Bank News

  • The Nest Egg is Almost Ready to Hatch — Now What?

     

    Even if you've been saving your money since you started to work, that may not be enough to ensure an enjoyable and satisfying retirement. Of course having enough money put away is the number one factor as to whether or not you'll maintain your desired lifestyle once you stop working. But don't overlook the small day-to-day stuff. Do you have a plan for things to do in retirement? How will you spend your time as a retiree? Do you already know what you will do with all that free time?

    You probably started thinking about your retirement savings a long time ago. Perhaps you should start thinking about how you plan on spending your time too. This is a very important aspect of your retirement planning. You won't enjoy your free time if you haven't given it any thought before you quit full time employment. Think about it now so you can begin dreaming real dreams, as well as planning for any related expenses.

  • A Reminder: Frauds Target Small Businesses -- Don't Be a Victim

    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."

  • New Scam – Done ‘Old School’

     

    From OnGaurdOnline.gov

    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.

  • Disaster Recovery -- Is Your Business Prepared?

    Is your business prepared for a disaster? While it is not something any of us like to think about – we all should. Odds are that our community will face the unthinkable sometime in the not so distant future. Anything from an earthquake, fire, flood even a long term power outage or flu epidemic could prove to be devastating to even the strongest business. While many large businesses have contingency plans for catastrophes already in place, most small to medium companies do not, which according to many experts – can result in their demise in the wake of a disaster. David Paulison, former executive director of the Federal Emergency Management Agency (FEMA) in a recent phone conference stated "Small businesses that don't have a plan in place generally don't survive after a disaster, whether it's a flood or a tornado. We see that anywhere from 40-60 percent of those that are hit simply don't come back to business".

  • Succession Planning for a Family Business

    When considering the transition of a family business from one generation to the next, clear communication and careful planning are integral to the ‘success of the succession’. Family business owners are well served to begin planning for the succession long before the event is necessary (experts suggest as long as 15 years prior to retirement). Unfortunately, most business owners fail to plan seriously for their own succession.

    This ‘lack of planning’ may have a great deal to do with the fact that while 90% of US Small businesses are family owned, only 30% stay in the family from the first generation to the second and only 15% make it on to a third generation according the U.S. SBA.

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