Port State Bank rededicates gazebo gift to city

Port Washington State Bank — Port Washington’s oldest continuously operating business — rededicated its Rotary Park gazebo gift to the city last week in honor of its 125th anniversary.

Chairman and CEO Steve Schowalter said at an event attended by stockholders and county municipal leaders last week that in the 25 years since the bank donated the gazebo to the city, the bank has quadrupled in size.

In that time, the bank has grown from a 11% to a 25% market share in Ozaukee County, growing along with the area as total deposits in county banks ballooned from $900 million to almost $4 billion today, Schowalter said. As of December, PWSB had $972 million in assets, including $571 million in loans and $261 million in securities.

“We’ve always believed that a bank should be more than just a place to manage money,” Schowalter said. “It should be a force for good, a supporter of dreams and a catalyst for growth. Over the years, we’ve dedicated not just our resources but also our time and talent to countless initiatives that have strengthened the community.”

The renovation of the Rotary Park gazebo, which included a new roof, lights and paint, is one of more than $125,000 in park projects across Ozaukee County sponsored by the bank this year.

The bank donated $25,000 to the construction of a new pavilion in Veteran Parks in Grafton, a year-round event venue with indoor seating for almost 100 people and patio space for about 70 with a kitchen and food service counter.

The bank became the title sponsor of the proposed Fredonia splash pad with a $25,000 donation and another $25,000 matching donation.

In Thiensville, the bank gifted $30,000 to support the construction of a new splash pad in Village Park, which is expected to be completed next year.

The bank contributed $30,000 to replace playground equipment at Schowalter Park in Saukville.

“And finally, right here in our hometown of Port Washington, we underwrote the costs for refurbishing the Port Washington State Bank Pavilion, originally constructed for our 100th anniversary 25 years ago,” Director and COO James Schowalter said.

James, who is the fifth generation involved in the bank since its founding in 1899, said the bank recognizes that its continued success is tied to the communities it serves.

“These contributions reflect our unwavering dedication to making Ozaukee County a better place to live, work and play. As we celebrate this special milestone and give back more than $125,000 to these major park projects, we do so knowing that our success is deeply intertwined with the well-being of the communities we serve,” he said.

PWSB was founded by banker Clarence Hill and dentist George Henry at 206 N. Franklin St., land that was purchased only two days before the Wisconsin Chair Company fire nearly leveled Port’s downtown.

Undeterred by the fire and assured by city and Chair Company officials that the company and the downtown would be rebuilt, the pair founded the bank that is today managed and owned by the fourth, fifth and sixth generation descendants of Hill. The bank opened on Sept. 11, 1899.

Ranking in the top 20% of banks in Wisconsin by size, PWSB is the only financial institution headquartered in Ozaukee County.

In 2021, the bank remodeled its Port Washington headquarters on Franklin Street, in part to accommodate a growth in staff, which was at 135 employees across eight branch offices.

Earlier this year, the bank announced an expansion to its Fredonia branch, bringing a new conference room, children’s area and offices.

“Our longevity is no accident. It’s the result of a deep and abiding commitment to doing what’s right, not just for our shareholders, but for our entire community,” Steve Schowalter said.