Adams Dairy Bank

Growth Fuels New Additions to Adams Dairy Bank Staff

admin — Tue, 17 Apr 2012 18:45:23 +0000

New accounts surge as consumers seek local banking options.

BLUE SPRINGS, MO. (April 17, 2012) – On the heels of three consecutive months of significant account growth, Adams Dairy Bank today announced new staff additions including: Christina Obenshain, Loan Processor; Ife Opakunle, Staff Accountant; and Tanner Griffin, Intern.

According to Adams Dairy Bank President & CEO David Chinnery, the unprecedented growth in the first quarter of 2012 is a good sign of growing economic conditions in and around the Blue Springs area. “Our new customers are local residents and business owners who understand the importance of banking with a locally owned institution. Buy local is now becoming bank local and the result has been the need for more staff,” added Chinnery.

Chinnery noted that all three additions to the bank staff come from the surrounding communities served by the bank. “Buy local, bank local translates to hiring local,” said Chinnery.

Christina Obenshain brings over twenty years of project management experience from a wide range of industries to her new position as Loan Processor. She has served in a variety of roles with locally-based companies such as H&R Block, Starlight Theatre and Blue Cross Blue Shield of Kansas City. Obenshain is a graduate of Central Missouri University in Warrensburg.

Ife Opakunle, a Blue Springs graduate at the top of her class, joins Adams Dairy Bank graduating this May from William Jewell College with a Bachelor of Science in Accounting. She completed an accounting internship, and additional voluntary educational opportunities to prepare her well for joining the team at Adams Dairy Bank.

Tanner Griffin is fulfilling an internship that will end when he graduates from Grain Valley High School next month. He is staying on through the summer to gain further insight to the financial services field. Griffin focused on advanced math, accounting and personal finance classes while at Grain Valley. A letterman in basketball and soccer, Griffin was a volunteer youth basketball coach as well.

About Adams Dairy Bank

Adams Dairy Bank, located near the intersection of I-70 and Adams Dairy Parkway, is a full-service community bank serving the greater eastern Jackson County community. Based in Blue Springs, Mo., the Adams Dairy Bank staff, board members and their nearly 190 local shareholders are creating a banking-family environment by serving individuals, small- to mid-size business owners, and professional corporations in the region. In addition to their convenient location in Coronado Place, Adams Dairy Bank customers have access to 555 ATMs through the UltraSF network. For more information, visit www.AdamsDairyBank.com.

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A high resolution image of Christina Obenshain is available online.

A high resolution image of Ife Opakunle is available online.

A high resolution image of Tanner Griffin is available online.

MORE INTEREST IN LOWER-INTEREST LOANS

admin — Fri, 06 Apr 2012 19:29:33 +0000

Missouri’s Linked Deposit Program can lower rates.
By David Charles Chinnery as printed in the April issue of Thinking Bigger Business Magazine

Across the country, state and local governments are eager to offer economic incentives that will help create new jobs. Missouri, though, is taking the lead with its Linked Deposit Program, which partners with lending institutions to offer low-interest loans to small businesses.

By reducing interest rates on certain loans, qualified lenders in Missouri can work with Missouri-based small business owners in finding additional capital to grow their businesses. The program, which is overseen by Missouri State Treasurer Clint Zweifel, allows lenders to lower the interest rate to borrowers by about 2 to 3 percent in many cases.

There is $720 million worth of lending power in the program. Zweifel and his staff continue to make enhancements to the program so that more Missouri businesses can benefit, including raising the eligibility limit from 25 to 99 full-time employees.

Linked Deposit Eligibility

The Missouri Linked Deposit Program requires that a small business be headquartered in Missouri, maintain operations in the state and transact business here. The program is limited to for-profit organizations with fewer than 100 full-time employees.

As with most state programs of this nature, the business must not owe any unpaid taxes to any city, state or county entity in Missouri.

Loans That Grow Business

The most attractive feature of the Missouri Linked Deposit Program is that, at its core, the program enables businesses to sustain, grow and add jobs. Unlike other, more restrictive programs around the country, the Missouri program’s loan usage is broad.

Small business can use loan proceeds for buying land and buildings; costs associated with renovations, repairs or maintenance of equipment; purchasing inventory; professional fees; and even rent, utilities, insurance or taxes.

Preferred Lending Partners

Although many lending institutions can participate in the Missouri Linked Deposit Program, the treasurer’s office has designated approximately 22 lenders as preferred lending partners. Preferred lenders have multiple loans under the program and are well-versed in the loan eligibility requirements and application process.

For both lenders and loan applicants, the process is fairly simple, with online applications readily available at the treasurer’s website. Small businesses should first consult with a lending institution familiar with the program. Eligibility requirements reviewed in advance can greatly enhance the process and likelihood of loan approval.

Good Business Sense

The Missouri Linked Deposit Program is not a government bailout or unrestricted incentive for small businesses. It is a carefully crafted program that encourages both businesses and lenders to work closely and creatively in funding small business expansion and growth.

While job growth is a priority, the program also insists on sound business and lending practices.

Like many other loan incentive programs, the Missouri Linked Deposit Program requires collateralized loans.

The lending institutions must adhere to sound lending practices that support their own financial health and well-being. This means that credit history and ability to repay a loan are still the most important factors in determining loan eligibility.

Every Dollar Counts

For any business, large or small, every dollar saved in interest expense is a dollar that can be returned to the business for additional investment.

For large investments such as buildings, land and inventory, saving 2 to 3 percent through the Missouri Linked Deposit Program can be significant.

At a time when the economy is slowly rebounding, access to capital for small business is critical. The Missouri Linked Deposit Program can provide the capital boost business owners need to accelerate their growth.

David Charles Chinnery is president and CEO of Adams Dairy Bank, a preferred provider to the Missouri Linked Deposit Program. (816) 655-3333 // www.adamsdairybank.com

Free Money and a College Education

admin — Thu, 05 Apr 2012 19:19:38 +0000

Since their inception, 529 college savings plans have been a great way for anyone to help a young person save for college while earning tax benefits for themselves.

529 college savings plans (named for section 529 of the Internal Revenue Code) are special investment accounts designed to help families save for higher education at eligible two- and four-year colleges, postgraduate programs, or secondary trade and vocational schools.

These state-run savings plans vary from state to state, and nowhere are the benefits greater than in the state of Missouri.

Matching Grants

This year, Missouri State Treasurer Clint Zweifel announced the MOST Matching Grant Program to help many Missouri families save for higher education. The MOST 529 Matching Grant Program provides a privately funded dollar-for-dollar match on contributions to a 529 plan, up to $500 per year, with a lifetime maximum of $2,500 for households with a Missouri adjusted gross income from $0 to $74,999.

This is an opportunity to not only save for a college education through a tax deferred program, but gain a matching contribution from the state. This is a powerful benefit that nobody should pass up.

Limited Time to Apply

The application process to apply for the MOST 529 Matching Grant Program opened March 1, 2012, and the final date to submit an application is June 20, 2012.

Tax Benefits

Your 529 assets grow tax-deferred, and withdrawals are exempt from federal income tax when used for qualified higher-education expenses. There are additional state tax benefits and other considerations that may impact you. We encourage you to consult a tax adviser for further guidance.

Missouri at Work

Once again we applaud Treasurer Zweifel, his staff and the entire state Legislature for developing programs that truly benefit our hard working friends, families and neighbors.

Learn more about the MOST 529 Matching Grant Program.

Adams Dairy Bank Announces Homegrown Promotion

admin — Wed, 04 Jan 2012 16:08:47 +0000

Blue Springs Native, Kevin Vogt Promoted to Controller

BLUE SPRINGS, MO. (January 3, 2012)– Adams Dairy Bank, a local Blue Springs bank announces the promotion of Kevin Vogt to controller. A Blue Springs native, Vogt first started with Adams Dairy Bank as a credit analyst in 2008 and since held the position of accounting officer, and now controller.

“We are proud to be a homegrown, hometown bank,” said David Charles Chinnery, president and CEO. “Finding talented individuals locally and promoting from within is as important to us as anything we do in the community.”

Vogt is the current treasurer of the Blue Springs Rotary Club, and prides himself on the relationships he, and other Adams Dairy Bank Associates, have formed with their customers.

In 2011, Adams Dairy Bank completed the redemption of its majority shareholder to become a truly independent, locally owned bank. “Kevin was instrumental in the process as he led the entire project,” added Chinnery. “He takes ownership, leads and finds solutions. Kevin will continue to be instrumental in growing our bank and taking it to the next level, assuming additional tasks as he grows in this new role.”

Vogt attended Blue Springs South High School, and continued on to graduate from the University of Missouri with a BS Business Administration with an emphasis in finance and economics. He can also actually solve a Rubik’s cube – one of his lesser known accomplishments.

About Adams Dairy Bank

Adams Dairy Bank, located near the intersection of I-70 and Adams Dairy Parkway, is a full-service community bank serving the eastern Jackson County and Lafayette County communities. Based in Blue Springs, Mo., the Adams Dairy Bank staff, board members and their nearly 170 local shareholders are creating a banking-family environment by serving individuals, small- to mid-size business owners, and professional corporations in the region. In addition to their convenient location in Coronado Place, Adams Dairy Bank customers have access to 555 ATMs through the UltraSF network. For more information, visit www.AdamsDairyBank.com.

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A high resolution image of Kevin Vogt is available online.

Small Business Roundtable with State Treasurer Clint Zweifel

admin — Wed, 09 Nov 2011 12:38:29 +0000

Missouri State Treasurer Clint Zweifel recently held a Small Business Roundtable at Adams Dairy Bank.

The event was well-attended by customers and small business owners in the eastern Jackson County area. We appreciate Treasurer Zweifel’s efforts to listen to small business owners in our community.

(Photo L-R) David Chinnery, Adams Dairy Bank President and CEO, Randy Sallee, owner of Sallee Homes and Treasurer Zweifel.

David’s Two Cents: It Takes A Community to Raise a Bank

admin — Fri, 14 Oct 2011 20:32:52 +0000

It occurs to me that the term community bank needs to be redefined a little bit. Let me be the first to suggest what it means to truly be a community bank.

All too often a bank will open its doors in a neighborhood or city and immediately call itself a community bank. As if simply by saying so, makes it true.

Perhaps we were a little guilty of that belief back in 2008 when we opened Adams Dairy Bank. We believed that by opening our doors in a prominent location, seeking local shareholders and board members and staking our flag in the ground we could call ourselves a community bank with no reservations.

What we’ve learned over the years is that becoming a community bank isn’t what happens when you open the doors; it’s what happens in the coming months and years that determine your stature in the community.

Today, nearly four years later, we have earned the right to be called a community bank – as determined by our customers and neighbors who rightfully should decide who truly serves the community.

So what’s my definition of a community bank? Perhaps it’s less about defining words and more a collection of definitive actions:

Since 2008 we have become 100% locally owned, making local decisions that positively impact our community.
The vast majority of the dollars invested in our bank turns around and goes back into our local community in the form of loans for families and businesses.
We have local relationships with customers, vendors and suppliers – that create other local relationships, ultimately creating jobs.
We hire friends, family and friends of friends and family, all in our local community.

We have and will continue to support our iconic institutions by serving on boards and donating time and resources.

And every so often you’ll find us simply grilling hot dogs in the parking lot – having lunch with anyone who stops by to say hi.

Nearly every day one of our customers refers us to a neighbor or friend that eventually becomes an Adams Dairy Bank customer. To us, that is the ultimate definition of a community bank. We thank you for that.

GET ME OFF THIS ROLLER COASTER

admin — Fri, 14 Oct 2011 20:21:32 +0000

Over the past two months the fluctuating stock market is creating nervousness among investors both institutional and individual. The general economy is reacting to the dramatic ups-and-downs of the market as if riding a roller coaster for the first time. It’s enough to make you queasy.

Savvy investors don’t experience as much motion sickness as others because, as a rule, they follow the old adage; don’t invest in the stock market, invest in companies.

Where you invest your money is just as important as whom you invest your money with.

Historically the most successful investors have not tried to time the market; instead they dig deep, looking for the best investments for that period of time. As dark as the market outlook may seem, there are still companies succeeding every day.

Smart investors also know that a bumpy ride due to market volatility is softened by investing in more stable investments like Certificates of Time Deposit (CDs) and Money Market accounts. And like choosing the right stocks for your portfolio, not all CDs or Money Market accounts are alike.

A wise investor will carefully choose these more stable investment instruments based on a number of factors including a close review of the institution serving them. An important part of choosing to invest in a CD or Money Market account would be to understand the bank behind the investment.

When choosing to invest in a stock it’s typical to consider a company’s leadership, philosophy and operating condition. The same should be true for the bank you select when purchasing investment tools like a CD. While interest rate is a very important factor, it’s not the only factor in making a safe, secure investment.

At Adams Dairy Bank we have safe, secure investment vehicles for you, your family and business. We invite you to sit down with us to understand the products we offer but more importantly, to understand our philosophy when it comes to investing for the future.

Regardless of the stock market’s performance over the coming months and years, rest assured that everyone at Adams Dairy Bank will do their part to help our community smooth out the bumpy ride.

No Debit Card Fees

admin — Fri, 30 Sep 2011 16:49:30 +0000

Recently, Bank of America announced plans to start charging customers a $5 fee in any month that they use their debit card to make a purchase. A number of banks in addition to Bank of America have either rolled out or are testing such debit card fees.

Adams Dairy Bank does not charge fees for debit card usage. We never have in the past and have no intention to charge debit card fees.

That’s just one of the many differences between a true community bank like Adams Dairy Bank and a big national bank.

A fee for using debit cards is still a novel concept for many consumers and was unheard of before this year. But there are signs it may soon become an industry norm among large bank groups.

So why doesn’t Adams Dairy Bank charge debit card fees?

Simply put, our business model is different as a community bank. Deposits in our bank become loans to our customers. The interest paid on those loans is our primary source of income. It is not our intention to make service fees a revenue stream.

Free checking, free debit cards and other services are part of the benefit of being an Adams Dairy Bank customer. It is our cost of doing business and sometimes those costs can be significant. Debit cards have administrative, processing and other costs that our bank absorbs. But this is the right thing to do for our customers.

While Bank of America and other major banks continue to add fees, most notably, debit card fees, we will do our best to keep our costs low and our service delivery high. So remember, when you bank with Adams Dairy Bank there are no debit card fees – Nothing. Nada. Zip.