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6 Basic Retirement Guidelines from First Bank & Trust

Here are six basic guidelines to keep in mind when developing your personal retirement strategy.


1.Pay Yourself First. Establish a dollar amount you can save comfortably every month. Always remember, you are entitled to keep a portion of what you earn. 2. Don't Bank on Your House for Retirement Income. A house is primarily a home... not an investment for your retirement. While you may eventually trade down when you retire, consider the equity in your home an emergency reserve, not a primary source of income. 3.One Good Place to Save for Retirement Is a Company Retirement Plan. Remember to consider other tax-advantaged savings vehicles as well. 4.Make Retirement Your First Savings. If your disposable income is limited, save money in your retirement plan before funding long-term goals such as your child's college education. Remember, your retirement is the largest expense you'll ever have to fund. Use our retirement calculator to see how much you should be saving each month. 5.Av…
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3 Banking Mistakes You Are Making That Could Cost Your Business Money in 2019

1.Choosing the wrong bank to partner with for your business.Banks, just like businesses, come in all different shapes and sizes and each have their own strengths and weaknesses. Some banks specialize in providing services for consumers with personal banking needs, while others focus on servicing businesses large and small.
The right bank for your business will be able to provide a wide range of solutions for your operation including interest-bearing deposit accounts, customized lending solutions, credit card processing and other cash management services, along with employer services like payroll and retirement plans.
The right bank for your business will also have an experienced Commercial Lender who is dedicated to meeting the needs of your business and focused on building a long term relationship with you. A good Commercial Lender will learn your short term and long term business goals and provide strategic financial guidance for the future of your business. He or she will place the …

First Bank & Trust Company Ranked Top in Virginia and the Nation

ABINGDON, Va., Aug. 7, 2018 /PRNewswire/ -- First Bancorp, Inc., parent holding company of First Bank & Trust Company, has again been ranked among top performing banks.

Sandler O'Neill + Partners, a New York based firm, provided the scorecard using data from S&P Global Market Intelligence.  As in previous studies, the scorecard divided banks into three asset categories: $50 billion and above, $5 billion to $50 billion and $1 billion to $5 billion.  This year, 300 of the largest publicly traded banks in the nation were ranked against each other as a single group.  Scorecard results confirm that there is no absolute correlation between asset size and bank performance.  First Bancorp, Inc. ranked among the top banks in Virginia and 14th highest performing bank in the United States.  First Bancorp, Inc. was also ranked eighth among all banks in the nation with assets between $1 billion and $5 billion.

The scorecard uses five metrics that measure performances: 1) R…

First Bank & Trust Company Participates in VBA Bank Day Scholarship Program: Virginia High School Seniors Will Shadow Bankers for a Chance to Win College Scholarship Money

On March 20, Virginia high school seniors will spend the day shadowing bankers at First Bank & Trust Company as part of Bank Day, a statewide effort sponsored by the Virginia Bankers Association (VBA) Education Foundation and the VBA Emerging Bank Leaders.  The purpose of the day is to expose students to the banking industry and provide an opportunity for the students to learn about banking, financial services and the vital role First Bank & Trust Company plays in its community. The third Tuesday in March was declared Bank Day by the Virginia General Assembly in 1991 and First Bank & Trust Company is proud to host students for this important program.  From their experience, participating students will write an essay for the chance to win a scholarship. Six regional scholarships of $2,500 each will be awarded, and from those six winners an overall statewide winner will be chosen. The statewide winner will receive an additional $5,000 scholarship - $7,500 in total. There wi…

First Bank & Trust Company Raises Minimum Wage to $15.00 / Hour

First Bank & Trust Company, a diversified financial services firm, today announced an increase in employee pay.  The decision by First Bank & Trust Company is the result of the recent passage of the $1.5 trillion tax overhaul reducing the federal corporate tax rate to 21 percent from 35 percent.  As an initial step, First Bank & Trust Company is giving back 30 percent of the tax savings to employees by immediately increasing the minimum hourly salary rate to no less than $15 an hour. William H. Hayter, President & CEO, First Bank & Trust Company "The new corporate tax rate provides us with the opportunity to take care of our employees, who are our most important asset," First Bank & Trust Company President and CEO William H. Hayter said in a statement. "By reinvesting in our employees, we are putting money back into the communities we serve and energizing the economy. It's a win for everyone." First Bank & Trust Company senior managem…

A Basic Guide to Mortgage Loans

Q:What is a Mortgage Loan? A:A loan for the purchase or refinance of real property, secured by a lien on the property. Mortgage Loan Uses There are two main uses of a mortgage loan:to purchase a home or refinance a home. A purchase is straightforward; you borrow the amount of money requested at application, and then pay it back over time.The mortgage loan can be used to purchase the following: A primary residence (a home you are going to live in).A second home (a home that you will live in part of the year away from your primary residence)An investment propertyRefinancing is for borrowers that already own a home who want to change or improve their current mortgage loan.A person can refinance for the following purposes: To get a lower interest rate and/or shorten the term (term: the time it takes to pay off the mortgage loan).To take cash out of their home for home improvementsTo take cash out their home to payoff and consolidate other debts.How Mortgage Loans Work Once you’ve decided to appl…

Get A Mortgage Despite Student Loan Debt

Many college grads put off buying a home simply because they face mountains of student debt. The amount people owe on student loans has increased astronomically in the past decade, breaking the $30,000 average per borrower in 2014.

While many grads feel they can’t afford a home until they finish repaying these loans, but that isn’t actually always the case.

In many instances, individuals and couples who owe student loans can still qualify for a mortgage. Take Stock of Finances & Calculate Your DTIOne way lenders calculate whether you can afford a mortgage loan is by looking at how your total debt would compare to your current monthly income. This is known as your debt-to-income (DTI) ratio.

Most lenders use a DTI threshold of 36%, meaning your payments on your debt, including student loans, credit card debt, and a mortgage, should be less than 36% of your total monthly income. For instance, if your total income each month is $5000 and you make payments of $250 each month toward your…