Park State Bank & Trust

Paper Savings Bonds Phased Out

Matthew — Fri, 11 Nov 2011 01:57:49 +0000

What is changing?

The U.S. Department of Treasury phased out the issuance of paper savings bonds through traditional employer-sponsored payroll savings plans. As of September 30, 2010, federal employees are no longer able to purchase paper savings bonds through payroll deduction. The end date for all other (non-federal) employees is January 1, 2011.

Why is Treasury discontinuing the issuance of paper bonds through payroll savings plans?

With TreasuryDirect, Treasury can continue to offer employees the convenience of payroll savings while reducing the cost of the savings bond program. Employees have the benefit of regularly investing in savings bonds or using their payroll contributions to purchase a broader range of securities. Savings bonds in TreasuryDirect are electronic securities in an account; they have all of the benefits of paper bonds but can’t be misplaced or destroyed. Printing fewer paper bonds reduces the cost of the savings bond program and fits with our long-term goal of one day issuing all of our securities electronically. Technology makes it possible for us to sell and maintain savings bonds and other Treasury securities electronically, which lowers the expense to the taxpayer.

How does the change affect me?

To continue your payroll savings, you’ll need to open a TreasuryDirect account. You can continue purchasing savings bonds (or other Treasury securities) and hold them electronically in TreasuryDirect. You will not be able to purchase paper bonds through a payroll savings plan after the applicable end date.

What happens to the paper bonds I already own?

The bonds you own are valid issues of the U.S. Treasury. Treasury will continue to provide service and support to bond holders.

For More Information you can visit the following link: ( Please note you will be leaving the Park State Bank & Trust Website)

http://www.treasurydirect.gov/news/news_elimination_paperpayrollqa.htm#changing

Nationwide Mortgage Licensing System (NMLS)

Matthew — Wed, 26 Oct 2011 01:56:46 +0000

NATIONWIDE MORTGAGE LICENSING SYSTEM (NMLS)
Mortgage Loan Originators (MLO)

The following are the registered NMLS numbers for Park State Bank & Trust
and the current mortgage loan originators.

Park State Bank & Trust	684265
Crystal Blunt	698991
Bradley Spivey	698993
Gary Lays	698995

Unlimited Deposit Insurance

Matthew — Wed, 26 Oct 2011 01:56:01 +0000

Important new FDIC insurance rules in effect from December 31, 2010 through December 31, 2012.

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

Spring 2011

Tony — Fri, 01 Apr 2011 03:28:33 +0000

We are starting the 2^nd quarter of 2011, and although there appears to be light at the end of the tunnel, our message is one of cautious optimism. From our perspective we continue to advise business customers and families to stay cautious in managing their fiscal resources and to expect 18 to 24 months of continued difficulty in the economy. The optimism comes from the perception that our community has an opportunity to build an insulating shield, which will help offset the ongoing weakness in the economy.

Our small business (the bank) started preparing to engage the economic challenge in the summer of 2007. Our concerns were realized with the economic crisis in the fall of 2008. The last several years have been challenging to navigate and difficult for the bank, our business customers, and many of our families. We are proud of the fact that we continue to manage these difficult economic times, always remembering we serve people and not account numbers.

We have seen several businesses succumb, but many more continue to work vigorously every day to keep their doors open and improve their business model. We have seen some families struggle to keep their homes and have worked with them to help navigate the difficult process. We have also seen families strengthened by taking proactive steps to revive their financial health.

I have made the point several times that as a community bank, our business health is directly connected to the health of the businesses and families we serve. We have worked extremely hard the last several years to manage through the dangerous waters while not forgetting the important role we play in the community. We are prepared to persevere and turn the corner in the coming year. In retrospect, we are extremely grateful to have started preparing for the ensuing storm in 2007. We are also grateful for the support and commitment of our business customers and families to work diligently to strengthen not only themselves, but our community.

We have been actively working with many parties who believe in our community enough to invest their future within our community. You can expect to hear from some of these parties in the months ahead. When you see a business invest in our community, reach out to shake their hand and thank them for their commitment. If you run into a new family at school, church, on the ball field, or in the store, please welcome them and thank them for joining our community.

We have endured, and will walk towards new prosperity. As always, I am available on my direct line at 686-5223 or on my mobile phone at 433-4055.

Tony L. Perry