Question 1

What is Cumberland Federal Bank?

Accepted Answer

Cumberland Federal Bank is a mutually-owned federal savings bank serving the communities of Barron County in northwestern Wisconsin. With approximately $310 million in assets and two offices, the bank operates with a mortgage lending specialization while providing full-service community banking.

As a mutual savings institution, Cumberland Federal Bank is owned by its depositors rather than outside shareholders, allowing it to focus on long-term community relationships rather than short-term profits. The bank emphasizes traditional values of thrift and homeownership while serving both consumers and small businesses.

Question 2

When was Cumberland Federal Bank founded?

Accepted Answer

Cumberland Federal Bank was founded on January 1, 1934, during the depths of the Great Depression. The bank emerged during a tumultuous period in Cumberland's banking history, following the closure of the State Bank of Cumberland and Island City Bank during the economic crisis of the early 1930s.

The bank was chartered as Northwestern State Bank in 1929 and reorganized in 1934 when it took over the State Bank building. The institution later transitioned to federal charter and became Cumberland Federal Bank, FSB.

The bank received FDIC insurance on August 9, 1989, though it had operated under various regulatory frameworks since its 1934 founding. For over 90 years, the institution has weathered economic cycles while maintaining its commitment to the Cumberland community.

Question 3

Where is Cumberland Federal Bank headquartered?

Accepted Answer

Cumberland Federal Bank is headquartered in Cumberland, Wisconsin, a small community in Barron County in the northwestern part of the state. Cumberland is located approximately 90 miles northeast of Minneapolis-St. Paul.

The bank operates from its main office at 1390 2nd Avenue in Cumberland, occupying a building with historical significance to local banking.

Question 4

Where does Cumberland Federal Bank operate?

Accepted Answer

Cumberland Federal Bank operates two full-service branches, both located in Wisconsin:
• Cumberland (headquarters) - Barron County, Wisconsin
• One additional branch in the surrounding area

The bank serves Barron County and the surrounding region of northwestern Wisconsin, focusing on small communities in this predominantly rural area. While it maintains a local presence, the bank also offers online and mobile banking to extend its reach to customers beyond its physical footprint.

Question 5

What services does Cumberland Federal Bank offer?

Accepted Answer

Cumberland Federal Bank provides a comprehensive suite of banking services:

Deposit Accounts: Checking accounts, savings accounts, money market accounts, certificates of deposit, and individual retirement accounts.

Mortgage Lending: As a mortgage lending specialist, the bank offers residential mortgages, refinancing options, home equity loans, and home equity lines of credit. This has been the bank's primary focus since its founding.

Consumer Lending: Personal loans, auto loans, and loans to individuals for various consumer purposes.

Business Banking: Commercial real estate loans, business lines of credit, commercial and industrial loans, and business deposit accounts for small and medium-sized businesses.

Digital Banking: Online banking, mobile banking, telephone banking, ATM/debit cards, remote deposit capture, and automated clearing house originations for convenient 24/7 account access.

The bank's mortgage lending specialization is reflected in its loan portfolio, with the majority of assets dedicated to real estate lending.

Question 6

What makes Cumberland Federal Bank unique?

Accepted Answer

Cumberland Federal Bank has several distinguishing characteristics:

Mutual Ownership Structure: Unlike most banks, Cumberland Federal Bank operates as a mutual savings bank, meaning it is owned by its depositors rather than shareholders. This structure allows the bank to prioritize customer service and community needs over maximizing shareholder returns.

Mortgage Lending Expertise: The bank has a specialized focus on residential mortgage lending, dedicating significant resources to helping community members achieve homeownership. This specialization provides deep expertise in home financing.

Depression-Era Resilience: Founded during one of the most challenging economic periods in American history, the bank has demonstrated remarkable staying power, surviving and thriving for over 90 years through multiple economic cycles.

Small-Town Community Banking: With only two offices and 22 employees, Cumberland Federal Bank maintains an intimate connection with its community, offering personalized service that larger institutions cannot match.

Federal Charter with Local Control: As a federally-chartered institution regulated by the Office of the Comptroller of the Currency (OCC), the bank operates under strong regulatory oversight while maintaining its local focus and decision-making authority.

Question 7

What type of financial institution is Cumberland Federal Bank?

Accepted Answer

Cumberland Federal Bank is a Federal Savings Bank (FSB) with a mutual ownership structure, regulated by the Office of the Comptroller of the Currency (OCC).

Federal savings banks historically focused on accepting savings deposits and originating residential mortgages, and Cumberland Federal Bank continues this traditional mission. The "mutual" designation means the bank is owned by its depositors rather than outside investors, a structure that encourages long-term thinking and community focus.

The bank operates with a mortgage lending specialization, which means the majority of its lending activity and expertise centers on residential real estate financing. This makes it distinct from commercial banks that typically have more diversified loan portfolios.

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About Cumberland Federal Bank in the United States