Last month we mentioned that we spent time in 2017 refreshing our mission statement and here it is:
"You are our most valued asset. We commit our resources to help you build wealth"
You: Individuals with whom State Savings Bank establishes relationships and conducts business
We: Our board of directors, officers and employees
Our Resources: Skilled and caring employees, product knowledge, business experience, lending capacity, products, services, and time
Build Wealth: The process of increasing your financial assets by having the right information, planning and making good choices
What exactly does it mean? At State Savings Bank our mission begins with you. After all, without you, there would be no we. Safety, timeliness, honesty, fairness and trust are essential, as are quality financial products and services. We believe these qualities are highly important and accurately describe how we do business. But as we worked on refreshing our statement we made it less about "us" and "how" and more about "you" and "what." Whether you have a little or a lot, our mission is the same for everyone. Fifteen words and a few key definitions that describe why we come to work each day.
What's on our Mind? Taxes!
On December 20, 2017, Congress passed a tax reform act that has business owners wondering how their business will be impacted. While we are not tax experts and recommend you discuss your concerns with your tax advisor, we did find a really handy "Tax Reform Fact Finder" slideguide that gives a side by side view of the old law compared to the new law in an easy to understand format. If you would like one, send us an e-mail at email@example.com and we'll get one to you.
Tax season also brings up a more serious subject - Fraud. We belong to the Financial Services Information Sharing and Analysis Center (FS-ISAC) so we can receive timely notification and authoritative information in order to protect our bank and our customer accounts from physical and cyber security threats. Last week we received an advisory bulletin on the subject of W-2 Phishing, Tax Related Identity Theft and Business E-Mail Compromise. It indicates the IRS's Online Fraud Detection and Prevention office has observed a significant increase in reports of these types of scams, including attempts to fraudulently obtain your employee's W-2 forms. The bulletin describes the threats, how to report a data loss related to a W-2 scam if it happens to you, and recommendations and best practices to reduce your risk. We encourage you to take a look at this bulletin so you know what is out there and how to guard against it. You can find the report here.