kane, President and COO of WoodTrust, “Both WoodTrust and River Valley have made a strong commitment to remaining independent, family owned financial services companies. Our similar backgrounds, cultures, and business principles have made this strategic alliance possible and we look forward to a very long term relationship that differentiates both companies from our competitors.”
About WoodTrust Bank. WoodTrust Bank is a family owned and operated $340 million bank with six branches in Wisconsin and one location in Arizona. In addition to traditional banking services the company is also a relationship-based trust company and investment management firm, managing approximately $1.1 billion in assets for customers in 30 states through its WoodTrust Asset Management division. WoodTrust has been independently owned and operated since 1891.
About River Valley Bank. River Valley Bank is a $1 billion bank with 18 branch locations in Wisconsin and the upper peninsula of Michigan. For more than 40 years River Valley Bank has stood for a commitment to provide service standards that were and still are unique in the industry. They have done it by understanding customer’s needs. That commitment has never changed.