Summer 2014 Newsletter

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Millennials are changing the face of banking

There is no doubt the Millennial generation -- those born between 1980 and 2000 -- are hooked on technology, which is causing a big change in the banking industry. Millennials are used to being able to do things quickly and while they are on the go. They have gone from computers to smart phones, and banks that want to keep up have to embrace technology.

Gary Mottola, research director of FINRA Investor Education Foundation in Washington, D.C., says Millennials are the only generation that didn't have to adapt to the Internet, mobile technology and social media, so they are comfortable with emerging financial technology. They are also, according to the Pew Research Center, the most racially diverse and well-educated group in the U.S. They are not as attached to politics and religion as prior generations, and they stay connected by using Social Media. There is an estimated 80 million Millennials, which means they will have a significant impact on the economy.

The banking industry is investing in the technology and designing products to appeal to this generation. Bank of Holland's new CashBack Checking account, for example, offers rewards for debit card purchases and for banking online. These "Gen-Yers" also don't want to pay a lot of fees, which are counter-productive to a rewards program.

Millennials want access to their bank accounts in different formats: online, smart phones, tablets, through ATMs -- but when it comes to more complex financial issues such as getting mortgages they still want a face-to-face experience. It's important to build relationships with your Millennial customers, because even though they will do the majority of their banking online or on their mobile device, eventually they're going to come in to a branch and at that time, they will be looking for personalized service.

Two of the characteristics of Millennials is that they have less trust in large institutions, and tend to favor businesses that support social issues. Those two factors give community banks a definite advantage, since we have a history of investing in our local communities and supporting local not-for-profits.

"The times, they are a-changing," but that's what keeps life interesting and challenging. Here at the Bank of Holland, we're working hard to provide the services this new generation wants.

Mark L. Luderman


Endless Innovations and StangTek Services honored at SBA luncheon

Like other community banks, the Bank of Holland is a strong supporter of small businesses. Nationwide, community banks (which hold less than $10 billion in assets) make nearly 60 percent of small business loans. Community banks, which are small businesses themselves, work closely with the Small Business Administration (SBA) to maintain the lending flow to their neighborhoods.

"Our goal is to take local deposits and help our local economy thrive by putting those funds to work in the community through loans," said Mark R. George, VP/Senior Loan Officer.

This spring, the Bank of Holland honored two small businesses at the annual Small Business Administration luncheon, held at the Buffalo Niagara Convention Center. The two businesses honored were Endless Innovations of West Falls, a reverse engineering and manufacturing facility established in 1999; and StangTek Services of Arcade, providing IT services including hardware, software, consulting and web design.

"Endless Innovations plans to increase their offerings for reverse engineering in the coming year. They are also offering an opportunity for people interested in manufacturing and reverse engineering to work on projects in their shop," George said. "The Maslowskys -- owners of the company -- really think outside of the box to come up with innovative ideas."

Glenn Maslowsky, President, and Janine Maslowsky, Key Executive, say the pivotal point in setting the direction for their business was the launch of a USA Made cycling product line in 2004.

StangTek Services has grown quickly since it was founded in 2009. This year, Andrew Stang, Operations Director, plans to hire two more positions including sales and commercial technician.

"StangTek is a one-stop shop for any IT and telecom needs, specializing in small to medium-sized businesses," George said. "It has really found a niche market in Arcade."

The company, which started as a one-man retail operation, has grown to five employees and has seen rapid growth of its customer base.

"These two businesses are prime examples of how the support of a community bank stimulates the local economy," George said.

In Western New York -- summer means home-buying season

by Tammy McCabe, Assistant Manager, East Aurora

Summertime is home-buying season for many Americans and in 2014, it has been estimated that $1 trillion in mortgages will be originated. The Bank of Holland offers support to individuals and families who are going house hunting during the next few months.

Buying a home is the biggest purchase most of us will ever make and it's helpful to have a resource to help guide you through the process. Community bankers are professionals who can ensure your home-buying experience goes as smoothly as possible, Starting out by getting your "ducks in a row" is a big help, so here are some tips:

• Know your monthly budget for rent, food, utilities, and entertainment, etc.

• Meet with a loan officer at the Bank of Holland to discuss your finances before you start looking -- it's important to stay within your means.

• Prepare for the mortgage application process by getting together paperwork such as paycheck stubs, W2 forms, tax returns, and bank and investment statements for the past two years.

• Check your credit report and clean up any mistakes that may be on it. You are entitled to a free report once a year.

• Do NOT max out your credit cards or fall behind on other loans as this can affect your ability to get a mortgage.

• Your loan officer can help you determine how much you can afford to borrow and which mortgage product is best for you.

• Keep tabs on local mortgage rates -- again, our professionals can help you understand how interest rates affect monthly payments.

• Check out first-time-homebuyer loans or grant programs offered by your state, city and county government.

We're here to help you find the mortgage that fits your financial needs, budget, and lifestyle, so come in and talk to us.

Sunny and cool makes for perfect Tulip Run

The 2014 Holland Tulip Festival 5K Fun Run/Walk, sponsored by the Bank of Holland, was a great success. The event, held Saturday, May 10, was on the final day of the Festival.

"It was a sunny but cool day, which brought a good turnout of participants," said Lynn McCabe, Head Teller from the Holland branch.

Race results were monitored by WNY Finish Line Services, which lists the overall time and placement of each runner or walker on its web site. The winners were:

Overall -- Jason Michel

• Males -- 1st, Jason Michel; 2nd, Brian Kushion; and 3rd, Scott Socha.

• Females -- 1st, Megan Caltagirone 2nd, Jayna Galley and 3rd, Ginat Barren.

• Walker -- 1st, Grace Whitcher

This is the 19th year the Bank of Holland has sponsored the 5k Fun Run/Walk for the benefit of the Holland Kiwanis, raising close to $4,000 each year. Beginning in March, Holland's Branch Manager, Linda Moore, starts to enlist the support of partner sponsors. Lynn McCabe takes care of ordering the t-shirts, trophies and post-race refreshments. Approximately 15 volunteers from the Bank help with the Run by working on the day of the event.

"Those of us at the Bank who volunteer really have fun doing it," McCabe said. "Plus, we feel it is a very worthwhile contribution that our Bank makes to the community."

On June 25th Moore will attend the Holland Kiwanis Steak Roast to present a check in the amount of $4,000 to the President of Kiwanis Club, Rich Cappola.

The 5k Fun Run/Walk is part of the Holland Tulip Festival, a three-day community event that has been held in Holland every spring for the past 59 years. The Festival includes midway rides, a flower show, an arts and crafts sale, an art show, a parade and a chicken barbecue.

"There's something for every member of the family," McCabe said. "I'm looking forward to next year, when we'll commemorate the Festival's 60th anniversary and the 20th year for Bank of Holland's sponsorship of the 5k Run/Walk."

Events Calendar

Saturday, July 26, 2014

Firemen's Field, East Aurora

9:00 a.m. start

9:45 a.m. 1 Mile Fun Run

For more information:

Town of Holland Farmer's Market

Sunday's 8:30am – 2:00pm ~ May thru November

Village Commons Parking Lot (next to Fire hall)

Route 16, Holland, NY 14080

Call for schedule of events 716-537-9590

Greater East Aurora Street Festival/Sidewalk Sale

Saturday, July 26, 2014 ~ 9:00am – 4:00pm

Historic Main Street ~ East Aurora NY 14052

Taste of East Aurora

Saturday, September 13, 2014 ~ 11:00am – 5:00pm

Historic Main Street ~ East Aurora NY 14052

For information call 716-652-8444