When is the last time you stopped to think about how your business gives back to the community? I did. And what I realized is that no matter the size of the contribution, it all adds up to build camaraderie, engagement, and culture—all critical elements of a healthy and attractive workplace.... Read More
With interest rates rising, our team is getting a lot of questions from customers about whether to choose a fixed- or variable-rate loan. Economic pundits expect the Federal Reserve will continue to raise rates throughout the year in response to continued inflation. Here are some key considerations for anyone looking to finance a loan.... Read More
The Federal Reserve raised the federal funds interest rate by 25 basis points in March 2022, and more increases are expected. It’s predicted the Fed will raise rates by 50 basis points—or a half percentage point—at each of its next two meetings in May and June. What is the reality of rate increases for business owners?... Read More
New cybersecurity rules go into effect for banks in 2022. Starting in May, banks are required to report any major cybersecurity incident to their primary governmental regulator within 36 hours of discovery. Banks also must notify customers if an incident, with impact, lasts more than four hours. Cybersecurity is a mutual responsibility in the business community. Here are strategies recommended by our bank’s CIO to help business owners keep data and information safe.... Read More
For many business owners, tax time equals stress. It’s not only added work in the first quarter but also added anxiety wondering whether cash will be due to the federal government on April 15. Here are six tax strategies to think about this year that could reduce future tax payments for any business owner.... Read More
Regardless of the global pandemic, mergers and acquisitions continue with robust activity. High levels of cash reserves reinforced by strong fund raising, low interest rates, and confidence in the economy’s emergence from COVID-19 all contributed to these acquisitions, which are expected to continue in the New Year. If you’re a business owner thinking about an acquisition, borrow from these best practices.... Read More
Lenders are seeing an uptick in loan requests as the pandemic slows. Requests related to mergers and acquisitions are on the rise. It’s a good time for acquisitions for many reasons. Before approaching a lender, carefully consider the risks versus rewards.... Read More
