Resolve to roll up your sleeves, dust off your statements and follow these tips for finances
Streamline your banking. Close up old accounts, switch to online bill pay and sign up for e-statements to reduce paper waste. Shred year-old bank statements, expired warranties, old Social Security statements and tax documents that are over seven years old.
Consolidate your debt. Consider rolling all of your high-interest payments into one low-rate personal loan. Close credit cards you don’t need and create a payment strategy to lower your debt. Plan to pay off credit cards with the highest interest rates first.
Organize your savings. Many households have multiple savings accounts, including IRAs, CDs and 401(k)s. Consider moving all of your savings plans to one bank and consolidating all IRAs to one account. Talk to your employer about moving old 401(k) accounts into the one at your current job, or consider rolling them to a self-directed IRA. Finally, increase your 401(k) savings so that at a minimum you are saving enough to earn a full match from your employer.
Plan your estate. Update or create your will. It’s a fairly easy and inexpensive process that people often put off for obvious reasons. If you have any property (car, house, land, flat-screen TV, etc.), a will prevents lengthy legal battles and guarantees the right people receive your belongings upon your passing.
Need help tidying up? Stop by your nearest First American Bank or give us a call. We’d be more than happy to help you clean up your finances!
WINTER | 2018
After a year of spending, saving, paying off bills and racking up rewards points, your financial life can get a little messy. And now that the holiday season is over, it’s a great time to regain control of your finances. When you de-clutter your accounts, paperwork and budget, you’ll find it’s a lot easier to make the most of your money.
Your community bank...
strong & independent.
Clean Up Your Finances for the New Year
Thanks for choosing First American for your banking business. Our staff will work hard to make your banking experience pleasant and profitable.
Although First American Bank is relatively new (10 years old in 2017), we have quickly grown to be one of the three largest financial institutions in Hudson, and there are thirteen organizations in this town. We owe our success to our clients, and we are proud to be a community bank. We know our customers and we value them as individuals. First American has a very well-qualified staff who provide a high level of service. You will find that we make decisions quickly because there are few layers of organization to navigate. Because we know our customers, our decisions are not like those of a large bank that merely looks at numbers – we place a strong emphasis on character and relationships.
Our employees and owners live and work in and around Hudson and the Twin Cities. They actively participate in a wide variety of charitable organizations and volunteer in local schools and in their churches. Our employees and the Bank give generously to charitable organizations to make this a more livable community.
One thing we rarely emphasize, but which I think is important to share, is that our bank is locally owned, and the largest shareholder is our Employee Stock Ownership Plan. This means our staff owns the largest part of the Bank. We are all invested in ensuring that you, our clients, are treated well, that we make good decisions and that our bank is successful.
Thank you again for your business and I hope to see you soon. You can find us at all sorts of community events throughout the year and don’t forget that every Friday is Popcorn Friday here at the Bank.
Get to Know Our “FAB” Employees
Letter from the President
Residence: I live in New Richmond, and before that, lived in Hudson for five years.
Job duties: Expertise in personal/business accounts & services; manage advertising, website design & content, social media, bank events.
Pets: An eight-year-old Pomeranian/poodle mix named Ozzy (yes, after Ozzy Osbourne; no, my dog does not eat bats).
Favorite winter activity: Ice fishing (when my husband can convince me to go outdoors).
What makes our local businesses so successful? The community. The people who live in or visit the Hudson area are so aware of the importance of keeping our local businesses alive. They understand that the livelihoods of our local businesses are tied to the well-being of our community. The Shop, Dine, Bank Local movement has a big impact here and helps keep this community growing and strong. #FABLovesLocal
What’s your favorite local event? Hands down – North Hudson Pepper Fest! First American Bank (FAB) has participated in Pepper Fest for at least 6 years now and it is more fun than I could ever explain! You can see how much people love their Hudson community when you are at the festival – it really is a community celebration. Pepper Fest has activities for the whole family to enjoy, plus it gives you the opportunity to meet some amazing people. FAB has sponsored the Pancake Breakfast, Medallion Hunt and the Mini Medallion Hunt the last couple years and we can’t wait to keep it going in years to come!
Featuring Amanda Hintz Personal Banker/Marketing Coordinator
For your business to function properly and grow profitably, you need to be armed with the tools of your trade. Whether you depend on computers and printers or vehicles and heavy machinery, equipment costs can add up quickly. So does it make more sense to buy the equipment your business needs, or to lease it? The answer depends on your goals and the unique needs of your business.
If your business is just getting off the ground, you may not have the money available to purchase expensive equipment up front. In this case, leasing may be the way to get the equipment you need while leaving cash available for other necessities.
With rapid advancements in technology, office equipment can quickly become outdated or obsolete. Some lease packages include equipment upgrade clauses that allow you to replace outdated equipment during the term of the lease. If you purchase equipment that becomes outdated or your lease does not provide for upgrades, you are responsible for the full cost of replacement.
Some leases include the option to purchase the equipment at the end of the lease term. This may be a smart option if your equipment is still current when your lease term ends.
To function properly, equipment needs to be maintained. Most lease agreements include a service contract that provides routine maintenance and repairs at no additional charge. Because the vendor still technically owns the equipment, it is in their best interest to maintain it, as they may have to sell or re-lease it in the future. But be sure to ask your vendor who is responsible for maintenance and repairs. Some contracts stipulate that it is your responsibility. Likewise, if you buy your equipment, you are responsible for service and repair costs.
Both buying and leasing offer tax benefits. If you lease your business equipment, you may be able to deduct your lease payments. When you purchase equipment, you can deduct a portion of the purchase price based on the equipment’s depreciation. Consult your tax advisor for requirements and to determine which option provides the most significant tax benefits for your business.
Whether you decide to buy or lease, First American Bank can help. We offer business equipment loans to meet your unique needs, or let our business bankers create a smart, affordable lease package that will keep your business running smoothly.
Traveling Abroad? Let Us Know!
If you will be traveling abroad and intend to use your First American Bank debit card during your trip, please call to let us know! To protect your financial information, we place a freeze on all foreign debit transactions, including ATM, point-of-sale, online and PIN- or signature-based transactions. When you let us know about your travel plans in advance, we can remove the freeze, allowing your foreign debit transactions to proceed smoothly!
2424 Monetary Boulevard, Suite 107
Hudson, WI 54016
We’re Here to Help
2424 Monetary Boulevard, Suite 107
Hudson, WI 54016
8:30 am to 5:00 pm, Mon.-Fri.
7:30 am to 6:00 pm, Mon.-Fri.
8:30 am to noon, Sat.
Toll Free: 877-537-0531
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