PCS Company
Achieving audit excellence, fueling growth goals
Once it surpassed the $500 million asset threshold, Citizens State Bank of La Crosse (Citizens) started to be held to a higher standard of auditing, reporting and governance requirements per FDICIA. With Wipfli, the bank’s audit focused on constructive engagement, FDIC compliance-readiness, and risk identification and remediation — all in a way that is authentic to the bank’s vibrant, unconventional culture.
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The Challenge
Through the rapid growth that comes from being customer-first, employee-focused and community-centered, Citizens surpassed the $500 million in assets mark. In accordance with FDIC regulations, surpassing this threshold triggered the need for an independent audit along with a higher level of regulatory scrutiny, new compliance requirements and enhanced financial stability measures. It sought an auditor that matched its own “work hard, play hard” mindset.
The Solution
Citizens selected Wipfli as its auditor based on a strong reputation within the community banking markets and from past projects. Wipfli provided:
- Guidance via quarterly and ad-hoc meetings on relevant regulations, upcoming changes and industry nuances so Citizens could make proactive, independent decisions on how to address each challenge.
- Technical resources and industry best practices within professional standards on adequate internal control structure and procedures for financial reporting.
- Forward-thinking guidance in preparation for surpassing $1 billion in assets.
- An independent and objective audit of the bank’s financial statements.
Wipfli understands what’s at the heart of what we are doing. As bankers, we want timely industry and regulatory insight to make financially stable decisions. We want to focus on the impact that we want to have on our communities, employees and customers.
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The results
With Wipfli, Citizens proved it can mitigate risks inherent at $500M+ in assets. It fortified its ability to scale responsibly and effectively, especially on its way to the $1B milestone. It enhanced its own decision-making processes with careful consideration of Wipfli-provided industry and audit knowledge. Citizens also improved its internal controls based on Wipfli’s first-year audit findings, as evidenced by fewer control deficiencies and uncorrected misstatements in its second-year audit.
Already a trusted banking partner to its customer base, Citizens pushes to provide more value with initiatives focused on digital innovation and geographic presence. As it embarks on its third financial statement audit, Citizens trusts Wipfli will continue to provide future-forward information and insight so the bank can achieve its strategic goals with a fortified financial foundation.
