Mission Valley Bank News
By Marianne Cederlind -- Senior Vice President and Chief Business Banking Officer Mission Valley Bank
The banking industry continues to weather the financial storm of the last decade with the ever-present increase in regulation, intense competition from non-financial institution rivals, and radical changes in customer expectations and banking delivery systems. Calm waters are not necessarily on the horizon for 2015.
Banks will need to distinguish themselves even more in today’s intensely competitive, low-growth, low-margin environment. While banks continue to operate with an eye toward trimming expenses, the expansion of services and leveraging digital technologies to elevate the customer experience will become a focused objective.
In community banking, customers can look forward to small banks implementing strategies focused on enhancing the overall client experience. For local …
Continue Reading "Banking Trends to Expect in 2015"
SUN VALLEY, Ca – President & CEO Tamara Gurney of Mission Valley Bancorp – (parent company of Mission Valley Bank) announced un-audited financial results for the year ended December 31, 2014, reporting net income of $1,733,000.
“As 2014 progressed, Mission Valley Bank experienced a continual pickup in quality loan demand, resulting in an increase of $20.6 million in net loans by December 31, 2014, which represents a 12.35% growth in net loans. This suggests that business owners have a growing confidence in the economy and are beginning to make capital investments and expand their businesses. There was a slight drop in total deposits at year end 2014 resulting in cash on hand (in the form of Fed Funds Sold) to be redeployed to fund this …
Continue Reading "Mission Valley Announces 2014 Earnings"
Guard against tax-related frauds. Examples include scam e-mails falsely claiming to come from the IRS. Many of these are intended to trick taxpayers into revealing Social Security numbers and other personal information that can be used by criminals to steal victims' identity and money, including tax refunds. Others involve phone callers saying the taxpayer owes money to the IRS that must be paid promptly by wire transfer (that actually goes to the crook) or by loading funds onto a prepaid debit card and then sharing the number. The scammer may try to intimidate a targeted victim who refuses to cooperate, such as by threatening arrest or suspension of a business or driver's license. For information from the IRS about tax frauds targeting consumers, visit www.irs.gov/uac/Tax-Scams-Consumer-Alerts.…
Continue Reading "FDIC Consumer News — Money and Banking Tips for the Tax Season & Beyond"
Mission Valley Bank's Centre Pointe Business Banking Center
By Jana Adkins / Editor Santa Clarita Valley Business Journal
As technology has driven changes in the way merchants and consumers conduct their banking, so too has it changed the need for larger footprints of space and multiple branches leading Mission Valley Bank to consolidate two of its Santa Clarita branches, said an executive with the bank. “Technology has changed most industries; it’s no different in the banking world,” said Tamara Gurney, president and CEO of Mission Valley Bank. “What used to be a more branch-focused delivery channel is now more tech-driven putting banks in the palm of your hand.”…
Continue Reading "Technology drives brick & mortar changes at Mission Valley Bank"
I am pleased to report that Mission Valley Bancorp is off to a strong start for the first quarter of 2014 having achieved net income of $360,000, up 13.4% from the record earnings reported for the same period in 2013. This follows year over year results of $1.87 million at December 31, 2013 as compared to $1.06 million for the same period in 2012. In part, I credit our steady earnings improvement to the somewhat painful lessons learned in recent years. Like most businesses that have survived the Great Recession, the past few years have taught our team how to do more with less. We have successfully streamlined operations and reduced expenses while still supporting production and maintaining an unmatched level of client service. …
Continue Reading "MISSION VALLEY BANCORP ANNOUNCES ANOTHER RECORD QUARTER"
With this column on “Insurance in Focus”, my team at Health Benefits Advisors is very concerned that all California employers are sensitive to the financial pitfalls for employers as part of the ACA. Most employers are not aware of the new regulations or the financial penalties associated with the Affordable Care Act.
At HBA, we have developed a “Keeping in Compliance” checklist for you. Even if you do not provide ACA qualified health care benefits, you have requirements under this law.
- Evaluate the FTE (full time equivalent) count for all commonly owned companies to see if you are subject to Pay or Play penalties!
- 100+ must be actively counting full and part time
- 50 to 99 FTE’s affected in 2015
Continue Reading "HBA Report for Spring 2014 – “Insurance in Focus”"
While large firms may have sophisticated technology and staff dedicated to thwarting crime, many small businesses don't — and scammers know this. Here are ways to protect yourself:
Be on guard against inside jobs. This includes employee theft or misuse of cash, merchandise or equipment as well as fraud. "Minimize risks through steps such as pre-employment background checks, automated inventory tracking systems, audits, and clearly outlined policies for personal use of computers and other business equipment," said Luke W. Reynolds, Chief of the FDIC's Outreach and Program Development Section. "Also, carefully select who handles revenue from customers, pays the bills and reviews account statements. And, ensure that there are procedures in place to detect and deter fraud."
Watch out for fraudulent transactions and bills. Scams …
Continue Reading "Frauds Target Small Businesses: Don’t Be a Victim"
Mission Valley Bank has been informed that fraudulent cashier’s checks bearing the bank’s name and logo are in circulation.
The items carry the bank’s name and logo in the upper left hand corner as well as the address 28159 Avenue Stanford, Suite 190 – Valencia CA 91355. The lower left hand corner states “PAYABLE THROUGH BOKF.NA – EUFAULA, OK”.
To date, the items identified have been issued in various amounts and seem to be associated with a scam wherein victims are sent the fraudulent ‘Cashier’s Check’ and instructed to negotiate the item as part of an ‘evaluation’ (or similar request), directed to keep approximately $300.00 as ‘compensation’ and forward the remaining funds back to the originator. Be aware that the appearance of counterfeit / …
Continue Reading "Fraudulent Cashier’s Checks"
In a recent twist, scam artists are using the phone to try to break into your computer. They call, claiming to be computer techs associated with well-known companies like Microsoft. They say that they’ve detected viruses or other malware on your computer to trick you into giving them remote access or paying for software you don’t need.
These scammers take advantage of your reasonable concerns about viruses and other threats. They know that computer users have heard time and again that it’s important to install security software. But the purpose behind their elaborate scheme isn’t to protect your computer; it’s to make money.…
Continue Reading "New Scam – Done ‘Old School’"
Businesses across all industries are increasingly optimistic about the future. For the first time in quite a while, companies are refocused on growth as opposed to survival. As this confidence continues to build, equipment acquisition will play an important role in meeting and stimulating market demand, and for many companies financing is an essential piece of the equipment acquisition process.
In fact, industry experts predict that seven out of every ten businesses (planning to purchase equipment this year) will use some form of financing to do so. This projected increase in equipment acquisition equates to businesses have a growing need for quick, convenient and smart equipment financing.…
Continue Reading "Equipment Acquisition – Is NOW the Time?"
What is the Heartbleed Bug?
Heartbleed is a flaw in the programming on secure websites that could put your personal information at risk, including passwords, credit card information and e-mails. The Heartbleed Bug is a defect in encryption technology – called Open SSL – used by most Web servers to secure users’ personal or financial information. It is behind many “https” sites that collect personal or financial information. Basically, it provides a secure connection when you are conducting a transaction or sending an e-mail online. Experts discovered the bug recently and warned that cybercriminals could exploit it to access visitors' personal data or to impersonate a website and collect even more information.
Am I affected?
Most active users of the Internet have likely been exposed, …
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About Chip-based Payment Cards (from the American Bankers Association)
A chip card is a standard-size credit card plastic with an embedded microprocessor chip that stores and protects cardholder data. If your card is lost, stolen or compromised in a data breach, the embedded microchip makes the card extremely difficult to counterfeit or copy. Although chip cards are not yet common in the U.S., this technology has been used around the world for many years and some U.S. banks already issue chip cards. The global standard is called EMV, short for Europay, MasterCard, Visa. There are currently more than 1.5 billion chip-enabled cards issued across the world.…
Continue Reading "What’s a CHIP Based Payment Card (EMV)?"
• Report any suspected fraud to your bank immediately.
• Use online banking to protect yourself. Monitor your financial accounts regularly for fraudulent transactions.
• Sign up for text or e-mail alerts from your bank for certain types of transactions, such as online purchases or transactions of more than $500.
• Beware of phishing scams. Never give out personal financial information in an e-mail or over the phone unless you have initiated the contact.
• Monitor your credit report. Order a free copy of your credit report every four months from one of the three credit reporting agencies at annualcreditreport.com.
• Check your monthly banking and credit card statements carefully as soon as they arrive – report any questionable activity immediately.
If You …
Continue Reading "The Simplest Steps to Fight Fraud…"
The Federal Trade Commission is warning small businesses that an email with a subject line “NOTIFICATION OF CONSUMER COMPLAINT” is not from the FTC. The email falsely states that a complaint has been filed with the agency against their company. The FTC advises recipients not to click on any of the links or attachments with the email. Clicking on the links may install a virus or other spyware on the computer. …
Continue Reading "FTC Warns Small Businesses: Don’t Open Email Falsely Claiming to be from Federal Trade Commision"