Your March news from Hyperion Bank

IT'S A NEW DAY IN BANKING

We bring community banking to you.

Visit our historic building or use our convenient mobile options to bank

with us any time, from any device, any where.

Our personal service makes the difference. Decisions made here.

Get to Know Our Team -- Personally!

Meet GEORGE PERKINS

Senior Vice President, Senior Compliance Officer

George has built his banking career over three decades, working in consumer and commercial lending and compliance for financial institutions both large and local. Focusing on bank compliance for the last 22 years, George joined Hyperion Bank in 2016 to lead our compliance department.

As Senior Compliance Officer, George is responsible for maintaining Hyperion Bank's policies and procedures in accordance with all banking laws and regulations, including consumer protection laws intended to protect the rights of loan and deposit customers. He performs internal compliance testing, and ensures that all employees are fully trained in bank compliance and conforming customer service protocols.

“I take great pride in helping Hyperion serve our customers with the highest quality banking products and customer service, while also ensuring that our customers are fully informed regarding all aspects of their relationship with the Bank," says George. "I am proud of the fact that Hyperion treats the protection of the customer's rights with the utmost concern and strives to exceed all standards as a corporate citizen of the Philadelphia region.”

Born and raised in West Philadelphia, George stayed close for college: after attending West Philadelphia High School he graduated from the University of Pennsylvania in 1984 with a Bachelor of Arts degree in Economics. In 1996 George completed advanced professional education at the American Bankers Association Institute of Certified Bankers, where he earned the distinction of Certified Regulatory Compliance Manager.

George currently resides with his wife and daughter in South Jersey. He gives back to the Philadelphia region, his lifelong home, by regularly volunteering with MANNA, a charitable organization that prepares and delivers meals to chronically ill individuals who cannot provide for themselves. He also enjoys travelling, the arts, and jazz music.

Fun Fact: George is a jazz enthusiast who has traveled the east coast and the Caribbean to attend jazz festivals and see his favorite artists. Want suggestions on places to hear good jazz music in the Philadelphia region? Email George.

Personal and Business Banking Services

We can help you save for your retirement dreams with a Traditional or Roth IRA

Consider our Individual Retirement Account (IRA) options for tax-advantaged retirement savings!

IMAGINE YOUR IDEAL RETIREMENT: WE CAN HELP YOU SAVE TO GET THERE

You've likely heard financial experts say "pay yourself first." This good advice means that saving for your future should be a priority--and a monthly habit, from your first job through retirement. Even if you "pay yourself" by contributing just a small amount each month, the savings you accrue can help you fulfill your retirement dreams later in life. Sticking to a savings plan, particularly when you start early, is one way to work towards achieving your retirement goals.

Saving in a tax-advantaged Individual Retirement Account (IRA) is a way to make your money work even harder for you by reducing--or even eliminating--your tax liability on the funds you pay yourself. Hyperion Bank offers both Traditional and Roth IRA accounts that are FDIC-insured up to $250,000. Depending on your needs, you can open an IRA statement savings account with a minimum deposit of just $50, or choose higher-interest earning IRA Certificates of Deposit (CDs) with terms from 30 days to 60 months. What's the difference between a Traditional and Roth IRA?

Traditional IRA:

Subject to certain IRS limitations, the amount you contribute to your IRA account each year may be fully or partially deductible in that year (check with your tax advisor);
You must be under age 70.5 to contribute to your IRA account;
Annual contribution limit is $5,500 for those under age 50; $6,500 for age 50 and older;
Your annual contribution cannot exceed your earnings in that year;
When you reach age 70.5, you must take your first required minimum distribution (RMD) by April 1 of the following year; subsequent annual distributions must be taken by December 31;
Ordinary income tax on accumulated interest, dividends, and any capital gains is deferred until the money is withdrawn (when individuals may be retired and in a lower income bracket);
Withdrawals taken prior to age 59.5 may incur a 10% penalty tax on contributions and earnings, unless the funds are used for certain qualifying exceptions such as a first-time home purchase, college education, or other allowances as defined by the IRS.

Roth IRA:

You cannot deduct your annual Roth IRA contribution on your tax return;
You can contribute at any age;
Annual contribution limit is $5,500 for those under age 50; $6,500 for age 50 and older, BUT your contribution limit may be reduced or eliminated depending on how much you earn (check with your tax advisor);
Your annual contribution cannot exceed your earnings in that year;
There are no RMDs for Roth IRAs during the owner's lifetime; however, after the owner is deceased, the Beneficiary Roth IRA is subject to RMDs;
You are never taxed on withdrawals of your Roth IRA contributions;
You are never taxed on earnings withdrawals after age 59.5, provided you have met the 5-year holding period requirement (earnings withdrawals before age 59.5 may incur a 10% federal penalty tax).

We encourage you to consult with your tax or financial advisor about which type of IRA is right for your tax situation, then contact us to open your IRA account. Start saving now!

Call 215.789.4200, email [email protected] or visit our office to learn more and open your IRA account.

Team News

Hyperion Bank CEO Charlie Crawford wins Bronze Medal in Mercedes-Benz Marathon

On a rainy February 11th in Birmingham, Alabama, Charlie Crawford ran the Mercedes-Benz Marathon in 3.33.54, winning the Bronze Medal for his age group and qualifying for the 2019 Boston Marathon. After 16 full marathons, Charlie says running a bank is like running a marathon: both require having a clear goal, preparation, overcoming challenges and mental toughness. Questions about banking or marathon training? Email Charlie.

Community Corner

Bring farm fresh produce, eggs, cheese and more to your table this summer with a Greensgrow Farm Share! Greensgrow's City-Supported Agriculture (CSA) program has partnered with over 50 farms located within 150 miles of Philadelphia for 16 years. Join by March 24 and receive a $20 Greensgrow Gift card. Learn more.

March Brings Spring Things to Do

Celebrate the Benjamin Franklin Parkway's

100th Birthday!

March kicks off indoor and outdoor activities that are part of the City's 14-month celebration commemorating the 100th anniversary of groundbreaking on the Benjamin Franklin Parkway. Find programs on and around Philadelphia's signature boulevard at the Academy of Natural Sciences of Drexel University, The Galleries at Moore College of Art and Design, the Rodin Museum, the Free Library of Philadelphia, Park Towne Place, the Barnes Foundation and the Philadelphia Museum of Art. Learn more HERE.

St. Patrick's Day Parade

One of Philadelphia's longest running traditions, the City first celebrated St. Patrick's Day in 1771! On Sunday, March 11, approximately 20,000 participants including decorated floats, marching bands, dance and youth groups, and Irish associations will parade down Market Street, from 16th Street to Penn's Landing, led by 2018 Grand Marshal Sister Mary Scullion, RSM. Learn more HERE.

Photo by R. Kennedy courtesy VisitPhilly.

Women's History Month activities and programs can be found throughout the region, from the National Constitution Center to the Woodmere Art Museum, the Brandywine River Museum of Art, Laurel Hill Cemetery, Historic Germantown and more. Learn more HERE. Photo by G. Widman courtesy VisitPhilly.

Philadelphia Flower Show, Mar. 3-11 Spring blooms early at the world's oldest and largest indoor flower show, presented by the Pennsylvania Horticultural Society (PHS). You can still catch this year's theme, Wonders of Water, at the PA Convention Center. Learn more HERE. Photo by M. Fischetti courtesy VisitPhilly.

Hyperion Bank brings community banking to you. We proudly serve customers in the greater Philadelphia 8-county region and beyond. Ask us how you can enjoy our personal service and convenient mobile banking, wherever you live.

HYPERION BANK | 199 W. GIRARD AVE., PHILADELPHIA, PA 19123

215.789.4200 | WEBSITE | EMAIL

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