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President's Blog; Winter 2022

December 01, 2022

Experience shows us that the economy is cyclical – meaning that what has happened in the past often is a good predictor of the future. Even with that perspective, no one can accurately predict what will happen to the economy in 2023. 

We know the Federal Reserve has been raising interest rates to slow the U.S. economy down because of inflation and low unemployment rates. The Prime rate rose to 7.5% as of Dec. 15, 2022. The U.S. Prime Rate is the rate banks charge to their most creditworthy customers and is often used to determine adjustable-rate mortgages (ARM) and other variable rate loans. While the rate is certainly higher than what we have enjoyed for the past 15 years it is vastly different from the record high of 21.5%, which occurred on Dec. 23, 1980. To see the historical rates back to 1980, see the back page of this newsletter.

Our community bank is celebrating its 55th year of Gideon family-ownership. Three generations have grown SLB from its first location in Silver Lake in 1909 to its recently opened sixth location – a loan production office serving the Kansas City Metro. We invite you to stop by and say hello at 7206 College Boulevard in Overland Park.

We appreciate your business and want to have more customers just like you! During our 55th anniversary year, you can earn money for yourself and your friends by inviting others to join the SLB family. Earn a bonus for referring people to us to open consumer accounts – checking, savings, CDs, and Money Market accounts. Once they open an account, both you and the person you refer can earn $55 each to go into your SLB accounts. That is an effortless way to earn some extra cash to cushion whatever the economy sends your way! Watch for more details to follow soon on this program.

Our banking experience has taught us many lessons. Here are a few for you to consider:

  • Keep your financial house in order to better weather the economic storms – whatever they may be.
  • Tighten your financial belt by carefully watching expenses. This can be aided by considering a consolidation loan to lower your interest rate, extend the terms of a loan or other options providing you with peace of mind.
  • Look for opportunities to increase your income. Those increases can come in ways other than taking on a second job. Watch for ways to get more for your money when possible. These are great opportunities to get competitive rates on your money.
  • If you haven’t already set-up your account for online banking, ask us how to get started on doing so. Accessing your account via your computer, tablet, or other mobile device enables you to look at your accounts whenever you want to know your balance, pay bills and more. Paying your bills online means not needing to spend money on stamps and envelopes.

Our ongoing partnership means continuing to deliver the absolute best in service to help strengthen you and the economy in 2023.