UNITED FIDELITY BANK ANNOUNCES APPOINTMENT OF NEEL TO VICE CHAIRMAN POST

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United Fidelity Bank has announced the appointment of Donald R. Neel to the post of Vice Chairman in conjunction with his plans to retire as President and CEO of United Fidelity Bank. Neel has held the position for the past 24 years. The announcement culminates a transition that has been in the works for several months. Neel, a significant player in Evansville’s public and business landscape since joining the Bank 31 years ago will retain a reduced portfolio of responsibilities while serving as Vice Chairman. The Bank is conducting a national search for a permanent President and CEO. Chief Credit Officer Daniel Lee will serve as Interim CEO.

Neel, an Evansville native, said “the 24 years at the helm of United Fidelity Bank (originally known as Evansville Federal Savings Bank), has been the honor of a lifetime. Together, we experienced some remarkable success beyond my wildest expectations. The Bank has grown from $120 million in total assets in 1993 to its current $6.4 billion, while increasing its number of locations from 4 to 23 during the same period. We executed 9 bank acquisitions or sale transactions and established 3 new branches over the past 10 years alone. Finally, the Bank and its subsidiaries have financed or developed countless affordable housing units across the country. These transactions changed the trajectory of the Bank and could not have been completed successfully without the great associates that I have had the honor of working with.”

Mr. Neel and his wife, Jamie, attend Christian Fellowship Church and are members of the Evansville Country Club. He is a former board President of the American Heart Association and has been active with the Deaconess Foundation’s HeartSavers program. He is also a member of the Evansville Sports Corporation, a member of the Board of Advisors for the Romain College of Business at the University of Southern Indiana and member of the USI Alumni Association. He eagerly anticipates traveling and spending more time with his wife Jamie. Don also looks forward to seeing more of sons Andrew, Adam, and Aidan, laughter-in-law Becca, and daughter-in-law to-be Sarah.

High-Yield Checking: What is it?

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What is a High-Yield Checking Account?

Similar to a standard interest-bearing checking account, a high yield checking account allows you to earn a higher annual percentage yield (APY) therefore, ensuring that you earn more interest on the money in your account. According to the Federal Deposit Insurance Corp. (FDIC), in November 2023 a standard checking account earned 0.07% APY on average, while a high-yield checking account can earn upwards of 3.00%.

The biggest difference between standard and high-yield checking accounts are the criteria needed to qualify. For example, you may need to meet a certain number of debit card transactions per month, enroll in e-statements, or maintain a certain balance. Once all the monthly criteria are met, you then receive the APY associated with your account.

How does my account earn interest?

A high-yield checking account earns interest each statement period. However, if you did not meet the criteria for the month, the percentage you receive may be different.

What makes Elevate Checking different from other high-yield accounts?

With most high-yield checking accounts, all of the requirements must be met before earning interest. However, with Elevate Checking there’s more than one way to qualify. Earn interest by making six debit card purchases per month. Boost your rate by meeting any of these additional monthly qualifications:  use online or mobile banking, receive eStatements, have monthly direct deposits of at least $500, maintain minimum daily balance of $1,000 in a International City Bank personal savings or money market account.

Each of our monthly qualifications is worth a certain percentage in interest. Therefore, the more criteria you meet, the more interest you earn, with potential to earn 4.00% [2.00%] APY.

Contact your local banker to learn more about our Elevate Checking Account today.

 

Annual Percentage Yield (APY) is accurate as of 08/01/2024. The APY range calculation is based on an assumed account balance cap of $30,000.  The APY decreases as your balance increases above $30,000. Must meet certain criteria to qualify. When the Elevate Checking eligibility requirement and additional options are met, the interest rate on your account and corresponding annual percentage yield (APY) will vary based on the current applicable rates and tiers. When the Elevate Checking eligibility requirement is not met, the account will not earn interest. To obtain 4.00% APY you must complete a minimum of six (6) posted and cleared debit card Point-of-Sale (POS) purchases, access online or mobile banking, enroll and receive eStatements, ACH Direct Deposit(s) of at least $500.00, maintain a minimum daily balance of $1,000.00 in an International City Bank personal savings or money market account. Eligibility requirements must be in place and activity requirements must post and clear the account each statement cycle to receive the interest rate and APY of applicable rate tier. Rates and APY for each tier may change at any time without notice after the account is opened. Fees or other conditions could reduce earnings on the account. Minimum of $25 to open an account.  Monthly service fee of $5 if balance drops below $500 any day during the statement cycle. Paper statement fee of $5 if eStatements are not utilized. Program rates, terms, and conditions are subject to change without notice.

A GUIDE TO AFFORDING YOUR FIRST APARTMENT

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Congratulations on your new milestone… moving into your first apartment! While this is sure to be an exciting next chapter, it can also be overwhelming trying to understand the financial cost of apartment living. As a first-time renter, recognizing the financial responsibilities associated with renting will allow you to make smart decisions and ensure you can live comfortably. Here are a few things to consider when planning for your first apartment.

 

UNDERSTANDING RENTAL COSTS

In your research, you may have noticed that rental costs vary from place to place. Here are five main categories to help you better understand what costs go into apartment living.

 

  • Security Deposit: This is typically equivalent to one month’s rent and is required by most property managers. This cost is typically refunded to you once the rental agreement is terminated.
  • Monthly Rent: (Your most expensive cost): The cost of rent varies from city to city and complex to complex. Therefore, do some research to find out what the average cost of rent is in your area to determine a monetary goal. A good rule of thumb is to keep the cost of rent around 30% of your monthly income. This will ensure you have enough left over for other living expenses.
  • Fees: There are several types of fees to consider when looking to rent an apartment – application fees, pet fees, parking fees, utility fees, and early move-out fees are fees you will typically come across in your apartment hunt. If you have any questions, reference the lease agreement, or contact the property management office.
  • Utilities: Electricity, water, gas, trash, and internet are all costs to consider when moving into your first apartment. The cost of some utilities will vary depending on monthly usage, but others will be a flat monthly rate. Before moving in, understand which utilities will be added onto your monthly bill and which ones you may be responsible for.
  • Renter’s Insurance: Like most insurances, renter’s insurance is meant to protect against damage caused by unexpected events. Most landlords require proof of renter’s insurance as part of the lease agreement. Insurance can be paid monthly or annually depending on your provider. Contact local insurance agencies to find a policy that works best for you.

 

IDENTIFY YOUR ESSENTIAL EXPENSES

When identifying your essential expenses, be sure to distinguish between your wants and needs. If necessary, make a list of non-negotiable expenses that contribute to your safety and survival (needs). Then, you can make a list of non-essential purchases that add fun and enjoyment to your life (wants). Having this list available will allow you to make informed financial decisions that will save you from stressing about your finances.

 

Examples of essential expenses:

  • Rent
  • Utilities
  • Insurance
  • Groceries
  • Gas or transportation

 

Additional expenses to consider:

  • Home Décor and Furnishings
  • Laundry
  • Parking
  • Pet Fees
  • Amenities Fee

 

MORE TIPS FOR AFFORDING YOUR FIRST APARTMENT

Set Your Savings Goal:  Based on your research you should be able to determine an average monthly cost for renting your first apartment. With this information, you can create a budget that works best for you.

Consider Having a Roommate: Having a roommate can help decrease costs by splitting rent payments in half and sharing other monthly expenses.

Negotiate Your Rental Agreement: Some areas of your rental agreement may be negotiable. Based on your needs, communicate your expectations to your landlord and negotiate a contract that is agreeable for both parties.

Prioritize Needs Over Wants: While indulging in your wants are enjoyable, it’s important to prioritize your needs so you don’t fall into an unmanageable financial situation.

Teaching Kids the Basics of Money

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Have you ever asked yourself, “When should I start teaching my kids about finances?”

 

While there’s no right answer to this question, a good place to start is whenever they have developed fundamental math skills. This is typically between the second and fourth grade.

 

The goal when beginning to teach your child about money is to help them understand the value of money and the importance of saving. You’ll want to use simple terms and relatable examples that you know your child will be able to grasp. One of the best ways to do this is to use your personal experience. Explain how you work a job to make money, and the money you make from said job allows you to buy things like groceries, clothes, vacations, etc.

 

If you want to take it a step further, you could set them up with a regular allowance or pay them for doing certain chores around the house. This will give them an applicable experience in understanding the most basic way money is earned. There are multiple ways to introduce money fundamentals to your child(ren), so do some research to find one that works best for you.

 

Once they understand how money is earned, you can segue into the basics of saving money. A great way to do this is by using a visual example such as a piggy bank or clear jar. This allows children to literally see the money they save and how it accumulates over time. When they are comfortable with the concept of saving, share how their savings can be used for something else in the future. Explain the different ways they could use their savings – to buy something they want for themselves or purchase something for someone else for a special occasion such as a birthday. If you haven’t already, this would also be a good place to open a savings account for your child.

 

When applying this to real-life, give them the opportunity to use their savings to purchase something they want. This will allow them to determine if they have enough money saved or not helping them comprehend if they need to save some more money or if they already have the amount they need. Once they have the amount needed, let them hand the money to the cashier so they get excited and experience the value of “this for that.”

 

Helping your child save money can bring up feelings of frustration due to having to wait to purchase something they want. This is a great opportunity to validate those feelings and explain that you, their parent, or guardian, also sometimes have to wait to purchase things you want. Set a regular time together where you sit down and count their money with them, so they know just how much they have saved. And don’t forget to encourage them on their saving journey.

 

Setting a good foundation for understanding money can help your children be more responsible with it as they get older. Even the smallest money tips can impact the way your children will think about and use money in the future. Visit our Personal Money IQ and scroll down to the “Kids and Money” section for more tips.

IT’S TIME FOR YOUR ANNUAL FINANCIAL CHECK-UP!

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Just like visiting a doctor, it’s important to review and evaluate your finances so you can ensure the healthiest relationship with your money. A financial check-up will give you more confidence in your finances and allow you to have more control over where your money is going.

If you’ve found yourself feeling overwhelmed or unsure of how to tackle your financial check-up, use these tips to help you get started.

  1. Identify any recent major changes in your lifestyle that could affect your finances. Have you switched jobs, received a pay raise, gotten married or divorced, had kids, bought a house or new car, etc.? It’s all relative when reviewing your finances.
  2. Gather your bank statements and credit card statements from the last 6-12 months and find where you are spending most of your money. See if you can identify spending patterns that could be adjusted or eliminated.
  3. Check your credit score. You can obtain a free copy from one of the three main credit bureaus (Equifax, Experian, and TransUnion) to check for and report any errors. This can also help you discover if you need to take necessary steps to improve your credit score.
  4. Evaluate all your current financial accounts (personal, business, checking, savings, retirement, CDs, loans, etc.). Ensure that all the information on your accounts is correct and up to date. Having a clear understanding of your accounts in relation to your financial goals can help you plan accordingly for the year.
  5. Review your debt(s) and interest rates (mortgage, car loans, credit cards, student loans, etc.). Write these down and plug them into your budget. Create a plan that will help you pay off your debt(s) as soon as possible.
  6. Identify tools and resources you can utilize to help streamline your banking. Check out some of the services our customers benefit from such as Online and Mobile Banking, Bill Pay, Notifi Alerts, Credit Score, and more.

Our ICB staff is here if you need assistance with your financial check-up. Schedule an appointment with one of our local bankers to perform an account review and identify more ways for you to save.

After you’ve completed your financial check-up, you’ll have the information needed to reassess and set new financial goals and create a solid budget to help keep your financial goals on track.