AVB`s Summer 2016 Issue of To the Point

SUMMER
2016
POINT
to the
Message from the President:
The American
Way
Andrew W. Hasley
President & CEO,
Allegheny Valley Bank
S
ummer is the American season. From the somber gratefulness of Memorial Day, through Flag Day,
Independence Day, and the tribute to the hard work we all do that comes on Labor Day. Summer
contains so much of what makes our nation so unique, so admired, and so special.
Our philosophy at Allegheny Valley Bank rests within those same American qualities. In our case,
it all comes down to community. Since our inception, AVB has considered itself, and has conducted
its business, as a community bank. And while that’s a very nice, very comforting thing to say, it only
becomes meaningful and credible when backed up by action.
That’s why team members across our Bank regularly devote their time, talent, and effort in support
of some wonderful and deserving community-based projects and initiatives. One of the most gratifying examples – not only for us, but more important, for the young people who receive benefits from
it – comes in the form of the Adopt-a-School program, administered by Pittsburgh-based non-profit,
The Education Partnership.
During the 2015-2016 school year, AVB “adopted” Pittsburgh Arsenal Grades 6-8, which is located
just a few blocks down Butler Street from our headquarters in Lawrenceville. The project began with
our volunteer team assembling hundreds of Homework Tool Kits that all students receive. These kits
contain supplies like pencils, glue, tissues, and more, to help every student get his or her school year
off to a great start, with everything needed to do well in class. We concluded this volunteer initiative
by delivering the supplies in person to the students at Pittsburgh Arsenal.
This is important, because not every student arrives
at school with the same resources. Presenting these
Homework Tool Kits sends the message that every
student is respected. Every student deserves to start
out from the same baseline. At Pittsburgh Arsenal,
students represent over 25 different countries. For
more than half the student population, English is considered a second language. They need help to level
the playing field.
President’s Message - continued on next page
In this issue:
1
President’s Message
2
President’s Message
continued
3
Introducing Alvin!
InvestPoint:
Naming Beneficiaries -What You Need to Know
4
Community Corner
AVB New Hires &
Promotions
Blawnox 412.828.6030
Corporate Office 412.781.0318
Downtown Pittsburgh 412.338.9036
Green Tree 412.928.8530
Lawrenceville 412.781.1464
McKnight Road
412.847.7640
Mt. Troy 412.322.6107
Penn Center East 412.856.4022
Shaler 412.486.4245
Shaler Drive-Thru 412.487.9348
2
Allegheny Valley Bank
|
TO THE POINT
|
Summer 2016
President’s Message - continued from page 1
But stepping into a role where
you’re committing your own personal time, working hard to bring
about a tangible difference for another person – whether it’s helping a
student feel accepted and prepared
to learn, teaching in a financial literacy class, or helping a family put
a healthy meal on the table to share
together – that’s a deeper definition
of lifting up a community.
There’s an old American proverb
that says, “Education is a gift that
no one can take away.” We believe
strongly in that idea. A good education is a gift no one can ever take
away. And every young person deserves to know that other people
care about their pursuit of knowledge, and are willing to back it up
by providing supplies and encouragement.
Justin Brown, Founder and Executive Director of The Education Partnership stated, “The
tremendous impact that a neighborhood business, such
as Allegheny Valley Bank, had on this student assembly
was incredible. Allegheny Valley Bank has provided a
real-world connection that is desperately needed in the
lives of our youth to give the students vision and hope.”
Our Bank was honored to receive the 2016 “Grow Your
Community Award” from the Pennsylvania Association of Community Bankers (PACB) for our involvement with the students at
Pittsburgh Arsenal Grades 6-8. This marks the third consecutive
year the PACB has presented us with this award, for which we
certainly are grateful. But the real rewards come in realizing that
our people care enough about others in our neighborhoods to do
something positive to address their needs.
It’s easy to write a check and say that you’ve helped. There’s
nothing wrong with that, and financial donations are absolutely
valued and needed by these community organizations. AVB has
provided this type of assistance in the past, and we will do so
again.
The return on these investments is
absolutely enormous. You can’t really place a number on
what active community involvement generates, in terms of
strong morale and espirit d’corps within an organization
like AVB, appreciation and gratitude among those benefiting from these projects, and the sense that our communities
overall are becoming stronger, happier, and better, one interaction at a time.
We encourage our fellow businesses across the greater Pittsburgh
region to join us in this ongoing effort. When we all participate,
adding our unique skills, talents, and energy, everyone wins.
That’s what we aspire to achieve at AVB. That’s what makes me
so proud to lead this team of selfless, big-hearted individuals. It’s
all about community. And it’s so very American.
Until next time,
Andy Hasley
Summer 2016
|
TO THE POINT
|
Allegheny Valley Bank
Introducing Alvin!
You may recall reading our “Where is Allie V” column in past issues of our To the Point newsletter. Allie
V officially retired at the end of 2015 and now we’re
welcoming our new balloon, Alvin, to the AVB family!
AVB has promoted the bank with a 26 foot tall inflatable balloon since
2008. The balloon travels around to branch offices and community
events throughout the year. The life span of the balloon is about four
years due to wear and tear/outdoor weather conditions. Our first balloon, Big Al, served us from 2008-2012, then Allie V from 2012-2015,
and now it’s Alvin’s turn!
Naming the balloon is always a fun process. In the past, employees
Daniel Koller
daniel.koller@lpl.com
3
Marsha Posset
AVP, Director of Marketing,
Allegheny Valley Bank
have submitted names and the winner received a gift card. This time,
we also utilized our Facebook followers to help us with this task. Our
employees submitted names and we narrowed it down to three options. Those three names were uploaded to AVB’s Facebook page
where we asked our followers to vote for their favorite name. For
every vote received, AVB donated $1 to the Greater Pittsburgh Community Food Bank. “Alvin” was the clear winner, outvoting the 2nd
runner up “Flying Al” and 3rd runner up “Pride of AVB”. This fun contest had a positive impact on our community by providing 355 meals
to those in need this summer. AVB and the Greater Pittsburgh Community Food Bank sincerely appreciate those who participated.
INVEST POINT
Naming Beneficiaries: What You Need to Know
A major issue in estate planning is whom to name as beneficiaries on
life insurance policies, pension plan accounts, IRAs, and annuities. This
important decision often doesn’t take into account the substantial estate
and income tax consequences the beneficiary may incur.
So before you name a beneficiary, you may wish to gain a basic understanding of beneficiary designations.
One of the first things you need to know is that, in many cases, beneficiary designations supersede a will. That said, not only is naming a
beneficiary important, it is equally important to make sure that your
beneficiary arrangements are consistent with your other estate planning
documents.
Not All Beneficiary Designations Are the Same
You can name a beneficiary for many different financial products and
investment vehicles. And each has some subtle nuances that are sometimes difficult to discern. In addition, because naming a beneficiary is a
legal arrangement, there is certain language you must use to ensure your
wishes are accurately recorded and executed. That’s why it is important
to consult with a qualified financial professional when making decisions
$
about beneficiaries. Aside from determining whom you will name as
your beneficiary, you’ll also need to consider the following:
•Age of beneficiary - Most policies and plans will not directly transfer
assets to minors until a trustee or guardian is approved by a court.
•Ability of beneficiary to manage assets - Perhaps a trust set up in
the person’s name would be better than a direct transfer.
•Pension plans - Unless waived by the spouse in writing, the law
requires a spouse to be the primary beneficiary of the account.
Professional Assistance a Must
Naming beneficiaries is a complex matter that requires a great deal of
forethought to help ensure that your decisions are in concert with your
financial and estate planning goals. A qualified financial professional can
assist you in reviewing your beneficiary designation and help you make
choices that are appropriate for your situation.
To begin the process, contact Daniel Koller, Senior Investment Officer
at Allegheny Valley Bank: 412-773-7285 or email daniel.koller@lpl.com.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
Because of the possibility of human or mechanical error by Wealth Management Systems Inc. or its sources, neither Wealth Management Systems Inc. nor its sources guarantees the
accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. In no event
shall Wealth Management Systems Inc. be liable for any indirect, special or consequential damages in connection with subscriber’s or others’ use of the content. .
© 2015 Wealth Management Systems Inc. All rights reserved.
Securities offered through LPL Financial, member FINRA/SIPC. Insurance products
offered through LPL Financial or its licensed affiliates. Allegheny Valley Bank and
AVB Advisors are not registered broker/dealers and are not affiliated with LPL Financial.
4
Allegheny Valley Bank
|
TO THE POINT
|
Summer 2016
Community Corner: Allegheny Valley Bank participates in
Junior Achievement Bowl-A-Thon and Financial Literacy Program
Junior Achievement of Western Pennsylvania (JA) gives young people the
knowledge and skills they need to own their economic success, plan for their
future and make smart academic and economic choices. Junior Achievement’s
corporate and community volunteers deliver relevant, hands-on experiences
that give students from kindergarten through high school knowledge and
skills in financial literacy, work readiness, and entrepreneurship.
JA engages corporate sponsors and companies to fundraise by participating in Bowl-A-Thon’s. Last year, nearly 50 companies and 2,500 bowlers
participated in the JAWPA Bowl-a-Thon! Nearly $250,000 was raised to
support financial literacy education in our communities.
This past sprting, Allegheny Valley Bank was a proud sponsor of the first
annual Lawrenceville Community Bowl-A-Thon held at Arsenal Lanes.
We bowled alongside Lawrenceville neighboring companies Desmone Architects and
Children’s Hospital of Pittsburgh. A total
of $8,793 was raised through this Bowl-AThon event!
In addition to our community bowling event, more AVB volunteers participated in the financial literacy education programs at Pittsburgh Arsenal Elementary - grades K, 4th and 5th. Our volunteers taught one
hour per week for 5 weeks (beginning in May and ending in early June).
This program provided us the opportunity to strengthen our relationship with the students and teachers at Pittsburgh Arsenal School as their
local community bank.
5137 Butler Street, Pittsburgh, PA 15201
AVB New Hires & Promotions
Allegheny Valley Bank is proud to announce the
appointment of Melissa M. Hohos as Assistant
Vice President, Commercial Portfolio Manager. Melissa has over twelve years experience in
retail and business banking. In her new role, she is
responsible for supporting the relationship managers within the commercial lending group by coordinating financial statement reporting and conducting annual relationship reviews.
Allegheny Valley Bank is proud to announce the promotion of Lora
Leya to Assistant Vice President, Consumer Loan Underwriter. Lora began her career at Allegheny Valley Bank as a Financial
Center Representative, and then transitioned to the loan administration department in 2012 as a Consumer Loan Underwriter. Lora was
promoted to Assistant Vice President in 2016 and is credited with
overseeing the growth of the Bank’s home equity loan portfolio while
successfully maintaining credit quality and compliance considerations.
Allegheny Valley Bank is proud to announce the
appointment of Theresa M. Morrissey as Assistant Vice President, Manager of Corporate
Training and Business Banking Coordinator.
Theresa has fifteen years experience in retail and
business banking at Allegheny Valley Bank. Most recently, she served as Commercial Portfolio Manager and, prior to that role, she was a Regional Sales Director in retail
banking. In this new position, Theresa is responsible for expanding
the professional learning environment for all retail banking representatives. She also provides support to our growing commercial
lending department.