NEW ULM – New Year’s eve was the final day of 2024 and it was the last day of work for Citizens Bank senior vice president Tim Hoscheit.

After over 38 years with the bank, Hoscheit formally retired after closing out 2024.

At his retirement, Hoscheit was the senior vice president and chief credit officer at Citizen Bank. He began working with the bank in 1986, but his career in finance began in 1978. He first came to New Ulm in October 1978, working for the Production Credit Association (PCA).

For over 45 years, Hoscheit was part of New Ulm’s banking and finance world, but he got his start in farming.

Hoscheit grew up on a dairy farm a mile south of Caledonia, Minnesota. For years he considered becoming a farmer like his father. Then in his senior year of high school, Hoscheit’s older brother Tom left college and returned to the farm. With his older brother starting a partnership with their dad, Hoscheit began researching different career paths.

His decision to go into banking was influenced by a visit from his father’s lender.

“I remember dad’s lender coming out to the farm, talking about the future and what dad’s wishes were,” Hoscheit said. “I always thought it was a neat thing that the lender cared enough to come out to the farm.”

In May 1978, Hoscheit graduated from Western Wisconsin Tech with an associates degree in financing. After graduating, his dad suggested he look into agricultural lending. Within a few months, he received a call from the Production Credit Association (PCA) in New Ulm. He officially began working in farm credit in New Ulm on Oct. 30, 1978.

Hoscheit said the early years working in farm credit were difficult because his career coincided with the farm credit crisis of the 1980s. During this time, with low crop prices and farmland value falling, many farmers were unable to pay their debts. The result was many farm foreclosures, sales, and auctions. It was especially rough for Hoscheit who came from farming.

“It really kind of hurts you right in the soul,” he said. “There was a job I had to do to make sure we got loans collected, yet I understood what the farmers were going through.”

Though it was a tough time in agriculture lending, Hoscheit appreciated the experience it gave him.

“You learn a lot about what to do and what not to do,” he said. “It helped him see the warning signs when it came to analyzing credit.

Hoscheit began working at Citizen’s Bank, in June 1986 as an agricultural loan officer. In addition to working as a lender, he became a licensed crop insurance agent. At that time in the late ’80s, federal crop insurance was going away and private insurance was picking up.

“That really helped us as a bank because it solidified that relationship with the customer,” Hoscheit said. In addition, it was convenient for customers to get insurance from the lender helping with other accounts. He was in a position to give lenders an honest opinion on how much insurance they needed.

Hoscheit said that today, every lender at Citizen’s Bank is a licensed insurance agent for crops and livestock.

Hoscheit said he appreciated the opportunity for growth at the bank. During his time at Citizens, he was able to continue his education. He graduated from the Graduate School of Banking at the University of Colorado, Boulder. He was later promoted to vice president in 1992 and senior vice president in 2015. In 2019, he was promoted to chief credit officer.

In his time working for Citizens Bank, Hoscheit said he was most proud of working with multi-generational clients.

“I did businesses with grandpa, dad, his sons, and now grandsons,” he said. “It is rewarding to think that your client appreciated the relations between us to recommend it to his son.”

Hoscheit originally planned to retire in 2023 but decided to stay on another year to help train some of the new lenders the bank hired. Hoscheit said it was the correct decision to stay on through 2024. It helped the bank plan for the future and better prepare his replacement.

Asked what advice he gives to new lenders, Hoscheit said “You have to be a good listener. In that interview process when someone is asking to borrow money, you have to listen to what they want, why they want it, what is their opinion of how they will pay for it. At the end of the day, you look at income, their plan, and help them figure out if it makes sense.”

He said one of the hardest parts of the job is telling potential lenders their plan is not feasible.

“That can be a difficult message to deliver,” he said. “When I must deliver that message, I do my best to offer ideas of when it could happen. What do they have to do to make it a viable or feasible plan? I don’t know if I’ve ever just said ‘no.'”

Hoscheit said there were times when a borrower was denied loans, but came back later with an improved plan or project.

“It does happen,” Hoscheit said “especially if you delivered a sincere message, really given them some things to think about.”

Hoscheit said one of the best parts of his career was playing some role in someone’s success story by providing the financial backing for a dream.

Though he is retiring, Hoscheit said he and his wife Kim plan to remain in New Ulm.

“We enjoy New Ulm,” he said. “Yes, we will do more traveling but we are not moving south and we are not buying a place up north.”

A special retirement celebration will be held for Hoscheit from 3 p.m. to 5 p.m. Friday, Jan. 3, at the New Ulm Country Club, 1 Golf Drive, New Ulm. All friends, clients and well-wishers are welcome.