Alan Applegate
Chairman of the Board
DEAR SHAREHOLDERS:
Another year has passed since NWSB’ s last Annual Report, and it seems only months ago that I was writing my last annual message to shareholders. Perhaps the time has seemed to fly by because the board and management have been so busy attempting to create value for you, our shareholders. In last year’ s message, I mentioned NWSB’ s private placement capital raise for purposes of continuing bank growth. Since then, despite continuing challenging market conditions, we have successfully completed the acquisition of State Bank of Medora. Our CEO, Mr. Pat Daily, will describe this acquisition in greater detail in his message to you, but suffice it to say that NWSB remains on a growth trajectory.
In addition to growing the bank through this acquisition, NWSB created an investment subsidiary to reduce taxes, opened yet another new branch in Floyds Knobs, implemented a new digital banking platform, introduced tap to pay debit cards, and created a strategic alliance with Axiom Financial Strategies Group, which specializes in investment management, financial planning and risk management for individuals, families and organizations. Each one of these actions is enough to make one proud, but all of them together really showcase the board and management’ s adaptability and commitment toward increasing customer satisfaction and bank growth.
Of course, none of the bank’ s success to date, nor any future success, would be possible without the competence and dedication of our incredible employees. They are the bedrock of both NWSB and the communities in which we live and operate; and I thank them for their dedication to both.
I would also like to introduce you to Nick Vissing, who has joined NWSB as its Chief Financial Officer. Mr. Vissing’ s employment has already made the positive impact of enabling deeper financial insight and strategies regarding the deployment of bank assets and deposits. This insight will be helpful as NWSB is currently in the process of establishing and implementing the bank’ s strategic plan for the next three years.
We are confident that the moves we have made in the past, along with our incredible employees, will continue to fuel our strategy of driving long-term stakeholder value. NWSB is well positioned to navigate future opportunities, and I hope you will continue to support the bank in its efforts to be the best community bank for its customers, employees and shareholders.
2025 NWSB Annual Report | 5