Mar 31, 2014

Retirement Options by DeAnna Tittel

Helping you save today for your vision of tomorrow.

What is your vision for retirement? Golfing the front nine on your favorite course? Relaxing on the beach in Florida? Or, maybe you haven’t even thought about it yet. Often, once you’ve formulated a vision for the future, questions and uncertainty can arise like, “Do I have enough saved? Will my lifestyle change? Can I afford to move?” Whatever your vision entails, it’s important to make sure you’re headed down the path of financial security. The experts at Bank of Luxemburg can help you every step of the way.

Get started on your plan now … whatever it may be! 
First, learn about Bank of Luxemburg’s IRA options as presented by Bank of Luxemburg Vice President of Retail DeAnna Tittel in this short video. DeAnna will explain two IRA options – a Statement IRA and Certificate of Deposit (CD) IRA. Get the details, determine which option is best for you, then visit your local Bank of Luxemburg to consult with an expert on opening an IRA and get one step closer to your vision for retirement. 

Feb 28, 2014

Bank of Luxemburg Opens Sturgeon Bay Branch

To Our Current and Future Customers:

On January 13, 2014 Bank of Luxemburg was pleased to open our ninth branch at 519 South Lancing Street in Sturgeon Bay. This new location, just off Wisconsin highway 57, across from Witt Ford, provides great convenience and easy access.

Bank of Luxemburg’s values community involvement and we look forward to becoming an active part of the Sturgeon Bay community. Many of our staff members are long-time Door County residents and you can count on them to deliver exceptional personalized service to you, our friends and neighbors. You’ll see Bank of Luxemburg employees making a difference right away as we help raise money for local charities, sponsor sports teams and show our pride at other community events.

We are proud to have Greg Stephan as vice president of commercial lending in Sturgeon Bay. Greg will draw on his many years of Door County banking experience as he heads up the bank’s local loan approval process.

Our new Sturgeon Bay location extends the bank’s service area throughout Door County. It will also offer added convenience for existing customers travelling through Sturgeon Bay and Door County residents who previously used our branch in Forestville. And, of course, we always welcome new customers who appreciate the security of a locally owned community bank that has been serving customers across northeast Wisconsin since 1903.

We often say “community bank,” but what does that mean exactly? Community banking is simple … It’s local individuals depositing money and investing in the Bank of Luxemburg. Then, that money is kept right here in our area as we lend that money to other local individuals and businesses.

For more information on Bank of Luxemburg, visit us online, or call or stop by any branch—including our new Sturgeon Bay location—and talk to one of our friendly hometown bankers.

 At Bank of Luxemburg our motto is “Local. Loyal. Lasting. See what a difference it makes.” I invite you to experience the Bank of Luxemburg difference for yourself!

John Slatky
President Bank of Luxemburg

Feb 4, 2014

Tax Prep with John Kaye

Tax Preparation Tips
By John Kaye, CPA

Tax time is here! Are you wondering whether to do your own taxes or use a qualified tax professional? First, consider this: there have been approximately 100 new tax law changes in the past year alone. Then, consider your own tax situation. How complex is it? Did you have any major life events, changes in job status, property sales or other things that complicate your 2013 tax return? Unless you situation is extremely straightforward, you might be better served be using the services of a tax professional.

First call and schedule an appointment. Next make sure to gather all your receipts and important paperwork from the previous year. If in doubt, bring it along. Finally, make a list of questions you have for your tax pro.

At your appointment, you should talk about things you can do to optimize your tax situation for next year. Remember, it’s never too early to start planning. You should discus things like setting up an individual retirement account (IRA) or a health savings account (HSA)—depending on your situation both of these accounts could potentially impact your tax bill.  Bank of Luxemburg can help you with setting up IRAs or HSAs

If you have any questions or want to locate a qualified tax professional, contact us here at Bank of Luxemburg at (920) 845-2345. 

Jan 30, 2014

Bank of Luxemburg Opens Branch in Sturgeon Bay

Bank of Luxemburg will open a new branch in Sturgeon Bay early in 2014. The new location will be the ninth for the bank and its first in Sturgeon Bay. This branch will meet the banking needs of the Sturgeon Bay area and provide extra convenience for local residents already using Bank of Luxemburg services. The new branch is conveniently located just off of State Highway 57 at 519 S. Lansing Avenue and will complement the nearest neighboring Bank of Luxemburg in Forestville. 

Nov 18, 2013

Online Banking Security Updates

Bank of Luxemburg is making updates to ensure your online banking experience is even more secure.

Beginning in October, you will be prompted to confirm your personal contact information to ensure a secure online banking experience.

You will be asked to provide or verify the information below so we can immediately send you a verification code (also called one-time passcode).
  • Phone number (you can add more than one for automated voice or text message)
  • Email address (only one is allowed)

Following your one-time passcode, you will need to re-register your computer by marking it private or public based upon your personal security preference. Your online banking experience will also be enhanced for better usability.  A few things you will notice include:
  • Improved navigation on various screens
  • My profile link (formally user options) allows you to update your personal security settings.
  • A more secure way of resetting your password via the phone number(s) you have set up for verification code delivery.
  • Redesigned payment features within the eBill tab.
If you have any questions regarding your online account or Bank of Luxemburg services, please contact your local Bank of Luxemburg.

Sep 26, 2013

Tips for First-time Homebuyers

At Bank of Luxemburg we regularly guide first-time homebuyers through the very exciting, but often confusing, process of purchasing their first home. Bank of Luxemburg’s local lenders can help you with important tasks such as obtaining pre-qualification for a loan, or deciding what monthly mortgage budget you can afford. To get started, check out this brief overview detailing the full buying process from the first step through the door of your lender’s office, to the first step into your new home.

Consumer Tips from Your Community Banker

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 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); phone: 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:

Aug 12, 2013

Teaching Financial Literacy

It’s no surprise … Bank of Luxemburg supports financial literacy programs for today’s young people.  We have employees that regularly visit local high schools like Luxemburg-Casco to teach our community’s youth about budgeting, saving, and balancing checkbooks among other important financial skills.  The Community Bankers of Wisconsin agree that teaching our youth financial literacy is an important, yet often overlooked, area and offer some websites and workshops to help parents take control.