As 2017 draws to a close

What Happened to November?

One of our President Tim Wolf's most commonly used phrases is "communicate, communicate, communicate." Tim says this frequently in staff meetings to ensure everyone is in the loop and on the same page. We want to regularly communicate with you for the same reason; we want you to know important news or changes that impact your business. But... we also think its important not to send e-mail just because the calendar says another month has passed. So if we miss a month or even two, rest assured, we've not removed you from our list, we're simply respecting your time and inbox.

What's Up in December?

Interest rates. On December 13, the Federal Reserve raised interest rates for the third time in 2017 referencing an improved economy and job growth as factors. Economists expect this trend to continue and are predicting three rate additional hikes in 2018. Fed rate hikes do not automatically mean our customers will see changes in their rates as there are a variety of factors that go into loan pricing. However, if you currently have a loan or are anticipating new borrowing in 2018, we recommend you speak with your account officer to see how a rising rate environment impacts your situation or future plans. Our goal is to provide you with the information you need to make sound financial decisions for your business.

On a positive note about rising interest rates, we just increased the rate we pay on many of our consumer deposit accounts. You could find a little something extra on your next statement!

Fraud. At least weekly our customers ask for our help with fraud schemes they experience. From very serious wire transfer fraud attempts, to eBay scams, to people impacted by the IPERs or Equifax data breaches, we see no indication of fraud tapering off.

We use a three pronged strategy at the bank: Protect, Detect and Respond and we have a variety of policies, procedures and training in place to help staff recognize and respond correctly to fraud attempts. What about you? Do you have systems in place to protect your business? If you're not sure how to do this, we have an educational presentation that describes these types of risks and how to mitigate them that we can present to your business. If this interests you, talk to your account officer to set it up.

What's Coming in 2018?

We spent a lot of time in 2017 working on the bank's overall strategic plan, its IT strategic plan and our mission statement. We want all these things to align with our goals of helping your business grow and helping you personally build wealth. We look forward to implementing new technologies and new products in 2018 to help you put your money to work in new and exciting ways. Expect to hear more about these things in the New Year.

Worth Another Mention

As we talk with customers and bankers, it appears that many Iowans are unaware of Iowa's First-time Homebuyer Savings Account legislation which takes effect January 1. We have our account setup and ready to roll and it's available to anyone who wants to save, or help someone save, for a first home— parents, grandparents, future new homeowners. The account pays better interest than a typical savings account and has tax benefits. Take a look here to learn about this new account and spread the news to the people in your life who could benefit.

We launched our Health Savings Account (HSA) mid-year and it has proved to be a popular account. If you have an HSA eligible High-Deductible Health Plan (HDHP), click here to learn more about our HSAs.

As mentioned, interest rates are rising. Our AG customers may benefit from our fixed-rate Farmer Mac program. More information is available here.

And Last But in no Way Least...

We are having one of our most profitable years ever and know that our success is tied to yours. Without customers, we would not exist and as you prosper, we do too. We are humbled by your business and loyalty and pledge our experience, knowledge and resources to help make your 2018 even better.

From all of us at State Savings Bank, we wish you the happiest of holidays and a continued partnership in the New Year.

What Happened to November?

What's Up in December?

What's Coming in 2018?

Worth Another Mention

And Last But in no Way Least...

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