Blog: OUR two cents

If you apply for a loan, your inbox, answering machine, and mailbox may fill up quickly with competing offers from other loan companies. It’s not The Stephenson National Bank & Trust that is selling or sharing your information. But there is a way you can stop the offers.

After 35 years of dedicated service to SNBT, President & CEO Daniel J. Peterson will be retiring. To celebrate his legacy with SNBT, the bank will host an Open House on Friday, December 8 at the 1820 Hall Avenue, Marinette Office from 10:00 a.m. to 3:00 p.m.

Alyssa R. Manley, Mortgage Underwriter, was recently named to the 40 Under 40 List as created by Independent Community Bankers of America.

Aron McDonald has joined SNBT as Senior Vice President, Head of Wealth Management. He brings over 28 years of experience in the Wealth Management industry and will oversee all aspects of Investment Management and Trust services.

When you start asking the right questions and running the numbers you can more accurately figure out what house (or at least what home price) fits you best. But be forewarned – it could also lead you to question other things you’ve taken for granted, like what in the world did Kevin McCallister’s parents do in Home Alone to afford that house in Chicago? We may never get an answer to that last question, but let’s take a stab at the four big questions to answer before you buy a home.

During the month of April, we joined hundreds of banks across the state for the Power of CommUNITY campaign, which brings the Wisconsin banking industry together to show its collective impact and to celebrate its commitment to the community.

In celebration of National Teach Children to Save Day during Financial Literacy Month in April, staff members gave presentations at schools in Marinette, Menominee, Stephenson, Wausaukee, and Crivitz to share money saving lessons with K-8th grade students.

Kendra Anderson, Vice President-Business Banking Officer in Green Bay, was recently recognized for her exceptional volunteer work, receiving the 2022 Mary L. Staudenmaier WINGS (Worthy Individual Noted for Generous Service) Award.

By this time, everyone has heard about the recent failures of Silicon Valley Bank in California and Signature Bank in New York.  The purpose of this press release is to assure everyone that your independent, local community banks remain sound and continue to be a safe and secure place for your deposits. If you have any concerns at all, please reach out to your bank and speak directly with them to get all your questions answered and any concerns addressed.

As we read and watch the news from the past few days, we would like to take a moment to send a reminder to you, our customers. The Stephenson National Bank & Trust (SNBT) has a history of stability and resiliency and is still a place where you can put your trust.
 

Deciding when to retire may not be one decision but a series of decisions and calculations. For example, you'll need to estimate not only your anticipated expenses but also what sources of retirement income you'll have and how long you'll need your retirement savings to last. You'll need to take into account your life expectancy and health as well as when you want to start receiving Social Security or pension benefits, and when you'll start to tap your retirement savings. Each of these factors may affect the others as part of an overall retirement income plan.

How much do you really know about your employer-sponsored retirement savings plan? If you're like many people, you have many ideas about how your plan works that may or may not be entirely accurate. Test your knowledge with this quiz!

The digital age has not eliminated check fraud, and the trend of check washing is resurging. Be aware and take steps to protect yourself with these important tips!

Choosing beneficiaries isn't always as straight-forward as it seems. Best practices vary when choosing beneficiaries for retirement benefits versus other assets, like life insurance. We've broken it down to give you a little more clarity on where to start. 

This October marked 148 years that we have been servicing the needs of the community. We may no longer hand write ledgers, or use bank notes as currency, but our long-lasting bank continues to be involved in the local community.
 

Along with noteworthy moments in history, 1922 was the year the vault from York Safe & Lock Co., of Chicago, Ill. and York, Penn. lumbered through the streets of downtown Marinette. It came to rest at Stephenson Banking Company, which is now known as SNBT.

Every day, thousands of people fall victim to fraudulent emails, texts, and calls from scammers pretending to be their bank, government agencies, or other entities you would normally trust. The Federal Trade Commission’s report on fraud estimates that American consumers lost $5.8 billion to phishing scams and other fraud in 2021. So, the question becomes: how can you protect yourself?

Several community leaders have come together to bring a three-year music program known as “World Fest” to Marinette and Menominee Counties. SNBT is the title sponsor among a generous group of businesses and individuals: Provident Health Foundation, M&M Area Community Foundation, Riverfront Inn, Rusty Wolfe Studios, The Print Shop, and many other local donors. Together, our goal is to bring music from around the world to around the corner.
 

John K. Reinke, The Stephenson National Bank & Trust (SNBT) chairman of the board and former bank president, was honored by the Wisconsin Bankers Association (WBA) for his excellence in banking, community service, and civic involvement.

Michael Ebbensgard has joined SNBT as Vice President - Retail Market Manager, bringing with him over 22 years of banking experience.

If you're a decade or so away from retirement, you've probably spent at least some time thinking about this major life change. When you begin to ponder all the issues surrounding the transition, the process can seem downright daunting. However, thinking about a few key points now, while you still have years ahead, can help you focus your efforts and minimize the anxiety that often accompanies the shift.

There is no easy answer to this question. Both allow certain low and middle-income taxpayers to claim a partial tax credit for amounts contributed. But important differences exist between these two types of IRAs. In fact, the Roth IRA is in some ways the opposite of the traditional IRA.

The savings account is such a simple tool that we often forget it’s value. It cushions the blow during emergencies, provides security when tomorrow is uncertain, and holds those precious, hard-earned dollars while you work towards a big purchase. Building up that savings nest egg is the tricky part. Let’s look at 3 ways you can put money away while barely noticing it’s gone.

The lending team worked tirelessly to make sure roughly 730 SBA loan applications, totaling $50.5 million, were originated and funded through both rounds of the Paycheck Protection Program. Through this program, SNBT was able to help support the jobs of roughly 8,000 local employees.

Despite the convenience of Debit Cards, there is a risk of fraud or theft. In fact, it’s just as important to protect your Debit Card as you would protect cash, credit cards, and checks. To avoid becoming a victim of Debit Card fraud, consider these tips:

The internet is a powerful resource that we depend on everyday for shopping, banking, and connecting with friends. Yet, for all its advantages, it can also make you vulnerable to fraud, identity theft, and other scams. 

Creating a "rainy day fund" or building up savings is a top financial goal for many consumers, usually falling just below paying off debts in consumer polls. If increasing your short-term savings is on your financial to-do list, there are a few different options for you to consider. After all, not all savings accounts are the same. Here are a few to keep in mind:

An important step to finding a home, whether you’re renting or buying, is ensuring that you have a good credit history. The Stephenson National Bank & Trust suggests the following tips to improve your credit score.

Entrepreneurial ventures come well equipped with missteps, mishaps, and mistakes. No matter how prevalent your business is, you are bound to run into problems at some point.

Learn about debit card limits, the difference between PIN and Signature Based transactions and how to avoid overdrawing your account while using your ATM.

A quick synopsis to help small business owners as you prepare to apply for a loan.

Overdraft Consideration (OC) is for consumers who inadvertently overdraw their checking account. Rather than automatically returning the item(s) unpaid for nonsufficient funds, we will consider payment of the item(s) that overdrew the account. OC is provided as a courtesy to consumer accounts in good standing and is not intended to be used on a regular basis.

74% of workers reported they plan to work during retirement

Why?  They have little or no retirement savings, and many workers continue to be unaware of how much they need to save for retirement. Only 42% reported they’ve tried to calculate how much money they will need saved by the time they retire.
– 2011 Retirement Confidence Survey by Employee Benefit Research Institute

It’s a fact – the average person spends 20 years in retirement.

This means retirement nest eggs must stretch longer  to sustain those years. Read on to learn how you can create sustainable retirement income and minimize the likelihood of becoming one of these statistics...