October 2007
Bank Note$ - News You Can Bank On
Volunteer of the Month Marge Mead
Marge Mead was nominated by her daughter, Karen Mead, who wrote, "I am nominating my mother as Volunteer of the Month. While raising eight children, my mother started college and ended up with a master's degree in English. She then taught English at Glendale Community College. Since retiring 14 years ago, she has worked endlessly in a number of volunteer positions.
Currently, she is the Community Action Chair for the American Association of University Women-Arizona, Public Policy Chair for the Sun City AAUW, Women's Issues Chair for the League of Women Voters-AZ, Publicity Chair for the National Organization for Women-Arizona, president of the Clean Elections Institute board of directors, a precinct committeeperson for Democratic Legislative District 9 and a state committeeperson for the Arizona Democratic Party. She also lobbies legislators on a number of issues, including the environment, domestic violence, education, immigration, health care, elections/voting, etc.
"I obtained this list from her under false pretenses (I told her my kids were doing a school project). Mom was 77 years old on March 1. My brothers and sisters and I admire her so much for all she has done for her family and to make the world a better place for all of us."
A Perspective from Bill Smith, Sr. VP, Residential Lending
Over the past several months we have been asked by many of our clients to comment on what is happening in the residential mortgage market. Should I sell? Should I improve my home and not move? Should I invest now?
First of all, let me share what has been happening and then I will comment on my perspective for the future.
We have heard there are problems with the sub prime market. This market caters to clients that have difficulty qualifying for a mortgage. These sub prime lenders usually charge 2 to 3 percent above the normal market rate and penalize the client for low credit scores, etc. The problem occurs when the loan defaults and the client can't sell the home due to market conditions. These sub prime companies are failing and have caused national companies and banks to tighten up on their lending standards and increase the rates. This is the root of most of the negative press affecting the mortgage companies.
In the current Arizona housing market, we have reported a 10-month inventory of homes that are for sale. Rates are elevated but still competitive and the market has been affected by lack of "first time homebuyer funding."
Foreclosures have increased primarily due to call provisions on the adjustable rate mortgages and undervalued homes with limited equity.
The positives that I see for the remainder of 2007 and through 2008 are as follows:
We believe that interest rates today are affordable and very acceptable. We have become accustomed to rates in the 5.00% to 6.00% levels and we will likely not see those levels again. We have for the past seven months been "correcting" and we have now returned to a normal rate environment.
We believe that prime rate will reduce over the next few months, which will positively affect overall mortgage rates. (Prime rate will lower the commercial loan rates and home equity rates.)
From everything I read we are positioned very favorably in economic trends. We expect prime rate to be positively affected in the future and in return that will positively affect mortgage rates.
Generally fixed rates and fixed interest only rates are safe and competitively priced across the board.
As new building has slowed we should see our current resale market improve.
Many clients who are trying to sell their homes are refinancing their existing homes, and taking cash out to remodel their existing homes for future sale in 2008 through 2009.
Many clients that purchased new homes and their current homes have not sold are coming to us. We have helped them to refinance their current homes, which they will rent out for a year or so, then place them on the market when the values have stabilized. Rental properties are said to be the "rage" today. Many Arizona newcomers are renting until they can find their "dream deal." Renting your home using property managers and specialty real estate companies can be very economical.
Home Equity Lines of Credit are available for home improvement, purchase of vehicles and debt consolidation. The interest may be tax deductible just like the first mortgage. Please check with your tax preparer. ACB has a very competitive Home Equity product.
Land/Lot prices have decreased and we see an influx of clients purchasing lots, securing construction loans and building homes on those lots. ACB has a competitively priced product that, for qualifying clients, is available with as little as 5% down for owner occupied homes. These loans can be secured with an interest reserve that will cover the monthly interest payments during the life of the construction project, which is generally 12 to 18 months. This allows you to sell or rent your home during the building period.
While it appears that home values are decreasing, it is felt by many that we are simply correcting from a 34% increase two years ago and over the next 12 to 15 months we should see some stabilization of values. Many homes, previously owned by investors, have been sold under market, which is affecting comparable sales. In addition, foreclosure sales tend to affect value. In time this will not be a problem.
During this correction, Arrowhead Community Bank will be available to provide full service to our clients. We will continue to be a full-service institution that provides competitive rates on money markets, checking and savings, and investment accounts. We will continue to aggressively lend in the commercial loan market. We will continue to provide all types of consumer loans, and will remain one of the most active and successful community banks serving the residential loan market in the Northwest Valley.
We view this market as an opportunity to continue providing valuable financial services to our clients and to attract new clients. Please call me (Bill Smith, Senior Vice President) at 623-776-3814 with any questions you may have. Let us have the opportunity to show you how ACB can assist you with your personal and business financial needs.
Tom Eggleston Marks 80 'Great Years'
Tom Eggleston, ACB's newest member of the board, and recently retired Vice Mayor of Glendale, turned 80 on September 14. His wife, Billie Eggleston, observed the occasion with a birthday party held at the Glendale Civic Center where friends and family gathered to honor him. Glendale's Mayor Elaine Scruggs observed, "While on the City Council, Tom kept us focused, frugal and grounded. He also kept us laughing."
Tom said, "Throughout my life, I've worked with dedicated and committed people, done amazing things, enjoyed a loving supportive family, and made wonderful memories. My first 80 years were great. Now I'm ready to kick off for the next 80!"
The following is Tom's version of his life so far, written in his own inimitable style:
I was born on a cold, rainy morning in the town of Redford, Michigan near the metropolis of Detroit. In those days, babies were born in the home. For some unknown reason, my mother traveled a few blocks to my grandmother's house for the occasion. Most likely, she didn't want to disturb my two-year old bother Jim. Even today, brother Jim doesn't like disturbances of that nature.
Because it was so cold that morning, I was bundled up and placed before the kitchen stove. That was the only warm spot in the large house. As I lay there in my tiny basinet, I said to myself "I must find a warmer climate."
Some 30 years later I moved to Arizona, but I remember most of the more important happenings of those years before Glendale.
My father's job as a store manager with Sears and then Wards obliged him to move constantly from town to town in Illinois. He finally left the security of a corporate job and opened a small dry goods store of his own. My brother, sister and I were in grade school but willingly pitched in on the family effort. Those were Depression days and failure had unthinkably dire consequence.
The family business did finally prosper. I finished high school, entered college and then joined 11 million other young people in the armed services during WWII. (That was the "big one.")
After an interesting year in Germany in the First Army, I returned to my home town in Michigan. Brother Jim and I promptly opened three retail clothing stores, nearly went broke but finally prospered.
In 1959 at the tender age of 32, I sold everything in Michigan's cold country and started a new life in dear Glendale, population just 13,000.
Business was so good in Glendale that I was able to open branches in Tucson and Phoenix (the town just east of Glendale).
Much of this success was due to the help of my four wonderful children - Carolyn, Sandy, Doug and Tom. Like me, they truly grew up in the business.
Another 32 years slipped away and in 1991, I was appointed to a vacancy on the Glendale City Council. Life really got interesting after that. Glendale was destined to continue growing. Change was coming, starting with the opening of Arrowhead Towne Center and the build-out of the Bell Road corridor of commerce.
To serve all the new residents who came to town in the 90s, the City had to provide everything from fire stations to water treatment plants to new parks. Downtown was transformed into a charming place to visit and shop and the antique district began to thrive.
Foothills Library opened and Sahuaro Ranch Historical Park was developed. Midwestern University came to Glendale. The Glendale Civic Center was built and the Bead Museum came to town.
The famous town festivals began in the 90s, such as Glendale Glitters, Jazz and Blues Festival, Chocolate Affaire and the Glendale Glitters and Glows events.
After the turn of the century started with a kick-off New Year's celebration in the brand new Civic Center, Glendale saw more and more development. For better or worse, we were getting fame and fortune.
The Glendale Arena along with the Westgate shopping center opened on the 101 freeway. Next door the Cardinal Stadium was built. Cabella's opened on West Glendale Avenue. The Fiesta Bowl and the BCS were suddenly part of Glendale.
Foothills Recreation Center with its great water park opened and so did Rose Lane Water World. This new century even saw skateboard parks and doggie parks.
All in all, the years have been fast moving. Here are some of the highlights of what I have done during that time:
Owned and operated retail clothing business in Glendale, Phoenix and Tucson 1959 to 1991
Past president Glendale Chamber of Commerce
Founding board member of the Glendale Downtown Development Corporation
Founding member of the Thunderbird Bank
President of Uptown Plaza Merchants Association
Board member of the Downtown Phoenix Merchants Association
Glendale Planning Commissioner 1985 to 1991
Glendale City Councilmember 1991 to 2007, ten years as Vice Mayor
As Councilmember served as the Chair of the Budget, Utilities, Risk Management and Government Services Committees
Chairman of the Western Maricopa Enterprise Commission 1998/1999
Maricopa County Air Qualities Commission board member
Maricopa County Community Services Commission board member
Member of the Glendale First United Methodist Church
Member of the Glendale Rotary Club
Member of the Salvation Army Advisory Board
Richard Oliver Helps Small Business Owners
If you are a small business owner confused about what retirement plans are available to you, Richard Oliver can help. Richard, Senior Vice President of Capitol Wealth Advisors located at Arrowhead Community Bank, will work with you to explore your options.
The availability of a retirement plan can be a deciding factor in your quest to hire the most qualified employees. Retirement plans can also be helpful in retention of highly qualified employees.
Securities offered through PrimeVest Financial Services, Inc., an independent registered broker/dealer. Member NASD/SIPC. Securities and insurance products offered by PrimeVest. *Not FDIC/NCUSIF insured*May go down in value*Not financial institution guaranteed*Not a deposit*Not insured by any federal government agency. Advisory services may only be offered by Investment Adviser Representatives in connection with an appropriate PrimeVest Advisory Services Agreement and disclosure brochure as provided.
Glendale Woman Recognized Among ABWA Top 10
Katreena Hayes-Wood of Glendale has been selected as one of the 2008 Top Ten Business Women of ABWA, an annual award given by the American Business Women's Association (ABWA) since 1956. Each year ABWA recognizes 10 members for outstanding achievement in their careers, community involvement and educational development. The winners of this year's Top Ten Business Women of ABWA honors were selected for their many career and philanthropic achievements, as well as for their ability to demonstrate how their involvement in the Association has contributed directly to significant career achievements.
Katreena is the president/owner of STRIVE for Students, a company devoted to helping kids discover career success, and she is the author of Help! I Need a Job. She is a member of the Arrowhead Millennium Chapter of ABWA in Glendale.
Katreena explains that ABWA has helped her achieve her goals by giving her a strong network of business associates, colleagues and friends with whom to associate and network. In addition,"ABWA gave me the courage to say 'yes' to start my own business," she says, adding that her ABWA leadership roles have also positively impacted her professional life. "I have had to learn new skills as a result of the many offices I've held. Those skills have helped me to develop and pioneer new ideas within my professional arena."
For more information on the American Business Women's Association, visit www.abwa.org or call Mia Katz at (816) 361-6621, ext. 222.
17th Annual Poinsettia Tea
The 17th Annual Poinsettia Tea will be held on December 2 at 2:30 p.m. at the Hilton Scottsdale Resort, 6333 North Scottsdale Road. All proceeds will benefit Beatitudes Center DOAR, a nonprofit, interfaith organization. Reservations are $55 per person, $29 of which are tax deductible.
In addition to tea and holiday delights, guests will be treated to entertainment provided by writer/performer Kathleen Buckstaff, and classical guitar music performed by Maryanne Kremer-Ames of Lyra. Emcee for the occasion is Kristine Hedlund, publisher of Phoenix Woman Magazine.
For reservations, call 602-274-5022. Additional information is available at www.centerdoar.org
Ride to Honor Officer Holly
The Inaugural Officer Holly Poker Run will be held on Saturday, November 3. The motorcycle event will begin 9:00 a.m. at the Arrowhead Community Bank and end at the noon lunch stop at Westgate. Proceeds from the ride will benefit the children's charities of the Anthony Hall Foundation. Registration begins at 7:00 a.m. at ACB, and suggested donation to ride is $25 per rider and $15 per passenger. Everybody is welcome to support the event on or off a motorcycle. For more information, call Anne Quigley at 623-776-3819, or visit Holly Run or www.anthonyhollyfoundation.org
Sarah Teixeira Readying for Run
Sarah Teixeira is in training for the 2008 P.F. Chang's Rock & Roll Marathon (26.2 miles!) which will be held on January 13. She has become a part of the Team in Training, and has also committed to raising $2,200 for The Leukemia & Lymphoma Society to help fund cancer research and patient counseling services. For information about making a donation, visit www.active.com/donate/tntdms/tntdmsSTeixei. We will follow up with Sarah to see how her preparations are going for this challenging event, and to give her moral support.
Wellness Tip: Right Nutrition for You
An important aspect of wellness care is proper nutrition. Addressing lifestyle to prevent food allergies can begin with the pregnant mother. After her child is born, if the mother breastfeeds as long as possible (at least one year) she will increase the infant's resistance to food sensitivities. The best way to determine your nutritional needs is to evaluate your current status. Until December 31, Dr. Dias-Zair is offering a complimentary consultation to anyone who brings in a recent 7 day food and drink history. Call (623) LP CHIRO for more information.
Treat the Kids to Tricked Out Bags
Safety is in the bag, thanks to reflective trick or treat bags sponsored by the National Crime Prevention Council. If you are a parent or grandparent and have little goblins in your life making plans for Halloween, be sure to stop by Arrowhead Community Bank during October for enough bags for every trick or treater in the family.
Save the Date
- October 7, 2007
- Bowling 4 The Cure charity bowling tournament at Lakeview Lanes, Sun City
Telephone Peggy Bowers at 602-938-5427 for sponsorship opportunities - October 29, 2007
- 14th Annual Arizona Literacy & Learning Center "Kilts for Kids" charity golf tournament at Arrowhead Country Club
Telephone Arlene Kulzer at 623-776-0800, ext. 120, for sponsorship opportunities - November 3, 2007
- Officer Anthony J. Holly Memorial "Poker Run" Motorcyle Ride
Telephone Debbie Charlesworth at 623-776-0800 for more information - November 19, 2007
- 3rd Annual Il Primo charity golf tournament benefiting the Glendale/Peoria YMCA
Telephone Mike Stallone at 602-405-9443 for sponsorship opportunities
Marsha Oakes at 623-776-0800, ext. 126 for more information
an optimist sees the opportunity in every difficulty."
(Winston Churchill)
