Guaranty Bank & Trust Company is pleased to announce Year 2 of its Small Business Development Program.  GB&T SEED (Simply Effective Entrepreneur Development) Loan program is designed for new or start-up businesses, including those that have been in operations for less than one year.

We will begin by conducting a business development class starting June 21^st, at the Greenwood-Leflore County Chamber Of Commerce, 402 US Highway 82, Greenwood, MS.  Registration will begin at 5:30 and will also be available during the second week of classes.  During our first year, 95% of the participants completed the six week course.  This year the Mississippi Development Authority will take an active role in the class development and course work.

The classes will run for six weeks, one night per week, for approximately 2.5 hours.  Topics taught will include:

• Business Description
• Marketing Plan
• Product/Operations Plan
• Management Plan
• Financial Plan

The class is open to any startup business that have been officially open for less than one year, and unlicensed businesses with no limitation on the time in business.  We also encourage those with a desire to start a small business or those that may benefit from a small business development class to enroll.

For more information on the SEED Loan Program or the Guaranty Bank & Trust Small Business development program contact Clifton Williams 662-247-5238 or Clifton.williams@gbtonline.com.  There is also information at your local Guaranty Bank branch.  Please click here to find the branch near you.

SOUTHAVEN – Hue Townsend, Chief Executive Officer of Guaranty Bank & Trust Company, today said the bank’s newest location at 5960 Getwell Road, Suite 112 in Southaven, is set to open early June 2016. He also said that Andy Nichols has joined the bank and will serve at the new Southaven location.

The new branch is located adjacent to Snowden Grove Park.  While we are excited about our new office in Southaven, we are actively looking for an additional site in Desoto County.

Nichols will serve as Vice President and Relationship Manager at the Southaven Branch. He earned his Bachelor of Business Administration degree from Delta State University in 2007. A native of Olive Branch, he was a member of Kappa Alpha fraternity and is in his final year of studies at the Mississippi Banking School, conducted at the University of Mississippi. Nichols is married to the former Mary Katherine Brooks and he serves as an Ambassador for the Hernando Chamber of Commerce. He is also a member of the Hernando Rotary Club.

“We are confident the families and business owners throughout the Southaven area will be introduced to a new and refreshing brand of community banking,” Colie Sanford, Desoto County President said. “I believe Andy will do an exceptional job in his new position. He believes in our foundation of service-driven, solutions-based banking.”

Receiving a raise is a very exciting point in your financial journey.  It means you are doing an exceptional job and you are being recognized for your hard work and efforts.  It is crucial that you don’t take your raise and instantly book that Hawaiian vacation or buy yourself a new car.  Even though these types of purchases may be tempting with your new income, it is very important to stick to a budget and allocate at least half of your new raise to savings or investments.

One of the first things to do after receiving a raise is to figure out your net pay after taxes.  If you are not sure how to do this, wait until your first paycheck with the new raise comes in and deduct your original pay to reveal what the net pay of your raise is.

A pro tip: have a plan for every dollar that you earn.  This is why budgeting is essential to creating financial security.  You should create a budget based on your income and expenses at the beginning of each year based off of the numbers from the previous year.  Once you receive a raise, if possible, we recommend not making changes to your budget until the end of the year.  Simply set aside the extra income into a savings account.  You made a budget at the beginning of the year for a reason so stick to it.  Having extra savings at the end of the year will allow you to increase certain areas of your budget for the following year.

One of the easiest ways to make sure you don’t blow the extra money is to set up an automatic transfer for your additional income directly into your savings account.

If putting all of your new income in a savings account isn’t an option, another recommendation is to add half to a revised budget and place the other half in savings.  However, even with this plan we suggest waiting at least three months to see exactly how much extra income you receive after taxes and other expenses before expanding your current budget.

Increasing your monthly savings after a raise helps you set a solid foundation for your future and your retired self will be thanking you!

For more information on savings accounts please visit us at www.gbtonline.com or click here to find the address and telephone number of your local branch.

BELZONI – Huey Townsend, Chairman of the Board of Guaranty Bank & Trust Company, today announced that two veteran bankers have joined the bank. Townsend said that Hudson W. “Chuck” Williams will serve as Senior Vice President, Special Projects, while Joseph Bradley “Brad” Branscome will assume the title of Community President.

Branscome, a 1989 graduate of Mississippi State University, earned his Bachelor’s degree in Business Administration, majoring in Banking and Finance.  He was previously employed at State Bank & Trust Company and Regions Bank as a commercial banker with a concentration in agricultural lending.  Prior to banking, he owned and operated a wood products company that purchased, harvested, and distributed raw timber products throughout the Southeast.

Branscome has completed a number of professional schools and is certified in Credit Risk Management. He is a graduate of the Mississippi School of Banking, conducted at the University of Mississippi, and graduate of Leaders at all Levels for Mid-Level Managers. He also holds a Property and Casualty Insurance License for a multi-state area. Branscome is a past Director and Vice President of the Kirk Academy School Board and serves as a Deacon and Worship Leader at Grace Baptist Church.  He and his wife, the former Michelle Bankston, have one child, Josh Branscome.

Williams is a 1971 graduate of Delta State University, where he earned his Bachelor of Business Administration in Finance and Marketing. He is a Rankin County native who served seven years in the Mississippi National Guard. He began his banking career with the Bank of Olive Branch in 1971 and has been affiliated with Regions Bank since 1973 where he most recently served as Executive Vice President for north Mississippi.

Williams has been active in civic and economic development endeavors over the years and served on the American Bankers Association’s Rural and Agricultural Committee for the past three years. He is a past President of the DeSoto County Economic Development Council and is a member of the Rotary Club. He also served on the Building Committee and Chairman of Broadway Baptist Church and the Southern Baptist Educational Center in Southaven.  Additionally, he serves as the Finance Committee Chairman at First United Methodist Church in Grenada.  Williams and his wife, the former Kathy Bailey, have one child, Katherine K. Williams.

Hue Townsend, President and CEO of Guaranty Bank said, “We are delighted to welcome these two veteran bankers to our management team. I am confident that in the years ahead they will continue to make a mark in the lives of our customers and will quickly embrace the Guaranty Bank business model of responsive, exceptional service.”

If you find yourself struggling to understand compound interest rates, long term financing, debt consolidation, or retirement accounts, you are not alone.  Many people struggle with not only managing their finances, but understanding how different financial products can help to achieve financial goals.  Luckily, there are a number of resources at your fingertips to help improve your financial knowledge and ultimately improve your financial position.  Here are 3 tips to help you improve your financial literacy:

1. Start Now – There is no time like the present to start to gain a deeper understanding of your finances.  With each year that passes, you could be missing simple opportunities, that in time could have a significant impact on your overall financial goals.  Try to tackle one high level topic at a time, such as mortgage, and while you learn about that topic, consider diving deeper into a related topic.  For instance, if you are learning about mortgage, a sub topic might be the difference between a 30-year mortgage and a 15-year mortgage.
2. Use Resources From The Government – Congress has declared April “National Financial Literacy Month.” The Government has made advances over the past 5 years to protect consumers from letting their finances get away from them.  They did this by not only starting the Consumer Financial Protection Bureau, but also by providing more opportunities to learn about personal finances.  Websites such as the Financial Literacy and Education Commission and mymoney.gov, were formed to help improve consumer financial literacy.
3. Work With Your Kids – Learning about money management when you are young will improve financial literacy as an adult.  Perhaps open a savings account to start to learn how you will earn additional money based on your original investment, or visit the Jump Start Coalition For Personal Financial Literacy to learn about additional youth programs.  Stating and verbalizing your financial goals is a great way to hold each other accountable and ultimately achieve your goals together.

For more information on financial wellness please visit us at www.gbtonline.com or click here to find the address and telephone number of your local branch.

A common potential scam used by hackers is to call victims and pretend to be a support representative from Microsoft.  During this telephone call, the hacker informs the call recipient that his/her computer has a virus, and the hacker requests permission to access the victim’s computer.  Once this access is granted, the hacker is free to steal any information stored on the computer, as well as install viruses or malware, such as keystroke logging malware.  The keystroke logging malware enables the theft of usernames and passwords, most importantly those used for accessing online banking systems.

Please be aware and do not fall victim to this scam.  Microsoft will never contact you to notify of a virus residing on your computer.  If you believe your computer has been infected by a virus or malware, unplug it from its power source immediately, and take it to an IT professional for scanning.  If you need Microsoft support, or support from any other software company, do a web-based search of that company, and contact the number found on their official web page.  Do not ever contact a company with a telephone number given to you from an unknown source via telephone call, in-person conversation or e-mail.

The fraudsters and hackers are diligently working to steal our personal information, so we have to stay alert and avoid falling victim to these scams.

If you feel your information may have been compromised, please contact your local branch or click here to contact a bank representative.

Everyone remembers the excitement of their first full time job, the training, the tours, and all of the paperwork that comes with starting the new journey.  Part of that journey includes deciding how to allocate your income between taxes, take home pay, and company sponsored programs.  In order to maximize our long term savings goals, it is important to take advantage of workplace investment opportunities.

While there may be many options for how to invest or hold back, the responsibility to maximize the potential benefits falls on the shoulders of the employee.  Every case is different, so it is crucial to ask tax and investment professionals how specific choices will impact your long term savings goals.

Here are a few tips to maximize your 401k:

Get your match – Many companies offer a match for contributions made to the 401k up to a certain level.  This means that regardless of what you put in the company will make an equal contribution with no strings attached.  One question that we often ask ourselves when starting a new job is, “what is the right number to invest on a monthly basis?”  The simple answer is, at least as much as the employer is providing for a match.  This is free money that will accrue just as fast as money that you contribute.

Start Today – For many who are starting in the workforce there is an immediate need to maximize take home pay.  Perhaps there is debt that needs to be paid, or savings for a major purchase, and the pre-tax accounts like a 401k seem like something that can be addressed later in life.  The math on the program is simple, if you put nothing into it, you will get nothing out of it.  Even if it is a very small amount, that amount has decades to grow.  Conversely, for each year that you wait, time starts to work against you.

Don’t set it and forget it- As is the case with any savings plan, it is important to do a check up on the performance of your money.  The markets will go up and down, so there is no need to overreact to changes, but there is a need to make sure the account is structured to grow in the long run.  For instance, the funds may have changed managers and there could be a new fee schedule associated, or the match percentage may have increased due to company performance.  Each year, you should assess your current income and projected income to see if there is an opportunity to invest a little bit more than the year before.  Because of compounding interest, each little bit will grow over time and will rapidly improve the long term savings plan.

Take it with you – Most people will change jobs more than five times throughout their career, and each time there will be an opportunity to move the 401k or to cash out.  Even if the balance is low there are options to keep the money in long term savings (such as an IRA).  If the cash is taken it will ultimately work against the long term savings plan and result in starting from zero while time has continued.

For more information on long term investments please visit us at www.gbtonline.com or click here to find the address and telephone number of your local branch.

Finding the correct balance of insurance, retirement savings, and other assets will help you and your family reach long term financial goals.  It is your job as an investor to find this correct mix and control as much of the outcome as possible.

Finding the balance is only half of the journey.  Naming the beneficiaries is a crucial part of long term planning.  A beneficiary is the person you name that will inherit the proceeds of the policies and other assets.

Three Points To Consider When Naming Beneficiaries

Name Both Primary and Contingent Beneficiaries – It is a good policy to name a contingent beneficiary in the case that the primary beneficiary would die before you.

Minors as Beneficiaries – in some cases minors would not be able to look after or take over those assets without supervision.  This can add an additional expense for the beneficiary.

Be Aware Of The Taxes On The Asset – Each asset can have a different tax implication on the beneficiary.  It is important to talk with a tax advisor while in the estate planning process to fully understand how the taxes could affect the beneficiary.

Three Common Mistakes when Naming Beneficiaries

Forgetting to Update Beneficiaries – just like it is important to review current policies and financial performance, it is also important to review the beneficiaries.  Common mistakes can include incorrect addressees or contact information, listing a parent or relative who is deceased, or listing a guardian of a child who is no longer a minor.

Assuming A Will Covers Everything – In some cases, if no beneficiary is named the account could go directly to the estate instead of to the desired party.  The will and the account could operate independently and it is important to discuss these accounts during the estate planning process.

Not Telling Someone They Are the Beneficiary – This situation occurs more often then it seems.  Discussing death is never comfortable, but it is important that the beneficiary knows about the policy, the approximate value of the policy, and who to contact in the event of a sudden death.

For more information on naming beneficiaries call your local branch.  Click here to find the address and telephone number of your local branch.

One way or another, we will all fall into some sort of debt that will need to be paid off. Whether it is an engagement ring, a new car or a big vacation you just purchased, more often than not, you will not be paying off debt for these items out of pocket.

Let’s say that you have just purchased a car but are still paying off your credit cards and student loans. (This is a very real situation for a lot of people currently in their 20s.) How do you organize which payments to make first?

One of the best organizational tools to help you sort out your personalized payment plan is an Excel spreadsheet. The spreadsheet should have as many categories as necessary for you, but it should at least include the amount owed, minimum payment amount, and interest rate of each loan.

The most important factor in deciding which debt to pay off first is interest rate. A higher interest rate means that a higher percentage of your payment will go to the account holder and less of it will go to paying off the principal of the loan.

The first debt to tackle would be your largest loan with the highest interest rate; however, your largest loan may not have the highest interest rate. Plus, the interest you pay on some debt (debt secured by real estate) can be tax-deductible.  Each person’s scenario is very different when it comes to who and when to pay, but if possible, paying off your biggest non-real estate debts with the highest interest rates first is the best way to go.

For more information on financial wellness please visit us at www.gbtonline.com or click here to find the address and telephone number of your local branch.

Getting a different perspective on any personal objective, such as financial goals, can be extremely helpful. When a person becomes hyper-focused on the end result, they can easily miss small details that could help them get to their end result faster.

The same is true in personal finance.

We all have financial goals, whether they’re top-of-mind or buried on the back burner. You may be saving for a new home, car or vacation; you may be focused on resolving debt issues and need to limit your spending; or perhaps you just need to start setting simple budget limits. No matter what your situation, there’s no reason you have to go at it alone. Sharing your goals with the people closest to you can help you gain knowledge of your networks past experiences – the successes and the failures. Re-tooling the knowledge you gain to your objectives could make a BIG difference.

Moving beyond knowledge, support from your inner-circle can prove invaluable when it comes to your mental/emotional well-being. For example, your close friends will be more likely to stop by with a pizza than to invite you to an expensive restaurant if they know you’re saving every dime possible for a new home. Deciding between your fiscal goals and pleasing friends and family is never a fun situation to be in.

It’s important to note, your finances are your business. Choosing who you seek counsel from can play a role in the quality of knowledge and support you receive.  However you’re certain to see that achieving your financial goals is much easier when you’re part of a team!

For more information on financial wellness or to talk to one of our banking experts, stop by your local Guaranty Bank office.