Bank Locations - Dairy State Bank

Banking on Relationships
Fall/Winter 2013
www.dairystatebank.com
Here we grow again
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By Mike Bock
We are very excited to announce an agreement has been reached for Dairy
State Bank to purchase Bank of Turtle Lake. Any transaction like this requires the
review and approval of a number of banking regulatory bodies and that process
is taking place right now. If everything goes as we hope, we will be completing
the purchase and merger of Bank of Turtle Lake into Dairy State Bank sometime
during the first quarter of 2014.
Bank of Turtle Lake has a very long history as a family-owned community bank
that has served the communities of Turtle Lake and Cumberland very well. This
is exciting for us as it will allow us to expand our services into these two new
communities. Since we already have some customers in those communities it was
a natural fit for us to consider this acquisition.
Expanding to 10 northwestern Wisconsin communities
We wish you a
When the purchase and merger is complete, Dairy State Bank will have operating
Joyous
facilities in 10 different communities in northwest Wisconsin:
Rice Lake
Holiday Season
and a
Menomonie
BirchwoodColfax
New Year
CumberlandDownsville
Haugen
Prairie Farm
Turtle Lake
Wheeler
of Happiness
Continued (back page)
Bank Locations
Rice Lake 16 South Main Street
715-234-9181 • Toll free 866-436-7158
Menomonie
2405 Schneider Avenue
715-235-5511 • Toll free 888-235-5511
Birchwood
124 North Main Street
715-354-3411
Haugen 103 Third Street
715-234-7006
Menomonie Menomonie
600 Second Street
715-235-6983
2320 Highway 25 N
715-235-6801
Prairie Farm
100 Hepburn Street East
715-455-1339Member
Colfax
101 South Main Street
715-962-3577
FDIC
DownsvilleWheeler
E4491 County Road C 100 South Hwy 25
715-664-8711
715-632-2441
Don’t let the Grinch steal your Christmas
It has been our experience that fraud attempts increase during the holidays. Here are just a few
reminders to help keep your money safe and you filled with holiday cheer.
✔✔ Do not provide your account information to anyone that
✔✔ Review and balance your
is requesting it via e-mail, text message, voice mail, fax or
bank statements and
any other form of electronic media unless you are sure of
credit card statements
the source. Remember, banks already have the information
promptly to detect any
related to your accounts so they do not need to contact
unusual activity. Online
you for items like account numbers, balances, etc.
banking is a great way to
watch this daily instead of
If you are ever contacted by someone claiming to be from
waiting until you receive your
the bank and they ask for account information, do not give
monthly statement. Knowing
them any information. Please call the bank and speak to a
about a problem is the first step
person you know about the situation.
to stopping it and statements are
✔✔ Facebook is a very active social media tool that is being
used to trick people out of money. Be wary of strangers
who want to be your friend on Facebook and then ask
for personal information or ask you for other favors that
include you sending them money.
✔✔ When making online purchases, do so with reputable
a great starting point.
✔✔ Shred or properly dispose of all
records that include confidential
information, like account
numbers, social security
numbers, etc.
businesses that will protect your private information
when they obtain it. If you want to reduce this risk
Remembering these simple tips can keep you ahead
significantly, buy from a local merchant when you can.
of the Grinch that may be trying to steal your Christmas.
Memorial contributions — cash or check?
Q
A
Does it make a difference who I make a
family members may want to talk to their attorney for
memorial check payable to when a family
more details.
member or loved one passes away?
Yes! Who the check is made payable to
determines how the funds are to be handled.
While we cannot advise you on who to make the check
payable to, here is information on how different payees
on checks are handled.
2
Any check made payable to an individual family member,
such as a decedent’s son or daughter, must be cashed by
that individual or deposited into that individual’s account.
If you are unsure who to
make the check payable
to, giving cash to the
Any check made payable to “The Estate of,” “The Family
family will allow them
of” or the “Decedent’s Memorial” must be deposited into
to decide how the
an estate account or be included on a Transfer of Affidavit.
funds are to be
If an estate has not been established for the decedent,
handled.
3
Three steps to help reduce debt
With continued concerns about the
•
“Emergency Account” to pay for
falling value of homes, rising health
unexpected life events. The goal of
care costs and uncertain outlook for
this account should be to build up
the economy, now more than ever,
at least three to six months of living
Americans need to set a new course
expenses. This way, if you lose your
with regard to managing their household
job or need a lump sum to pay for
finances.
a significant expense, you may not
have to tap in to your other savings
Brandon M. Olson, CRPC®
LPL Financial
Representative
If you are ready to face up to your
or ring up more debt. If you can
own financial realities and set a plan
direct 5% of your pay each month
of action, the time to act is now. The
to this account, you’ll build up a nice
Pay off your highest interest credit card
cushion in about three to four years.
debt first, making sure you avoid the
“Family Account” to help fund your
“minimum balance trap.” Paying more
and encourage saving so you can better
children’s school expenses (such as
than the minimum can make a big
handle the expenses that may have
class trips and team uniforms) or
difference.
gotten you into debt in the first place.
family vacations. Let’s face it, if you
following three-part strategy may help
you control your cash flow, pay off debt
•
have children, you are always paying
Then, work on consolidating your debt
Step 1: Track your spending
for something. Even if you don’t
by transferring outstanding balances
As a first step, keep track of your typical
have kids, putting away money
to lower-rate cards. If you don’t want
monthly expenses for three months to
for a specific short-term goal, like
to transfer your balances, you may be
find out where your money is going.
a vacation, is a worthy savings
able to get your current credit card
Also, try to estimate unexpected
strategy.
company to match the interest rate of a
“Investment Account” to be put
competitor. Additionally, it’s advisable to
home repairs, gifts, vacations, etc. —
toward general or long-term saving
cancel all cards except for the one that
and divide that number by 12. Once
goals. Hopefully, you already have
offers the lowest interest rate.
you have a record of your spending,
a retirement savings account (either
compare your monthly outlay to your
through your workplace or on your
Finally, set up a realistic payment
monthly income. If you have a surplus,
own) and perhaps a college savings
timetable and stick with it. If you need
this is the amount you can apply each
plan. But having another account to
to readjust your timetable, do so. If you
month to paying down debt and building
save for other longer-term goals —
have trouble, talk to a professional. The
savings. If you have a shortfall, you’ll
maybe a nest egg to start your own
counselors at the nonprofit National
need to examine your expenses more
business — can be a smart move.
Foundation for Credit Counseling can
expenses for a year’s time — auto and
closely to see what you can potentially
•
cut back or cut out.
Step 3: Stop abusing
your credit cards
Step 2: Build your savings
If you’ve accumulated significant credit
A key to establishing good saving habits
card debt, you’ve got to stop the bad
is to make saving even easier than
behavior first. Paying off debt is easier
spending. One tip is to set up separate
once you stop using your credit cards.
develop a more structured plan for you,
if needed. To find the nearest location,
call 800-388-2227 or visit www.nfcc.org.
© 2012 S&P Capital IQ Financial
Communications. All rights reserved.
savings accounts with separate goals
attached to them. If you open them with
the same bank, you can easily transfer
money back and forth. Here are some
Securities offered through LPL Financial. Member FINRA/SIPC. Insurance products
offered through LPL Financial or its licensed affiliates.
suggested account purposes:
Dairy State Bank is not a registered broker dealer and is not affiliated with LPL Financial.
Time to consider mobile phone security
People take extreme caution to keep their personal information secure on their computers by
using antivirus and spyware. Why don’t they take these same precautions when it comes to their
smartphones? Smartphones contain a huge amount of personal information, yet only about half of
the 100 million smart phone owners take even the minimal security measures to keep their phones
secure.
Here are some simple ways that you can keep your smartphone secure.
Set up a screen lock on your phone
Install only creditable apps
This feature requires you to enter a password correctly
Apps should only be downloaded from reputable sources
before the phone can be used. A PIN to lock your SIM
like Google Play and Apple Store for Android phones
card should also be set up. This way, if your phone is ever
and iPhones.
lost or stolen, your phone and SIM card cannot be used.
Web browser precautions
Avoid using an easy password/PIN such as “1234.”
When using a Web browser, never save user details and
Download security software
passwords when logging into websites. This makes it very
There are security apps that you can download from
easy for anyone accessing an unprotected phone to obtain
the Apple Store or Google Play that protect your phone
this information.
against viruses, back up your phone’s data, and give you
the ability to locate your phone remotely if it is ever
Be alert when using Wi-Fi
stolen or lost. These apps are free but you also can
Always switch off the wireless connection on your phone
upgrade them for a fee.
when you are not using it, and only use hotspots from
reputable places. This way no one can connect to your
phone without your knowledge.
eStatements are a free service offered by Dairy State
Bank at www.dairystatebank.com. They replace your
current periodic paper statement and provide a safe,
secure and eco-friendly way to view your bank statement.
• Fast — No more waiting for the mail.
• Easy — View, save or print just the statements you need.
• Secure — Lessen the risk of identity theft.
SIGN UP TODAY!
4
• Green — No more wasted paper.
2014 limits for IRAs,
HSAs and HDHPs
The IRS has announced the following
contribution limits for 2014:
Traditional and Roth IRAs
Regular......................................$5,500
Catch-up (age 50 or older).......$1,000
Business planning
As your business begins planning for another year, let Dairy State
Bank’s commercial lenders and financial professionals help turn your
business plan into an action plan.
Are these items on your 2014 wish list?
ACTION ITEM?
Updating equipment to meet productions needs?
Health Savings Accounts
Individual...................................$3,350
Purchasing or building a different facility or expanding
Family........................................$6,550
your current facility?
Catch-up (age 55 or older).......$1,000
In addition, the 2014 minimum annual
Offering health savings accounts (HSAs) to staff to
supplement their medical insurance benefits?
deductible amounts for high deductible
Implementing direct deposit for your employees’ pay
health plans (HDHPs) are as follows:
checks — increasing your efficiency while providing
Individual.................................. $1,250
Family....................................... $2,500
extra convenience for them?
Considering remote deposit or remote remittance to
provide increased efficiency for your banking operations?
Holiday Hours
Tuesday, December 24
All locations close at 12 noon
Wednesday, December 25
All locations closed
Thursday, December 26
Resume regular hours
Tuesday, December 31
All locations close at 4 p.m.
Wednesday, January 1
All locations closed
Thursday, January 2
Resume regular hours
Remember online banking
is open for business every day,
including holidays.
5
Reviewing your business 401(k) plan to make sure it is
accomplishing what it should for both your business and
your staff?
Improving the security in your business by implementing
positive pay to protect and verify items clearing through
your bank accounts?
Yes? Then give us a call to see how we can help.
YES
NO
PRESORT STD
U.S. POSTAGE
PAID
16 South Main Street
Rice Lake, WI 54868
EAU CLAIRE, WI
PERMIT NO. 1557
Find us on Facebook
facebook.com/dairystatebank
Follow us on Twitter
@DairyStateBank
www.dairystatebank.com
CEO’s message (continued)
Remember, as a Dairy State Bank customer you can
transact business at any of our locations, giving you
more flexibility and convenience.
Growing to serve you better
Our resulting organization will be one of the larger
community banks operating in northwest Wisconsin.
Our goal is to leverage our size to continue to bring
The Perfect Gift
For the gift that is always the right size
and the perfect color, give a
Gift Card from Dairy State Bank.
you a complete line of banking services. With the
ever changing world of regulation and technology,
it is getting harder for smaller banks to provide
the services that customers want. We hope this
expansion will allow us to continue to meet all of
our customers’ financial needs.
This purchase and merger requires a lot of hard
work by many people, but we are very excited
about what this will bring for our future. We
look forward to expanding our service area and
establishing new relationships in the Turtle Lake
and Cumberland communities.
As always, thank you!
As a closing comment, I would like to thank each
• Safer than cash
• Use where debit cards are accepted
• Choose the amount you want
to give — from $10 to $1000
and every one of you for allowing Dairy State
Bank to assist with your banking needs. Best
wishes for a great holiday season and may
2014 be prosperous for each of you.
Member FDIC