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2005 annual rePort
For A Better
way of Life!
®
WelcoMe
To Our Gate City Bank Customers:
the expression “For a Better Way of Life®” has long been part of Gate city Bank’s identity. More than a mere slogan, this
phrase drives everything we do—from our customer-focused business strategy to our community involvement.
over the past year, Gate city Bank contributed to a better way of life for people throughout the region by helping them achieve
their financial and personal goals. deposits that have been generated have funded mortgage and personal loans.
for example, we closed $197 million in home loans helping hundreds of customers realize the dream of home ownership.
Gate city’s high Performance checking program continues to be one of our most popular services, which provides free atM
& check cards, free check blanks, and a $10 check buyback program. customers are especially satisfied with the free gifts they
receive when opening a new account or referring a friend.
through $110 million in personal loans, Gate city helped customers send kids to college, remodel their homes, expand their
businesses, and make many other lifestyle improvements. additionally, we’re helping customers save for the future. Money Market
savings account deposits have grown to an all-time high and Individual retirement accounts have grown to a ten-year high.
In 2005, we achieved a milestone by exceeding $100 million in capital. this capital, or net worth, is a continued demonstration of
Gate city Bank’s permanence and a material measurement of our strong financial stability and security. Gate city Bank paid in
2005, a total of $3,943,000 in federal and state income taxes which is 37% of our income.
We take very seriously our commitment to the communities in which we live and work. last year, Gate city contributed
$680,000 in charitable donations. We also collaborated with the cities of fargo, Moorhead, and Wahpeton to provide funds
for neighborhood improvement programs. Gate city provided a total of $54,000 in scholarships to 45 students across
north dakota and western Minnesota. We supported the Mandan rodeo and the ever-popular norsk hostfest in Minot. We
participated as a sponsor in building the charity house, with tour proceeds going to the Meritcare roger Maris cancer center.
our employees have opened their schedules and their pocketbooks as well. In 2005, Gate city employees volunteered over
10,000 hours of community service. In addition, the bank has implemented a generous policy that allows employees to volunteer
for missions and disaster relief opportunities. We will help employees pay for the transportation and expenses of these missions
and will allow for extra paid time off for those volunteers.
In 2005, Gate city opened our 26th location in Grand forks and enhanced several existing offices to create a more convenient,
warm and inviting atmosphere for both employees and customers. We’ll continue on that path in 2006 with new offices in south
fargo and northwest Bismarck. several other offices will be remodeled.
also in the past year, directors leonard Brown and h. roald lund retired. len was first elected to the Board in 1989 and roald
in 1991. Both men served Gate city with integrity, accountability, dedication, and commitment. We will miss them both. at
the same time, we welcome our newest director, shirley Montgomery. shirley has many years of banking experience and her
commitment to volunteerism in the community supports Gate city Bank’s mission.
as for the remainder of 2006, I’m energized by unlimited opportunities for Gate city Bank. It is most gratifying to see how our
customer base continues to grow over the years. I anticipate watching Gate city achieve new and aggressive goals as we help
to meet the financial needs of our customers all across the state of north dakota and in western Minnesota. above all, we look
forward to offering you additional products and services “for a Better Way of life®.”
thank you for your continued trust in Gate city Bank.
steve swiontek
chairman, President and ceo
Gate city Bank
Gate city Bank senior Management
seated: steven J. swiontek, chairman,
President and ceo; Back, l to r:
executive Vice Presidents; Blaise P.
Johnson, director of lending;
allan e. erickson, chief financial
officer; and lance r. Wolf,
director of retail Banking.
coMMunIty suPPort
The Five Star Statement of Support signed on November 22, 2005 confirms that Gate City Bank:
• Publicly demonstrates their support for employees who serve in the national Guard and reserve by following the law;
• reviewed human resources policies to ensure compliance with the uniformed services employment and reemployment rights
act (userra);
• Promotes training for managers and supervisors to effectively manage employees who serve in the Guard and reserve;
• adopted policies and programs that are above and beyond what is required by userra; and
• Is an advocate for employee service in the national Guard and reserve and will promote the mission of employee support of
the Guard and reserve (esGr).
l to r: colonel Bob udland, nd army national Guard Joint training command
commander; steve swiontek, Gate city Bank President and ceo; Brigadier General
lawrence Woodbury, nd air national Guard chief of staff; Jon carlson, fargo
region co-chair of esGr; Gene orson, fargo region co-chair of esGr; kim
shuckhart, Gate city Bank senior Vice President of human resources; and
Justin Mattson, Gate city Bank downtown Grand forks
employee who aided hurricane victims in Gulfport,
Ms, with the 119th fighter Wing.
“Today, supportive
employers are critical
to maintaining the
strength and readiness
of the nation’s National
Guard and Reserve force”
-- E. John Carlson,
Fargo Region Co-Chair for ESGR
Senior Airman Justin Mattson,
Grand Forks Employee
condensed stateMent of condItIon
December 31, 2005
ASSETS LIABILITIES & NET WORTH
Mortgage loans $416,052,000 deposits $686,606,000
Personal loans 337,497,000 Borrowings 8,200,000
Mortgage-backed securities 6,922,000 escrow deposits 13,226,000
cash and Investment securities 31,111,000 Interest Payable 3,986,000
federal home loan Bank stock 1,330,000 other liabilities 9,663,000
Buildings and equipment 20,180,000 Total Liabilities $721,681,000
real estate & repossessed assets 452,000 net Worth 100,683,000
Interest receivable 3,015,000 Total Liabilities and Net Worth $822,364,000
other assets 5,805,000
Total Assets $822,364,000
“In 2005, we achieved a milestone by exceeding $100 million in capital. This capital,
or net worth, is a continued demonstration of Gate City Bank’s permanence and
a material measurement of our strong financial stability and security.”
2006 Administrative Officers
CHAIRMAN, PRESIDENT, AND
CHIEF EXECUTIVE OFFICER
steven J. swiontek
EXECUTIVE VICE PRESIDENTS
allan e. erickson, chief financial officer
Blaise P. Johnson, director of lending
lance r. Wolf, director of retail Banking
SENIOR VICE PRESIDENTS
kenneth J. Ganzer, dickinson/hettinger Manager
kevin J. hanson, residential Mortgage lending Manager
seated l to r: robert d. anderson, steven J. swiontek, david l. kerssen
Maureen e. Jelinek, deposit acquisition & servicing Manager standing l to r: rodney a. larson, shirley Montgomery, darrell r. tukua
neil k. schroeder, Personal lending Manager
kimberly r. shuckhart, human resources Manager
2006 Board of Directors
VICE PRESIDENTS Board MeMBer year fIrst elected
susan k. anderson, loan servicing Manager
Robert D. Anderson 1991
Barbara r. Bertschi, West fargo/Village West Manager/
retired chairman of the Board, President and
osgood Manager
chief executive officer, Gate city Bank
Greg W. ellwein, Bismarck Manager
David L. Kerssen 1992
scott r. hare, Jamestown/carrington Manager
retired Bank executive, financial consultant
James a. hillerson, treasurer/Investment Portfolio Manager
Rodney A. Larson 1991
thomas B. Jabens, systems & data control
director – center for health Policy,
Peggy a. Johnson, Minot/Mohall Manager american academy of neurology
Patricia a. kotta, controller
Steven J. Swiontek 2000
roxanne r. llewellyn, Williston Manager chairman of the Board, President and
h. Jerome luther, appraisal/construction officer chief executive officer, Gate city Bank
ronald e. olson, office services Manager
Darrell R.Tukua 2005
Jeffrey M. Peterson, Grand forks/Mayville Manager retired cPa
david c. Wrolstad, fargo Manager
Shirley S. Montgomery 2006
CORPORATE SECRETARY retired Bank executive
delene V. Gunderson, administration
VolunteerInG
Gate City Bank
donated more than
$680,000 last year.
Gate city Bank supports communities in many areas,
including: the arts; charities/non-profits; employee
Volunteerism; community Involvement; education;
service Groups; health care; and athletics.
Pictured below: Grand Forks Employees
Employees volunteered more than 10,000 hours in our communities.
scholarshIP
Gate City Bank presented a total of $54,000 for
college scholarships to 45 high school students
from across North Dakota and
western Minnesota. Since 2000,
$282,000 has been provided
to 225 students to
attend college.
“I want to thank you for choosing
me as a winner for your scholarship.
It is an honor for me to achieve this
wonderful reward.”
-- Rachel Rummer
“I am delighted that I was Richardton-Taylor High School
chosen for this scholarship. Richardton, North Dakota
this will certainly help me
with my finances in college.”
-- Justin Lenoir
Turtle Mountain Community High School
Belcourt, North Dakota
Volunteer MIssIons and dIsaster relIef
Employee
Mission and
Disaster Relief
Participation
Supported by
Gate City Bank
the Bank
’s n
relief pro ew Mission and
days off a gram offe disaster
humanita nd reimb rs emplo
rian tr urses the yees paid
is to imp m for ex
in them a rove custo ips. the mission penses fo
r
nd their mers’ an of the ba
employee commun d employ nk -- whic
ities -- is fu ees’ lives h
Bankers be by inv
in late 20 nefit. the progra lfilled wit
h this ou esting
05 when m was re tstand
they awa c
rded Gate ognized by comm ing
city a 20 un
Bank aw
ard for s 05 comm ity
ponsorin unity
Steve S
wiontek g mission
(left) an work.
d award
presente
r, Stan Je
nks.
eMPloyer of choIce
Employer of Choice
as an employer of choice, Gate city Bank offers opportunities,
incentives, and awards for over 300 employees to help them grow
and succeed in their banking careers. the Bank provides a welcome
and warm work environment where employees are rewarded with a
generous compensation package that includes:
• a variable-pay incentive plan.
• low cost health insurance.
• flexible work schedules.
• low interest loans.
• Paid mission and volunteer leave.
• $1 for $1 401(k) company match.
• according to Blue cross Blue shield, Gate city Bank has one of the
best medical, prescription and dental insurance plans. It includes low
premiums… and had no increase in premium for 2006.
• Matching donations to charitable organizations and educational
institutions.
Gate city Bank is committed to making the lives of its
employees better by investing in them.
Lee Dittmer, Office Services
26 years and counting with Gate City
Bank, displays her 60 pt. diamond
necklace for 25 years of service.
GIVInG Back
Gate city Bank theatre at
the fargodome opens the
door for Broadway-quality
entertainment in the red
river Valley.
supporting the arts is
just one way Gate city
gives back to communities.
the Bank also made the
charity home possible,
with the proceeds
benefitting the Meritcare
roger Maris cancer center.
all across the state of north dakota
As a mutual Bank, Gate City Bank is able to help communities
thrive. The Bank generously helped fund neighborhood
revitalization and home improvement projects in 2005 in the
cities of Fargo, Moorhead, and Wahpeton. Gate City also
sponsored many regional events such as the Mandan Rodeo
and Minot’s Norsk Hostfest, where the Norwegian game,
Knock the Fleas off the Black Plague Rat, always sets off cheers
with its many fans. To top off the year, as part of Gate City’s
Grand Opening activities at its new South Washington office in
Grand Forks, a Grand Forks resident was the lucky winner of a
new car when her name was drawn!
the home improvement
e
partnership between Gat
city Bank and the city of
ial
Wahpeton was made offic
as a $500,000 check was
the
delivered. on hand for
neil
occasion were, from left:
ding
schroeder, Personal len
Manager; economic
,
development coordinator
,
Jane Priebe; Michael lee
Wahpeton office
Manager; Wahpeton
se
May or Bud schmitz; and Blai
ding.
Johnson, director of len
ry
yota cam
2005 to with
car winner
orks
Grand f ager
offi ce Man
rson. scot Peders
Jeff Pete en, Personal
Banking supe
and Bismarck rvisor in Min
office Manag ot, the Black
er Greg ellw Plague rat,
ein at norsk
hostfest
BISMARCK. FARGO. JAMESTOWN................. 253-5000 PARK.RIVER...................284-7131
Downtown.....................355-7620 Downtown.....................293-2485
MANDAN.......................355-7680 WAHPETON....................671-4700
Gateway.......................355-7640 North.Fargo...................271-2600
Southpointe.................. 293-2500 MAYVILLE......................786-2219 WEST.FARGO................. 298-2800
CARRINGTON. ............... .652-3147
.
South.University.............298-2832
MINOT .
WILLISTON. .................. 774-7300
DEVILS.LAKE................. 665-4100 Village.West...................293-2477
Dakota.Square............... 857-8444
DICKINSON. .................. 456-7220
. GRAND.FORKS Downtown.................... 857-8400
Columbia. .................... 792-4350
.
NEW.OFFICES.IN.2006 MOHALL....................... 756-6811
Downtown.................... 792-4360
Hornbacher’s.at.Osgood,.Fargo South.Washington...........792-4370 MOORHEAD
Northwest.Bismarck Downtown.................... 298-2802
HETTINGER. ..................567-4331
.
South.......................... 298-2854 Member FDIC
