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Monthly Archives: August 2020

SouthStar Bank Then & Now: 1945

A look back on the Banking Industry 75 years ago. In 1945, The Farmers and Merchants Bank of Moulton (now SouthStar Bank) celebrated its 25th anniversary. During this time, the Bank moved into the old First State Bank of Moulton building. Elo C. Fehrenkamp also took over as Bank President during this year. By 1945, the Banking Industry had been largely affected by World War II: Large-scale war financing by the federal government led to the rise of Banking assets. The largest single operation performed by the Federal Reserve Banks was handling war savings bonds. U.S. government securities account for 57% of total banking assets. Today, SouthStar Bank continues to serve the people that make our communities shine. We invite you to join in our 100 year celebration in Moulton on October 21, 3:30-6:30PM.

Welcome Amber Minnick

Amber Minnick, Commercial Loan Closing Coordinator II | SouthStar Bank Steiner Ranch Branch Amber Minnick joins SouthStar Bank as Commercial Loan Closing Coordinator II at the Steiner Ranch Branch. A graduate of Sam Houston State University, Amber has spent the last eight years working in the banking industry. After spending time in financial analysis, loan management, and credit analysis, Amber is excited to specialize in commercial loans. Amber enjoys spending time on the water or outdoors with her dog, Maggie. She is a certified yoga instructor, and her biggest personal achievement is that she finished a half marathon. Welcome Amber!

Employee Spotlight – Kristy Hollis

Kristy Hollis, Assistant Vice President & Branch Manager| SouthStar Bank Round Rock Kristy Hollis joined the SouthStar Bank Round Rock team in 2019. After 18 years in banking, Kristy values the opportunity to build a rapport with her customers and help them achieve their banking goals. Over her career, Kristy has experienced many professional accomplishments, but her biggest achievement is seeing team members that she leads excel in their personal careers. Kristy’s favorite pastime is spending time with her husband and daughter. Whether their time is spent cooking, kicking the soccer ball, or playing board games, time spent together is well spent. As a mom, Kristy is involved in every activity her daughter does. Whether it is assisting with soccer or reading books to local elementary students, Kristy is there. Cruising is one of Kristy’s favorite ways to spend a family vacation. She has been on 16 cruises in her lifetime and has plans to go on many more. Being out on the water and experiencing new places with her family makes the trips even more special. Her idea of a dream retreat is to be on a huge cruise ship surrounded by beautiful crystal-clear blue water.

How is my IRA affected by the CARES Act?

Learn about recent IRA changes Through the Coronavirus Aid, Relief, and Economic Security Act, known as the CARES Act, several provisions were made to help those financially or medically affected through these tough times. Although the CARES Act impacted more than individual retirement accounts (IRAs), the impact on IRAs is significant. IRA owners and beneficiaries of a deceased IRA owner should be aware of these changes in relation to their unique goals and circumstances. THE 2020 REQUIRED MINIMUM DISTRIBUTION (RMD) HAS BEEN WAIVED IRA owners and IRA beneficiaries are not required to take a distribution. The RMD provision is applicable to any Traditional IRA, including Simplified Employee Pension (SEP) and Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRAs. If an IRA owner turned age 70.5 in 2019 and postponed his/her RMD after 2019 (until the required beginning date of April 1, 2020), the RMD is eligible to be waived. THE RMD ROLLOVER DEADLINE HAS BEEN EXTENDED TO AUGUST 31, 2020 If you have already taken your 2020 RMD, you may have the opportunity to return funds as a rollover contribution. This is also applicable to surviving spouse beneficiaries. Non-spouse surviving beneficiaries may rollover only the RMD death distribution amount received in 2020 back into the same IRA. AUTOMATIC WITHDRAWALS ARE ELIGIBLE FOR REVISIONS If you previously set up an annual RMD to be automatically withdrawn, you may contact your banker to revise the schedule. In most cases, including existing SouthStar Bank IRA Accounts, if you do not request an adjustment, it will be assumed that you intend the 2020 RMD to take place even though it is not required by law. It is recommended that you consult a tax professional regarding your intentions when adjusting planned disbursements. If you have questions regarding your SouthStar Bank IRA account, we’re here to help. Please reach out by emailing contact.us@southstarbank.com or contacting your nearest SouthStar Bank branch.

Welcome Courtney Schweitzer

Courtney Schweitzer, Personal Banker | SouthStar Bank Georgetown Branch Courtney Schweitzer is joining the SouthStar Bank team as a Personal Banker at our Georgetown location. She has two years of industry experience and is excited to bring her outside perspective and knowledge to the job. A fun fact about Courtney is that her favorite travel destination is Colorado. Welcome Courtney!

SouthStar Bank Then & Now: 1920

A look back on the Banking Industry 100 years ago. This year SouthStar Bank is celebrating its 100th anniversary. The Bank opened its doors as The Farmers and Merchants Bank of Moulton in October of 1920. The Bank was located at the present site of Moulton City Hall, and F.T. Fehrenkamp served as President along with Rudy Jaeggli as Vice President. Banking looked a bit different back in 1920: Banks offered installment loans, mortgages, and loans to stock market speculators on 90 percent margins. Printing tabulators were introduced, which not only improved speed and accuracy of balancing vault balances, but set the stage for future technology. There were no insider-trading laws 100 years later, the SouthStar Bank headquarters remains in Moulton, TX. Mark your calendar and join us to celebrate this historical milestone on October 21! 100 S. Main St. Moulton, TX | 5-7pm

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