You’ve got many options to explore when looking for a financial banking solution that fits your personal or business needs. But with there being so many choices out there, you’ll need to complete your due diligence and look around to find options that fit your needs. You can use a few points when finding a personal business banking plan that supports your demands. The work should be about helping you preserve your money and also potentially improve your ability to save more after a while.

Review Your Credit Reports

Check on all the credit reports for yourself or your business before you start looking for banking choices. Your name or business will have access to three separate reports from different credit bureaus. Review each of these to confirm your current financial situation and identify how lenders may support your business. You will be more likely to find good rates and be accepted for financial services if your credit reports are good enough.

Check Your Documentation

Your business documents should be up to date and thorough. You will require them if you’re trying to acquire financial services.

Some of the documents you’ll need to keep tabs on include these:

• Articles of incorporation
• Business licenses, including ones with your state or county governments
• Your DBA certificate; the certificate lists who you are doing your business as
• Suitable identification documents, including government-issued IDs or other documents relating to whoever owns or operates the business

These documents are necessary for reporting on your finances and how much you are earning. You may be eligible for some tax benefits if you provide the suitable information for the work.

Check Your Current Debts

Watch for whatever debts you currently hold and what you may incur soon. Your debts could include many things surrounding current loans you have and routine payments you make. You can also review your future plans for how you’re managing money to see what debts you may come across soon. The plan can help you identify how well your debts are being managed and if you need to make any suitable changes. You’ll especially need to review this if you’re running a business that plans on expanding or making a few changes soon.

Plan a Savings Goal

Look at how much money you’re saving, especially if you’re trying to keep a business afloat. You can grow your money when you save it well enough, as you can earn more money in interest.

You can review a few points surrounding how you’re saving money:

• Look at how much you add to your bank account every month.
• Review your 401k contributions. Be aware of any possible 401k matching programs your employer might offer.
• Your IRA will require a proper deposit, although the total you can deposit each year will vary surrounding your status. You may qualify for a tax benefit if you provide the maximum contribution to your IRA.
• Avoid storing money in unsecured spaces. In addition to the funds not being insured, it will not incur any interest or other benefits.

Look At Your Tax Losses

This next part of financial banking should entail reviewing possible changes to how you make money and how you’re managing your taxes. Investment losses, whether it entails losses from a bank or other investments you hold, can be interpreted as capital losses. Your taxable income is reduced at this point, thus reducing the general tax burden you will hold.

Check on how much you are earning from banking investments versus any losses you might have received in the past year. You may be able to write off the losses involved, although the rules for what you can write off will vary surrounding the situation at hand.

Plan Your Budget

Whether it is for your personal life or your business, you must look at your budget to confirm what you’re managing and that you have a smart plan for where the budget will move. Look at how you’re budgeting your money based on:

• Current expenses
• Future investments
• Any amounts of money you plan on earning; be realistic when looking at this point
• Possible debts that may occur
• Interest payments, appreciation, and other cases where the values of things you hold might change

Your budget should be thorough enough for the coming year to help you keep tabs on where you’re going from a financial standpoint.

What Is Your Portfolio Like?

The portfolio for your work should be planned well enough to help you go forward in your studies. The portfolio you hold can include many items like stocks, bonds, cash investments, and other things of value.

A quality portfolio will have a thorough array of investments and other items that work for your investing needs.

Check Your Credit Card Debt

The last thing to do in your financial banking checklist is to look at your credit card debt. This aspect of your financial profile can make it harder for you to use banking services. You might have more money tied up in cards, plus a bank might not be willing to issue any other cards to you if you have too much debt.

The problem with credit card debt is that it can increase quickly without you thinking about it. You could add to that debt by spending more money on a card than you plan. The interest charges and other expenses surrounding a card can also add up after a while.

Be sure you have a plan for how you’re going to pay off your credit card. Establish a suitable plan that includes a review of how much you are going to spend.

Plan Your Work Well

Be sure when looking at your finances and banking efforts that you review your data. Make sure anything you have is updated and that the content is easy to monitor in any situation. You’ll have an easier time planning your work when you have enough of an idea of what you want to do for your financial demands.

OXFORD – Guaranty Bank & Trust Company CEO and President Hue Townsend today announced that veteran banker Chris Steiner has been named Oxford President and Commercial Banker and will serve in the new Oxford office. The office recently received full-service status and is located in the Oxford Commons at 404 Enterprise Drive, Suite A.

Steiner has more than 11 years of banking experience. A native of Germantown, Tennessee, he earned a bachelor’s degree in Business Administration from the University of Mississippi. He also is a graduate of the Mississippi School of Banking held at the University of Mississippi and completed the Wells Fargo College of Commercial Credit.

Chris and his wife, Hattie, an Oxford native, reside in Oxford and have two daughters: Isla and Isabelle. They are active members of Oxford University United Methodist Church, where Chris also serves as a Trustee. Chris’ hobbies include playing golf and snow skiing.

Headquartered in Belzoni, MS, Guaranty Bank is familiar with small-town charm and looks forward to building lasting relationships with the individuals and businesses in Oxford.  “I am pleased to welcome Chris to the Guaranty Bank family,” Townsend said.  “As we move forward in Oxford and Lafayette County, we are doing so with experienced, local bankers who will serve our customers well.”

GRENADA – Guaranty Bank & Trust Company CEO and President Hue Townsend today announced that Frank Bradford, Jr., has joined the bank and will serve as a Commercial Relationship Banker in its Grenada Office. Guaranty Bank provides the traditional community bank experience of building personal banking relationships. We invite you to stop by 1433 Sunset Drive to meet Frank and see our new state-of-the-art facility that showcases many personal and business banking solutions.

Bradford earned his Bachelor of Business Administration degree from Delta State University in 1981 and is a graduate of the University of Wisconsin-Madison School of Bank Administration, Vanderbilt University’s Tennessee Commercial Lending School, and the Mississippi School of Banking held at the University of Mississippi. He brings approximately 40 years of banking and financial management experience. Bradford is married to the former Bernice Hollis, and they have two children: Latasha and Frank III and one granddaughter, Khyrsten.

Active in the community, Bradford has served as past president of the Grenada Area Chamber of Commerce and the Grenada Rotary Club. He is a Board Member of the Grenada Economic Development District and the Grenada unit of the Boys & Girls Club. Bradford is a Deacon with Piney Grove Missionary Baptist Church and serves as treasurer for Christ Centered Cross. He is involved with many other volunteer and community service positions.

“We are pleased to welcome Frank, a local banking veteran who brings us his banking expertise and knowledge of the community,” Townsend said. “Being staffed with experienced professionals like Frank is what sets us apart in our communities.”

 

What Should a Business Look For In a Bank?

You have many choices to explore when looking for a quality bank that can serve your business. But with all these choices comes a demand to find someone that fits your specific needs. You can use these points when looking for a bank that will serve your business.

Business Checking

A business checking account is similar to a personal account in that your business can draft checks or ACH payments, or it can make deposits or withdrawals. But what makes a business checking account useful it simplifies how your business calculates its taxes.

A business checking account lets you check your income and expenses and arrange them well to where you can pay your estimated taxes every quarter as necessary. It is easier to gather your financial data through a business checking account than if you had a personal account.

You will also qualify for interest on your business checking account. The bonus can help you add funds but be sure to also watch what fees come with a checking account. The interest you earn should be enough to cover the expenses with that account.

Business Credit Cards

Many banks will offer business credit cards that are for business-related use. You can produce a new credit file for your business that can improve as you continue to pay off your expenses. You can qualify for better borrowing terms as your profile grows.

Business credit cards often come with rewards, including support for covering travel and other purchases. The terms for these rewards will vary by card. Don’t forget to watch for any possible fees that come with your card.

Multiple employees can also have their own cards that link to your business. A bank should give you the option to limit how much money those employees can spend with their cards. Anything that also restricts the specific places where the employees can use their cards also helps.

Online Access

Online banking is critical for all businesses. Your bank should provide online access to all your accounts. You can review real-time info on your accounts and how much money you have through a suitable online system. Any mobile apps from your bank can also help, especially when you’re regularly on the go and need help tracking your banking info from anywhere.

ACH Access

Your business will require Automated Clearing House or ACH access to help you transfer money to others without using wire transfers or paper checks. Your ACH transactions can work for payables and receivables alike. Some of the more common purposes you have for ACH payments include managing loan payments or completing payroll dues. Customers and other clients who have more massive invoices or pay recurring amounts can also send you money through the ACH system.

Support For Your Accounting Software

Every business can benefit from an accounting software program. A program like QuickBooks will tally your expenses and income and help you monitor your daily cash flow. The best programs will prevent accounting mistakes and automate many routine transactions. A business bank account can integrate with whatever accounting software solution you use.

Fraud Protection

The increasingly online nature of the business world has made it where fraud is a real threat. Fraud insurance is an ideal solution that your business can hire from a bank.

Fraud insurance protects your business from losses from a fraudulent transaction. The program is ideal for businesses that handle many transactions each day and ones where more than one person has access to an account. The insurance also prevents bounced checks from vendors, thus preserving your credit rating.

But all fraud insurance services have protection limits that can only cover losses of up to a specific amount. Some banks may also charge some fees for these protective measures. Review the terms a bank provides to see what you can expect out of a fraud protection system.

Investing Through Money Market Accounts

Banks often provide money market accounts to customers. These accounts have higher interest rates than traditional accounts, plus they don’t incur service fees in most situations. A bank should provide your business access to a money market account where you can store part of your business’ funds for further earnings.

The rules for how you can access your money market funds will vary by bank. Some banks will let you write checks from a money market account. Others may limit how much money you can take from the account at any moment. Review the terms for how you can reach the money, including whether you can quickly transfer funds from one part of your business bank account to your money market account.

Support For Retirement Accounts

The best businesses will offer retirement benefits to their employees. These include benefits like pension plans and 401ks. A business that offers retirement programs will have an easier time bringing in new employees. Your business will require such plans, plus it will need a bank to help support these programs.

Banks can help businesses set up their retirement programs. They can also maintain those retirement systems by reviewing how the money enters specific accounts and builds interest. Your employees will want to ensure they receive retirement support from you if they want to stick with your business for a while, so look at how you can provide assistance for retirement accounts.

International Services

Businesses are reaching out to international entities more than ever. Whether it entails other businesses, vendors, or even customers, a business must have access to people in other countries. A bank should provide business support for international communications and transactions. A bank that partners with different international entities or can manage foreign currency transfers is always helpful. The work should simplify how you’re managing business efforts across borders.

Review Each Bank To Learn More

Every bank will have unique features for its business banking services. Be sure whoever you choose has the solutions that fit your business and help you take the next step forward.

Grenada native Harry McCarley has joined Guaranty Bank and will serve as a Mortgage Lender and Assistant Vice President.  Valeri Geiger will join McCarley and serve as Loan Support. Hue Townsend, President and CEO of the bank, said the pair will serve in the bank’s Downtown Grenada Office.

Mr. McCarley is a graduate of Grenada High School and completed studies at Mississippi State University, where he earned his Bachelor’s degree in Business Administration.  He is married to the former Michele Duke, also of Grenada, and they have one daughter, Olivia.  The McCarleys attend Grace Baptist Church and he counts among his hobbies attending or watching Mississippi State University sporting events and spending time with family and friends.

Ms. Geiger is also a Grenada native and brings six years of banking experience to Guaranty Bank. She is a graduate of Grenada High School and is an active member of
St. Peter’s Catholic Church.  She and her husband, Phillip, have three children: Aubrey, Rowan, and Carmen. Outside of work, she can be found attending one of her children’s athletic events.

“I am pleased to welcome Harry and Valeri to our Grenada Office,” Townsend said. “For those interested in purchasing a new home or refinancing an existing mortgage, the window of opportunity is great right now. I am confident that Harry and Valeri will exceed the expectations of our customers.”

Citing Guaranty Bank’s extraordinary growth and mission of offering the best community banking experience, bank President and CEO, Hue Townsend, announced today that Keith Mitchell was named Chief Banking Officer. Mitchell had been serving as Executive Vice President, Strategic Initiative.

 

“Our success is a testament to the hard work, dedication, and willingness to go the extra mile for our customers and teammates,” Townsend said. “Adding Keith to our executive team will strengthen our infrastructure in preparation for continued growth and our ability to exceed the expectations of our customers.”

 

In Keith’s position, he will be responsible for developing and delivering new products,  services, and growth in the bank’s retail, commercial, and mortgage areas.  Before joining Guaranty Bank, Mitchell was responsible for 35 banking centers for a large regional bank, managing more than 400 employees and $2 billion in deposits and $1 billion in loan commitments.

 

“Under Keith’s leadership, we will continue to hire exceedingly qualified bankers across our bank’s departments,” Townsend noted. “We have become an employer of choice in the banking community and will continue to elevate our services for the benefit of our customers to the point that we will remain the community bank of choice in the communities we serve.”

         

Mitchell is a graduate of Delta State University, where he earned his bachelor’s degree in Finance. Additionally, Mitchell has completed studies at the Graduate Banking School, conducted at Louisiana State University, the Vanderbilt School of Commercial Banking, and the School of Commercial Banking held at the University of Oklahoma.

         

Mitchell has long been active in numerous civic, church, and economic development organizations. He is a Deacon at Grace Baptist Church and serves as the Grenada County Economic Development District chairman.  Additionally, he is a board member of the Grenada Public Education Foundation, Inc., and former Treasurer of the Delta Council.  Mitchell is married to the former Beth Pinnix of Grenada, and they have one son, Matt (Leah), and a granddaughter, Emma Grace.  “There is an excitement and level of enthusiasm that exists from our Board on down,” Townsend said. “We are taking the best in true community banking and elevating it even higher.”

BELZONI – Hue Townsend, President and CEO of Guaranty Bank & Trust Company, reported the promotion of four team members. Townsend announced John M. Harmon has been named President of the Calhoun County office while Chuck Williams was named Regional President, Lynn James Vice President and Operations Manager, and Chris Herron Assistant Vice President and Branch Manager.

A native of Vardaman, John Harmon has more than 37 years of banking experience. He is active in the Calhoun City area and is a past president and current Board Member of the Calhoun City Rotary Club. He is also a Board Member of the Calhoun County Chapter of the National Wild Turkey Federation. He and his wife, Amy, are members of Midway Baptist Church in Vardaman and they have two sons, Jonathan Harmon and Hunter Harmon (Anna Grace).

Chuck Williams is a veteran who served with the Mississippi National Guard and has been in banking since 1971. He has most recently served as Senior Vice President of Guaranty Bank, specializing in Special Projects. He has also served on the American Bankers Association’s Rural and Agricultural Committee. Williams is a member of the Grenada Rotary Club. He is married to the former Kathy Bailey, and they have one daughter, Katherine.

Lynn James, a Belzoni native, graduated from the Mississippi School for Mathematics and Sciences and is also an honor graduate of the University of Mississippi. She has been promoted from Assistant Vice President to Vice President and will continue her responsibilities as Operations Manager. James is an active member of First Presbyterian Church in Belzoni and is the daughter of David James and Toni Shannon.

Chris Herron has been named Assistant Vice President and Branch Manager at Guaranty Bank’s Clark Tower location in Memphis. He previously served as Branch Manager and Personal Banker in that location. A native of Kosciusko, Herron earned his bachelor’s degree from Mississippi Valley State University and his master’s degree from Belhaven University.

“It is always a pleasure to acknowledge the good work and contributions of our employees through promotions,” Townsend said. “Our wealth of good people is evidenced by exceeding the expectations of our customers with respect to knowledge, responsiveness and personal service. I congratulate each of these individuals on their most recent accomplishments.”

Brad Branscone, Grenada Guaranty Bank President, discusses the banking experience at the new Grenada office and what it means to be part of the Grenada community.

Fall is often referred to as the other “New Year.” When kids head back to school, and the seasons change, it can feel like a fresh start. Similarly, to the first of the year, it is a great time to set new goals, or reevaluate the ones you already have and make sure you’re still on track.

Check your Emergency Fund

An emergency fund is typically considered to be 3-6 months of living expenses. Not necessarily 3-6 months of income, just however much it would cost to cover the basics for 3-6 months. The basics typically include housing, groceries, transportation, clothing and any medical needs. If 3-6 months of expenses feels like a lot to save, start small with what you can. Anything is better than nothing. If you have had to dip into an emergency fund recently, now may be a good time to think about how to replenish it.

 Check your credit report

You can pull your credit report for free (during the COVID-19 Pandemic, you can pull your report free weekly) at annualcreditreport.com. Assessing your score can be a great way to figure out your financial goals. If your score is on the low side and you want to work to improve it, you set goals around improving your score. You can also use this opportunity to check for anything that seems out of place. If you notice anything suspicious, make sure to report it right away.

 Pay off debt

If paying off debit is one of your goals, now may be a good time to make a strategy. Some people start with the debt with the highest interest rate, and some start with the debt with the largest (or sometimes even smallest) total sum. It’s important to find a strategy that works best for you.

 Update your budget

Summer is often the time when budgets fall by the wayside since there is a lot of fun to be had (no shame!). The turn of the new season can be a good time to assess where you are and consider your goals. There are several budgeting apps that can make this process easier to track.

 Set up Auto Pay

You can set up auto pay through Bill Pay in Online Banking. Auto pay can help ensure you never miss a payment deadline which, in turn can help you build your credit score. It can also help you keep records of payments.

 Check on your investments

Take the time to log into your investment accounts and see how they’re doing. You could also set up a meeting with a financial advisor to learn more about how to handle your investments. Maybe you have an old retirement account from a previous employer that you could roll over into a new plan. Take the time to assess where your investments stand, determine where you want to be and make a plan for how to get there.

Compare service providers

Now may be a good time to assess the cost of the services you pay for regularly like your cell phone, cable, internet, insurance, credit card, and more. You may be able to negotiate a lower rate with your current provider, or if not, you can shop around and potentially switch providers so you can secure a lower rate and create more room in your budget.

 Set goals for the coming months

Now is a great time to look forward to what you want to accomplish in the next season. Maybe you want to plan a winter vacation or are in the market for a new house. Consider everything from your big goals, to your small goals. Take a look at your budget and consider how you can rev up your saving in order to reach your goals faster.

Home improvement

Home improvement projects can be really fun and exciting, but they can also take planning and time. Fall can be a great time to launch home improvement projects. Maybe you need to prepare your home for colder months, or maybe you want to plan ahead and add some outside space for summer. Either way, fall is a great time to get started on planning and researching.

 Holiday shopping

Get a jump start on your holiday shopping. By thinking about your holiday shopping earlier in the season, you may have a chance to find deals for particular items. Make a list of everyone you want to buy something for, or just anything you want to buy in general, and begin scouting out items early. When the holidays roll around, you may already be done with shopping and you won’t have to worry about it anymore.

Financial goals can change regularly so it’s important to take the time to reevaluate where you stand and take stock of where you want to be. Ultimately, a little bit of planning and reflection can help you set yourself up for financial success in the long run.

GRENADA – Hue Townsend, President and CEO of Guaranty Bank & Trust Company, today announced that Chris Savage, CPA, has joined the bank and will serve as Vice President and Senior Portfolio Manager in its Grenada Office.

Savage is a 1986 graduate of Grenada High School and earned his Bachelor of Business Administration degree in Accounting and Management from Delta State University in 1991. He has been a Certified Public Accountant since 1993 and brings to the bank more than 18 years of financial management experience.

Active in the community, Savage serves on the Fireworks Committee for Thunder on Water and as a volunteer with Operation HOPE, an entrepreneurial and financial literacy community outreach program.

Savage and his wife, the former Beth Hobson of Holcomb, have two sons: Josh and Kyle. He attends Emmanuel Baptist Church in Grenada and is an avid crappie fisherman.

“The financial complexities our customers face each day require that we are staffed with qualified, experienced professionals,” Townsend said. “I am pleased to welcome Chris, knowing that he brings such experience, knowledge of the community, and a commitment to our brand of personal and commercial banking.”

Press Contact:
Meagan Grisham
Marketing Assistant
210 N. Hayden Street
Belzoni, MS 39028
meagan.grisham@gbtonline.com