Bank News

Buying a new home is a big deal. To pay for one, you’ll likely need financial assistance, but the process of applying for a mortgage loan can overwhelm new homeowners. There are many factors involved, all of which will determine what impact a mortgage loan will have on your finances—not to mention your life in general. Here, we’ll go over some of the finer details that you should be aware of before applying for a mortgage. Consider Your Credit Before You Apply For A Mortgage Loan Before you apply, you need to know about credit and how your credit score will work for or against you. In general, your credit is made up of several components, including how much money you have borrowed and paid back in the past, how reliable you are at making payments, and other factors that are important for lenders to consider before considering you for a loan. These factors all go into your credit score, which is a numerical representation of your reputation as a borrower. If your credit scor...

  Who Are the Important People In Your Life? We all have a short list of important people that are on the periphery of our lives. Establishing a relationship with a good family physician is probably a top priority for most of us.   Aside from the family doctor, a financial advisor is one of the most important relationships you’ll ever have.   It is the one person who can help you establish a stable and secure financial future.   All it takes is one life event to change the trajectory of your financial well-being.   Getting a good night’s rest might be easier if you had a trusted advisor to keep a good health check on your assets. Which scenario best describes you? You have too many accounts in too many places and you don’t have a clear picture of your total net worth or how it is being managed. You’ve accumulated some assets throughout your life, and you’re concerned about family conflicts that could occur after you’re gone. You ...

According to the National Council on Aging, almost 90 percent of the financial abuse committed against older Americans is done by someone they know. More than ever, it is imperative for seniors to select a trustworthy person to properly manage their finances and personal affairs.  “Fraudsters often prey on seniors experiencing cognitive decline, limited mobility and other disabilities that require them to rely more heavily on others for help,” stated W. Mark Nelson, President and CEO of First Bank & Trust Company. “Appointing someone you trust to handle your financial matters aids tremendously in the fight against these crimes.” In recognition of World Elder Abuse Day on June 15th, First Bank & Trust Company offers seven tips to help choose the right financial caregiver and prevent financial abuse:  ·          When delegating financial decisions, make sure it’s s...

Seeing the  Big  Picture on Your Finances What keeps you up at night? For many of us, the concern is finances. “ How am I going to finance my retirement? ” Or, “ How are we going to save the funds for that dream vacation ?” Or maybe the narrative is something like, “ How am I going to get these debts paid ?” The first step to managing your finances is the ability to see the big picture. Managing your finances is not rocket science, but it does take discipline. A good place to start is with an online financial management tool.  Online financial management tools are linked to your online banking account, and can provide the necessary insight to help you manage living costs, and identify areas where you can save. Online financial management tools give you the ability to view your investments (like 401k's) and loan balances (like your mortgage) as well as credit card and bank accounts. What most people may not realize is the full potential of online financial ma...

1. Choosing the wrong bank to partner with for your business. Banks, just like businesses, have a "niche" and focus their products and services on catering to specific audiences. You wouldn't take your Bentley to Walmart for service, just like you shouldn't let just any bank handle your business's financial needs. Some banks specialize in providing services for consumers with personal banking needs, while others focus on servicing businesses large and small. It's important to know there is no "one-size-fits-all" loan program that works for every business.  It's essential to find the right bank that understands your business is your livelihood. A suitable 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 best interest of your business at the forefront of the relationship. Like any great business partner, ...

When it comes to using debit cards or check cards, you may worry about security and safety - especially if you are using them online. This is likely because there are many news stories about scam artists who may try to steal access to your checking account via your debit card information. There's also a number of misconceptions out there that lead people to believe that, unlike credit card protection features, you'll simply be out of luck if someone begins making purchases from the checking account linked to your debit card or check card. This is simply not true. Fortunately, there are many security features in modern debit cards and check cards that help prevent theft and unauthorized use. The following are some of the common safety features that most debit cards have, including a few that are unique to our First Bank and Trust debit cards: The MobiMoney App When it comes to our customer's safety and security, First Bank and Trust goes above and beyond b...

We’ve all heard them. There is no shortage of cheesy jokes about bankers. By the very nature of their profession, they are easy prey to comedians. What you don’t hear very often is the truly good things community bankers do.  Some success stories have enough “feel good” to supply the Hallmark Channel with a line up for six months. For the sake of explaining the impact of community banking, let’s take a look at the fictional town of East Park. East Park was a thriving downtown village in the 50’s, 60’s and the early 70’s. Huge buildings with charming storefronts lined the streets.  At the heart of the downtown district was the local drug store where people sat on swivel chairs and caught up with each other over a grilled cheese sandwich and a root beer float. People liked that you could get your prescription, buy a birthday card and have lunch, all right there in downtown East Park. The demise of East Park’s downtown was something that took place over an extended period of ...

We offer products and services to meet the needs of our customers throughout the many different stages of life. Here are the best ones for college students. Checking with Perks Where else can you get roadside assistance, cell phone protection and discounts all from your checking account? Gain access to the FirstPerks app when you open a Checking with Perks account and enjoy over 450,000 discounts and deals from national retailers and local businesses. Use this budget-friendly feature of the FirstPerks app to save money in your hometown or at your favorite places around campus. Card Control with MobiMoney Maintaining academics and a social life can be challenging and the last thing you want to deal with is a missing check card. With MobiMoney, you can turn your card on or off from your mobile device. But that’s not all. MobiMoney also allows you to set spending limits and monitor transactions within the app or by receiving instant alerts via text message. You can even set me...

Operate your business smarter, not harder by choosing the right payment processing equipment. There are a multitude of duties and responsibilities that demand your time when you’re running a business. Aside from managing inventory, supervising employees and all the other administrative duties, your payment system may not be top-of-mind, which could be a deal-breaker when it comes to making your business more profitable. Choosing the right equipment can seem like a daunting task, but it’s all about understanding how you want to get paid. Accepting credit cards, checks or both If you accept credit cards, the Clover suite of products makes doing business easier by providing you with the right mix of POS hardware and software allowing your business to accept credit cards, EMV® chip and contactless payments like Apple Pay® from customers, safely and securely. Powered by technology from First Data, an industry leader in payment processing solutions, Clover is not just an EMV solut...

Most anyone you speak to in the cozy downtown streets of Russell and Washington County Virginia will tell you a little something they know about First Bank & Trust Company. The Bank name is well known, and its brand is woven into the very fabric of these communities. However, there are only a handful of people who know this Bank’s original name. Chartered as First Russell County Bank and Trust Company in 1976, the Bank opened its doors with 185 original shareholders, 50,000 shares at $20 per share, $1 million in capital and one office on Main Street in Lebanon, Virginia.  That was just the beginning. 1980’s – 1990’s In 1984, First Russell County Bank moved into Washington County and opened its second office in Abingdon, Virginia. The name changed to The First Bank & Trust Company and the Bank continued to grow branch offices in southwest Virginia. In 1992, First Bancorp, Inc., the holding company for The First Bank & Trust Company, was organized. In 1995, the Ban...

Like some other government entities, the USDA backs certain loans made to eligible borrowers.  USDA land loans are actually among the easier types of subsidized loans to qualify for, but they still have specific requirements. These loans are intended for borrowers with a moderate level of income who want to build on rural land. Requirements To Determine Who Qualifies For A USDA Land Loan USDA land loans finance plots of land on the condition that the borrower intends to build a home on the land. As such, a number of the requirements one will need to meet when applying for this type of loan revolves around that concept. Land requirements  First, USDA loans are only available in certain eligible areas - typically rural locations. Additionally, the plot of land can be no larger than the average size of other properties in the area. This is because USDA-backed financing is reserved for those who truly benefit from it. As such, if you’re hoping to finance a plot of...