NOTICE:

SSBBank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from coverage available under the FDIC's general deposit insurance rules.

SSBBank Opens New Drive-Up
At It’s Holt / South Lansing Branch

Ronald L. Soule, President & CEO of SSBBank, announced the October 5th opening of a new Drive-Up at the bank’s Holt / South Lansing Branch located at 1943 Cedar in Holt.

Soule said, “Since we first opened our Holt / South Lansing Branch five years ago, our growth has far exceeded our expectations. We went from originally renting a building across from McDonalds to purchasing our present facility between Edru Skating Rink and Sammy’s Lounge. The only drawback to the new location was that it did not have a drive-up facility for our customers. To solve this, we completely renovated the south end of the building to allow us to install a new state-of-the-art drive-up with a two-way closed-circuit audio and video system.

“At the same time, we changed the entire exterior of the bank. We redesigned the roof and overhang and updated the entire look of the building. We also relandscaped the property to improve visibility and the overall appearance of the property.

“The outside of the property had a dated ‘late seventies’ look to it. Now it looks very modern and up-to-date. We used a local contractor, Timberland Development, and we are very proud of the job they did on the project.

SSBBank is a locally owned and operated community bank established in 1908 currently with offices in Stockbridge, Gregory, Eaton Rapids, and Holt/South Lansing.

SSBBank Hires Schroeder and Promotes Five

Ronald L. Soule, President & CEO of SSBBank, is pleased to announce the hiring of Thomas W. Schroeder as Senior Vice President - Commercial Loans and five recent promotions.  Jamie D. Bennett was promoted to Controller/HR Officer.  Pia Bennett was promoted to Consumer Lender.  Sheena Williams was promoted to Assistant Branch Manager of the Holt/South Lansing Branch Kristi Bennett was promoted to Assistant Branch Manager of the Gregory Branch.  Lisa Ulman was promoted to Loan Support Specialist.

Tom Schroeder is a graduate of Michigan State University with a degree in Business Administration.  He has been in banking for over thirty years and has attended the National Commercial Lending School and Western States Banking School.  Schroeder has joined SSBBank as Senior Vice President – Commercial Lending.  He presides as Senior Elder at Spirit of Christ Church and has been a Rotarian for fifteen years.  He served on the Board of Directors of the Chamber of Commerce.  Schroeder currently serves as a Board Member for Free International Missions.  Schroeder has had his pilot’s license for 10 years and also enjoys cycling.  Schroeder has two adult children, Tom Jr. and Anna and lives in Laingsburg with his wife, Denise.

Jamie Bennett attended Eastern Michigan University and earned a Bachelors Degree in Business Administration.  She joined SSBBank in 2000 as a Teller at the Gregory Office.  She has since been promoted to Loan Clerk, Mortgage Loan Clerk, Loan Officer and Human Resources Coordinator.  Bennett, as Controller, will be primarily responsible for overseeing the bank’s Accounting Department. Bennett teaches Sunday School at Plainfield United Methodist Church.  She resides in Stockbridge with her husband, Chris, and son, Drew.

Pia Bennett began her banking career in 2000 and was hired by SSBBank in 2004 as a Loan Clerk.  During the past five years, she has been promoted to Mortgage Loan Clerk and Loan Support Specialist.  Bennett will now serve as a Consumer Lender.  She graduated from Chelsea High School in 2000.  Bennett lives in Stockbridge with husband, Chad, and has one daughter, Savanna.

Sheena Williams attended Capital Area Career Center for two years studying Banking and Finance.  She came to SSBBank with 3 years experience at another financial institution and earned an Associates Degree from Baker College in 2008. Williams started with SSBBank at the Holt/South Lansing Office as a Teller/Customer Service Representative in 2006.  She will serve as Assistant Branch Manager of the Holt/South Lansing Office.  Williams currently resides in Webberville.

Kristi Bennett is a 1999 graduate of Stockbridge High School.  She began her banking career in 1999 and joined SSBBank in 2001 as a Teller.  Since then, she has been promoted to Administrative Assistant, Customer Service Representative and Vault Teller.  In her new position, Bennett will be Assistant Branch Manager of the Gregory Office.  Bennett lives in Stockbridge.

Lisa Ulman is a 1982 graduate of Dansville High School and began as a Teller at the Eaton Rapids Office of SSBBank in 1998.  She has served as a Girl Scout Leader, attends First United Methodist Church in Eaton Rapids and volunteers with Special Olympics.  Ulman will now serve as a Loan Support Specialist in the Stockbridge Office.  She resides in Eaton Rapids with her husband, Steve, and children, Michael, Nicole and Renae.

Soule said that, “We are very happy to hire a person of Schroeder’s caliber and we are proud to promote these five members of our team.  They exhibit the qualities we are looking for in management:  hard work, energy, enthusiasm, and a commitment to excellent customer service.”

SSBBank is a locally owned and operated community bank established in 1908 with offices in Stockbridge, Gregory, Eaton Rapids, and Holt/South Lansing.

You Have the Power to Stop Identity Theft

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A message from the federal bank, credit union and thrift regulatory agencies

• Board of Governors of the Federal Reserve System

• Federal Deposit Insurance Corporation

• National Credit Union Administration

• Office of the Comptroller of the Currency

• Office of Thrift Supervision

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You Can Fight Identity Theft

Stop identity theft
There is a type of identity theft using the Internet called “phishing.”  Pronounced “fishing,” that’s exactly what thieves are doing, fishing for your personal financial information.  They want your account numbers, passwords, Social Security numbers, and other confidential information so they can use your financial accounts or run up bills on your credit cards.

In the worst case, you could find yourself a victim of identity theft.  With the sensitive information obtained from a successful phishing scam, these thieves can take out loans or obtain credit cards and even a driver’s license in your name.  They can do damage to your financial history and personal reputation that can take years to unravel.  But if you understand how phishing works and how to protect yourself, you can help stop this crime.

How phishing works
Typically, you’ll receive an e-mail that appears to come from a reputable company that you recognize and may do business with, such as your financial institution.  In some cases, the e-mail may appear to come from a government agency, perhaps a federal financial institution regulatory agency.

The e-mail will probably warn you of a serious problem that requires your immediate attention.  It may use phrases such as “Immediate attention required,” or “Please contact us immediately about your account.”  The e-mail may also state that unless you provide certain confidential information your account will be deactivated or closed.  The e-mail will encourage you to click a link to go to the institution’s Website.

In a phishing scam, you could be redirected to a phony Website that may look exactly like the real thing.  Sometimes, in fact, it may be the company’s actual Website.  In those cases, a pop-up window will quickly appear for the purpose of collecting your financial information.

You may be asked to update your account information or to provide information for verification purposes:  your Social Security number, your account number, your password, or the information you use to verify your identity when speaking to your financial institution, such as your mother’s maiden name or your place of birth.

If you provide the requested information, you may find yourself a victim of identity theft.

How to protect yourself

• Never provide your personal information in response to an unsolicited request, whether it is over the phone or on the Internet.  E-mails and Internet pages created by phishers may look exactly like the real thing.  They may even have a fake padlock icon that ordinarily is used to denote a secure site.  If you did not initiate the communication, do not provide any information.

• If you are unsure whether a contact is legitimate, contact the financial institution.  You can find phone numbers and Websites on the monthly statements you receive from your financial institution, or you can look up the company in a phone book or on the Internet.  The key is that you should be the one to initiate the contact, using information that you have verified yourself.

• Never provide your account information and/or password over the phone or in response to an unsolicited Internet request.  A financial institution would never ask you to verify your account information or confirm a password online.  Thieves armed with this information and your account number can help themselves to your money.

• Review account statements regularly to ensure all charges are correct.  If your account statement is late in arriving or does not arrive, call your financial institution to find out why.  If your financial institution offers electronic account access, check your account activity online regularly to catch suspicious activity.

What to do if you fall victim

• Contact your financial institution immediately and alert it to the situation.

• Close accounts you think have been tampered with or opened fraudulently.  Call the security or fraud department of each associated company or financial institution.  Follow-up in writing and supply copies of supporting documents.

• It is important to notify credit card companies and financial institutions in writing.  Send your letters by certified mail, return receipt requested, so you can document when and what the company received.  Keep copies of your correspondence and enclosures.

• Report all suspicious contacts to the Federal Trade Commission through the Internet at http://www.ftc.gov/bcp/edu/microsites/idtheft/, or by calling
  1-877-IDTHEFT (1-877-438-4338).

•  Check with your state Attorney General’s office to find out if state law requires the police to take reports for identity theft.  Check the Blue Pages of your telephone directory for the phone number, or check www.naag.org for a list of state Attorneys General.

If possible, file a report with local police or police in the community where the identity theft took place.  Obtain a copy of the police report or the report number.  It can help you deal with creditors who need proof of the crime.  If the police are reluctant to take your report, ask to file a “Miscellaneous Incidents” report.

If you disclose sensitive information in a phishing attack, contact one of the three major credit bureaus listed below and discuss whether to place a fraud alert on your file.  A fraud alert will help prevent thieves from opening a new account in your name.

You can fight identity theft

Here’s how:

• Never provide personal financial information, including your Social Security number, account numbers or passwords over the phone or the Internet, if you did not initiate the contact.

• Never click on the link provided in an e-mail you think is fraudulent.  In addition to stealing your personal information, the link may contain a virus that can contaminate your computer.

• Do not be intimidated by an e-mail or caller who suggests dire consequences if you do not immediately provide or verify financial information.

• If you are unsure whether a contact is legitimate, go to the company’s Website by typing in the site address or using a page you have previously book marked, instead of using a link provided by the e-mail.

• If you fall victim to identity theft, act immediately to protect yourself.  Alert your financial institution.  Place fraud alerts on your credit files.  Monitor your credit files and account statements closely.

• Report suspicious e-mail or calls to the Federal Trade Commission through the Internet at http://www.ftc.gov/bcp/edu/microsites/idtheft/, or by calling
  1-877-IDTHEFT (1-877-438-4338).

To learn more about keeping your money safe, visit the
http://www.mymoney.gov/scams.shtml Website.

How To Avoid Financial Stress

There is an old saying that an ounce of prevention is worth a pound of cure.  This is not only true for our physical health but also for our financial health.  The best way to prevent trouble financially is to put money aside in savings, don’t spend more than you make (budgeting), and avoid excessive debt.

SAVINGS.  Many experts agree that we should have from two to six months of our monthly earnings in savings.  This can also be called an “emergency fund” and as such should be available to cover such things as loss of job, unexpected home or car repairs, medical problems, etc.  Obviously, the more we have in an emergency fund, the more we can avoid a financial disaster if one or more of these emergencies happens to us.  Savings is also for non emergencies such as children’s college funds, purchase of a car, down payment for a house, retirement, etc.  Savings here is a generic term for putting aside money that earns income or “grows” and is relatively safe.  This may include certain types of investments, Time CD’s, and retirement funds such as IRA’s and/or 401k’s available where we work.  One of the most important things to remember in saving for college, retirement, etc. is to start as soon as possible due to the tremendous advantage of interest and dividends compounding over time.

BUDGETING.  A budget is a way for an individual or family to allocate their weekly or monthly income in such a way as to adequately cover all their expenses.  Provision should be made for all debt payments, savings, household and personal expenditures.  It should also allow for irregular expenditures such as insurance premiums, clothing purchases, car and home maintenance, birthday gifts, etc.  Budgeting can be as easy as writing everything down on a pad of paper to using sophisticated computer programs or spreadsheets.  If you have never made out a budget, you might seek advice from your local pastor, banker, or financial counselor.  The key here is to make it out and keep tweaking it until it works.

AVOIDING EXCESSIVE DEBT.  Avoiding excessive debt is not as easy today as it was back 40 years ago when credit cards were not so popular.  Unfortunately for many of us, credit cards have replaced our savings for emergencies and when something unexpected comes up we “charge it”.  If too many things come up, we get another credit card (and then another and so on).  Credit cards can be a useful tool for a family if used properly with discipline.  Many experts agree that if you have a credit card you should pay it off in full each month when the statement comes.  This will avoid interest and finance charges.  Credit card interest rates are almost always higher than that of other types of borrowing. 

Today, we are also bombarded with offers to purchase things we might not otherwise be able to afford because the item for sale is offered with “low monthly payments” which make the true (or total) cost of the item harder to grasp.  Always find out the terms (interest rate, term of the contract, total finance charges, total of the payments, late charges, etc.) before being tempted to buy the item based on a seemingly low monthly payment.

GUIDELINES FOR BUYING OR FINANCING A HOME.  When buying or financing a home, there are a few rules of thumb to remember:

Renting Versus Buying?   There are actually advantages to both.  Renters usually have lower expenditures than homeowners (some experts say that rental expense can be as much as 35% lower than buying a home).  Renters do not usually directly pay insurance on the real estate (just their own contents).  Renters do not usually pay for repairs or maintenance on the property and generally have a much shorter legal commitment (i.e., a 2 year lease versus a 15 to 30 year mortgage).  Buyers do have the advantage of income tax deductions for interest and property taxes.  Buyers also may benefit from appreciation and generally will build equity over time.

How Much Should Our House Cost?   An old rule of thumb for this is 2.5 times your annual gross income.  Accordingly, if your household income is $60,000 a year, you should be able to afford a home that costs $150,000.    

How Much Down Payment Should We Have?   A down payment accomplishes several things.  First, it immediately gives you some equity in your new home.  Second, it provides a method for you to lower your payments and save interest over the life of the mortgage loan – the more down payment you have, the less money you will have to borrow and pay interest on.  My personal recommendation is to make a down payment of at least 20% of the cost of the home.  This also avoids the expense of purchasing PMI (private mortgage insurance).  Also remember, closing costs can run 2% or more of the cost of the house and will have to be paid at closing.

How Much Should Our Monthly House Payment Be?   The rule of thumb for monthly house payments is 25% to 28% of your monthly gross income (which includes PITI – principal, interest, taxes, and insurance).    

How Much Should Our Total Monthly Debt Payments Be?   For many lenders, the rule of thumb for this is that all of your combined monthly debt payments including your mortgage PITI should not exceed 33% to 36% of your monthly gross income.    

How Long Should We Finance Our Home For?   It is wise if you can afford a slightly higher payment to consider a shorter mortgage term.  Many people are surprised at the relatively small difference in payments between a 20 year mortgage and a 30 year mortgage.  On a 30 year mortgage, it takes 21½ years before the interest portion of your payment is smaller than the principal portion.  Call your local real estate agent or banker to get a comparison between a 15, 20, and 30 year mortgage.

WHAT SHOULD WE DO IF WE HAVE FINANCIAL PROBLEMS?  Some great advice is to contact your creditors and keep them informed of your situation.  Some financial problems are relatively short lived and others may be longer in duration.  If you contact your creditors, they may be able to assist you in developing a “work out” plan.  If you cannot make your entire loan payment, let them know how much you think you can afford.  Communication is extremely important as they will not be able to work with you if you do not let them know that you have a problem.  If you have a mortgage on your home, counseling may be available through HUD (U.S. Department of Housing and Urban Development).  To find a HUD-approved housing counselor near you, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call (800) 569-4287 or TTY (800) 877-8339.

Ronald L. Soule, President & CEO of SSBBank

The following was taken from the HUD’s website under www.hud.gov/foreclosure/foreclosuretips.cfm

Tips for Avoiding Foreclosure

If you are unable to make your mortgage payment:

1. Don't ignore the problem.  The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.  Lenders do not want your house. They have options to help borrowers through difficult financial times.  

3. Open and respond to all mail from your lender.  The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems.  Later mail may include important notice of pending legal action.  Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.  Find your loan documents and read them so you know what your lender may do if you can't make your payments.  Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.  

5. Understand foreclosure prevention options.  Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .

6. Contact a HUD-approved housing counselor.  The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide.  Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. To find a HUD-approved housing counselor near you, go to www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.  After healthcare, keeping your house should be your first priority.  Review your finances and see where you can cut spending in order to make your mortgage payment.  Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.  Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income?  Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.  

9. Avoid foreclosure prevention companies.  You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender.  While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!  If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home!  Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

The following was taken from the Washtenaw County’s website under www.ewashtenaw.org/government/treasurer/MFP.

Options When Housing is No Longer Affordable

There are different options available to you when you no longer have enough income in the household to support the mortgage and all other bills. These options assist with preventing the foreclosure, but do not mean keeping the home.

Short Sale - The mortgage company allows the homeowner to sell the home for less than what is owed on it. This option can be utilized before the Sheriff’s Sale. Prior arrangements need to be made with the mortgage company before the official sale of the home.

Deed-in-Lieu - The mortgage company allows you to give back the deed to the home in exchange for forgiveness” of the debt. This must be done before the Sheriff’s Sale. The mortgage company may require you to have the home listed on the market for a period of time before considering this option.

Sale of Home - List the home for sale. This can be done before or after the Sheriff’s Sale. However, to prevent the foreclosure from going on your record, the sale must be complete before the Sheriff’s Sale date.

During this time, the best thing for you to do is to stay in contact with the mortgage company. This is important to prevent the foreclosure of your home, if at all possible. Unfortunately, it may not mean keeping your home, but will allow you to “spare” your credit, so that you may purchase a home in the future when your situation improves.

The following was taken from the Washtenaw County’s website under https://edit.ewashtenaw.org/government/treasurer/MFP/Predatory%20Lenders_html.

Warning Signs of a Predatory Lender

Legitimate businesses generally don’t advertise on utility poles or on temporary signs along the side of the road. Be wary of anyone who calls or stops by your home with an offer too good to be true. Predatory buyers or scam artists may pretend to help you. What they really want is your property. A potential buyer/lender:

• seeks you out to “solve” your financial problems
• pressures you to make a quick decision
• demands large up-front fees
• tells you not to contact your current lender or bank
• tells you not to contact a lawyer
• asks you to sign papers without giving you a chance to read them
• asks you to sign papers with blank spaces
• asks you to sign a deed
• offers to file bankruptcy for you