Bank News

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 wi...

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 property Refinancing 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 improvements To take cash out their home to payo...