Tim Treml Promoted to Executive Vice President/Chief Lending Officer

Bank of Luxemburg Chief Lending Officer Tim Treml has been promoted to Executive Vice President/Chief Lending Officer.

In his new role, Treml will continue the duties of Chief Lending Officer while acquiring new responsibilities as Executive Vice President including, participating in the bank’s annual strategic planning meetings and leading the implementation of annual action plans to keep the bank moving forward in a positive direction.

Treml’s promotion comes as a result of his leadership and long-term commitment to the bank. Treml has been employed with Bank of Luxemburg for 19 years this June, seven of which he spent as Chief Lending Officer. In addition, Treml is a graduate from the Graduate School of Banking and, this March, graduated from the Leadership Development Program for Community Bankers, a one-year program offered through the Center for Professional and Executive Development at the University Of Wisconsin School Of Business.

“Bank of Luxemburg is extremely proud of Tim’s accomplishments,” said John Slatky, President of Bank of Luxemburg. “The customers in our communities will be well-served for many years to come with Tim in a leadership role at the bank. Our customers expect nothing less than exemplary service and sound leadership from their banker and Tim continues that tradition.”

Luxemburg Bancshares, Inc. and Bank of Luxemburg have banking offices in Luxemburg, Green Bay, 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.

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. 

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.

Evaluating Interest Rates

Various financial institutions want to service your loan. Whether it’s a home loan, a car loan, or a personal loan, this can be a big decision. How do you decide if an interest rate is right for you?

First, let’s take a look at where interest rates come from and whether or not there is a standard interest rate or whether they are being selected arbitrarily. Interest rates are based on a couple factors.  One …the amount of money you are looking to borrow. Two … the number of months in the loan’s term. 

Second, learn the difference between fixed and variable interest rates. A fixed interest rate will stay the same for the duration of the loan. A variable interest rate will fluctuate without warning. Also important is to make sure to understand the special terms and conditions that may apply with “special” or “introductory” rates. In other words, be skeptical about “special financing offers,” and be sure to read the fine print.

Third, calculate some numbers on your own before visiting a financial institution. Compare across the board to see which financial institution offers the lowest interest rates given your circumstances.

Determine how many months are reasonable for your loan’s term. Once you discover a suitable interest rate, determine how the lenders you are considering will apply that rate to your loan’s principal. 

It’s always best in these situations to consult with someone you trust to get the best information. Call a Bank of Luxemburg loan officer at (920) 845-2345 to see how our interest rates and service compare. You can also learn more about us by visiting our web page at bankofluxemburg.com.

Managing Finances After a Death in the Family

Bank Accounts

When a family member passes away loved ones are usually left with many financial decisions. To help ease this burden, we recommend setting up re-planned funerals, account beneficiaries and wills while living. Of course this is not always possible and in most cases family members will still need to deal with some financial issues.

It’s helpful to have an attorney or the executor of the estate advise you on a deceased’s bank accounts. Different types of accounts differ in their requirements for access:

• Joint Account: If you have a joint bank account with the deceased, control over the account can go to the survivor. The survivor can continue to make payments, deposits, and changes as usual. To remove the deceased from the account, you must show a valid death certificate.
• Traditional Bank Account: With a traditional account, the deceased had sole control over the account. In this case the money goes to the individual(s) named as beneficiaries. If there are no beneficiaries listed, the funds go to the estate. To access the account, the beneficiaries or the executor of the estate must have the death certificate.
• Trust Account: Usually set up as part of a larger estate plan, a trust names the beneficiary of the account and identifies how the funds will be distributed.
• Safe Deposit Boxes: Safe deposit boxes are similar to traditional bank accounts. To access, you will need a certified death certificate and legal documents identifying the executor of the estate. 

To Start ... 

1. Request numerous copies of the death certificate through the funeral home or your state Department of Health.
2. Contact each financial institution where the deceased had accounts. Most likely you will be asked to set up a meeting with a financial advisor. Make sure to ask what proof of identity you need to bring to the meeting.
3. Review any financial statements you find in the home of the deceased. Many times loved ones find additional bank accounts or safe deposit boxes.
4. Comply with the will or estate executor. Remember, legally you are bound by their wishes, even if you don’t agree with their decisions. 

This process often isn’t easy and is sometimes even more difficult given the emotions that come when dealing with finances. Remember, by preparing ahead—through funeral pre-plans, estate planning and wills—you can ease the process for your loved ones.

Debts/Bills

Few people die with all financial details in order, but before you start writing checks or panic about expenses, take time to learn your rights and responsibilities.

 Managing Bills

1) List all the deceased’s liabilities, including mortgages, bills, lines of credit, loans, etc.

2) Divide the liabilities into administrative expenses (bills that will continue to need payments, such as a mortgage) and final bills (bills that can be paid in full, such as funeral expenses). Administrative expenses will be paid by the executor of the estate out of any funds currently in the estate.

3) Make decisions about maintaining payments. Keep records of all payments for the estate’s financial records.

4) Determine what can be sold. This is usually the executor’s responsibility. Selling items may be necessary to cover debts.

This information is not intended as a substitute for legal advice and we urge you to obtain competent legal advice for any questions regarding financial matters following the death of a loved one.

Watch this video for even more tips from Bank of Luxemburg Chief Operating Officer Rebecca Edler:

Graduates—Kick Off the Next Chapter on the Right Foot

It’s a big jump from college or other technical schooling to “the real world.” Here’s a free graduation gift … five smart money moves for graduates. 

Smart Money Move #1: Don’t Buy a Car

Most students have either gotten by with no car or a clunker car during their college years. Now that the prospect of “getting a job” is a reality, a car might seem like a good investment. However, be cautious … you don’t need a NEW car to have adequate transportation to and from work. A new car may be unnecessary and will keep you on a tight budget (with that hefty monthly payment) for years. Instead, consider buying a car that’s gently used, one to three years old. It’ll look like new but save you a lot of money. And if you’re looking for something to save for, think about a starter home.

Smart Money Move #2:  Get in the Budget Habit

Don’t let the “b” word scare you. When you have fun things you want to do or items you’d like to splurge on, a budget really comes in handy. A budget is like a spending plan that helps guide your spending and saving. This way you can set aside money for bills and necessary things and still have money left over for the “fun stuff,” without the guilt.

Smart Money Move #3:  Use Envelopes With Cash

Rent or mortgage payment. Check! Water bill. Check! Electric bill. Check! Loan payments. Check! If you’re afraid you’ll spend the cash when you first get paid, label envelopes with your payment category. Write out a check, and put it in each envelope. Then, stash the envelopes until payments are due.  Of course, have an envelope for your “mad money” too, but once the envelope is empty, your funds have run out, and you’ll have to cut back until the next pay period.

Smart Money Move #4:  Consider Moving Out on Your Own

Many college graduates return to their parent’s home to save money, but most of them lack the discipline to save and end up blowing their earnings on cars, entertainment, electronic gadgets, and their social life. You’ll grow faster and learn more by being on your own, even though it may be a struggle at first. It’s easy to let Mom and Dad take care of everything, and you may become too comfortable. Being on your own forces you to take your finances into your own hands and start making smart—albeit sometimes difficult—grown-up decisions.

Smart Money Move #5:  Educate Yourself About Finances

When you needed to learn about math, you took a math course and did math exercises, right? Same rules apply. The best way to learn about personal finance basics is to read a good personal finance book—one that covers all the basics without boring you to tears. You could also meet with your banker to get information and have them help you create a customized plan for you!

Sure, making mistakes is part of growing up, but why make costly financial mistakes if you don’t have to?  With a little common sense, and by following our five smart guidelines, you’ll be embarking on a successful financial future! A+

Watch this video to get more helpful tips from Bank of Luxemburg Chief Operating Officer Rebecca Edler.

Managing Your Finances During a Divorce

Divorce is difficult. Plain and simple. Lots of things are changing, and confusion is a common feeling throughout the process. However, finances are a very important aspect of divorce, and planning for the future while going through a divorce should not be taken lightly. By staying on top of the financial aspect of divorce, it will hopefully prevent major hassles down the road.
 

Things to Consider When Re-establishing Your Personal Finances After a Divorce:

• Order a Free Credit Report — Following a divorce, order your free annual credit report to identify your remaining debts, and determine if the reported information is accurate. It is important following the divorce to remain financially vigilant and continue to pay your debts. 
• Establish Credit in Your Own Name — Following a divorce, it may be necessary to establish credit as an individual to start to build a credit history and credit score. This will be important if you need to make a major purchase such as a home or vehicle. 
• Review Retirement Savings Plan and Goals — As a single individual, your retirement goals may be different than when you were married. Meet with a financial planner to discuss your dreams, and determine what you will need to save each month to live your new retirement dreams.
• Review Insurance Policies — Review your insurance policies to determine what is necessary and appropriate for your new lifestyle. This is a great time to review your beneficiaries on the accounts and make updates as needed.

Many people have been down this road before and can offer advice on everything that needs taking care of.  The staff at Bank of Luxemburg is sensitive to each customer’s situation and will take the time and care necessary to help get answers and resolution.
 

Tips for Managing Your Personal Budget

Managing your budget is important at all times, but even more so during a challenging economic climate. We can all use solid advice on making sure that our income covers our expenses—and allows enough extra for savings and fun! Take a few minutes to learn some proven budgeting tips from the Community Bankers of Wisconsin. 

Balancing Act: Personal Budgeting in Tough Times

The problem with budgeting is it's easy to forget that this is an ongoing process. Any change in income-especially a downward change-or an upward change in expenses, from an unexpected veterinarian bill to the rising cost of groceries, requires an adjustment in your budget. Recent years have brought new budget challenges to many consumers. Here's an overview of actions you can take to keep your budget balanced.

First, take stock: list your monthly income and expenses to determine whether your income covers your current expenses. You may need to track all your expenses for a month to capture all your cash purchases, such as food, beverages, entertainment, or personal items from aspirin to zinc tablets.

If your budget is out of balance, figure out where you might cut back. If you routinely incur late fees or overdraft fees, work out a plan to pay your bills when they are due.

Maybe you've been thinking about switching your telephone landline to a cell phone. Or, taking the bus or biking to work three days a week. First, take any actions you may have been thinking about. Then, look for less obvious ways to make ends meet. Schedule an appointment with your insurance agent to see whether you might be eligible for safe driver savings or a discount if you insure your house and vehicles with the same company. You may want to talk with your community banker about refinancing your home mortgage at a lower interest rate or transferring a balance on a high interest credit card to a lower rate card or a personal loan.

Next, consider how you might increase your income. If you've been considering a career change, this might be a good time to apply for other positions. You might want to add a second job, especially in a field that's enjoyable to you, for example, in a quilt shop, hobby store, musical performance, or youth sports program. Or, maybe this is the time to explore your entrepreneurial side by starting a low-cost business you've been dreaming about.

Faced with a need for more income, people sometimes decide to have a garage sale or sell items online. Beware selling any items you will eventually need to replace or items of sentimental value that you really don't want to part with.

Whatever you do, don't take on additional debt in an effort to pay immediate bills. Unless your budget challenge is truly a short-term event, additional debt will just add to your financial problems. Also try to avoid cancelling your health insurance or using retirement savings.

Many Wisconsin resources offer more details about how to track your spending, cut back, increase your income, and balance your budget. A few of them are:

• The University of Wisconsin Extension offers several online publications to "Managing Your Finances in Tough Times" at: http://fyi.uwex.edu/toughtimes/.
• The Wisconsin Department of Financial Institutions offers on its website a link to Practical Money Skills," including saving, spending, and budgeting: http://www.practicalmoneyskills.com/ (click on Personal Finance).

Bank of Luxemburg Announces Retirements and Appointments to Board of Directors

Luxemburg, Wis. (June 28, 2012) – Bank of Luxemburg, an independent community bank in Northeast Wisconsin, announces the retirements of Thomas J. Rueckl and Donald Pritzl as members of the Board of Directors of Bank of Luxemburg.  Rueckl was a member of the Board of Directors for the Bank since 1985 and previously held the position as Chairman of the Board.  Pritzl was a member of the Board of Directors since 1992 and recently held the position of Vice Chairman of the Board.  During the terms both served as directors, the Bank expanded into new markets and remained a strong financial institution serving the shareholders of the Bank.

Raymond Balza was appointed Chairman of the Board for Bank of Luxemburg on June 12, 2012.  Balza, a graduate of the University of Wisconsin-Green Bay, has been a director at the Bank since 2003 and is currently the Assistant Controller for America’s Service Line, LLC in Green Bay, WI.  Balza brings years of experience to the board with a strong background in accounting and financial reporting.  He is a devoted supporter of the local community and has been involved with the growth and prosperity of the Bank.

President John Slatky noted, “The Bank of Luxemburg continues to grow and prosper because of the knowledge and dedication of our Board of Directors.  Mr. Rueckl and Mr. Pritzl will be missed, however, prior to leaving they insured that the Bank had competent individuals, like Mr. Balza, to assume their duties.  On behalf of the shareholders, employees and community we would like to thank them for their commitment and congratulate Mr. Balza on his election as the new Chairman of the Board of Directors.”

About Bank of Luxemburg:

Started in 1903, Bank of Luxemburg now serves customers at eight Northeast Wisconsin locations.  As an independent community bank, Bank of Luxemburg is owned by local stockholders.  More information can be found at bankofluxemburg.com.

Luxemburg Bancshares, Inc. and Bank of Luxemburg have banking offices in Luxemburg, Green Bay, Forestville, Dyckesville, Casco and Algoma.  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. contact John Slatky at 1-920-845-2345.

Bank of Luxemburg Supports Local Communities by Awarding Scholarships to Six Area Students

Luxemburg, WI, June 14, 2012—Bank of Luxemburg presented six students with $4,000 scholarships each to be used for furthering their education. Eligible student applicants were selected by a Bank of Luxemburg appointed committee based on specific criteria: academic requirements, extracurricular activities, community and/or religious involvement, and references. The following 2012 applicants received scholarships:

·      Lindsay Kirchman, Algoma High School, Attending UW-Eau Claire, Major: Undecided

·      Katherine Bretl, Southern Door High School, Attending Massachusetts Institute of Technology, Major: Biomedical Engineering

·      Brandon Wiley, Kewaunee High School, Attending UW-Madison, Major: Bio-Engineering

·      Kelli Rollin, Luxemburg Casco High School, Attending University of Nebraska-Lincoln, Major: Journalism

·      Lauren Destiche, Luxemburg Casco High School, Attending UW-River Falls, Major: Pre-Vet/Animal Science

·      Anna Pearson, Luxemburg Casco High School, Attending Bethel University, Major: Education or Social Work

Bank of Luxemburg awards academic scholarships to children and grandchildren of Bank of Luxemburg customers within the following schools: Luxemburg Casco High School, Algoma High School, Southern Door High School, Kewaunee High School, and Green Bay High Schools. Since beginning the program ten years ago, Bank of Luxemburg has contributed a total of $183,000 to deserving and accomplished students.

Bank of Luxemburg is an independent community bank, owned by local shareholders, existing to serve the needs of the communities in which it is located. Bank of Luxemburg has banking offices in Luxemburg, Green Bay, Forestville, Dyckesville, Casco and Algoma. For more information about Bank of Luxemburg Scholarship Program contact Denise Kinjerski at 1-920-845-2345.

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg, WI, May 24, 2012—Luxemburg Bancshares, Inc., parent company of Bank of Luxemburg, announced the approval of a semi-annual dividend of $.52 per share, payable on June 15, 2012, to shareholders of record as of June 4, 2012. The dividend was increased from the dividend of $0.51 per share paid on June 24, 2011.

President John Slatky noted, “The dividend reflects an improvement in earnings in 2012 and is an example of the solid financial position of Luxemburg Bancshares, Inc. and Bank of Luxemburg. While the Bank continues to contend with the challenging economy and the current real estate market, the Bank is profitable and expects to remain profitable.”

Luxemburg Bancshares, Inc. and Bank of Luxemburg have banking offices in Luxemburg, Green Bay, Forestville, Dyckesville, Casco and Algoma. 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. contact John Slatky at 1-920-845-2345.

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg Bancshares, Inc., parent company of Bank of Luxemburg, announced the approval of a semi-annual dividend of $.51 per share, payable on December 16, 2011, to shareholders of record as of December 5, 2011. The dividend was the same $0.51 per share paid on June 24, 2011.

The Company’s earnings as of September 30, 2011 totaled $1,465,967, which equates to annualized earnings of $1,954,623. The Book Value per share increased to $44.57, with Earnings per share of $2.83, as compared to a Book Value per share of $41.16 and Earnings per share of $2.41, as of September 30, 2010.

President John Slatky noted,

“The dividend reflects an improvement in earnings in 2011 and is an example of the solid financial position of Luxemburg Bancshares, Inc. and Bank of Luxemburg. While the Bank continues to contend with the challenging economy and the current real estate market, the Bank is profitable and expects to remain profitable.”

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

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg Bancshares, Inc., parent company of Bank of Luxemburg, announced the approval of a semi-annual dividend of $.51 per share, payable on June 24, 2011, to shareholders of record as of June 13, 2011.  The dividend was increased from the dividend of $0.50 per share paid on June 18, 2010.

President John Slatky noted, “The dividend reflects an improvement in earnings in 2011 and is an example of the solid financial position of Luxemburg Bancshares, Inc. and Bank of Luxemburg.  While the Bank continues to contend with the challenging economy and the current real estate market, the Bank is profitable and expects to remain profitable.”

School of Super Saving Contest

Paying for higher education is a challenge, but the most inventive students usually find a way to pay!  Bank of Luxemburg wants to know how you're funding your college education.  Giving plasma?  Drawing caricatures?  Playing your musical instrument on the street corner?

We're awarding one person $750 for sharing his or her creative plan with us through a short essay or video.

Check out the details at 959KissFM.com and watch this video to learn more!

Improve Your Financial Future with IRA Days

Bank of Luxemburg's IRA Days are coming up next week.  This is a great opportunity for you to learn about ways to improve your financial future.

Here are some of the topics that will be covered:

• Traditional IRAs vs. Roth IRAs
• Contribution limits
• Tax advantages
• Beneficiaries
• 401(k) rollovers
• Receive a bonus rate on Bank of Luxemburg IRA contributions
• Receive a complimentary retirement analysis

Join us Wednesday, March 2 at 6:00 p.m. at the Casco branch, or Saturday, March 5 at 8:30 a.m. at the Luxemburg branch.  

Please RSVP by calling (920) 845-2345.

Apply for the Bank of Luxemburg Scholarship

Attention high school students!

In keeping with its tradition of community service & commitment to the education of future business leaders, the Bank of Luxemburg awards scholarships to the children & grandchildren of Bank of Luxemburg customers.  The scholarship was established to assist a graduating high school senior to continue his or her education at a university, college trade or vocational school.  Since starting this program in 2002, the Bank of Luxemburg has awarded scholarship funds totaling $120,000.

The scholarships awarded are for $1000.00 per year, for up to four years of full-time enrollment per student.  The Bank issues several scholarships for students attending the Luxemburg Casco High School and outlying school districts that are in our market area.  This year, due to our prevalence in Algoma, we will be awarding one scholarship to a student attending Algoma High School.

Applications for students attending the Luxemburg Casco High School or Algoma High School will be at the Guidance Counselor's offices.  The applications for the students outside of the Luxemburg or Algoma school districts will be in our Bank of Luxemburg offices located in Forestville & Bellevue.

Applications should be submitted to:
Bank of Luxemburg
630 Main Street
Luxemburg, WI 54217

Bank of Luxemburg on FOX 11

Bank of Luxemburg's Rebecca Edler spoke to FOX 11's Amy Hanten this morning about fighting the winter blues when it comes to your finances.
That includes:

• Consolidating debt
• Creating a budget
• Planning for retirement

Luxemburg Bancshares, Inc. Declares Dividend

Luxemburg Bancshares, Inc., parent company of Bank of Luxemburg, announced the approval of a semi-annual dividend of $.51 per share, payable on December 17, 2010, to shareholders of record as of December 6, 2010. The dividend is compared to a dividend of $.50 per share paid on December 18, 2009.

President John Slatky noted, “The increase reflects an improvement in earnings in 2010 and is an example of the solid financial position of Luxemburg Bancshares, Inc. and Bank of Luxemburg. While the Bank continues to contend with the challenging economy and the current real estate market, the Bank is profitable and expects to remain profitable.”

Scam Attempt in Northeast Wisconsin

Bank of Luxemburg is alerting customers to a scam in our area. Everyone must be conscientious about protecting financial information.

It appears customers are receiving mailed notices asking for personal information. The mailer says a “Current Homeowner’s Protection Policy” needs to be renewed. Customers are asked to fill out a “Homeowners Data Card” and send it to Oklahoma. Bank of Luxemburg will never ask for private or financial information in this manner. Officials are currently unaware of who’s behind the scam attempt, but the Bank is working diligently with local authorities to end it. To our knowledge, no customers have lost money due to this scam.

Bank of Luxemburg Announces Earnings

Luxemburg Bancshares, Inc.—parent company of the Bank of Luxemburg—announced earnings for the first six months ending June 30, 2009 of $870,068 compared to $630,104 for the first six months of 2008...a noteworthy increase. According to Mr. Slatky, “The primary reason for the increase in the first six months of 2009 is significant loan refinance activity due to lower interest rates and improvement in the bank’s net interest income.”

Total assets have grown from $204,619,620 (June 30, 2008) to $218,911,323 (June 30, 2009). Mr. Slatky noted, “The increase is most likely due to depositors seeking a safe, secure financial institution in which to invest their funds.”