Peoples Exchange Bank - Belleville, Clyde and Concordia Kansas

Peoples Exchange Bank-
Belleville, Clyde, & Concordia, KS

The Exchange
May 2008

Meet Our New Staff

We at Peoples Exchange Bank are extremely proud that these bright and personable individuals have chosen to join our staff. If you've already had an occasion to visit with Jessicca, Karen, and Randy, then you know what we mean.

Jessica Hubert has been a new face at our Clyde Branch as a teller and bookkeeping clerk since last December, but a familiar face around Clyde. A graduate of Clifton-Clyde High School, Jessica spent about a year during her high school years living with her family in Reno, Nevada. She enjoys reading, painting and drawing, and watching CSI Miami, but doesn’t have time for much else as the mom of 1-1/2 year-old daughter, Mariah.

Karen Hansen joined the Concordia Branch in February as a Teller and Bookkeeping Clerk. With previous experience at Walthers Oil Company office in Cuba and the Short Stop convenience store in Concordia, Karen was well-acquainted with cash handling and bookkeeping duties. She is is a racing fan and enjoys sports, crocheting and reading. Karen resides in Belleville.

Randy Wise joined the staff at Clyde in March as Vice President of lending and financial services. He will act as the registered representative of Peoples Exchange Investments and as a liaison in our affiliation with Brooke Insurance and Financial Services Concordia office. Most recently, Randy has served the Belleville and Washington markets as the American Family Insurance agent. He and his wife Amanda and their daughter Natalie currently live in Belleville.

Stop by and say hello - we all look forward to seeing you!

Is there Unclaimed Property
that belongs to you?

Unclaimed property comes to the Kansas State Treasurer every year because people lose track of their bank accounts, stocks, refunds, royalties, safe deposit boxes and other property. People move and forget to furnish their bank, broker, employer or insurance company with a forwarding address. Items can also be left with the Treasurer if there is no beneficiary listed on policies or if there are no living heirs. Losing sight of property can happen to anyone. It is the Treasurer’s job to locate the rightful owners and heirs to the over $187 million in unclaimed assets currently being held by the State of Kansas. To find out if any of this property belongs to you go to www.treasurer.state.ks.us then click on Search for Unclaimed Property. Be sure to search your name and names of relatives, friends and neighbors.

How is my Credit Score Calculated?

Before we explore how credit scores are calculated, let's answer another question first. Why does your credit score matter anyway? From a bank's perspective, credit scores affect the likelihood of being approved for a loan and also the interest rate you pay for that loan.

Furthermore, credit scores are used:

· To determine the amount you pay for your homeowners and automobile insurance.

· By some employers prior to hiring a prospective employee.

· By apartment managers prior to entering into a lease agreement.

Credit scoring was developed in the 1960's as a means to determine whether consumers were likely to repay their loans. The scores range from 350 to 850 with a higher score being more favorable. The average credit score in the USA is 672.

The five factors that comprise your score are:

1) 35% of the score is based on Payment History

· Late pays

· Charge-offs

· Collections

2) 30% of the score is based on Outstanding Credit Balances

· The worst thing to do is max out your credit cards

· If your balance is over 50% of the credit limit, your score will suffer

3) 15% of the score is based on your Length of Credit History

· Shows how long you've been using credit

· If you choose to close accounts, close the most recently opened accounts

4) 10% of the score is based on your Mix of Credit

· Ideally have 3-5 credit cards, a mortgage, and an installment loan (car).

5) 10% of the score is based on Inquiries

· Hard inquiries (for borrowing purposes) will slightly hurt your score,especially if you apply for credit on a frequent basis

· Soft inquiries (employer credit checks, you pulling your own report) will not hurt your score

Our Suggestions. . .

· Check your credit report periodically - get one free annually at www.annualcreditreport.com

· Make your payments on time

· Get past due accounts current

· Use your credit cards periodically and pay them off monthly

· Do not respond to those pre-approval mailings (you really aren't pre-approved)

· Our best advice is to visit with a qualified financial advisor if you have questions about your credit score or how to move yourself closer to that perfect number - 850!

You Found the Right House -
Let Us Help You Find the Right Loan!

Finding a mortgage that's right for you may be more difficult these days given the well publicized mortgage crisis, but they can be found and we are here to answer your questions and assist you through the process of finding the right loan. At Peoples Exchange Bank and Peoples Choice Mortgage, you will work with mortgage professionals who have your best interest at heart and who have and will continue to underwrite mortgages in a safe and sound fashion.

The first step in determining which program is right for you is to ask yourself some important questions to assist in sorting through the variety of financing options available. This will help your lender structure your loan in a manner that best suits your needs.

· How long do you anticipate living in your home?

· Do you expect any changes in income?

· Do you have funds available for a down payment?

· Do you expect any changes over the next few years, such as expanding your family, or having children move away?

The answers to these questions will be unique to each of you and may affect your preference as to a fixed rate or an ARM.

Fixed Rate Mortgage

Regardless of what happens to interest rates in the market, the rate you pay on this loan will not change as long as you hold the mortgage. That means, even if rates are rising or falling, your principal and interest payments stay the same (keep in mind, your insurance and taxes may change from year to year).

Adjustable Rate Mortgage (ARM)

The rate on this mortgage can and most likely will change over the life of the loan. It is usually tied to a financial index. There is a set percentage amount over that index that is calculated as your rate. There are also lifetime and period adjustment caps that restrict how much your rate can change. It is important that you compare these caps when looking at this type of mortgage and be in tune with how the adjustments will impact your required monthly payments. The ARM product did not create the mortgage crisis, but unwise use of the product, especially teaser rates, has resulted in chaos for many people.

Both Peoples Choice Mortgage and Peoples Exchange Bank offer Fixed and Adjustable Rate loans, but each has unique products that may better suit your individual needs. The standards for down payments have tightened considerably; VA and Rural Development loans are the only remaining sources of 100% financing. However, other loan products are available with as little as 3 % down; also, private mortgage insurance is available to assist you whenever the down payment is limited. We will help you evaluate all your choices carefully and consider if they fit into your financial plan. You can contact Peoples Choice Mortgage at 785-587-5252 or visit our website and apply on-line at www.peopleschoice4mortgages.com or you can visit Peoples Exchange Bank at our branches in Belleville, Clyde and Concordia.

Please be sure you are given a complete picture of exactly how much your mortgage will cost you over the period of time you anticipate having the loan in place. This is the single most important factor you should consider when shopping for a mortgage. Such research would have limited the depths of the current mortgage crisis facing many in our country. Our commitment at Peoples Choice Mortgage and Peoples Exchange Bank is to find the right loan for you so that you can enjoy the benefits of home ownership.

Do you Have Identity Theft Coverage?
Guest Article by Shirley Gropp
Brooke Insurance and Financial Services, Concordia

Some Home Owner Policies now offer "IDENTITY THEFT" coverage.

Common coverages are:

Up to $25,000 with no deductible to cover expenses incurred to restore your good name, including:

· Costs of executing affidavits

· Costs of certified mail

· Lost income (maximum $250 per day, total of $5,000)

· Loan re-application fees

· Attorney fees

· Costs of long distance phone calls

Some companies also offer policyholders the advantage of additional services 24 hours a day, seven days a week. They'll be put in touch with an experienced professional who will…

· Assist you in identifying fraudulent accounts

· Place a "fraud alert" on your credit reports

· Report your ID theft to the Federal Trade Commission

· Notify credit-reporting agencies

· Contact creditors on your behalf

· File a police report on your behalf

· Assist in replacing your driver's license, passport, social security card and any other identification documents

· Provide an emergency cash advance if theft occurs away from home (must be secured with a credit card)

Other services include:

· Legal support

· Translation services

· Emotional support to help alleviate stress and anxiety

· Free credit monitoring

Some companies offer this as an addition to your policy for as little as $45.00 annually. Check your policy or bring your policy in to Brooke Insurance at 1409 Lincoln, Concordia and we can review your policy for you.

ATM Locations
Clyde	Now Located at Ideal Market

Belleville	Brand New location starting May 15th at Food Mart Bank Drive-Thru

Concordia	Bank Drive-Thru

Remember there is no charge to you when you use your PEB money card at the PEB ATM!

Back to the top