James and Jeanene Meisser, a husband-and-wife team, are raising funds now to open Lake Shore Bank, which will be based at 615 Pennsylvania Drive in Sheboygan. The 5,600-square-foot bank is expected to open by the end of the second quarter of this year, but might open sooner, Jeanene Meisser said. The new bank will offer traditional retail, commercial and mortgage services to Sheboygan-area customers. Lake Shore Bank will also appeal to a national clientele of deaf customers.
James Meisser, who will be the chief executive officer of Lake Shore Bank, is profoundly deaf, meaning that he has never heard sound. "There are 31 million (deaf people) in our country," Jeanene Meisser said. "There are 500,000 in Wisconsin and 3,000 in our county (Sheboygan)." To serve deaf customers, Lake Shore Bank is putting a heavy emphasis on technology. The bank is hiring a full-time executive IT director. That director will be responsible for making sure Lake Shore Bank’s text-captioned and video phone services work, as well operating a special phone line for deaf customers, Jeanene Meisser said.
"We’d like to have a screen for the drive through to make communication complete," she said. "We say we’ll be a different kind of bank, a welcoming environment (for deaf clients)." Lake Shore Bank was recently granted its preliminary charter by the Wisconsin Department of Financial Institutions. "It was a huge milestone for us to get that charter," said Jeanene Meisser, who is chief financial officer and controller for the bank. The charter allows the Meissers to begin more formal discussions with potential investors, Jeanene Meisser said. The couple hopes to raise $15 million to $25 million in capital before the bank opens, she said.
The couple has raised more than 35 percent of the capital it needs to open, Jeanene Meisser said, and James Meisser is holding many one-on-one meetings with additional potential investors. "Jim is very confident that we’ll exceed the minimum," Jeanene Meisser said. "We’ve got a lot of materials in circulation." The bank will have 17 to 18 employees when it opens its doors, she said. Lake Shore Bank’s location on Pennsylvania Avenue will be leased space, and Jeanene Meisser said the bank will be very cautious about owning its own real estate in the future. "We’re going to be very careful about (owning) bricks and mortar," she said. "It’s not necessary, given the national potential we have. But never say never."
