At the end of the 20th century, Bob Gorsuch was ready to leave the banking world behind. He had spent nearly 25 years at Park Bank in various roles including president and chief executive officer, and he was ready to begin a new career as a certified financial planner.
But then a small group of Fitchburg business leaders presented him with an idea for a new community bank — an opportunity he couldn’t resist. In 2000, Oak Bank opened its doors on McKee Road.
Two decades later, after a total of 55 years in the banking industry, Gorsuch has never been happier. “These 20 years, by far, have been the most enjoyable,” he says. “We took a big risk. There were days we’d mail out flyers to people who we thought would be interested in investing and heard nothing back.”
Eventually, though, Oak Bank — like its namesake tree — took firm root in Fitchburg, where it remains a one-location institution. It boasts $320 million in assets and 33 full-time-equivalent associates. Six people have been with the bank since the day it opened its doors, and one of those founding businessmen still sits on Oak Bank’s board of directors.
Oak Bank set out to define the role of a community bank at a time when other new banks were opening throughout Dane County. It quickly established itself with a focus on small businesses — “We’re a small business, too,” Gorsuch says — and made client relationships a priority.
“The human element makes the difference,” Gorsuch says. “That’s what community banking is all about. We go above and beyond our clients’ expectations by taking the time to listen and understand the needs of our clients. This helps us develop creative solutions that other banks may not take the time to do.”
Gorsuch remembers the time when one of Oak Bank’s business bankers met a client at the bank on a Sunday night so the client could retrieve a passport from a safe deposit box. Then there was the personal banker who drove to a local supermarket to deliver a check to a client who didn’t have enough cash to pay for a medical prescription.
True to its community roots, Oak Bank partners with more than 125 nonprofit organizations annually, sponsors major events in Fitchburg throughout the year, and hosts the Great Pumpkin Giveaway every October — distributing pumpkins in exchange for cash donations to a different local charity each year.
Oak Bank’s single-location philosophy has paid dividends, too. “We all work together under one roof and are flexible in our jobs,” says Gorsuch, 78, who often greets people as they walk in the door. “Larger institutions have decision makers outside of the community. At Oak Bank, we make decisions locally at a high-touch level. We are able to look at the whole picture before deciding on how we can help our clients. We make decisions based on who the client is and not just numbers on paper. That, to me, truly defines what a community bank should be.”
