The United Difference - Message From the President
A Message From the President
We have completed our process to upgrade our Online and Mobile banking platforms and want to thank you for navigating through the transition with us. In addition to the modern and consistent look, all the information is present along with some great added features. The technology is a vast improvement designed to make your electronic banking faster and more secure. If you have questions, don’t hesitate to reach out to our staff for assistance. For those so inclined, you may like the chat feature which is titled Messages. If not, be assured we still answer our phones during business hours with customer service staff here to assist you.
In other digital news, we are pleased to announce United Bank of Iowa will start posting on Instagram in early March. Our Facebook page has proven to be a great resource to provide news and information to our customers, so we are adding Instagram to our social media presence to reach a bigger audience. Follow us on your preferred social media platform to stay up-to-date on what’s new at UBI.
I am pleased to report our new Manning office is open for business in our temporary modular building at 251 6th Street, east of Dollar General. I encourage you to stop in and meet the staff when you have a chance. In addition to Lucas Potthoff, we have Cynthia Gore and Ericka Willenborg available to help you with your banking needs. We look forward to starting construction on the new building as soon as weather permits.
I also want to give a quick shout out to our Onawa office which will be celebrating its ten-year milestone as United Bank of Iowa in April. We look forward to continuing to build strong customer relationships and community connections in the Onawa area in the years ahead.
On the farm front, our ag lenders have been working diligently on annual renewals with their customers. It is evident that margins have reduced; however, overall, I am pleased with adjustments made by our ag production customers. We are down from the times of elevated commodity prices; now strategies and planning matter again. Marketing grain always seems to be a challenge due to the emotions and fear of missing out. As I write this in mid-February, the recent increase in prices seems to give optimism, providing opportunity to turn some grain into cash/liquidity for the operation. At United Bank of Iowa, you can count on our lenders to fully analyze any prospective purchases or expansion plans you have. Our lenders take pride in tailoring custom financing solutions whenever possible.
Are rates too high? I get asked a lot of questions on interest rates. Quite honestly, that answer depends on who you ask. The Federal Reserve has lowered short-term rates recently. National Prime is now at 7.50%. Six months ago, it seemed a foregone conclusion that rates would reduce anywhere from 1-2%. Now it appears rates may stabilize and level off potentially. In my opinion, stabilized rates are a good thing, allowing you to plan at least for the short and intermediate term without wondering if you missed the low or the high. If you are looking for a vehicle, home or other major purchase, your local UBI lender will help find the best financing option for you.
Daniel L. Dotzler
President & CEO
