Your Community Bank's eNewsletter                                May  2018
Charles
Thompson
Dear neighbor, 

Please join me in welcoming Charles Thompson to our Cortez ag lending team! His experience and familiarity with southwestern Colorado--along with the nuances of agriculture lending--make him a tremendous asset to the team and to you! Read more about Charles here. Drop by our 77 West Main St. branch in Cortez and say hello.  

Welcome abroad, Charles! 
Sheila Mathews | President and CEO  
Customer Feature: Firehouse Subs  

Click HERE to read Darin's story.
Jordan and Kristin Grant recently purchased their first home in Farmington! They were well- prepared by initially researching mortgage options before beginning the pre-qualification process. When it came time to make an offer, they were more than ready, and FCCB was too.

Congratulations and all the best to you both! 
Jim Johnson--longtime NM Pepperidge Farm distributor--has built a successful business and proudly provides his products to local businesses.

Thank you Jim, for supporting FCCB and our mortgage loan department with your business accounts and two recent refinances!
FCCB donates furniture to ECHO, Inc. 
As part of it's main office renovation, FCCB donated several pieces of office furniture to ECHO, Inc. Items included 10 desks, eight chairs, four file cabinets, three bookshelves, and three credenzas. Enough to fill the truck twice! The main office is still under construction, but plans are in place to complete the upgrade and fully implement its dialog banking concept in the next month. Stop by to say hello!
Community News: Around the Four Corners 
Banking included at Cortez Middle School's career day
FCCB staff presented banking-related career options and pathways to a group of interested Cortez middle schoolers last month. "We had great involvement from the students," said Taylor. The duo presented to four groups of 15 students, each was given a pair of FCCB's famous sunglasses!      






Cortez branch managers, 
Taylor Hill (left) and 
Nicole Hafner at Cortez Middle School
Congrats, AnnMarie's Dance Academy!
Farmington Mayor, Nate Duckett, presented the Citizenship Award to AnnMarie's Dance Academy for exceptional sportsmanship and positive representation of the City of Farmington at a recent competition in Albuquerque. The team's conduct caught the attention of another competitor's parent, who was so impressed with the group she felt compelled to share her observations with the mayor. Nicely done, team (including Savanah Skaggs, one of our own)! Keep it up.
Customer Corner : Upcoming June awareness
June is American Housing Month and  National Internet Safety Month
June 15: World Elder Abuse Awareness Day   

June 28: National Insurance Awareness Day
Insight: Six tax refund tips 
  1. Save for emergencies. More than 60 percent of Americans are not prepared for unexpected expenses. You can prepare by opening or adding to a savings account that serves as an "emergency fund." Ideally, it should hold about three to six months of living expenses in case of sudden financial hardships like losing your job or having to replace your car.
  2. Pay off debt. Pay down existing balances either by chipping away at loans with the highest interest rates or eliminating smaller debt first.
  3. Save for retirement, your child's education, or future health expenses.Open or increase contributions to a tax-deferred savings plan like a 401(k) or an IRA. Your bank can help set up an IRA, while a 401(k) is employer-sponsored. Look into opening a tax-advantaged 529 education savings plan to ensure school expenses will be covered when your child reaches college age. Or save for future health expenses with tax-free dollars by investing in a health savings account.
  4. Pay down mortgage or student loans. Make an extra payment on your mortgage or student loans each year to save money on interest while reducing the term of your loans. Be sure to inform your lender that your extra payments should be applied to principal, not interest.
  5. Invest in your home. Use your refund to invest in home improvements that will pay you back in the long run by increasing the value of your home. This can include small, cost-effective upgrades like energy-efficient appliances that will pay off in both the short and long term, and with tax credits (as long as Congress continues to renew the program).
  6. Donate to charity. The benefit is two-fold: Giving to charity will make a difference in your community, and you can also claim the tax deduction, if you itemize.
Upcoming deadline: Beneficial ownership rule
Rules under the Bank Secrecy Act aid the government in the fight against financial crimes. In an effort to curb money laundering and combat terrorism and national security threats, Section 326 of the U.S. Patriot Act- referred to as the beneficial ownership rule- requires all financial institutions to obtain, verify, and record additional information to verify those who open accounts for covered legal entities, or those listed as a beneficial owner as of May 11, 2018 .

What this means for you:  Each time an account (deposit or loan) is opened or modified (including renewals) for a business or legal entity, banks will require additional identifying information and documentation including the name, address, date of birth, and social security number for:
  • One individual that has significant managerial responsibility for the legal entity, and
  • Each individual that has beneficial ownership (25% or more) in the legal entity
Types of entities included under the rule:
  • Corporations
  • Limited liability companies
  • Entity created by a filing of a public document with a Secretary of State or similar office
  • General partnerships
  • Any similar business formed in the United States or foreign country
Types of entities excluded under the rule:
  • Sole proprietorships
  • Unincorporated associations
  • Natural persons opening accounts on their own behalf
Four Corners Community Bank proudly supports all efforts to protect and maintain the security of our customers and our country, and thanks you for your cooperation and understanding.
 
Four Corners Community Bank
500 West Main Street, Suite 101 | Farmington, NM 87401
NM: 505.327.3222 | CO: 970.565.8421 | Toll free: 1.855.547.3222
TheBankForMe .com | NMLS# 452405



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