Author Archives: Meredith Flattery

Karl Metcalf Graduates From Graduate School of Banking at Colorado

BOULDER, COLO. – Karl Metcalf, Vice President of Iowa State Bank & Trust, recently graduated from the Graduate School of Banking at Colorado (GSBC), a 25-month banking school which provides management and leadership training for community-banking professionals. Metcalf finished among the top 10% of 164 graduates during the 68^th Annual School Session, hosted July 15-27 on the campus of the University of Colorado in Boulder, Colorado.

GSBC students are recognized as rising stars in their organizations and, as graduates, often become senior leaders in their respective organizations. A diploma in banking is widely recognized by the banking industry at large, and is a marker of advanced education which hundreds of bank-industry professionals from around the country accomplish each year.

“Completing the coursework and projects associated with the Graduate School of Banking at Colorado is a great accomplishment for community bankers around the country,” said GSBC President Tim Koch, “Sponsoring organizations and communities should be very proud of the time and effort our graduates expend during their time in the program.”

Graduates receive a diploma upon successfully completing six weeks of classroom training which focuses on the areas of general management and technology, lending, leadership and human-resource management and financial management in banks. Requirements for graduation also include comprehensive examinations, intersession research projects and participation in a bank-management simulation course designed to provide students with experience managing a bank.

Aaron Kness, President and CEO of Iowa State Bank & Trust, commented “We are obviously very proud of Karl and view this accomplishment as yet another step in his development as a banking executive. Considering we have grown 60% in size over the past 5 years, and continue to grow rapidly, it’s imperative that the organization invest in talented leaders like Karl to ensure success for many years to come.”

The Graduate School of Banking at Colorado is one of America’s premier community banking schools, and is located on the campus of the University of Colorado in Boulder, Colorado. GSBC offers an annual school session each July, and offers a variety of seminars and continuing education workshops throughout the year. GSBC will host its 69th Annual School Session July 14-26, 2019. To learn more, call 800-272-5138 or visit www.GSBColorado.org.

Regulatory Relief Bill

Thanks to the power of grass roots advocacy and the support of pro-community banking elected officials, Washington has approved a very much needed regulatory relief bill.

The landmark Economic Growth, Regulatory Relief and Consumer Protection Act provides regulatory relief to our nation’s community banks, so they can continue financing and supporting the dreams of Americans in local communities like ours. For far too long, local community banks like Iowa State Bank and Trust have been hand cuffed by ever-increasing federal regulations that have raised costs, reduced local credit availability, promoted the decline in new bank formation, sparked bank consolidation, and lowered consumer choice while not providing any meaningful abatement in overall risk in the financial system.

By unleashing the economic power of community banks, lawmakers are providing greater access to financial services closer to the people of our farms, businesses, families, and organizations, and with banking institutions that truly puts customers first. This can only help continue our nation’s economic recovery and the growth of our local areas.

There is still more to do to right size financial regulation and scale it to bank size and focus. Bank’s like Iowa State Bank and Trust continue to labor under onerous requirements while trying to compete with government subsidized credit unions and agencies. Our industry will always fight to keep local community banking viable!

– Dave Eastburn, Chairman of the Board

Community Banking Month – April

The Independent Community Bankers of America, of which Iowa State Bank and Trust is a life member, is celebrating community banking in the month of April. The positive impact that the 5,700 community banks dispersed across the nation on their local areas is very important to the health of those localities as well as our nation.

When you bank locally, you are investing in your community. Community banks fund 60% of small business and more than 80% of agricultural enterprises. They contribute tax dollars that support schools, local municipalities, and counties.

You have a choice in your financial relationships, but as you choose, please consider:

COMMUNITY BANKS HONOR AND RESPECT THEIR NEIGHBORS AND COMMUNITY TIES: Banks such as Iowa State Bank and Trust are locally owned and managed, which means that they can only thrive if their surrounding trade area is viable and vibrant. The bank cannot be successful without the local community growing.

COMMUNITY BANKS BUILD RELATIONSHIPS: Bankers at Iowa State Bank and Trust seek to know their customers and deeply understand their financial needs. They go the extra mile to meet those needs through thick and thin. Customers are not just “transactions”.

COMMUNITY BANKS GIVE BACK TO THEIR COMMUNITIES: Serving the local area is second nature to the community bankers at Iowa State Bank and Trust. They give their time, talents, and a considerable amount of money to community organizations and school districts.

We encourage you to join us in celebrating Community Banking month and hope that you will give Iowa State Bank and Trust an opportunity to serve you.

– Dave Eastburn, Chairman of the Board

Are All Inclusive Vacations Worth It? Save Money on Your Next Trip

Has it just felt too long since your last vacation? Are you peeking around the corner to plan your perfect getaway? If so, then planning far in advance can help get you one step closer to sipping that Mai Tai on the beach for a fraction of the price. However, it can be challenging to know which avenue to take between the romanticized all- inclusive vacations or scouting it out on your own. It can be especially more difficult when your dream vacation is limited to a tight budget. You don’t want to end up eating more costs than planned.

All inclusives seem like a great idea if you want to know the exact costs before leaving. However, the biggest risk with them are the hidden costs, so be informed to make the best decision for your budget. We have considered the potential hidden costs of all inclusives, so you are able to make an informed decision that works for you!

Travel

This might seem like a no-brainer, but most all inclusive resorts will require a flight. If you are leaning towards a cruise, you will have travel time to the port, but from there will be reliant on the ship to get you to your many destinations. Any travel beyond will require an additional expense. Is your parking included once you arrive? The owners will pride their resorts as a place you will never want to leave, so additional travel should be minimal. However, if you prefer more spur of the moment adventures, this may not be for you.

Food & Drink

If a deal sounds too good to be true, it most likely is. Remember that discounts may be there for a reason. You will not be happy to find out upon arrival that half of the resort is under construction, so ask questions. At an all inclusive resort, the idea is that you don’t have to carry around cash or card once you get there. All of the drinks and meals should be 100 percent covered….within the limits of your packaged deal. However, you run the risk of having average food, with repetitive meals. Want that fresh lobster? There may be an additional price. For specialty restaurants that are included in the costs, you may have to make a reservation which can be difficult to do in advance. Drinks beyond coffee, juice and tea may come at another expense, so be prepared to pay for alcohol.

Excursions

You are going to want to read the fine print of what activities are included in the price. Things like massages, scuba diving and boat rides are most likely going to cost you extra. If you are fine with soaking up your time relaxing on the beach and enjoying the nightly provided entertainment, this won’t be an issue!

Environment

All inclusives are not meant for the traveler who likes being exposed to other cultures. You are primarily going to be spending your time with others similar to you. The places your cruise ship ports at are often times large operations that do not always benefit the local economy. If you are a traveler who prefers to enjoy your time away without the stress of adapting to a different culture, all-inclusives might be for you. You won’t have to worry about scouting for transportation, getting lost or language barriers.

It’s important to realize that all-inclusives may not be cheaper than a non-inclusive vacation. However, they may save you the time and energy it takes to plan out every detail of a trip. The potential savings from a DIY method may not be worth the energy to some. The most crucial part to making sure your money is well spent is to read the fine print of every purchase agreement you make for your vacation. Tipping, Wi-Fi and a resort fee may be added onto your bill at the end of your stay and we want to help you avoid that! In this way, you can have a blast on your trip, and NOT your wallet!

Simple Ways Going Green Can Save You Money at Home

Have you ever thought about making your household more environmentally friendly, but felt it would just be too expensive? Many homeowners are under this impression, even though they have a desire to reduce their carbon footprint. However, you don’t need to buy all new energy efficient appliances. In fact, going green and saving money can even go hand in hand. By merely adopting a few of these suggestions, you can decrease excess and expenses.

Reduce

Travel – Dealing with traffic on your way to work is frustrating. Why not share the ride with a coworker? This not only decreases air pollution, but lessens the traffic, the daily stress of driving and gas costs. This is a huge help to the environment, as 30 percent of carbon emissions come from transportation. If this isn’t your thing, consider biking to work or working from home.
Waste – Whether it’s saving on stamps from Iowa State Bank and Trust Co. of Fairfield’s paperless billing or adjusting a thermostat, you can eliminate waste with simple choices. Unplug any electronics you are not using, or invest in a power strip to easily turn off of multiple money-hungry appliances. Say goodbye to plastic water bottles, and hello to a water filter and glass water bottle. Water-efficient fixtures and LED light bulbs are a low cost way to decrease waste – it’s that easy!

Reuse

Compost – Instead of throwing your banana peel in the trash, consider starting a compost bin. This is the hallmark of an eco-friendly household. This will not only lessen the use of garbage bags, but provide you with nutrient-rich soil for your garden!
Electronics – If you have gadgets you no longer use, there are many places that will buy them from you to refurbish. By not throwing these in the trash, you will have prevented harmful chemicals from entering the water systems. Never buy new when you can get it cheaper online!

Rethink

Cleaning – Even if you are buying chemical-free cleaning products, it can be easier to make your own products from natural ingredients like lemon and vinegar. Did you know your dryer can increase your electric bill by 6 percent? Set up a clothesline outside for fantastic smelling laundry and savings.
Purchases – Be a smart shopper. Convenience has a price when it comes to food. Buying from your local farmer’s market and cooking at home will eliminate the waste from packaging and the costs that come with manufacturing. Even buying clothing that seems “cheap” comes at a price, as those items typically come from countries with low environmental standards, and the products won’t last as long as quality items.

Implementing any of these tips into your routine is a great start to going green and saving money! For more great ways to maximize your dollar, check out the wide range of services at Iowa State Bank & Trust Co. of Fairfield, Iowa.

Considerations of Renting Vs. Buying in Retirement

Congratulations, you have made it to retirement or are close to being in your Golden Years! As you may be discovering, a successful retirement plan involves extensive planning and a lot of patience. Likely, one of the last and biggest decisions to make in your plan is deciding what living situation is most financially feasible. While you may have invested in home ownership for many years, it may be time to downsize and your decision to rent or to buy your next space can have significant impact on your hard earned savings. Considering all the pros and cons of both will help aid you in your choice!

Buying

The perks of homeownership don’t necessarily change in retirement. In fact, the rate of homeownership for people age 65 and up has remained at about 80% since 2006. There are property and tax write offs, the potential for appreciation/equity and the power to make your place look exactly the way you wish. However, your needs are changing and with that so will the benefits and disadvantages.

A question you need to ask yourself is whether you want to leave an inheritance with your home. If you are not, it might be better for you to choose renting, unless the median home price in your area is low. Don’t forget to factor in closing costs and taxes. Your home as an investment late in life can become less important. You should run the numbers in your desired living community.

The reality is, one of the major advantages of home ownership is building equity, which would require you living in the home for at least 5 years. Unfortunately, depending on health, living in the new home for 15 years may not be possible, especially if you need to move into assisted living sooner than expected. The bottom line with home ownership is that it would make the most financial sense to ensure that you are going to be in the house long term.

Renting

You may be of the belief that renting is primarily for the younger generation. However, from 2005 to 2015, the number of renters ages 60 to 64 nearly doubled, increasing from 1.2 million households to 2.5 million. The benefit that comes with renting is the flexibility that retirees have been looking forward to all of their working years. You can move as often as you like and have notably less responsibilities that your body may not be up for such as lawn care and basic home maintenance.

Estimate your cash flow needs and assess the relative costs of home prices and yearly rent for comparable properties. Would it make most financial sense for you to put the proceeds from selling your home into investments that you can use for renting? Don’t forget to consider that rental prices will increase.

You may be so accustomed to the idea of “owning” that the transition to renting might not be easy. If you are planning on moving away from where you have lived for years, starting fresh in a new community will be an adjustment, along with not being able to paint or make large changes to your home.

As with all major decisions, the right one will vary for each individual and location. At Iowa State Bank & Trust Company of Fairfield, we would love to help offer some guidance in your financial decisions to make your Golden Years truly golden. Give us a call, or stop by today to see how we can help!

America Saves Week

America Saves Week begins on Monday, February 26, 2018. This event is the product of the America Savings Educational Council and is strongly supported by all financial institutions in the state of Iowa. This program seeks to motivate, encourage and support households, as well as individuals to save money and build wealth. It is built on some very simple concepts:

Save with a plan
Save as a family
Always “pay yourself first” and save regularly
Save for rainy days

Having a road map to a goal is always the best way to start. Thinking about expenses, spending, and using all resources effectively is the basis for establishing a plan. Most of the time, a good savings plan is simply a matter of matching our finances with our costs or living within our means. Impulse spending is the source of all disaster, as well as using debt to cover living expenses.

Executing a savings plan is always easier if not done alone. Integrating family members from the youngest child to grandparents is a good way to stay on track and teach good habits. As a new grandfather, I am well aware of helping out my children save for the future of their families. Grandparents can provide funds on birthdays and at holidays instead of spending on the latest gadget or toy. There are many vehicles to do this. One of the best ways is a “529” education savings plan or a Treasury Direct account.

The concept of “paying yourself first” is a good way to provide accountability and discipline. Whatever amount you need to support your savings plan should be subtracted from any earnings or funds received and put into a savings account at your local, commercial bank. This is a safe place with no exposure to market price movements. Decisions about further investments can be made at a later time.

A crucial part of the plan is to save for emergencies. The best time to repair a hole in the roof is when it is not raining. The best time to accumulate funds for insurance against the unknown is now. The amount should simply be a multiple of monthly expenses and should be segregated in a liquid bank account that will not be touched. This allows the household or individual to absorb unplanned events and not have to go into debt. Once again, a savings account at your local, community bank is the place for this money because you can access it and it is insured against loss.

Iowa State Bank and Trust Company as your locally owned, community bank is committed to helping you in your savings plan. Let us all do this during America Saves Week!

Jared Lyle Named to the Board of Directors of Iowa State Bank & Trust and Iowa State Financial Services Corporation

FAIRFIELD, IA – January 16, 2017 – Iowa State Bank is pleased to announce that Jared Lyle has been appointed to both the Iowa State Bank & Trust (ISBT) and Iowa State Financial Services Corporation (ISFSC) board of directors.

Jared joined Iowa State Bank in 2014 as the Senior Vice President and Senior Loan Officer. He leads the banks’ lending department and assists the President, Aaron Kness, in other duties across the institution. President/CEO, Aaron Kness commented, “Jared has played a key role in our continued growth throughout Southeast Iowa. I am fortunate to work with such an accomplished group of directors, and know that Jared is going add unique perspective and great value to our organization for years to come. ”

Jared has brought great depth and breadth of experience to our loan department in his nearly four years with the bank. “We are pleased to announce the appointment of Jared to the board of directors. Jared’s wealth of experience and expertise will be a tremendous asset to our board as we further our mission of delivering financial solutions with every opportunity,” said Dave Eastburn, Chairman of the Board.

Jared is a native of Keota and a 1994 graduate of Iowa State University with a degree in Agricultural Business. He began his lending career with Farm Credit and served as a SVP/Branch Manager for Pilot Grove Savings Bank in Packwood for nearly 10 years.

Jared is an Elder of the Packwood Christian Church and a board member with the Fairfield Arts & Convention Center. He also served as President of the Keota School Board, President of the Keota Alumni Association, and as Co-President of the Keota Ball Association.

Jared and his wife, Angela, a teacher at Pekin, currently reside in rural Hedrick. They have been married for 25 years and are the proud parents of 6 children with 2 wonderful grandsons.

About Iowa State Bank

Iowa State Bank & Trust Company opened its doors for the first time on May 19, 1934 after a merger between Iowa State Savings Bank and the Iowa Loan and Trust Company. Over the last 83 years, the bank has been dedicated to Jefferson County and surrounding areas, leading the charge for many projects focusing on expanding our arts, education, athletics, and other various organizations and activities. Today, Iowa State Bank & Trust Company has grown to an institution with more than $120 million in assets.

For more information contact:

Aaron Kness (akness@isbff.com) – President/CEO, 641-469-5285

Meredith Flattery (mflattery@isbff.com) – Marketing Coordinator, 641-472-3161

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Giving back in the New Year: Practicing Selflessness

Many individuals have goals and resolutions they are striving for in the new year. They are fostering hope for a better tomorrow and realize they need to add or dilute some of their habits in order to have the life they envision. Many, if not most of these resolutions fail for lack of motivation. In fact, only about 8 percent of individuals end up sticking with their resolutions and that could be attributed to the type of goals made.

A majority of resolutions are self-focused. Very few of them strive for the betterment of others, which could be one of the underlying reasons for failure. While it may not be for lack of trying, goals crafted that solely benefit the self, have less success than those that are other oriented. Although, practicing selflessness can indeed improve your own happiness and household economy in other ways.

Tax Deduction

When you decide on a charity, you want to be sure they are reputable. Check out Charity Navigator to find out if you should be giving to a certain organization. Giving to these organizations may enable you to deduct from your income tax if you itemize deductions. Be sure to do your research before giving if you would like to take advantage of this benefit.

Better Money Management

Deciding on wanting to give monetarily to a cause will encourage you to monitor budget. Don’t have a budget? Now you have another reason to make one! Do you need to make cuts elsewhere to excessive spending? Having another reason to review your monthly statements can only help your finances. Come see us at Iowa State Bank of Fairfield to set up an automatic withdrawal to your savings account for your giving, we want to make it easy for you! When you are able to focus not only your money but attention to those in need, you are investing in yourself emotionally and financially. Even if you are only able to give your time through volunteering, it may give rise to gratitude for what you have; decreasing your desire to purchase items you do not need with money you do not have.

What Goes Around Comes Around

Although your primary goal in helping others isn’t to help yourself, getting involved can create opportunities for you and even your children. People in need will remember those who helped them at their lowest, maybe someday you will be in need of a favor and they will happily assist you. It enables you to make connections with others, which can help you to better establish yourself professionally. Is your child socially anxious? Kindness has been shown to reduce social anxiety and can help set your children on a stable track for the future including scholarships and job prospects.

In whatever capacity you have to give and whatever your goals may be for the new year, selflessness will branch off to help you, your community, finances and family. What better resolution is there?

Creative Money Making Ideas for Teens

If you’re a teen, you know that making adequate money for your college fund and paying for the rising cost of items is challenging. School has never been as time consuming and with the economic pressure to go to college and the rising rate in unpaid internships, you may be at a loss as to whether flipping burgers will help you in the short and long term.

We have come up with a list of creative ways you can earn some extra cash-without having to sacrifice your studies. Studies have shown that working 10-15 hours a week during the school year will even help to improve your grades. These can even be jobs you proudly add to your resume. With all of these ideas, be sure to check with your parents to be sure it is a safe situation!

Make Money Online

You know the older generation shreds you for it anyways-so you might as well make some money at it! There are so many legitimate ways to make money by simply being on your phone or computer. You can do this from home, so your parents don’t have to worry about where you are.

Try out Swagbucks where you can earn free gift cards for answering surveys and watching entertaining videos. Another legitimate site is Inbox Dollars, where you take surveys and try new products. If you’re thrifty try out Ebay or BookScouter to make a profit off of used items! Be very careful which sites you try to work with, and double check with your parents before starting as there are many scams out there.

Start a House Cleaning Business

There are many different types of people who need help cleaning their homes. They may not have the time or be physically incapable. With a little overhead of buying your own cleaning products, you could easily make $15 an hour if you are a great cleaner. Many of these people hire professional cleaning services which will charge double that, so you will be a competitive contender!

Turn Your Hobby into a Gig

Want to have your perfect employer? Go into business for yourself! This is not only a chance to earn some money loving what you do, but you will learn a lot about what it takes to be in business. You will be your own HR Department, Secretary, Marketing Department and Executive. There isn’t always a chance to do this as an adult, so go after your hobbies in full force now! You can refine your craft and find yourself accumulating many of the hard and soft skills it takes to be successful professionally.

Teach a Class

Do you have a skill that you would like to share with others? Maybe you are really good with computers. You could teach senior citizens the basics of the internet. Are you really good at math? Teach or tutor your peers. If you play an instrument, there will be hordes of parents ready to get a deal to have their children learn.

There are so many avenues of jobs you can do as a teen, although the options may seem scant at first glance. Build off of our ideas, or come up with your own. Having a worthwhile job will help to teach you independence and how to budget your money.

“Tell me and I forget

Teach me and I remember

Involve me and I learn.”

Benjamin Franklin