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Mar 24, 2015

Join us for Money Smart Week Events!

Money Smart Week® is a public awareness campaign designed to help consumers better manage their personal finances. This is achieved through the collaboration and coordinated effort of hundreds of organizations across the country including businesses, financial institutions, schools, libraries, not-for-profits, government agencies and the media. These groups come together once a year to stress the importance of financial literacy, inform consumers about where they can get help and provide free educational seminars and activities throughout the week. Programming is offered to all demographics and income levels and covers all facets of personal finance from establishing a budget to first time home buying to estate planning. The effort was created by the Federal Reserve Bank of Chicago in 2002.  Events are held during Money Smart Week® or throughout the year.  This year, Money Smart Week® is April 18 – 25, 2015.

This is the second year Bank of Luxemburg is participating.  Our scheduled events include:

Homebuyer Workshop – 3/28/15 at 9:00 a.m. – 2:00 p.m. at Bank of Luxemburg, 630 Main Street, Luxemburg, WI 54217; workshop offers practical tools, information and handouts about the home buying process.  A certified housing counselor facilitates the workshop.  Presented by Chris Loose, Lakeshore CAP.  Other informational speakers will be from a Real Estate Agency, Title Company, Bank of Luxemburg Mortgage Lender, Home Inspector and Insurance Agency.

The ABC’s of Saving Money – 4/20/15 - 4/25/15 all Bank of Luxemburg locations will hand out this booklet to children who stop by the branch to learn the basics of saving money.

Reverse Mortgages Fact & Fiction – 4/22/15 at 6:30 p.m. – 7:00 p.m. at Bank of Luxemburg, 630 Main Street, Luxemburg, WI 54217.  This informational seminar discusses the benefits of this retirement tool that can be employed at the beginning of retirement or as you reach age 62. Presented by Harlan Accola, Money Wise. Visit their website at www.reversemortgagetime.com/

Funeral Trust Seminar – 4/22/15 at 7:15 p.m. – 8:00 p.m. at Bank of Luxemburg, 630 Main Street, Luxemburg, WI 54217.  This informational seminar discusses setting funds aside for your burial needs and the financial protection it serves for you and your family.  Presented by Bob Tuszynski, Bank of Luxemburg Investment Advisor.

Fraud-Identity Theft: What You Don’t Know, What You Should Know – 4/23/15 at 6:00 p.m. – 6:45 p.m. at Bank of Luxemburg, 630 Main Street, Luxemburg, WI 54217. Identity theft is fraud.  Find out what you should know.  Presented by Kewaunee County Sheriff Matt Joski and Greg Jandrain, Bank of Luxemburg IT Manager.

The Big Read with the book Alexander Who Used to be Rich Last Sunday – 4/24/15 at 3:45 p.m. – 4:30 p.m. at Bank of Luxemburg, 630 Main Street, Luxemburg, WI, 54217.  Read along and learn with Alexander about the value of saving money rather than spending money.  Milk and cookies will be served during the reading event.

Jan 2, 2015

Bank of Luxemburg Promotes Two Employees


Patti Rollin
Bank of Luxemburg announced the promotions of two employees. Patti Rollin has been promoted to vice president of loan administration and Darren Voigt has been promoted to vice president of lending.

Rollin, previously assistant vice president and loan sales support manager, will now work closely with the chief lending officer and lending vice presidents in her new role as vice president of loan administration. Rollin will also be the primary commercial loan assistant to the chief lending officer, managing large scale, high profile loan relationships and overseeing the loan support department. Rollin has been employed with Bank of Luxemburg for 31 years.

Darren Voigt
Voigt, previously assistant vice president of commercial lending, has been promoted to vice president of lending to oversee the commercial loan sales officers at the Luxemburg, Green Bay and Sturgeon Bay offices. Voigt brings several years of commercial lending and supervisory experience from a previous financial institution to his new role. Voigt has been employed with Bank of Luxemburg for one year.

Luxemburg Bancshares, Inc. and Bank of Luxemburg have banking offices in Luxemburg, Green Bay, Forestville, Dyckesville, Casco, Algoma and Sturgeon Bay. The company also operates Raymond James Financial Services, offering financial planning and the sale of alternative investments to its customers in each community. For more information about Luxemburg Bancshares, Inc., visit bankofluxemburg.com.




Dec 16, 2014

Happy Holidays from Bank of Luxemburg!


Happy holidays from your friends and neighbors at Bank of Luxemburg! At this time of year we’d like to take a moment to thank all of our customers for the trust you’ve put in us throughout 2014.

We’re proud to be a community bank, celebrating and supporting our hometowns all year long. From our annual Easter egg hunt to summer cookouts … from marching in local parades to sprinting through fun runs … and from educational seminars to toy drives and much, much more … Bank of Luxemburg is honored to take part in so many worthwhile and fun events.

·       Toys for Tots
·       ALS Ice Bucket Challenge—the Luxemburg, Algoma, Bellevue, Casco, Dyckesville and Sturgeon Bay branches raised $780.00!
·       Algoma Cookout—benefitting the Algoma School District, raise $1,286.00
·       Forestville Cookout—benefitting the Maplewood Church Food Pantry, raised $365.00
·       Dyckesville Cookout—benefiting Kewaunee County Winter Park, raised $956.00
·       Bellevue Cookoutbenefiting the Bellevue Dog Park raised $800.00.
·       Luxemburg Cookout—benefitting Friends of the Ahnapee State Trail, raised $1,106.00
·       School Supply Drive/Dress Down Day—raised $175.00 and TONS of school supplies donated by employees and the community!
·       Floats in the Algoma, Luxemburg, Dyckesville, Forestville, Casco and Sturgeon Bay Parades
·       Dairy Dash—the bank team helped raise funds benefitting the Luxemburg Fire and EMT
·       Easter Egg Hunt—the bank donated, organized and volunteered for the event at the Community Center in Luxemburg
·       Big Read—as part of Money Smart Week, we read Curious George Saves his Pennies, gifted coloring books and copies of the book and served milk and cookies to local children
·       Girl Scout Cookie Rally—educated the girls scouts about saving money, how to count money and money security
·       Home Buyer Seminar—offered practical tools and consumer information about buying a home
·       “Minute to Win It”—the bank team helped raise money for Door Kewaunee Business Education Partnership

Thanks to our incredible customers, it’s been a great year for Bank of Luxemburg and the communities we serve. We’d like to wish you and yours a warm, safe and merry holiday season and a very happy 2015!

 

Dec 12, 2014

Developing Your Credit History



Developing a healthy credit history is important for many reasons. A poor or non-existent credit history can hinder your ability to qualify for a loan, pay lower insurance rates and even get some jobs! Starting with your first credit card everything you do that involves credit is part of your personal credit history. To have a beneficial credit history, you have to use credit correctly. But exactly what is “correct?” Here’s a guide …

Starting Out
If you’re just starting out, begin with one credit card and don't open up too many cards within the first few years. The more credit you have, the more you may end up using and the more payments you’ll have to make. What’s more, too many inquiries into your credit and/or new credit cards can have a negative impact.

Credit Report
The major credit bureaus keep files on your financial activities that impact your credit. You are entitled to one free credit report within each 12-month period from each of the three major credit bureaus. The bureaus run AnnualCreditReport.com where you can get your free credit report. Your credit score is available for an extra $10 fee—see below. (Note: If you dispute something on your report you can request an investigation and/or ask that a note be included in your file.)

Your Credit Score
As part of your credit report, your credit history is “graded” and this becomes your credit score. Maintaining a good credit score is a key factor in your ability to qualify for loans. How is your credit score determined? There are several factors:
  • Amount of open credit you have available
  • Types of credit you have
  • Timeliness of your payments

Each credit-reporting agency has a slightly different version of your credit score, but these ranges will generally apply:
700 – 850: Very good or excellent
680 – 699: Good
620 – 679: Average/OK
580 – 619: Low
500 – 579: Poor
300 – 499: Bad

If you are just starting out establishing credit, or need to improve your credit score, here are a few things to keep in mind:

  • Avoid maxing out credit lines on cards or loans.
  • Avoid applying for too much credit(All those department store credit cards could count against you.)
  • Consistently make all your payments on time.
  • If you carry a balance, pay it down on credit cards or loans.
  • Satisfy any overdue bills.
  • Let your accounts age. Leave your oldest accounts open since they help increase your credit age and build good credit.

Remember, Bank of Luxemburg will work with each customer on an individual basis to find the best loan option for you, even if your credit score is not ideal.



Nov 20, 2014

Holiday Gatherings: Counting the Costs


Maximize fun and minimize holiday stress this season by spending within your budget! Take a moment to review some of the helpful tips provided by Community Bankers of Wisconsin. With a little planning you can make the holidays extra enjoyable—without breaking the bank! 


From Thanksgiving to Three Kings Day, many Wisconsinites budget carefully for holiday gift giving. But what about holiday entertaining? Have you ever hosted a party where the guest list grew beyond what your budget—or location—could handle? Or maybe last-minute menu additions or Packer decorations pushed the price of your gathering skyward.

Whether you're considering a Thanksgiving dinner, a Christmas morning breakfast, or a late-night New Year's celebration, a little planning can help you relax and enjoy the event as much as your guests.

Food and beverages are often big budget items. If you're a skilled chef and truly enjoy every minute spent in the kitchen, fine. If not so much, consider purchasing a main entrée or festive dessert from your local caterer and then adding your own sides, breads, and garnishes. You don't need to serve each guest a mini beef Wellington. Google "frugal recipes" to find tasty dishes that fit both your budget and your available preparation time.

Remember, time is money, too. If you spend so many hours in the kitchen or on crafting party decorations that you're exhausted by the time of the party, you will have defeated the point of the event - even if you do end up with useful leftovers or decorations you'll reuse.

Don't hesitate to ask your guests to help by bringing a dish they're known for, a vase of flowers, a bottle wine or jug of cider. If a guest has a flair for food presentation, maybe he or she would be willing to come early and help with the final touches.

Your guests might also like to help with any entertainment or the party ambience. They may have music, videos, or photos to share, or crafty decorations to show off. Crafting a wreath, ornament, or gingerbread house could even become a party focus, with guests taking home their creations.

Don't forget craft malls or discount the discount stores. You may find the perfect invitations or decorations at your nearby Dollar Store or outlet mall. Your home may also be a source of items saved from previous years that you can adapt to your newest party theme. Hint: candles can dress up any table, even if the candleholder is hollowed-out apple or a mirror repurposed as a reflective tray.

If many guests have young children and you have the space, pool your resources to hire a teen to plan activities and watch over the young ones. The kids will be thrilled to have their own party and the parents will be happy their children are safe and close at hand.

For other ideas, visit these websites:

The Wisconsin Public Service company offers energy saving tips during the holidays, including entertaining.

A Wisconsin Law Journal article offers tips for office parties, and some can be useful for consumers, too.

The Festival Network lists Wisconsin craft fairs where you can purchase exquisite items or collect ideas for decorations to create yourself.

Nov 7, 2014

Auto Buying Answers


With winter weather on the way, autumn is a common time for Wisconsinites to think about upgrading their vehicle. What make and model? New or used? Buy or lease? The car buying process means lots of questions. Read the article below, do some research and contact Bank of Luxemburg for information on our auto loans. We’ll help you get rolling!

Your Next Car: New or Used? Buy or Lease?

Worried that your clunker won't last another Wisconsin winter? Many people shop for new vehicles in the fall, hoping to get a great deal on outgoing models and last quarter sales.

For most consumers, buying a used car makes more financial sense than purchasing a new one. Used cars cost less, depreciate less, and have lower insurance premiums.

On the other hand, a new vehicle will be more reliable and present lower maintenance and repair costs. If you are financing your purchase, dealer zero-percent-interest and other incentives may make a new vehicle as affordable as a used one if you plan to keep it six years or longer.

When considering a new vehicle, consumers are often attracted by the lower monthly payments of leases. Leases, which typically run for three years, do have some advantages. In addition to lower monthly payments, they may offer lower maintenance costs, and the consumer can simply turn the car in at the end of the lease or buy it for a preset price. If you use a leased vehicle for your own business, the monthly payment sometimes can be deducted on your income tax return (check with your tax professional).

But a lease gives the consumer no equity in the vehicle, limits the number of miles driven (usually 12,000 or 15,000 per year) without penalty, and requires higher insurance premiums. A lease also prevents the consumer from customizing the car and may include added fees that increase the overall cost. Plus, if circumstances change and a consumer needs to end the lease before the contract ends, this can be costly. For most consumers, buying makes more financial sense than leasing.

Of course, other factors may trump financial ones - if the latest technology and amenities are important and you plan to upgrade every three years, a leased vehicle may make perfect sense. But if you commute long distances and could not reasonably limit your mileage, or have young children and pets and are concerned about wear and tear on a leased vehicle, buying may be your best option.

Whether you buy or lease a new or used vehicle, decide what you want before you enter a showroom. Focus on the total price, not just the monthly payment required. And be willing to walk away if the deal you are offered isn't what you want.

 Web resources worth checking out:

·      USAA on the best and worst times to buy a car.
·      Consumer Reports on buying vs. leasing. This site also offers many calculators to explore various options for your family.
·      Visit Edmunds.com for an analysis of buying a new or used Honda Accord vs. leasing one.
·      The Wisconsin Department of Financial Institutions offers a brochure on leasing, including the need for Gap insurance, to cover your costs if, in the event that your vehicle were totaled or stolen, the balance of your lease exceeded what you would receive from your insurance claim.
   
Source: Your Community Banker

Jun 17, 2014

Home Sweet Home--Home Buying 101


Home Sweet Home

With interest rates still historically low and the school year winding down, many people are starting to think about looking for a new home. Whether you’ve done it a few times before or are a first-time homebuyer, there are many things to keep in mind. Read the following and don’t hesitate to contact a Bank of Luxemburg mortgage professional with questions.

Home Buying 101

With a generally improved employment picture and continuing low mortgage interest rates, more Wisconsinites are considering buying a home this year. Whether you have your eye on a starter home or a new construction, planning ahead can help ensure you’re happy with your new abode after move-in day.

Maybe you’ve been planning for a while and are clear about what you want. In any case, be sure to consider whether you want to live close to your job or particular schools, the size of the ideal yard, your desire for a garage, the number of rooms, and the composition of the neighborhood—young families, retired couples, or a mixed group?

You can also benefit from identifying your lender, such as a community bank. Consider whether it’s important to have a good relationship with a local banker if questions arise down the road.

Ask friends and relatives for their recommendations. A lender will pre-qualify you for a loan of a certain amount, which can help narrow your house search. Based on your credit report, income, and assets, a lender can also provide pre-approval, guaranteeing a loan up to a certain amount and shortening the mortgage application process.

You can then contact a real estate agent who is a buyer’s broker and will help identify potential properties that fit your needs. You can also look at properties yourself and then contact the seller’s realtor on your own, but beware that this agent is working in the interests of the seller. When you’re ready to make an offer, your buyer’s broker can help you draft the offer to purchase. You may want to include various contingencies, such as specific repairs or a home inspection to prevent any maintenance issues or other unwelcome surprises later.

After you reach a deal with the seller, your lender can help you decide which type of mortgage is best for you—for example, a fixed rate mortgage where the monthly interest and principle payment remains the same for the life of the loan or an adjustable rate mortgage (ARM) where the lender may increase the interest rate over time. Your lender can also help you apply for government loans, such as FHA, VA, or WHEDA (Wisconsin Housing and Economic Development Authority) loans.

The last stage of home buying is the closing, when you sign the mortgage note and related paperwork. Ask about any item you do not clearly understand. If you are unhappy with any part of the transaction, several regulations including the Real Estate Settlement Procedures Act are designed to help resolve problems. Begin by contacting your lender. Other resources are the Wisconsin Department of Financial Institutions and the U.S. Department of Housing and Urban Development (HUD) at 1-800-669-9777.

These tips are largely from “Buying a Home,” a brochure published by the Wisconsin Department of Financial Institutions. Read it by following the Financing brochure link on this web page: www.wdfi.org/ymm/brochures/default.htm.