2020 News and Information
Lemnitzer Memorial Fund Supports Wayne County YMCA
January 22, 2020
Honesdale, PA – The Ernest and Margaret Lemnitzer Memorial Fund, administered by the HNB Financial Group at The Honesdale National Bank and Paul Meagher, continued its support of the Wayne County YMCA with a 2019 distribution of $5,860.92. With this allocation, the YMCA has received $69,093.12 since the fund’s inception.
The Ernest and Margaret Lemnitzer Memorial Fund was created by these prominent Honesdale residents to support charitable organizations within Wayne County, as well as, provide scholarships to deserving graduates of Honesdale High School. Ernest was the brother of the former Chairman of the Joint Chiefs of Staff and Honesdale resident, Lyman Lemnitzer.
Tina Hoehn, Executive Director of the Wayne County YMCA, explained that the proceeds are used to fund children and family membership scholarships and help support specialized programs at “The Y.”
The Ernest and Margaret Lemnitzer Memorial Fund is administered by The Honesdale National Bank and local Honesdale businessman, Paul Meagher. The HNB Financial Group at The Honesdale National Bank has managed the investments of the Memorial Fund since its inception in 1991. To date, grants in excess of $2.1 Million have been paid to qualifying recipients.
The HNB Financial Group provides services to support the establishment and administering of trusts and endowments. For more information, call 570-253-3355.The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties. The Honesdale National Bank offers personal banking, business banking and wealth solutions. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.
Pictured are (l to r): Charles Curtin, JD, LLM and HNB Trust Officer; Tina Hoehn, Wayne YMCA Executive Director; and Paul Meagher, co-Trustee.
Stephen Fritz Promoted to Loan Officer at HNB
January 15, 2020
Honesdale, PA – David E. Raven, President and CEO of The Honesdale National Bank, announced that Stephen Fritz was recently promoted to Loan Officer.
In making the announcement, Raven stated, “Stephen has been a valuable asset to the bank since joining HNB. He understands the challenges and opportunities our customers face and is dedicated to utilizing HNB’s significant lending resources to meet their individual needs.”
Fritz began his career at HNB in 2016 as Consumer Loan Specialist and was promoted to Consumer Loan Specialist II in 2018.
On commenting on his promotion, Fritz explained, “I’m glad to be able to continue servicing the needs of my hometown community.” He continued, “I enjoy seeing the members of my hometown thrive with the help I am able to offer from HNB.”
As a Loan Officer, Fritz supports consumers in the area with lending solutions such as home equity loans, lines of credit, and other personal lending options.
Stephen is a graduate of Honesdale High School and holds a Bachelor of Science Degree in Finance from Pennsylvania State University.
Fritz enjoys traveling, hiking, cooking, and spending time with his longtime partner, Amy Christopher. He is the son of Nancy Fritz and the late Carl Fritz, and brother to Tony, Matthew, and Jonathan.
He can be reached at 800-HNB-9515, by email at email@example.com, or by visiting HNB’s 733 Main Street, Honesdale Office. Stephen C. Fritz is NMLS registered (NMLS ID # 1529010).The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties. The Honesdale National Bank offers personal banking, business banking and wealth solutions. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.
Securing Your Future
January 10, 2020
SECURING YOUR FUTURE
The Impact of the SECURE Act on Your Retirement
By: Charles Curtin, JD, LLM, CTFA
Vice President and Trust Officer
The Honesdale National Bank
Now that the new year is upon us, I had some time to reflect upon the holiday season that just passed. For my family, it was a season of change. As the sands of time have inevitably slogged forward, old seasonal traditions died and new arose. The most seismic shift for the Curtin family was this year’s annual Christmas Eve feast. For the first time, my wife and I hosted both of our extended families. In retrospect, I believe I would like to transfer the hosting duties to someone else, but unfortunately it appears that ship has sailed and all future get-togethers will be our responsibility.
The gala attempted to meld both families’ cultures into one - an Irish-Polish-Italian-European-American extravaganza. It turned out to be a circus of unfulfilled expectations. How was I supposed to know that “sparkling” water is not an acceptable dinner beverage or that a very capable guest is in fact unable to get out of her chair and get her own plate of food? All I can say is that everyone got fed and out of my house before I blew a gasket. I guess hosting is not for me.
Change is hard. It is difficult to adapt to the “new” when something has been ingrained over a period of time. This Christmas may have been less than successful, but as we move forward, it is my hope that new traditions will be forged. In addition to my own personal changes this season, Congress, at the end of 2019, passed the Secure Act, which was the most sweeping update to the rules of retirement savings rules in nearly 30 years. The Secure Act provides a number of new initiatives that without proper planning may leave retirees wishing that they were hosting my family’s Christmas Eve party instead. Below are some of the highlights.
Extension of RMD
Over the coming decades, various studies predict a significant rise in life expectancies. The Secure Act recognizes that people are living longer into retirement and extended the age requirement for minimum distributions from retirement accounts to 70.5 to 72. Before the Secure Act, retirees who had traditional IRA accounts (amongst others) were mandated to start taking withdrawals from such accounts at age 70.5. The year and a half extension is valuable because it provides the retirement accounts further time to appreciate. Unfortunately, the new rule applies to those people who turn 70.5 in 2020 and thereafter.
Age of Contribution
Another wrinkle (wink-wink) to the Secure Act is the new rules allow eligible older workers who are employed past the age of 70.5 to contribute to a traditional IRA. Under the previous rules, those who decided to work past 70.5 could not contribute to a traditional IRA. The benefit is that an eligible worker over the age of 70.5 can contribute up to $7,000 to a traditional IRA, thereby further enhancing their future retirement savings. Such contribution would also be income tax deductible.
The End of Stretching
When I run, I never stretch. Probably not a great idea, since my old muscles are constantly injured. I have had a calf strain for the last six months. Stretching is always important - even in the retirement planning space. Before the Secure Act, there was a tremendous tax-saving feature for heirs inheriting a deceased’s retirement account - The stretch IRA. Before the Secure Act, non-spouse beneficiaries of a deceased’s retirement account could take distributions from such retirement accounts over their life expectancy. This allowed younger heirs of IRAs to “stretch” the retirement account’s tax-deferred growth over many years, while taking smaller required distributions. For large, inherited retirement accounts, the tax savings were a boon. A grandchild inheriting a portion of an IRA could potentially “stretch” his or her distributions over 70 years. The Secure Act tightened the stretch option. Now, for retirement account owners who pass away this year and later, beneficiaries will only have 10 years to withdraw the entire account. This change severely affects those individuals with large retirement accounts, who want to bequeath them to children and/or grandchildren. The income taxes due will be owed over a much shorter amount of time.
In addition to the above, the Secure Act modified several other retirement related laws. It is going to take several months for the retirement planning community to digest all of the updates. Hopefully, they are all more palatable than my Christmas Feast. If you have further questions, please contact The Honesdale National Financial Group to learn more.
Tip: Don't Abbreviate 2020
January 10, 2020
HNB Celebrates Grand Opening in Hallstead
January 8, 2020
Hallstead, PA (January 8, 2020) – Directors, Advisors, Officers, and employees of The Honesdale National Bank were joined by the local community at a ribbon cutting to celebrate the opening of its Hallstead Office located at 313 Main Street in Hallstead (intersection of Rose Street and Route 11). This location expands HNB’s branch office network to 12 full-service locations and marks the Bank’s second office in Susquehanna County.
Commenting on HNB’s newest location, HNB President and CEO, David E. Raven, said, “We’re very excited about joining the Hallstead community, which shares our bank’s ideals and values. We have already started building friendships and are dedicated to our commitment to serve this close-knit community. Further extending our services into Susquehanna County enables us to provide greater convenience and accessibility to HNB’s tradition of community banking to current and future customers.”
He continued, “Our staff, with the support of our entire HNB family, is dedicated to serving the financial needs of this community. We are very fortunate to have a dedicated team in the office, with a genuine care for the customer that has become synonymous with HNB.”
The Bank first opened its doors at the new location on December 18. The office brings 360 degree comprehensive banking solutions to the Hallstead community through personal, business, mortgage, lending, cash management, financial planning, and wealth management resources. The office is equipped with a drive-up featuring a 24-hour ATM and night depository. The staff is also available for support at 570-879-2274.
The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties. The Honesdale National Bank offers personal banking, business banking and wealth solutions. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.
Lacey Churmblo Promoted to AVP at HNB
January 2, 2020
Honesdale, PA – David E. Raven, President and CEO of The Honesdale National Bank, announced that Lacey Churmblo was recently promoted to Assistant Vice President, Accounting Officer.
In making the announcement, Raven stated, “We are very fortunate to have someone with Lacey’s knowledge in the Accounting Department at HNB. Her years of experience make her a valued member of the HNB team.”
Churmblo began her career at HNB in August 2016 as Accounting Administrator and was promoted to Accounting Officer in 2017. She had 11 years of bank accounting experience before joining HNB.
On commenting on her new role, Churmblo explained, “I enjoy taking on new challenges at the Bank, while being able to produce tangible results.” She continued, “I strive to deliver dynamic customer service to both internal and external clients with my knowledge of a variety of accounting competencies.”
Churmblo graduated with a BA in Accounting from Marywood University in Dunmore, PA. She has received various training from schools and seminars including the Pa Bankers School of Banking.
Lacey is married and has three children. She enjoys spending time with her family, camping, and being involved with her children’s sports teams and extracurricular activities.
The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties. The Honesdale National Bank offers personal banking, business banking and wealth solutions. For more information on HNB’s products and services, visit www.hnbbank.bank. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.