Keen history

“It is time our own name uniquely identifies ourselves in the marketplace,” explained Bernie Gaytko, president and chief executive officer regarding the recent announcement that First National Bank of Waseca is now doing business as Keen Bank.

This is the third name change in the history of the bank, which opened as The Bank of Waseca in 1874. In 1892 it became Citizens Bank, before becoming First National Bank of Waseca in 1903. 

The name change is not expected to cause disruption for those who use the bank’s services. Account numbers, card numbers and routing number will remain the same.

“We did not want our name change to negatively impact our customers,” Gaytko declares. “Customers will receive new debit cards in the near future and will be asked to re-login into their mobile application, and we are eager to help them do that if needed.” 

According to bank representatives, the announcement of the new name is among the final steps of a process which began more than four years ago. 

“We’re a family owned and managed community bank,” Gaytko explained. “But people got the impression from our name that we were part of a chain. The bank board decided they wanted a name that reflected our independence and show the community that we are invested and will be around for a long time.”

Selecting the new name meant a lot of research to get to what is the heart and soul of the organization.

“That meant identifying our core strengths—Responsive, Committed, Caring,” observed Gaytko.

After many Google searches and trademark checks, with the help of PresenceMaker, a branding firm out of Mankato, the board landed on Keen, a name it approved unanimously early in the process. The word Keen portrays enthusiasm, intelligence, perceptiveness and the ability to think clearly.

“In a world of change, we [the bank] have been a rock since 1874,” Gaytko said. “We have a new identity now, but our heart and soul as a community bank remains the same.”

Part of being “the same” means the current staff and locations are here to stay. The Waseca location is undergoing interior renovations and Keen’s new name and logo now appears on the signs in Waseca, Ellendale and Hope.

“More than half our staff has been with us for 15 years or more,” Gaytko says with a smile. “With one employee celebrating her 45th anniversary with the bank this past summer. Our great staff is the secret to our success and growth.”

Gaytko provided some history of the bank, which truly is family owned and operated. Dating back to 1958, Richard Sankovitz came back to Waseca and started working at the bank with his father Frank, who had been there since 1943. 

“I told my dad if we were going to work here and have a future here, we should buy the bank,” Sankovitz remembers. “It was really perfect timing. Bremer [the previous owner] was purchasing banks in Wisconsin and needed capital. We borrowed from American National out of St. Paul and used the bank stock we purchased as collateral. By 1966 we owned a controlling share. Today we own 100 percent.”

In 1992 Sankovitz son, Tom Sankovitz, join the bank as chief financial officer. Then, in 1995, Gaytko join as vice president of marketing and later was named president of the bank. His wife, Ann joined the bank in 1997 and works in various roles including payroll and as the Life Perk travel coordinator. In addition, two additional siblings, Jim and Liz, are involved with the bank and serve as directors on the board.

“We’re continuing the legacy,” Gaytko shared. “Richard and Frank wanted the bank to remain a local, family-owned and managed community bank. Changing our name and identity to better represent ourselves is building on the foundation that was established.”