Archive for News

Vault: Organize Information

We are here to help keep your records organized with a new product – Vault. Vault keeps copies of bills, receipts, or anything important. Vault will be offered starting October 25th. Contact us at 218-485-4441 if you are interested.

Go Paperless with our new product the Vault.


Bill Pay: What’s New

Bill Pay will be upgrading along side our digital banking, which includes online and mobile access. Bill Pay allows your bills to be in one spot. You can create reoccurring payments, see billing statements online, and so much more. If you are a current Bill Pay user, one year of history and your current payees will transfer over. Contact us at 218-485-4441 with any questions.

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Bill Pay explanation: Select, Submit, Sit Back


Managing Your Debit Card After the Update

We are about one month away from the completion of our upgrade! With the new upgrade, you will be able to manage your debit card with Online Banking and the Mobile App, which means we will no longer be using the external application MobiMoney. For any limit changes or travel plans, please contact the bank at 218-485-4441.


Stay Updated With Alerts

Don’t be surprised with the activity in your accounts. Set up text or email alerts for your accounts and be instantly informed! With the alerts, you can set up notifications on account balances, when there are deposits and withdrawals, and if there are any changes to your contact information on your account. Want to know if your account is getting low? You can receive a notification when your balance is below a chosen dollar amount.


Family Manager Feature

It’s Newsday! This week we are introducing a brand new online banking feature: Family Manager. It’s a way to give someone you trust access to your online banking information. Below are some of the different abilities Family Manager has to offer. If you are interested in utilizing this service, contact us at 218-485-4441 starting October 25th.

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Family Manager introduction

New Mobile Feature: Mobile Deposit

It’s another Newsday Tuesday, and this week we are extremely excited to announce that we will be implementing mobile deposit with our October 25th upgrade!

No more rushing to the bank after work to deposit your checks. With mobile deposit, checks can be deposited by using a mobile phone. Simply choose the account you would like to deposit the check in, enter the amount, and take a clear picture of both the front and back of the check.

Mobile Deposit will be available starting October 25th, 2021

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2 New Ways to Transfer Money

In our new upgrade, we will have 2 new ways to transfer money! In addition to transferring between internal First National Bank of Moose Lake accounts, we will soon have two new money transfer features: P2P and A2A. The graphic below helps understand the difference between the two transferring methods.

Describing the difference between P2P and A2A transfers

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President’s Message

Things are feeling quite a bit more normal with the recent Fourth of July celebration and festivities that even included the annual parade. I was beginning to wonder when we would be able to say that, and it sure felt good. While things are starting to return to normal, we continue to follow the COVID recommended guidelines and have left the Plexiglas up at our teller stations for continued protection. We realize that some people still want or need to wear masks and we encourage you to request our staff to do the same when they are interacting with you. Hopefully the end is in sight.

I would like you to be aware that we now have online loan applications and more online enhancements on the horizon. We continue to keep up with technology as we work through a core system upgrade this summer and early fall. While doing that we will continue to keep our small town touch, including answering the telephone. Along those lines, it sure is good to be able to have a friendly handshake again.

I would like to commend our staff for the volunteer hours they put into our communities. Please check our website for more information on the organizations and activities they support. They are passionate about doing this because this is where they live and many of us grew up. I am very proud of our staff and what they have done for the communities we serve.

Larry Peterson - CEO
Larry D. Peterson, President

COVID-19 Vaccine Scams

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ICBM Impact

Community bank provides local hospital critical access to PPP funding

By Matt Doffing

COVID-19 could not have struck at a worse time for Mercy Hospital and its CEO Mike Youso. Months into merger talks with Essentia Health in March, the rise in coronavirus cases in Minnesota sent revenues reeling for the Moose Lake-based, critical-access hospital.

“When COVID-19 hit, we largely shut down all outpatient services — a large portion of our patient activity. We also saw the emergency room and inpatient activity drop off dramatically,” said Youso. “That translated to an almost-instantaneous, 50-percent reduction in revenue.”

While Mercy Hospital was a testing site for coronavirus, it sent COVID-19 patients to Duluth for treatment. Furloughs, which began in late March, were unavoidable for most employees. “It was nearly disastrous,” said Youso. “People avoided the hospital just out of fear of getting the virus.”

Furloughs, though, did not resolve the revenue-expense mismatch. Its emergency room remained open, and it needed staff to stay operational, even at the low activity levels allowed by Minnesota’s executive orders. Mercy Hospital needed a Paycheck Protection Program loan.

As Youso prepared to choose a lender, he consulted peers at hospitals in the Twin Cities. They already had gone through the process and highly recommended using a community bank for Mercy’s PPP loan. “One of my colleagues tried to get a PPP loan through a big bank, and they had so many struggles,” Youso said. “They went to a community bank and it got done.”

He decided to go to a community bank first. He chose First National Bank of Moose Lake. “It was the smoothest process I have ever experienced in banking,” said Youso, who was CFO of Fairview Hospital for 28 years and oversaw that system’s banking relationships. “It was so smooth and easy; I was honestly kind of shocked.”

Mercy Hospital chose the community bank’s experience when it chose its lender. “We are a locally-owned, employee-owned community bank; our only locations are in Moose Lake,” said Larry Peterson, president of First National Bank of Moose Lake. “We are deeply vested in the community and its success.

“When COVID-19 hit and businesses were impacted by huge revenue declines, we knew we had to be there for them immediately,” Peterson continued. “Our loan staff worked long hours, seven days a week, to understand the ever-changing PPP loan process, and to contact customers and offer assistance in getting applications submitted. I could not be prouder of our staff and the number of loans we submitted to help keep our community strong.”

Timely access to emergency funding allowed Youso to refocus on finalizing merger talks. “It was one less thing to worry about while we were trying to work through this merger,” he said. “We just closed the deal on August 1.”

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