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.

How to Handle Finances When You are Getting Married.

Getting married is a big step in anyone’s life. Finances are a major issue that a couple needs to address even before their big day. Since money is one of the top issues that cause disagreements within a marriage, it’s best to work out all your financial issues as soon as possible.

Before you say “I do”:

• Have a frank discussion about money. Be up front about all income and debt and discuss your spending styles and habits.
•  Decide if you are going to pool your finances, keep them separate or find a middle ground. No one method works for every couple.
• Decide who will be responsible for paying bills and managing finances—or divvy up the responsibility.
• Talk about a spending limit—a “safe” amount one of you is free to spend without consulting the other.

After you are married:

• Don’t forget to change your name on accounts and credit cards and update your social security card. 
• If you both have existing loans, look at interest rates and consider consolidating them.
• Make sure your health, property, life, automobile, casualty, and other types of insurance are set up properly and that insurance companies have been made aware of your change in marital status.
• Change the beneficiaries on your insurance policies, bank accounts, retirement plans and investment accounts. (For some types of accounts spouses automatically become beneficiaries unless they waive that right.)

Spending a little time communicating about money early in your relationship—as well as on an ongoing basis—can help ensure a happier financial future for you both!

Bank of Luxemburg Chief Operating Officer Rebecca Edler provides tips for managing your finances before and after getting married on Fox 11's Living with Amy. 

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.

Start Saving for the Holidays Now

It’s summer! Why talk about holiday accounts now? You might be surprised at how many great reasons there are! 

Timing: Chances are if you wait until November or December to start thinking about holiday spending, you won’t have enough time to save the money. Start saving now!

Budgeting: At this point, you’ve probably adjusted to your 2012 budget and therefore have a better idea of how much money to put aside each month or each pay period. Sectioning off this amount of savings for the holidays now, ensures that you have enough money come December. 

Allocating: Why can’t you just keep extra money in your savings account for holiday spending? It happens all too often … because you have some extra money set aside in your savings account, that shiny new summer toy looks all the more affordable. Or, when one of your household items is in need of repair or replacement, that money you had sectioned off for holiday spending now seems like your “emergency fund.” By having money set aside in a specific Holiday Savings Account, you’re avoiding the temptation to use the money on other items.

You can stop in to any Bank of Luxemburg office at your convenience and open up your Holiday Savings Account quickly and easily. You are in control of where the funds will be coming from and how often they will be added to your Holiday Savings Account. Withdrawal periods start October first, giving you the ease of shopping early during the holidays. Flexibility and customer convenience are two important attributes of Bank of Luxemburg’s Holiday Savings Accounts.  

           

We may not hear sleigh bells in the distance or see snow on the ground—thank goodness—but that doesn’t mean we can’t plan ahead for the most wonderful time of the year … and enjoy the holidays that much more for doing so.

Click here to learn more about holiday accounts from Bank of Luxemburg Chief Operating Officer Rebecca Edler.  

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.

How to Become a Good Loan Candidate

From car purchases to mortgages, almost everyone needs loans throughout their life. When you need a loan, you’ll want to ensure you are able to get the loan you need, at a desirable interest rate. That’s why you should do everything you can to make yourself a good candidate for a loan.

How to become a good candidate for a loan:

• Pays your bills on time—every bill, every month.
• Maintain a good credit score.
• Save for a down payment or find a source for down payment funds.
• Have a good source of collateral (i.e., your home or business) 

Your Credit Score

A credit score is primarily based on credit report information typically sourced from credit bureaus (see below). Maintaining a good credit score is a key factor in determining your suitability for a loan. If you are just starting out establishing credit, or need to improve your credit, here are a few things to keep in mind:

•  Avoid maxing out credit lines on cards or loans.
• Avoid applying for excessive credit (numerous department store credit cards can add up).
• Consistently make payments on time.
• Pay down the balances currently on credit cards or loans.
• Satisfy any “past due” bills.
• Request and review copies of your credit report and verify the information for accuracy.

Obtaining a Credit Report

You are entitled to one free credit report—within a 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. If you dispute something on your report you can request an investigation and/or ask that a note be included in your file. The FICO credit score is the most common. It ranges between 300 and 850. As a rough rule of thumb, ideal loan candidates—those with the easiest time getting a loan at the lowest interest rate and associated fees—usually have scores above 740. 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.

If you have questions about obtaining a loan, contact your local Bank of Luxemburg for information and advice.

Loan Consolidation

When is Loan Consolidation a Good Idea?

Do you feel that you’re drowning in debt? In some cases, individuals with a large amount of high-interest debt may see a benefit from a debt consolidation loan. Usually a debt consolidation loan is a single, lower-interest loan used to to pay off your other, higher-interest loans. This allows you to make only one monthly payment, pay off what you owe more quickly and take advantage of a lower interest rate.

Debt consolidation isn’t a free pass though. It takes the willpower to follow through on paying off current debt and changing your spending habits.

1.     Calculate your debt load by listing of all of your current debts (excluding your mortgage) and determine what you owe in total. For discussion purposes today, let’s say it’s $20,000.

2.     Next add up the monthly payments you’re making on these accounts. (For credit cards this can vary. Use an average of your last several payments.) Again, let’s use a figure just for our discussion and say your monthly payments total $1100.00.

3.     Seek the best loan for consolidating your debt. Usually this means looking at one of the following:

•  Home equity loans & lines of credit can offer lower interest rates and, because they’re a type of mortgage, the interest you pay may be tax-deductible.
• Cash-out refinancing is taking out a new mortgage on your home that’s larger than your current one. For example, if you have a $100,000 mortgage and your house is worth $200,000, you could take out a new mortgage for $120,000 and use the extra $20,000 to pay off your credit cards or higher-interest auto loan. Even if your monthly mortgage payment increases your total monthly payments (current mortgage payment plus the $1100.00 we mentioned above) will decrease and you’ll pay much less interest in the long run.
• A personal loan offers interest rates that can be higher than a home equity loan, but usually lower than credit cards.

When comparing loans, don’t forget to include upfront fees and points as well as the interest rate and use each loan’s annual percentage rate (APR) for comparison purposes.

Make a plan and stick to it!
Look at the time it will take you to pay off your debt. Home equity loans and personal loans have a fixed term, so you’ll know exactly how long you will be paying.

If you’ve decided to consolidate with a home equity line of credit you’ll be making a small minimum payment every month—but this will not usually reduce your debt. In this case, determine how much you can afford each month on top of the minimum payment. Setting up automatic payments can help you keep on track.

Controlling spending is key.
This final step is key… Debt consolidation only works if you change your spending and don’t incur significant debt again. If you don’t change your habits you’ll end up in trouble again in a short while.

There are numerous companies that offer loan consolidation services for a FEE. Make a smart choice if you decide consolidation is your best alternative—contact your local Bank of Luxemburg for advice and assistance you can trust!