First Bank of the Lake: January 2018

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265

Friday, January 19, 2018

5 Tips for Starting a New Business

It's 2018 and you've finally "made the leap" and decided to start your very own business. Congratulations! Starting your own business is a very big step and can take a lot of dedication and hard work. If you are truly passionate about what you do, it can be a very rewarding and self-fulfilling experience. Our bank at the Lake of the Ozarks is here to give you a few tips to help you start your new venture.

5 Tips for Starting a New Business

Tip # 1
Let your passion drive you.
A new business could be a very long commitment so it's important that you are truly passionate about what you do and you enjoy doing it. Plus, customers can appreciate service from someone that is happy with what they are doing. Passion shows and can make for a more pleasurable buying experience.

Tip # 2
Visit with a tax professional.
It may not be wise to jump into starting a business without having an idea of what your taxes are going to be like. You need to know what your legal responsibilities are going to be, before you start your business. Allow for your business to run more smoothly by being prepared.

Tip # 3
Present your business as a solution.
Too many people try to "sell" their services the wrong way, by pushing their services on the wrong people. Qualify your "prospects" and explain how your services could help with their problems. It can be very easy to be overly excited right after starting a new business and push your services. For example, if you are speaking with different members at a local networking group and you are starting a wakeboard sales business at the Lake, it may not be wise to try and "push" your services to someone who clearly isn't into wakeboarding and most likely won't be in the future.

Tip # 4
Have the RIGHT people on your team.
Recruit people to work for your business that share your same values and believe in the mission behind your business. Having the right team can really make a difference.

Tip # 5
Have a plan for bill management.
Running a business can really cause the bills to add up, so have a plan for that before you start. Know what regular bills you will have ahead of time and do your research. Have a back up plan for how you are going to pay those bills, if your business doesn't bring in enough money to cover them.

"You Have to Spend Money to Make Money"

This famous saying has guided aspiring entrepreneurs for decades. Depending on your industry, starting a business at the Lake of the Ozarks can require a sizable initial investment. You may not have the funds you need immediately available to get your business up and running. What can you do? If you're like most entrepreneurs, you'll probably take out a loan so you can have the funds you need to get your company off the ground. This is where SBA or small business loans come in. There are three key benefits to having a SBA loan: long term financing, low down payments, and there are several different loan options. We are proud to have a dedicated SBA lending officer on staff and he has been a great addition to our team. It is amazing to be able to offer SBA loans at the Lake of the Ozarks for the local up and coming business owners. If you are interested in speaking to us about getting a SBA loan, call us at 573-348-2265. We look forward to hearing from you.

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First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265

Friday, January 12, 2018

First Bank of the Lake - Your 5 Star Community Bank

First Bank of the Lake is excited to announce that we have officially received a 5-star superior rating from BauerFinancial out of Coral Gables, Florida - the Nation's Premier Bank Rating Firm. What does this mean? When a 5-star rating is given, it indicates that the bank excels in capital adequacy, profitability, asset quality and much more. This is such a great way to start off the year and we couldn't be happier. We are a local bank in Osage Beach and we are proud to be a community bank and to have this rating. Here are a few reasons why we are so proud to be a local bank.

First Bank of the Lake – Your 5 Star Community Bank

Reason # 1
Local Banking Makes a Difference
When you work with a local bank, you put your money to work growing the local economy. We share a common commitment to our community with our customers.

Reason # 2
We Have an Understanding of Local Needs
When you work with a local bank, loan approvals and other key decisions are made locally by people who live in the community, have face-to-face relationships with our customers, and who understand local needs.

“Because community banks put their focus on local people and small businesses, they are perfectly positioned to provide the specialized support that is unique to their area,” acknowledges Karen L. Dorway, president of BauerFinancial. “Community banks, like First Bank of the Lake, promote local growth by investing back into the same neighborhoods that their deposits come from. By fostering these local relationships, they achieve two goals: they are highly capitalized and they are accountable to their customers.”

Reason # 3
We Have a Local Staff that is Proud to be Part of this Community
(The names and titles of the staff members are stated from left to right)

Lake Area Loan Staff
Dionne Torrence, Loan Coordinator
Linda Hayes, VP & Loan Administration Manager
Linda Allen, SVP and Loan Officer
Gwen Sullens, VP and Loan Officer
Nicole Bonney, Loan Documentation Specialist

Retail Staff
Jeannie Neuman, Head Teller
Mary Steinwachs, VP and Cashier
Barb Nelson, Teller and Administrative Assistant
Lisa Cullen, New Accounts Supervisor
Dana Wyrick, Teller and New Accounts Representative

SBA Lending Staff
Matt Gredell, VP and SBA Loan Officer
Doug Clark, VP and SBA Loan Officer
Rachel Tate, Loan Analyst
Clay Lindhorst, VP and SBA Loan Officer

Corporate Staff

Angela Jesse, AVP and Assistant Corporate Secretary

Mike Anderson, President and CEO

Mary Steinwachs, VP and Cashier/Controller

Are You Ready to Bank with a Local Bank that Cares About this Community?

First Bank of the Lake has been reinvesting in this community for 30 years, since 1987. We are “Your 5-Star Community Bank” and we are here for your banking needs. Visit our website at www.FirstBankLake.com or call us at 573-348-2265 for more information on the banking services we provide.

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First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265

Friday, January 5, 2018

3 Key Reasons to Start Saving for Retirement Now

It can be very easy to keep pushing off saving for retirement, but the sooner you start saving the better! The earlier you start, the more money you can have when you are ready to retire. There are tons of reasons to start saving for retirement now and our bank at the Lake of the Ozarks is here to highlight a few key reasons.

3 Key Reasons to Start Saving for Retirement Now

Reason # 1
Save yourself from having to work forever.
While you may love your job and that's great, it is very unlikely that you are going to be able to work forever. What if you end up having a medical condition that prevents you from working as much in your old age? What if you are simply tired of working and ready to live a life of relaxation? Having a retirement plan in place can help make that happen. It can be nice to have a reliable income to live off of when you are too old to work.

"Retirement, a time to enjoy all the things you never had time to do when you worked." - Catherine Pulsifer

Reason # 2
Have the same lifestyle in retirement that you do now.
You are probably used to living a certain lifestyle while you are working and having a steady, regular income coming in. By saving for retirement now, you are contributing to funds that can help you have that same lifestyle when you retire.

Reason # 3
The sooner you start saving, the better chance you have of reaching your retirement goal.
If you are trying to save x amount of dollars for your retirement by age 65, wouldn't you want all the time you can get to contribute to that amount? Even if you don't feel you can contribute a lot of money, just putting whatever you can toward your retirement can be beneficial. Every little bit helps.

Looking to Start Saving for Retirement Now?

We here at First Bank of the Lake hope you found these reasons enlightening. If you are ready to start saving for retirement now, stop by and visit with some of our friendly banking staff members. We offer a few different Individual Retirement Account (IRA) options that may be perfect for you and your retirement goals. Our IRA products include Traditional IRAs, Roth IRAs, SEP IRAs and SIMPLE IRAs. Our staff members can explain what each of these products are and what they can do for you. We can help you determine what might work best for your situation. Our bank in Osage Beach can be reached at 573-348-2265 or you may stop in to visit with us in person at 4558 Osage Beach Parkway, Suite 100. We are happy to help you reach your retirement goals.

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First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.