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Monthly Archives: July 2023

All You Need To Know About CDARS

Have you ever wanted a fast, easy, and convenient way to take full advantage of FDIC insurance on deposits exceeding $250,000? Look no further!  SouthStar Bank offers an easy and convenient way to keep your funds FDIC insured via our CDARS program up to $50 million per customer. What is CDARS? CDARS is an acronym for the Certificate of Deposit Account Registry Service. In short, CDARS allows a business to invest in Certificates of Deposit held by many FDIC-insured banking institutions, including SouthStar Bank. Who has custody of my funds? Funds placed through CDARS can only be deposited in FDIC-insured banks. SouthStar Bank would act as custodian for your CDARS deposits.  CDARS network members swap deposits on a dollar-for-dollar basis, ensuring that the same amount of funds placed through the network are returned to SouthStar Bank. This means that your original deposit amount can remain at the bank and be used by you. Which will locally support the growth of the communities we live, work and volunteer. CDARS is one of the safest options for investors who want to protect their investments while continuing to earn interest rates only possible with CDs. Investing in the program can be a wise alternative to U.S. Treasuries. Similar to Treasuries, CDARS is also backed by the U.S. government. You may be worried about how the FDIC feels about such programs. Fortunately, the FDIC acknowledges the deposit placement service and has even encouraged it at times. The CDARS program has been thoroughly tested, and the service is recognized by both FDIC regulations and state statutes. What are the benefits of CDARS? CDARS allows you to make a single deposit and have those funds automatically distributed to enough financial institutions to achieve full FDIC coverage. During the setup process, you will get to decide which financial institutions your funds will be deposited into. Remember that while your CDs may be held by financial institutions nationwide, your funds can still be used locally.  Just like standard CDs, your CDs in the CDARS program come with a range of maturities. You can choose from maturities ranging from one month up to five years. Second, there are no hidden fees in the CDARS program, including annual, transaction, or subscription fees. The rate you agreed on is the rate you will receive.  The last benefit of the program is no ongoing collateralization. This eliminated the need to track changing collat4eral values routinely. What are the drawbacks of CDRS? Before investing in CDARS, you should be aware of the drawbacks. CDARS investments have restricted liquidity, meaning that your invested funds are all locked in CDs until they mature. If you need to access the funds before maturity, you will have to pay a penalty. If you think CDARS is right for you and your business, contact your local SouthStar Bank branch today or open a new Certificate of Deposit online!

Employee Spotlight – Allison Spence

Allison Spence, Personal Banker | SouthStar Bank Southwest Austin Allison Spence is a Personal Banker at the SouthStar Bank Southwest Austin location. She worked in the banking industry for five years before joining the SouthStar Bank team one year ago. The one thing Allison enjoys most about her job is connecting with customers in and around her community. She also loves using her problem-solving skills to assist her customers and their needs best. One of Allison’s most significant accomplishments was gaining confidence within her Personal Banker role. She believes that her newly acquired knowledge has positively affected her personal life. In her community, Allison is involved with her local church, One Chapel Austin. She hopes to be a part of their Mission work in the future. When she is not working, Allison spends her time caring for plants, playing with her pups, and tending to her chickens. One item on her bucket list is to travel to Milan, Italy to meet family.

Welcome Emma Taylor

Emma Taylor, Personal Banker | SouthStar Bank Leander Emma Taylor has joined the SouthStar Bank Leander team as a Personal Banker. Emma has one year of experience in the banking industry. The one thing she is most excited about bringing into her new role is her customer service skills, positive attitude, and dedication. In her free time, Emma enjoys writing and spending time with her dog. Welcome Emma!

Employee Spotlight- Aften Serrano

Aften Serrano, Portfolio Manager – SBA & Business Manager | SouthStar Bank Loan Administration Building Aften Serrano is a Portfolio Manager/ SBA & Business Manager based at the SouthStar Bank Loan Administration Building. Aften worked in banking and finance for 19 years before joining the SouthStar Bank team three years ago. She has worked in numerous positions, including Teller, Personal Banker, Banking Officer, Branch Manager, and Back Office. In her position, Aften enjoys being able to help small businesses survive and thrive, while also creating jobs in and around her community. One of Aften’s favorite professional moments was performing investigations on high-risk customers for the BSA/AML Department. In her community, Aften is a member of the Daughters of the Republic of Texas. Currently, the organization is working to save a cemetery on Liberty Hill from being destroyed by a large development company. When she is not working, Aften spends her time woodworking, building, and refurbishing furniture. Known for being adventurous, she has traveled to Costa Rica and hopes to walk the Great Wall of China.

Welcome Ivan Garcia

Ivan Garcia, Vice President of Lending/Community Manager | SouthStar Bank Ivan Garcia joins SouthStar Bank as a Vice President of Lending and Community Manager. Ivan brings 14 years of experience in the lending industry and will be focused on expanding SouthStar Bank’s presence along the IH-35 corridor. Ivan prides himself on being able to provide opportunities for home ownership in historically underserved communities. Ivan covets the personal connection and relationship-building aspects of the lending process, striving to develop trust between lender and customer and navigating first-time home buyers through the sometimes complex mortgage process Ivan is also fluent in Spanish and is heavily involved with the Austin Hispanic Chamber of Commerce and the National Association of Hispanic Real Estate Professionals (NAHREP). One of his most significant professional achievements was when he was named one of the NAHREP Top 100 Regional Loan Officers in 2021. Outside of the office, Ivan enjoys spending time with his family, who began fostering children four years ago.

Welcome Rubi Perkins

Rubi Perkins, Personal Banker | SouthStar Bank Hearne Rubi Perkins has joined the SouthStar Bank Hearne team as a Personal Banker. She is most excited to bring her stellar customer service skills to her new role. In her free time, Rubi enjoys painting and traveling. Her favorite place she has traveled to is Niagara Falls.  Welcome Rubi!

Congratulations Stephanie Weaver! New Branch Manager

Stephanie Weaver has been promoted to Assistant Vice President and Branch Manager at the SouthStar Bank Georgetown branch. Prior to her promotion, Stephanie was a Personal Banker at the Georgetown location. During this time, she was responsible for opening new accounts, running transactions, and verifying customer information. In her new position, Stephanie will be responsible for growing new and existing relationships between the bank and its customers. She is most excited about speaking with her customers to learn how her team can better serve them. Another aspect that Stephanie is excited about is taking over the training of new employees in preparation for their next steps within the banking and finance industry. In her free time, Stephanie enjoys spending time with her family and fur babies, bowling, and traveling to San Antonio to visit her younger sibling.

Employee Spotlight- Tyler Narro

Tyler Narro, Personal Banker | SouthStar Bank Hearne Tyler Narro is a Personal Banker at the SouthStar Bank Hearne location. She worked in banking and finance for nine years before joining the SouthStar Bank team five years ago. Recently, Tyler was awarded the Star Service award, which recognizes one recipient in each of the bank’s four regions for service above and beyond the expected norm. Recipients consistently demonstrate exceptional knowledge of bank products and services, as well as an intuitive understanding of clients’ needs. When she is not working, Tyler spends her time traveling to the beach with her family, taking evening walks, going to the park, and attending rock concerts with her husband.  As a beach enthusiast, Tyler’s favorite place she has traveled to is Galveston, Texas. An interesting fact about Tyler is that one of the items on her bucket list was to get married on Halloween, which she and her husband crossed off her list last year.  

Welcome Ibrahim Madni

Ibrahim Madni, Personal Banker | SouthStar Bank Steiner Ranch Ibrahim Madni has joined the SouthStar Bank Steiner Ranch team as a Personal Banker. Ibrahim has two years of customer service experience. The one thing he is most excited about bringing into his new role is his communication and customer service skills. In his free time, Ibrahim enjoys listening to podcasts and reading books. Welcome Ibrahim!

Congratulations Faith Shrader! New Branch Manager

Faith Shrader has been promoted to Assistant Vice President and Branch Manager at the SouthStar Bank Southwest Austin branch. Faith was in her previous personal banker role for 2 years. During this time, she was responsible for opening new accounts, running transactions, and verifying correct information on deposit slips and checks. In her new position, Faith will be responsible for developing new and existing relationships between the bank and its customers. Faith is very focused on customer service and values her ability to know everyone who enters the branch by name. She is most excited about developing and adapting her leadership skills for the banking industry. As well as having the ability to share the knowledge she has gained over the years with new employees. In her free time, Faith enjoys reading, going to the beach, and spending time with family and friends.

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