2024 in Review: Banks make a community impact

Editor's Note: BankBeat Editor at Large Jackie Hilgert compiled a summary of the events that shaped community banking this year for the December magazine. This is the fourth in a five-part series chronicling her work. The first, second and third parts were posted Dec. 2, Dec. 9 and Dec. 16, respectively..Supporting the big pitch, pitching a big tent.Commercial banking is the hallmark of the Main Street Bank, and BankBeat was struck by how one Iowa bank put a spin on boosting area businesses..In November, five Iowa small businesses engaged in a live "pitch" competition, hopeful to win $19,000 in prize money for their enterprises. The competition, called REV, or Reignite Your Business, is the latest iteration of an annual competition begun in 2015 by TS Bank, Treynor, Iowa. .In 2024, the bank partnered with the Advance Southwest Iowa Corporation, an economic development organization, to put on the event. The 2024 finalists, all entrepreneurs or Iowa business owners, included Breeze Bakery (Bellevue), Countryside Market (Minden), My Nurse Healthcare (Council Bluffs), Terraform Tillage (Eldora) and The Lilypop Shop (Treynor), each selected by a third-party committee from the pool of applicants. Each entrepreneur pitched before a live audience and judges at the Hoff Family Arts and Culture Center on Nov. 7. .The $435 million TS Bank started REV to spur economic growth and encourage business owners to continue pursuing their dreams. The bank brought in partners in 2020 to maximize its competition's impact and build up the small business ecosystem in southwest Iowa. Prior to 2024, REV has doled out $138,000 in prize money since its inception.."The funds awarded through REV can act as a catalyst for significant growth and the impact of the pitch competition goes far beyond the financial support, as the connections made are just as significant," said Niki Ferguson, an entrepreneurial development manager with Advance Southwest Iowa Corporation..This year, $15,000 was awarded to Iowa-based ag tech startup Terraform Tillage while $4,000 was given to Council Bluffs, Iowa-based My Nurse Healthcare..In 2023, Underwood, Iowa-based Gillett Hauling received $15,000 to rebrand truck graphics, upgrade air seats, acquire a third semi and hire a driver, and Council Bluffs, Iowa-based food startup OCookieOs received $5,000 for product analysis to improve its food labeling, and to have an automatic band sealer, packaging trimmer and custom branding.."Teaming up with Advance Southwest Iowa is a way to help create a positive ecosystem for startups and for more business dreams to become a reality," said TS Bank Market President Austin Diehm. "REV is one pathway to help start those first steps.".Meanwhile, in Wisconsin, Horicon Bank amplified the power of core deposits to boost the only Black-owned bank in that state. Horicon deposited $250,000 in Milwaukee-based Columbia Savings & Loan, which was established a century ago by Ardie and Wilbur Halyard to assist local residents in funding businesses and buying homes when few others would. Horicon's deposit supports the goal of Columbia Savings & Loan to mark its 100th anniversary by raising $10 million to help 100 Milwaukee families achieve homeownership.