Money Matters - Bank of Prairie du Sac

Winter 2010
Money Matters
From the CEO
The events of the past couple
years have without question
been unprecedented.
Steven C. Ploetz
Economic challenges of a large magnitude have
affected not only Sauk Prairie but everyone across
the globe. The good news is that slowly but surely
the U.S. economy is improving.
The Bank of Prairie du Sac continues to be a
strong effective engine in the financial industry.
We closed 2009 with continuing and steady
growth across the board. We were privileged to
serve a growing number of residents in the greater
Sauk Prairie area this past year. We begin 2010
with optimism and belief in our community’s
ability to succeed. We are pleased to support
many social services and charitable organizations
in our community. Their work helps make life
better for all of us.
We believe in the power of small business to
recharge and invigorate our economy.
We have been the catalyst in helping a myriad of
businesses in our 90+ years of existence.
With creativity, innovation and business savvy
many have flourished and created jobs that help
to provide a good quality of life for local families.
Low-Interest Rates are
Boon for Homebuyers
As expected, the Federal Reserve announced December
16 that it will continue to hold interest rates at a record
low and pledged to keep them there for an “extended
period” to keep the economic recovery going and drive
down double-digit unemployment.
That’s good news for
consumers, as mortgage
rates will continue
to remain at historical
lows making this a very
good time to buy a home.
Not only are home prices
low – making them
attractive to buyers – but the federal government did
extend the homebuyer tax credit through April 30, 2010.
And in addition to allowing first time homebuyers to
receive a tax credit up to $8,000 for the purchase of their
first home, a new tax credit is also being extended to
qualified existing homeowners.*
Current homeowners can receive a tax credit of up to
$6,500 if a new or existing home is purchased between
Nov. 7, 2009 and April 30, 2010. Current homeowners
We are an industry leader continually seeking to
must have owned and lived in the home they are selling
improve and meet the needs of our customer base. for at least five consecutive years out of the last eight years.
(continued, please see “Money Matters” on page 5).
(continued, please see “From the CEO,” on
page 2).
*Some restrictions apply. Consult your tax advisor for
details.
From the CEO
(continued from page 1)
We believe that it is imperative that we
continue to adapt and add services to help you
succeed in the 21st Century. Whether it be
expedited online bill pay or making a deposit
from the comfort of your office, you can be
confident the Bank of Prairie du Sac is working
today and everyday to bring you the services
that make your life easier.
Thank you for your continuing patronage.
On behalf of everyone at the Bank of Prairie
du Sac, may you have a prosperous and happy
new year!
Sure Footing! “Find
the Shoe”Fun for All
What has two legs, a sheet of clues and loads
of determination? That would have to be
one of the hundreds of folks who recently
participated in the Bank’s “Find the Shoe”
contest.
One winner commented that his wife would
say “let’s go” and take him in their car to
go find the shoe. It paid off. Weekly prizes
included $100 cash to a grand prize of $700.
“Sure Footing” is the Bank’s way of reminding
everyone that we are stable, strong and here
to provide you with the right path to financial
security.
Look for more Sure
Footing Fun in 2010!
No purchase necessary to win.
Mr. Chrisler Goes
to Washington
“No lifeguard on duty.” That is the message that Sauk Prairie High
School’s consumer economics teacher Joel Chrisler tries to impress
upon his students as they learn the basics of managing money. “I show
them a cartoon which features a man lying face down after walking
through a door with a steep drop off. The message is that we are each
responsible for making good choices that will determine our financial
futures,” he says. “No one but you can protect your financial future.”
Chrisler recently had the opportunity
to learn even more about teaching
youth to manage money when the
Bank sponsored him to attend
Jump$tart’s financial literacy training
for educators in Washington D.C. last
November. “I heard from speaker
Michael B. Ruben who described how
more than half of the people in the
United States live paycheck to
paycheck,” says Joel. “It reminded me
of just how critical financial education
is for young people.”
Only 59% of the young
adults in Generation Y
(ages 18-29) pay their bills
on time every month.
2008 Financial Literacy
Survey of Adults, National
Foundation for Credit
Counseling, Inc.
Jump$tart is a national coalition
of organizations dedicated
to improving the financial
literacy of kindergarten through
college-age youth by providing
advocacy, research, standards and
educational resources. Jump$tart
strives to prepare youth for lifelong successful financial decisionmaking.
Joel plans to use the information he received to reach even more
students with this critical information. His consumer economics class
is for juniors and seniors and is an elective, meaning it is not required.
“I would like to inform parents that the economics class is available,
and am hoping they will encourage their children to take advantage
of the opportunity to learn more about managing money. It is a key
life skill no one should be without,” says Joel.
Pay Yourself this Tax Season. Add to or
open an Individual Retirement Account with the Bank of Prairie du Sac.
Your contribution may be deductible on your 2009 tax return. See your
tax advisor for details.
Agricultural Update:
Farming in 2010
The Bank of Prairie du Sac is fortunate to be the bank for so many hard working and skilled farmers. We are honored
to have the opportunity to assist these families in managing their agricultural efforts. To offer some perspective and
education, we are hosting an “Agricultural Update” on Tuesday, February 23rd at the Cedarberry Inn. We’ve got a slate of
knowledgeable and hands-on presenters to share some insights to help you have a better, more profitable, 2010.
Scheduled topics and presenters:
Managing Your Grain and Feed: Protect Your Investment Randy Shaver, UW-Madison Dairy Science
The Key to Unlocking Your Marketing Toolbox Kevin Bernhardt, UW-Extension Farm Management Specialist
Managing your Woodlands Mark Rickenbach, UW-Madison Forest & Wildlife Ecology
What: Agricultural Update: Farming in 2010.
Get Ready! Excitement Awaits in 2010
Where: Cedarberry Inn. 855 Phillips Boulevard in
Sauk City
When: 10:30 a.m. to 2:30 p.m.,
Tuesday, February 23rd
Cost: Free-lunch will be served!
To register, call 608.643.3393.
Ask for Noel or Tommy.
Judy Bartnick Retires
After more than 15 years serving the people of greater Sauk Prairie at the Bank of
Prairie du Sac, Judy Bartnick has announced her retirement. She credits her time
working at the Bank as very enjoyable because of you. She says that working with
the public has been the best part of her job.
The mother of five plans to spend time with her nine grandchildren and five
step-grandchildren. It is her time to relax and enjoy her family. She will, however,
miss seeing the many people she has gotten to know over the years. “I have made
many friends,” she says.
Judy and Don, her husband of 43 years, live in Lodi in the Okee area. She joined
the Bank after working for another bank in Sun Prairie. Judy’s entire tenure at the
Bank of Prairie du Sac was spent in Retail Services serving the public as a teller.
Best of luck Judy and thank you for your service.
Recession? UW Economist gives update
The Bank of Prairie du Sac presented its 4th Annual Economic
Forecast on Tuesday, January 19th at the River Arts Center. UW
Economist Steve Deller presented to more than 50 area business
leaders emphasizing that indicators are improving and we may be
entering a better era post-recession.
The “maybe” expresses his caution in being overly optimistic.
“Providing nothing else goes wrong, we are on the path to recovery,”
explaining that most economists believe the recession has ended in
the United States. “Technically the recession has ended, as defined by growth in GDP. But that recovery is slow,”
said Dr. Deller.
He shared that many sectors of the economy are showing signs of life. Even with improving indicators, however, in
industries such as the automobile industry, he wanted to caution attendees from being overly optimistic. “The road
to recovery will be slow,” he said. A challenge our country, and Madison, continues to face is higher than average
unemployment. “Madison is seeing unemployment rates higher than they have in the past, even during past
recessions,” he said. Dr. Deller explained that the final economic indicator to improve would be unemployment.
“Unemployment will always lag, but slowly and surely, jobs will return,” he reminded the group.
Healthcare, Dr. Deller explained, would continue to be a growth
area. He stressed the need for diversification of the economy, siting
Janesville’s difficulties following the recent closure of their GM plant.
“Reliance on any one industry is not a good plan for long term
economic stability for a region.”
Dr. Deller was joined by Trust Point, Inc.’s Vice President of
Investments Randy Van Rooyen. Van Rooyen provided insight into
what drives the stock market. He shared that the rebound the stock
market experienced in 2009 is part of an overall cyclical pattern of growth and decline.
For more information or to view their presentations, visit www.bankpds.com.
Recipe Corner
Submitted by Joshua Lindsey
Retail Services
Recipe
“Money Matters” continued from page one
These tax credits may be applied to primary residences, including: single-family
homes, condos, town homes and co-ops. A written binding contract to purchase
the home must be in effect on April 30, 2010, but the purchaser will have until
July 1, 2010 to close.
Even better, the buyer does not need to repay the tax credit, if he/she occupies
the home for three years or more. If the property is sold, however, during this
three-year period, the full amount of the credit will be recouped on the sale.
Butch Passehl and Linda Oelke-McNamer are the Bank of Prairie du Sac’s mortgage experts. They offer free
prequalification for a loan and years of expertise to make your home purchase pleasurable and professional. For more
information, visit www.bankpds.com or call 608.643.3393.
Business Corner: Planning for the
Future? Trust Point can help
The Bank of Prairie du Sac works with Trust Point Inc. to offer retirement
planning and trust services for our customers. Trust Point Inc. provides investment
services, including mutual funds, stock and bonds.* “We began working with
Trust Point Inc. in 1990 to make sure our business customers had options to offer comprehensive retirement plans for
their employees. The company not only helps the employers provide a 401K plan, but they also help the individual
employees plan for retirement,” says Steve Ploetz, president and CEO of the Bank of Prairie du Sac.
Trust Point also assists people in creating and managing trusts. A trust is a legal agreement drafted by an attorney to
manage the assets of an individual or an organization, according to the provisions established in the trust document.
For example, as parents or other loved ones age, sometimes it is helpful to have someone manage their assets and dayto-day finances according to their wishes. A trust can make that happen. “In simple terms, as trustee of the trust, we
have a fiduciary duty to manage the trust assets for the benefit of the beneficiary,” says Dar Isaacson, executive vice
president of Trust Point.
401K management among employers is more important than ever. It is for this reason that Trust Point Inc.’s services
are in demand. “We work directly with clients to help them make decisions in planning for their future,” says Dar. The
company has long been noted for the outstanding customer education and personalized service they offer each of their
clients.
*Trust Point Inc. offers financial and estate planning, company retirement plans, investment accounts, trusts and other
financial services. The products identified are not FDIC insured, no bank guarantee, may lose value, not a deposit,
not insured by any Federal Government Agency. Please call the Bank of Prairie du Sac at 608.643.3393 for more
information.
Celebrating More Than 90 Years of Community Banking
Visit Us At
Prairie du Sac Office l 555 Park Avenue
Monday-Friday
Drive Up - 8 am to 5:30 pm
Lobby - 8:30 am to 4:30 pm
Sauk City Office l 865 Phillips Boulevard
Monday-Friday
Drive Up - 8 am to 5:30 pm
Lobby - 8:30 am to 4:30 pm
Saturday
Drive Up - 9 am to Noon
Lobby - 9 am to Noon
Saturday
Drive Up - 9 am to Noon
Lobby - closed
VAL 24-Hour Telephone Voice Response System
608.643.5098 or 800.685.9404
E-mail address
bank@bankpds.com
Web Site
www.bankpds.com
Mailing Address
P.O. Box 130
Prairie du Sac, WI 53578-0130
Telephone number
608.643.3393
Member FDIC
Prairie du Sac
555 Park Avenue
www.bankpds.com l
Sauk City
865 Phillips Boulevard
BANK OF
PRAIRIE DU SAC
Prairie du Sac, WI 53578
Permit No. 1
PAID
U.S. POSTAGE
PRSRT STD