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 Issue 09                                           OMB Connections                              July 2015
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Getting Down to Business                                  
two_doctors.jpgHealth Savings Accounts
A health savings account (HSA) is an account used to pay for current and future health care costs on a tax-free basis. The HSA is used in combinations with a high deductible health insurance plan (HDHP), so to contribute to an HSA you must be covered by an HDHP. The individual account holder owns and controls the funds in the HSA. Contributions are tax deductible, and unused funds are rolled over from year to year.
  
What are the advantages of having an HSA?
Combined with high deductible insurance, the HSA offers protection against high or unexpected medical bills. Money can be saved in the account for future medical expenses as well as grown through investment earnings. The accounts are completely portable, which means you can keep your HSA if you change medical coverage, become unemployed, move to another state, or change marital status.
  
What are the benefits to employers who offer HSAs?
Employers who offer HSAs can minimize health insurance expenses by switching to an HDHP; all contributions to the HSA are pre-tax, lowering gross payroll and reducing employer taxes and HSAs provide employees with more flexibility in how they pay for medical related expenses.
  
Old Mission Bank provides a free HSA--no minimum balance is required, plus there are no monthly service or transaction fees. Enjoy the benefit of your funds being held in an interest-bearing account with tiered rates.
  
For more information on Old Mission Bank's health savings accounts, please call (906) 635-9910.   

NEW! FHA and VA Home Mortgages Now Available!

On May 7, 2015, Old Mission Bank held a free real estate mortgage seminar at Lake Superior State University. The seminar was a great success with nearly 40 attendees. Among the topics presented were Freddie Mac's Home Possible mortgage programs for first-time homebuyers and the Mortgage Credit Certificate which offers a tax  credit for qualified homebuyers. The highlight of the seminar was a presentation by Mike DeWitt from Top Flite Financial regarding FHA and VA loans. Old Mission Bank recently partnered with Top Flite, and through this partnership, is pleased to offer local FHA and VA services to members of our community. Top Flite Financial is a family owned and operated lending institution that opened in 2002 and now has over 70 branch locations nationwide.

 

lg-sprawled-home.jpgFHA loans are mortgages insured by the United States Federal Housing  Administration, and are designed to allow borrowers with lower income, lower funds for closing costs, or credit blemishes to receive affordable financing for homes. FHA loans (which can be in the form of a gift), have flexible terms up to 30 years, and the ability to get closing cost assistance from the selling party. As stated before, FHA loans can also help borrowers with a troubled credit history receive mortgages with more favorable terms than a conventional loan may offer them. There are no income limitations with FHA loans and the borrowers need not be first-time homebuyers.

 

army_soldier.jpg VA loans, on the other hand, are mortgages offered to veterans of the US Military or active military service personnel. VA applicants may be eligible for a 0% down payment purchase with fixed interest rates for terms up to 30 years and may be used to purchase or refinance an applicant's primary residence. Another major benefit of the VA loan is there is no monthly mortgage insurance requirement for loans exceeding 80% loan to value on the home.

 

Through Old Mission Bank's partnership with Top Flite Financial, the advantages of FHA and VA loans are now available locally to members of the Eastern Upper Peninsula. All decisions regarding loan applications are also local and made in Michigan. Borrowers interested in applying for FHA or VA loans can contact one of Old Mission Bank's lenders to begin the simple application process. We are excited to add FHA and VA loans to our existing mortgage services that continue to serve and benefit our community!

Summer Travel: Staying Safe Online While On-The-Go

The summer travel season is here. Mobile devices and apps can help travelers make the most of their vacations, saving them time and money. And today there seems to be a mobile app for everything - from booking travel and hotels and avoiding traffic on road trips, to locating the best restaurants and deals in the area. These conveniences make traveling a breeze; however, the more we travel and access the Internet on the go, the more cyber risks we potentially face.

 

No one is exempt from the threat of cyber crime, at home or on vacation, but you can follow these simple steps to help you stay safe online when traveling.

  • Do not auto connect. Disable remote connectivity and Bluetooth when you're not using them. Some devices will automatically seek and connect to available wireless networks. Disable these features so that you only connect to wireless and Bluetooth networks when you want to. This helps to ensure that cyber criminals cannot locate your smart devices.
  • Think before you connect. Before you connect to any public wireless hotspot - like on an airplane or in an airport, hotel, train/bus station or café - be sure to confirm the name of the network and exact login procedures with appropriate staff to ensure that the network is legitimate. Using your mobile network connection is generally more secure than using a public wireless network.
  • Think before you click. Use caution when downloading or clicking on any unknown links. Delete emails that are suspicious or are from unknown sources. Review and understand the details of an application before installing.
  • Guard your mobile device. To prevent theft and unauthorized access or loss of sensitive information, never leave your mobile devices-including any USB or external storage devices-unattended in a public place. Keep your devices secured in taxis, at airports, on airplanes, when you're at the pool, and in your hotel room.
Old Mission Bank Announces Promotion!
Old Mission Bank is pleased to announce that Steven R. Glezen has been promoted to the position of Senior Vice President/Chief Lending Officer. In his new role Mr. Glezen will be responsible for the oversight of all day to day lending activities of the bank. "Steve has been extensively involved in various facets of our lending operations as well as having a significant impact on Old Mission Bank's commercial lending success since our inception," stated Gary Sharp, President of Old Mission Bank. "Steve's expertise with various loan programs has established him as a valuable resource to assist and grow our new and existing customer relationships. Being named Chief Lending Officer is in recognition of Steve's contribution, knowledge, hard work and dedication to Old Mission Bank and the communities we serve," concluded Sharp.
  
Mr. Glezen is a 1981 graduate of Cadillac High School and a 1986 graduate of Lake Superior State University where he earned a Bachelor of Science degree in Mathematical Sciences. Mr. Glezen is a board member of the Sault Historic Sites, a past President and board member of the Sault Area Chamber of Commerce, and a former Rotarian.

 

Mr. Glezen has been with Old Mission Bank since its inception. He is the son of Virginia and the late Robert Glezen, also of Sault Ste Marie. He is married to Gail (Solberg) Glezen of Sault Ste. Marie, MI and has a son, daughter and two step daughters.

Bank and Employee Community Involvement
Relay for Life
Old Mission Bank's Relay for Life team donated $4,071.36 to the 2015 Relay for Life, well exceeding their fundraising goal of $2,500. This could not have been done without your help and support in OMB led fundraisers--including bakes sales, feet and luminary sales, candy bar sales, and monetary donations. On behalf of the entire team: Thank you for all of your support in our efforts. The funds raised are used for cancer research and advancements in treatment options in the hopes of finally curing cancer once and for all.
In This Issue
OMB Connect Bill Pay
OMB Connect Bill Pay is an easy and convenient way to pay your bills online while in the comfort of your home. To enroll in Bill Pay, log in to your OMB Connect Online Banking account, go to the top of the page and select "Make Payments." This will prompt you to read our Bill Pay disclosure form. After reading the form, if you agree, select "I Agree." The next page will ask you to select the checking account you want to use to pay your bills. Then you will be directed to "Add" a payee. For each bill, you would like to pay, please enter the name of the company, their address, phone number, and your account number. Then select "Make a Payment."
  
To select your bills for payment, view your list of payees; enter the dollar amount of the bill and select "Pay." You will be able to view pending payments or cancel pending payments until they are posted to your account. Please make sure you allow at least two business days for electronic payments and 7 business days for check payments; the calendar tool will indicate the maximum number of days it will take for a payment to arrive. It is that easy!
  
Also, you can set up alerts to remind you when bills are due and in some cases, receive your bills electronically right to your online banking. You can set up rules for auto payment of bills, making it even easier! If you have any questions or need help signing up for OMB Connect Bill Pay, please contact Old Mission Bank Customer Support at (906) 635-9910.
Community Shred Day
Old Mission Bank will be holding its 4th Annual Community Shred Day on Friday, August 7, 2015 from 11am until 3pm. This event is open to ALL members of our community.  There is no cost to shred your documents; however, we will be accepting donations for the Road to Recovery.
Pack of Facts

When you get a kidney transplant, your kidneys are usually left in your body and a 3rd one is put in your pelvis.

 

A newborn panda weighs as much as a cup of tea.

 

Cosmic rays from outer space frequently cause glitches in your electronics.

 

Squirrels will adopt an abandoned baby if its parents are gone.

 

Your eyes have a pretty large blind spot that your brain fills with what it "thinks" you should be seeing.

 

Honey bees communicate by dancing.

 

Falling coconuts kill more people every year than sharks.

 

Gentoo penguins propose to their mates with a pebble.

 

Sea otters hold hands when they sleep so they don't float away from each other.

 

Cleopatra lived closer to the invention of the iPhone than she did to the building of the Great Pyramid.

 

It rains diamonds on Saturn and Jupiter.

 

There once existed a flying reptile that was the size of a giraffe.

 

If you have 23 people in a room, there's a 50% chance two of them have the same birthday.

 

New research suggests phobias might be memories passed down from your ancestors in your DNA.

 

 

  
  
  

  
Old Mission Bank
2701 I-75 Business Spur
Sault Ste. Marie MI 49783
Main Office: (906) 635-9910
Pickford Branch: (906) 647-9910