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Intracoastal Bank Announces Management Changes

Bruce Page, Chairman and Chief Executive Officer of Intracoastal Bank, today announced changes to management.

Laura Salazar will now serve as Assistant Vice President/Assistant Manager, Flagler Banking Center.  Salazar has had a variety of roles for Intracoastal for the past nine years. In her new role, she will have responsibility for supporting all aspects of consumer banking in Flagler County including sales, service, and operations.  She will continue to be actively involved in development and servicing of business banking relationships.

Laura Salazar has a passion for business, community service and education.  She has been active in a variety of organizations including serving on the board of directors of Flagler County Education Foundation and Police Athletic League(PAL). She also volunteers for Santa Maria Del Mar Catholic Church.  

John Aguiar has been appointed to succeed Laura Salazar as Assistant Vice President/Assistant Manager, Volusia Banking Center.  Aguiar has held a variety of positions with Intracoastal for the past five years in Flagler County.  In his new role, he will have responsibility for supporting all aspects of consumer banking including sales, service, and operations.  He will continue to be active in supporting development and servicing of business banking relationships.

John Aguiar is fervent for business and community service.  He has been involved in many organizations including Habitat For Humanity, Portuguese American Cultural Club, Rotary and Young Professionals Group.

“We are thrilled John and Laura have committed to such important roles at Intracoastal Bank,” said Page. “They are incredibly talented professionals who are committed to assisting the bank with our goal of enhancing the economic vitality and success of the customers and communities we serve.”

Intracoastal Bank is a locally owned and operated community bank.  Intracoastal Bank’s Flagler County banking center is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137. The Bank’s Volusia County Banking Center is located at 2140 LPGA Blvd., Daytona Beach, FL  32117. The community bank serves the Northeast and East Central Florida area. The bank offers a full range of deposit and loan products and services tailored to meet the needs of consumer and business customers. Intracoastal provides an unmatched client experience by offering a high-touch relationship based banking with high-tech delivery solutions.  The company offers state of the art convenience through digital solutions including online and mobile banking and a 24-hour ATM network. The bank is a state chartered commercial bank, member FDIC. Corporate information and e-banking are available at www.intracoastalbank.net. They can be reached at 386-447-1662, or Facebook at https:www.facebook.com/intracoastalbank.

Intracoastal Bancorp Announces Annual Meeting Results

Intracoastal Bancorp, Inc. held its annual meeting of shareholders on March 18, 2021 at 8:30 AM at the company’s Volusia Banking Center. 

At the meeting, the following individuals were elected to serve as directors for the coming year:  Dr. Pamela Carbiener, C. Scott Crews, Thomas L. Gibbs, Anand Jobalia, Albert B. Johnston, Jr., Gerald P. Keyes, Michael Machin, Bruce E. Page and Ryan T. Page.

Bank management provided a progress update highlighting the growth and success the Bank experienced in 2020.  The highlights included the following:

Total assets at December 31, 2020, were $483.6 million , up $139.3 million, or 40%, from $344.3 million at December 31, 2019.

Total deposits at December 31, 2020 were $415 million, up 105.1 million, or 34% from $309.9 million , at December 31, 2019.

Total loans at December 31, 2020 were $282.4 million, up 41.2 million, or 17% from $241.2  million, at December 31, 2019. 

Net income for the full year 2020 increased by 7% from the full year 2019. 

The Bank continues to be safe and sound with strong credit quality with no material delinquent loans and no foreclosed properties for 2020.  Management also reported the Bank has reinvested 682 million in loans in the community since opening its doors in 2008 in the form of personal and business lending. Intracoastal’s Chairman and Chief Executive Officer Bruce E. Page said, “Intracoastal‘s 2020 results significantly exceeded expectations. The Bank continues to perform far better than industry norms in most key areas and in overall performance.  Intracoastal’s proven track record of exceptional financial results has positioned the Bank to offer our community a high quality, safe and sound, local alternative.  This elite level of performance also gives Intracoastal Bank the ability to continue to grow and make loans for the betterment of the local economy and community.”

Intracoastal Bank is a wholly owned subsidiary Intracoastal Bancorp, Inc. Intracoastal Bank is a locally owned and operated financial institution. Intracoastal Bank’s Flagler County banking center is located at 1290 Palm Coast Parkway, NW, Palm Coast, Florida 32137. The Bank’s Volusia County Banking Center is located at 2140 LPGA Blvd., Daytona Beach, FL  32117. The community bank serves the Northeast and East Central Florida area. The bank offers a full range of deposit and loan products and services tailored to meet the needs of consumer and business customers. Intracoastal provides an unmatched client experience by offering a high-touch relationship based banking with high-tech delivery solutions.  The company offers state of the art convenience through digital solutions including online and mobile banking and a 24-hour ATM network. The bank is a state chartered commercial bank, member FDIC. Corporate information and e-banking are available at www.intracoastalbank.net. They can be reached at 386-447-1662, or Facebook at https:www.facebook.com/intracoastalbank

The Day Everyone Is A Wee Bit Irish

On March 17 people across the globe celebrate being a little Irish.

This annual celebration, St. Patrick’s Day, began in Ireland in 1631 when the Church established a Feast Day honoring St. Patrick, the Patron Saint of Ireland. So the story goes, St. Patrick, whose given name was Maewyn Succat, but later changed to Patricius (or Patrick), was born in Roman Britain in the late 4th century. He was kidnapped at the age of 16 and taken to Ireland as a slave, where he either escaped or was released. After becoming a priest, he returned to Ireland around 432 to convert the Irish to Christianity. At the time of his death, March 17, 461, he’d established several monasteries, churches and schools in Ireland. In addition, several legends grew up around the Patron Saint. Supposedly, St. Patrick drove the snakes out of Ireland and used the shamrock to explain the Trinity. For these feats as well as his tireless efforts to spread Christianity, Ireland came to celebrate his day, March 17, with religious services and feasts.

However, it was emigrants, particularly to the United States, in the early 18th century, who kicked St. Patrick Day’s traditions into high gear. Since the holiday falls during Lent, this timely celebration provided Christians a day off from abstinence leading up to Easter.

St. Patrick’s Day celebrations and themes really took shape throughout the 1700s, especially in cities with large numbers of Irish immigrants. Boston held its first St. Patrick’s Day parade in 1737, with New York City following suit in 1762. Interestingly, it wasn’t until 1798, the year of the Irish Rebellion, that the color green became officially associated with the day. Prior to this, blue was the official color associated with St. Patrick.

Modern-day celebrations have the Irish and non-Irish alike donning their green and shamrock pins and honoring the day with traditional Irish meals and gargle (Irish slang for beer) or the classic corn beef and cabbage and green beer, an American practice that was eventually adopted by Ireland for the benefit of its tourists. The city of Chicago takes this day to a whole new level by dying its river green, an annual tradition since 1962.

Regardless of your actual heritage, March 17 marks the day of the year when everyone is a little Irish. And some a little more than others. These cities (and one island) are heralded as hosting the most elaborate St. Patrick’s Day celebrations across the globe:

  1. New York City – NYC hosts the world’s largest St. Patrick’s Day celebration, with more than two million people gathering for the city’s grand parade, featuring bands, bagpipes and dancers.
  2. Dublin – This city’s celebration is filled with five days of celebration, including boat races, music and street performances, a spectacular parade and the Irish Beer & Whiskey Festival.
  3. Sydney – This city hosts a large, themed parade the Sunday before St. Patrick’s Day, with pre- and post-parade entertainment along the streets of Sydney. For an added touch, the Sydney Opera House and the rest of the city turns green on March 17.
  4. Chicago – On the Saturday before St. Patrick’s Day, more than 400,000 spectators gather along the Chicago River to watch 45 pounds of environmentally-safe vegetable dye turn the river a bright shade of green. After the morning’s dyeing ceremony, even more people gather to watch the city’s parade at noon.
  5. Montreal – The Montreal St. Patrick’s Day parade takes place the Saturday before St. Patrick’s Day and includes floats, bands and a variety of costumes. The three-hour parade features a massive replica of St. Patrick, which marks the beginning of the parade.   
  6. London – The Sunday before St. Patrick’s Day is marked with the city’s annual parade, with floats and marching bands traveling the 1.5-mile route from Green Park to Trafalgar Square. This is followed up by an all-day festival at Trafalgar Square which includes musical performances, a food market, fashion show and film festivals.
  7. Montserrat – Often referred to as “the Emerald Isle,” this island in the British West Indies is the only place outside of Ireland where St. Patrick’s Day is considered a public holiday. The country marks the holiday with a 10-day festival, which includes a St. Patrick’s Day dinner, a Kite Festival and performance by the emerald Community Singers Irish Cabaret.
  8. Savannah – This city hosts one of the largest St. Patrick’s Day celebrations in the world, drawing more than 300,000 people each year. The annual celebration features a parade of horses and floats and a celebration on River Street, with vendors, crafts, storytellers and live musical performances.
  9. Munich – Although this city is a fairly recent elaborate St. Patrick’s Day celebration contender, it’s gaining momentum each year. With approximately 15,000 participants, the city shuts down Leopold Strasse to celebrate the holiday.
  10. Buenos Aires – Not only is this city home to the largest St. Patrick’s Day celebration in South America, but the city is also home to fifth largest Irish community in the world. The city’s St. Patrick’s Day street festival takes up 10 blocks along Reconquista Street with music and dancing, and their annual parade features Celtic music and a leprechaun costume contest.

For those of us who won’t be partaking in any of these extravagant St. Patrick’s Day festivities, here are a couple of traditional Irish recipes to brighten up – bring some luck of the Irish – to our St. Patrick’s Day celebration at home:

Beef and Guinness Pie

Ingredients

2 tbsp of rapeseed or canola oil

2 lbs. of boneless beef chuck, cut into 1-inch chunks

1 large onion, coarsely chopped

2 carrots, coarsely chopped

2 celery sticks, coarsely chopped

2 cloves of garlic, finely sliced

1 cup of beef stock

1 cup of Guinness

Sea Salt and ground pepper to taste

1 bay leaf

2 tbsp of flour

2 sheets of ready to roll puff pastry

A little butter to grease the baking dish

1 egg to brush pastry

Preparation

  1. Preheat oven to 400 degrees. Heat ½ of the oil in a large pot and brown the meat. Remove meat and set aside on a plate. Add remainder of oil and fry the onion, carrots and celery until tender.
  2. Add the meat back into the pot along with the garlic. Pour in stock and Guinness, add bay leaf and season with salt and pepper to taste. Simmer gently for about 1 ½ hours until liquid has reduced. Note: If sauce isn’t thick enough, strain the juices into a bowl and then transfer to a small saucepan. Mix a little of the sauce with flour over medium heat until you have a smooth paste, then whisk through the rest of the liquid. Simmer gently until you have a thickened sauce and then add back to meat mixture.
  3. Grease a baking dish with butter and lay one sheet of puff pastry into dish. Press it into the sides and prick base all over with a fork. Fill with the beef and Guinness mix, and top with the second layer of puff pastry. Pinch the two sheets of puff pastry together so they are sealed.
  4. Cut one or two holes in the pastry top to allow steam to escape and then brush all over with beaten egg. Place the pie into the oven and bake for 25-30 minutes or until pastry has risen and has a golden color.

Irish Soda Bread

Ingredients

1 ¾ cups buttermilk

1 large egg

4 ¼ cups of all-purpose flour, plus more for your hands and counter

3 tbsp granulated sugar

1 tsp baking soda

1 tsp salt

5 tbsp of unsalted butter, cold and cubed

1 cup of raisins (optional)

Preparation

  1. Preheat oven to 400 degrees. There are options for the baking pan. Line a baking sheet with parchment paper or a silicone baking mat, use a seasoned 10-12 cast iron pan or grease a 9–10-inch cake pan or pie dish. Set aside.
  2. Whisk the buttermilk and egg together. Set aside. Whisk the flour, granulated sugar, baking soda, and salt together in a large bowl. Cut in the butter using a pastry cutter, a fork, or your fingers. Work the dough until into coarse crumbs, then stir in the raisins. Pour in the buttermilk/egg mixture. Gently fold the dough together until dough it is too stiff to stir. Pour crumbly dough onto a lightly floured work surface. With floured hands, work the dough into a ball as best you can, then knead for about 30 seconds or until all the flour is moistened. If the dough is too sticky, add a little more flour.
  3. Transfer the dough to the prepared skillet/pan. Using a very sharp knife, score an X into the top. Bake until the bread is golden brown and center appears cooked through, about 45 minutes. Loosely cover the bread with aluminum foil if you notice heavy browning on top.
  4. Remove from the oven and allow bread to cool for 10 minutes, then transfer to a wire rack. Serve warm, at room temperature, or toasted with desired toppings/spreads.
  5. Cover and store leftover bread at room temperature for up to 2 days or in the refrigerator for up to 1 week.

Enjoy these traditional Irish recipes and St. Paddy’s Day!

Sharing Kindness…It’s a Win-Win

Unless someone like you cares a whole awful lot, nothing is going to get better, it’s not. – Dr. Seuss

If ever there was a time to show kindness to others, it’s now.

National Random Acts of Kindness week is celebrated February 14-20 this year, with February 17 designated as Random Acts of Kindness Day. For those of you who are wondering what’s happened to good, old-fashioned kindness in what seems to have become a world of nastiness and disinterest, this is your time to show it still exists.

The practice of random acts of kindness began in a restaurant in Sausalito, California in 1982 when patron Anne Herbert scrawled the words “practice random acts of kindness and senseless acts of beauty” on a placemat. From there it gained powerful momentum, and by February 1993 stories of random acts of kindness were appearing in nearly every newspaper in the U.S. and hundreds of radio stations were devoting airtime to the cause. The Random Acts of Kindness Foundation (RAK), a nonprofit organization, designated February 17 as National Random Acts of Kindness Day in 1995 and the second week of February as National Random Acts of Kindness Week in 2018.

Sharing kindness with others not only benefits them, but it also boosts our own health and wellbeing. Researchers found that when people do something good for others, they feel better themselves. A 2018 study conducted at the University of Sussex in Brighton, England, examining the brain scans of 1000 participants, found that acts of kindness measurably activated the reward centers of the brain. In addition, they discovered that the more altruistic the gesture the more the brain’s reward areas illuminated.

For those of you who’d like to be a part of this national celebration, leading by example by spreading kindness, here are few suggestions from RAK to get you started. (For more resources, visit randomactsofkindness.org.)

  • Pay if forward – pay for the coffee or meal for the person in front of you in line.
  • Leave a kind note for someone, without an explanation.
  • Share words of encouragement or compliment a stranger. You never know who really needs this, and how much it is appreciated, especially today.
  • Drop off a load of groceries at your local food pantry.
  • Put your skills to work for someone in need (e.g., offer to create a resume for someone looking for a new job).
  • Mail a “Thinking of You” card to someone you’ve not talked to in a while.
  • Send a meal to someone in need through a delivery service (DoorDash, Uber, Grubhub, etc.).
  • Run errands for a neighbor or friend in need – many people can’t get out and shop right now, so on your next trip to the supermarket offer to pick up needed groceries or medicine. You can still practice safe social distancing by leaving the goods on their doorstep/porch and giving them a quick call to let them know it’s there.
  • Phone a family member or friend – you may not be able to see your family and friends who may be struggling right now, due to the pandemic, but you can take the time to call them and really listen. Cheer them up by talking about topics they really enjoy and remind them that they are not alone.
  • Be kind to yourself – after you’ve done good for others, do something nice for yourself (e.g., take that long-overdue soak in tub scented with a relaxing essential oil). This and sharing kindness with others will make you feel good all over.

How the CARES Act May Affect Your 2020 Taxes

Now that you’ve ushered in the new year and closed and padlocked the door on 2020, it’s time to get a jumpstart on preparing your 2020 taxes. Because, like so many things over the past year, some of the tax guidelines changed as well.

Much of the attention of the $2.2 trillion, Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed by President Trump on March 27, 2020, in response to the financial impact of the COVID-19 pandemic, has been focused on the small business loan program known as the Paycheck Protection Program. However, there are several provisions in the Act that could directly or indirectly impact your 2020 individual tax return.

Provisions of the CARES Act that could affect your individual tax return

Stimulus Payments: The economic impact payments taxpayers received in 2020, based on 2019 tax returns (or 2018 returns if 2019 weren’t filed yet), are technically an advance payment of a tax credit for 2020. Because of this, these payments are not considered income and therefore are not taxable nor are they used to determine eligibility for premium tax credits for Affordable Care Act marketplace coverage or Medicaid.

If you were entitled to stimulus payments in 2020, and didn’t receive them, or only received partial amounts, you can get these credits when you file your tax return. In addition, if you received stimulus payments that were more than you were actually allowed, based on your actual 2020 income, you will not have to pay the credit overage back.

Unemployment Benefits: One of the most popular benefits of the CARES Act was the $600-per-week federal boost to state unemployment benefits. But many taxpayers may have forgotten that unemployment benefits are subject to federal income tax. The extra $600-per-week you may have received is no exception. If you didn’t opt to have the taxes withheld, hopefully, you put aside some of the money you received in preparation for your 2020 tax return.

The unemployment amounts available under the Act could have a significant impact on family income and could also affect eligibility for premium tax credits for the Affordable Care Act marketplace coverage and Medicaid. Generally, unemployment benefits are considered family income in determining eligibility for these programs. Consequently, the $600-per-week CARES Act supplement will also be considered as income for determining eligibility for premium tax credits for the marketplace coverage. However, it will not be considered as income in determining Medicaid eligibility.

Early Distribution Penalty Waiver: Generally, if you withdraw money from your retirement plan before 59 ½, there is a 10% tax penalty. However, the CARES Act waived this penalty for 2020 if an individual, or their spouse or dependent was diagnosed with Coronavirus through a CDC-approved test, or were economically harmed by it as the result of a quarantine, business closure, layoff or a reduction in work hours. Under the CARES Act, an affected individual can withdraw up to $100,000 from their qualified IRA, pension plan, or 401(k) plan in 2020, without incurring the early distribution penalty. However, regular income tax will still be assessed on the distribution. Under the CARES Act, this tax payment can be spread evenly over three years.

However, any withdrawals can be recontributed to a qualified retirement plan at any time over the three-year period to eliminate the otherwise reportable taxable income. The recontributed funds do not count toward annual contribution levels.

In addition, the CARES Act allowed you to borrow up to 100% of the vested balance or $100,000, whichever is less, from a qualified retirement plan. This option was only available for loans taken out during the six-month period from March 27, 2020 to September 23, 2020. These loans must be paid back within 5 years. However, the CARES Act allowed borrowers to forgo repayment in 2020 and begin the 5-year repayment plan in 2021. The loan, however, still accrued interest in 2020.

Required Minimum Contributions: The CARES Act waived minimum distributions that were required to be paid in 2020, including those that would have been required by April 1, if an individual turned 70 ½ in 2019. If the required minimum distribution (RMD) for 2020 was already paid, you can recontribute, within 60 days of the receipt of the original distribution, to a qualified plan.

If you opted not to take your 2020 RMDs, you’ve positively impacted your 2020 taxes in three ways. You don’t pay taxes on your RMD, you’ve reduced the risk of the RMD pushing you into a higher tax bracket, and you have the opportunity to ride out the market volatility that may have affected your retirement portfolio during the COVID pandemic.

Charitable Deduction Rules: In an effort to help 501(c)(3) qualified organizations affected by decreased contributions, due to the pandemic, the CARES Act removed the income-related cap on charitable contributions for 2020.

The CARES Act gave a new above-the-line charitable contribution deduction of up to $300 to taxpayers who do not itemize their deductions. For individual taxpayers who itemize deductions, the CARES Act temporarily removes the 60% cap and allows you to deduct up to 100% of your AGI in 2020 after taking into account other contributions subject to charitable contributions limits.

With the many changes to the tax guidelines in 2020, due to several of the CARES Act provisions, your 2020 tax return will most likely be more complicated than in the past. So, if you don’t normally use a professional tax preparer for your returns, this may be a good time to start.

Protecting Yourself From Fraud This Holiday Season

The 2020 holiday season will most certainly look very different as we try to balance celebrating and keeping our loved ones and ourselves “COVID” safe. Sadly, this unprecedented change will not deter the exploitation of our holiday habits by cybercrooks. In fact, the tremendous increase in Internet shopping this holiday season, due to the pandemic, is expected to ramp up online schemes and scams.

According to CreditCards.com, 71 percent of consumers plan to do a majority of their shopping online this holiday season, greatly due to the COVID-19 pandemic. Consequently, as the retailers roll out all their seasonal deals, it sets a fertile ground for scammers to lure in bargain hunters with fake websites and social media campaigns impersonating major brands and online outlets. These bogus sites will entice consumers to spend money for goods or services they will never receive. Some of the more recent enticements include charity scams, delivery scams, travel scams and letter from Santa Claus scams.

This season’s increased distractions and transactions, unfortunately, also increase the likelihood that your personal information will be hacked, often resulting in account takeovers, fraudulent activity and wide-ranging identity theft. Although we can’t eliminate this threat, here are several tips to help reduce your chance of becoming another holiday season, cybercrime statistic.

  • Use Apple Pay (used with an Apple device) or Google Pay (used with an Android device) or another digital wallet instead of your debit or credit card for contactless purchases in stores, apps, and on the web. Digital wallets use an encryption system, replacing your card information with a one-time digital “token” for your transaction.

  • Use a credit card for your holiday purchases. Disputing charges with a credit card is less of a hassle than with a debit card.

  • Use a virtual private network (VPN). This allows you to create a secure connection to another network over the Internet, providing online privacy and anonymity when using a public Wi-Fi connection.

  • Don’t shop or conduct any financial transactions or activities on a public Wi-Fi. Even with a VPN, it’s a good year-round practice to avoid public online transactions that could pose a threat to the security of your personal information.

  • Don’t store your debit or credit card information online. Cybercriminals will have less access to your key information in the event of a data breach.

  • Be cautious at points of sale. Skimming devices can be attached to card readers to capture your credit or debit card information.

  • Be cautious of social media ads. If the offer seems too good to be true, most likely it is. Before making a purchase, do some research on the company, including their return and refund policies, and look at the Google reviews. Drag your cursor over social media ads to display the true URL destination.

  • Beware of email phishing and social engineering scams. If an email looks suspicious or is sent from an unfamiliar address, or someone calls you seeking personal information because one of your accounts has supposedly been hacked, always go directly to the company’s website and call the support number listed.

  • Activate card security features. Set up text alerts and notifications for your card transactions. Turn your cards off when they are not in use. Use virtual cards (temporary virtual credit card numbers that stand in for your regular credit card credentials) for secure online shopping.

  • Monitor your credit and identity. Experian’s free, credit monitoring gives you access to your regularly updated credit score and report, and will alert you if there are any changes to your credit.

Although the holiday season offers more scheming opportunities for cybercrooks, being mindful of your online security is a good habit all year long. Following these safe holiday shopping tips throughout the year will go a long way toward preventing identity theft.

June: A Celebration of the Men in Your Life

The month of June celebrates the men in your life. Not only is the third Sunday set aside to honor dads, but the entire month of June is dedicated to taking stock of the health of the men in your life as well.

Men’s Health Month, a national observance anchored by a Congressional health education program and recognized by the White House and the official symbol, a blue ribbon, is an annual observance to raise awareness of preventable health problems and encourage early detection and treatment of diseases including cancer, heart disease and depression. Health fairs and other health education and outreached activities will be held across the country to encourage men to take care of their bodies by eating healthy, exercising and working to prevent disease.

According to menshealth.org, men, on average, die almost five years earlier than women. This is due, in part, to the fact that men are more reluctant to go to the doctor. Studies indicate that women tend to go to the doctor twice as much as men. Consequently, Men’s Health Month provides the perfect opportunity to motivate, promote and support healthy habits in the men in your life.  Here are a few ways you can do this:

Encourage him to get a physical – Most of the contributors to men, on average, having a shorter lifespan than women are preventable. This prevention begins with a physical with a primary care provider. This establishes baselines for factors such as blood pressure, cholesterol, weight and PSA (a screening test for prostate cancer risk). These visits should continue annually to monitor how these factors change over time, consequently, catching potentially dangerous conditions early, while they’re still treatable.

Encourage him to exercise – The benefits to physical activity on our health, especially as we age, are extensive. However, most of us are not motivated to exercise on our own. So, make it a partnership…find fun ways to get fit together. Join a gym, sign up for personal training or make walks part of your regular routine. Adults need about 2.5 hours of physical activity each week.

Encourage him to eat healthy – Help him make healthy eating choices by including a variety of fruits, vegetables and lean meats in your diet. Limit foods and drinks that are high in calories, fat, sugar, salt and alcohol.

Encourage him (if he does) to quit smoking – Set the example for him by choosing not to smoke and encourage him to quit. Quitting smoking has immediate and long-term benefits such as lowering the risk for different types of cancer as well as other cardiovascular and lung diseases.

Encourage him to recognize and reduce stress in his life – Physical and emotional illness are often a byproduct of long-term stress. Encourage him to learn how to manage stress in his life through finding support, eating healthy, exercising regularly and avoiding alcohol and drugs.

Encourage him to seek help for depression – Depression is one of the leading causes of disease or injury for both men and women worldwide. Learn to recognize the signs, which include persistent sadness, grumpiness, feelings of hopelessness, fatigue and decreased energy, and thoughts of suicide, and how you can help the men in your life. If someone in your life is in crisis, seek help immediately by:

  • Calling 911
  • Visiting your local ER or healthcare provider
  • Calling the toll-free, 24-hour National Suicide Prevention Lifeline at 1-800-273-TALK (1-800-273-8255); TTY: 1-800-799-4TTY (4889) to talk to a trained counselor.

And lastly,

Let him know you care – Men often disregard their own health because they’re too preoccupied with taking care of everyone else. So, remind him how much he’s loved and how important he is to you and other family members, and that you want and need him to stay alive and healthy as long as possible.

Life After Covid-19 – Scenarios of Economic Recovery

As the cases of Covid-19 begin to level off, many states are cautiously reopening and beginning to loosen their social distancing restrictions in hopes of jumpstarting their economy.

The coronavirus pandemic has devastated the U.S. and world economy, plummeting economic activity and causing soaring unemployment rates. Social distancing policies designed to slow the spread of the disease have resulted in an economic decline that rivals the Great Depression.

So, what can we expect over the next several months? Will the economic recovery be as painful as the coronavirus-linked lockdowns or will there be a bounceback or possibly a scenario in between these extremes?

Currently, economic analysts are debating the following scenarios of recovery:

The “Z-Shaped” Recovery – This most optimistic scenario predicts that the post-pandemic economy bounces back above the pre-pandemic baseline due to pent-up demand, creating a temporary economic boom. In other words, once the risk of the pandemic passes, we will come out in full force, shopping and dining and taking those trips we postponed.

The “V-Shaped” Recovery – The next best recovery scenario suggests that although the economy permanently loses the production that would have occurred absent the pandemic, it will quickly return to its pre-pandemic baseline once social distancing restrictions have been lifted. In other words, the economy will go back to its pre-virus state.

The “W-Shaped” Recovery – This double-dip scenario suggests that there will be a surge in COVID-19 cases after the initial re-openings, causing another round of closures, causing another downturn in the economy prior to a recovery.

The “U-Shaped” Recovery – This scenario suggests that GDP remains low for some time, possibly more than a couple of quarters after the lockdowns have been lifted, resulting in the economy recovering, returning to its baseline slowly.

The “Swoosh-Shaped” Recovery – Borrowed from Nike’s logo, this scenario suggests that after a sharp downturn the economy will gradually bounce back as restrictions are eased and consumers, businesses and state and local governments are willing to spend. Many economists believe this or the U-Shaped recoveries are the likeliest scenarios.

The “L-Shaped” Recovery – This most pessimistic scenario suggests that the pandemic has a permanent affect on GDP, causing growth to continue to decline and not recover for some time. This is pretty much what the Great Depression recovery looked like. Most economists believe this scenario is unlikely unless the number of global coronavirus cases continue to rise, forcing more lockdowns.

The common thread that runs through these various scenarios is that they contain some variation of the tradeoff between the physical health response and economic response. As the economy reopens, measures will still be in place that will curtail economic activity to some degree – businesses will have to space workers and customers further apart, travel will be less common, restaurants will be serving fewer customers at a time, and activities involving large crowds will remain off limits for possibly a long time. Many people will be reluctant to return to life as it was prior to the pandemic, settling into a new “normal.”

Although economists have different recovery theories, they seem to be in agreement that the economy isn’t going to rebound overnight. The key question, however, is whether the damage to our economy will be long lasting.

‘Tis the Season…Not to Go Broke!

The season of giving is upon us! But, before you head out
the door to join the hustle and bustle at your local mall or begin filling your
shopping cart at your favorite online shopping sites, here are a few tips to keep
you from overspending and going into debt this holiday season.

Develop a holiday
shopping budget…and stick to it!

The first and most important thing you need to do is to
develop a realistic and reasonable holiday budget.  This will save you from impulse buying and
overspending.

If you haven’t saved already, look at your current household
budget and determine how much money you can allocate each week (paycheck) to
holiday spending. This includes gifts, food (items you only purchase during the
holiday season), decorations and travel. There may be items on your current
household budget you can eliminate until after the holidays (e.g. your daily
latte) and/or you could pick up a part-time holiday job to save even more
money.

Look for deals

Start browsing for people on your list, looking for the best
deals.  Beware…the best prices are not
necessarily found on Black Friday or Cyber Monday. These days typically offer
good deals on items like electronics, apparel and beauty products. You will
usually find better deals on toys and outerwear later in December.

Many stores will negotiate their prices to meet competitors
so you will buy from them. Doing your homework, comparing prices, before you
hit the big box stores will put you in a better negotiating position.

Use your credit cards
wisely

Using your credit cards for your holiday purchases may save
you money, especially if you utilize your card member perks/rewards, but only
if you’re able to pay off the monthly balance. The interest you will have to
pay if you don’t far outweighs the value of the card’s rewards.

Save money on
purchases with discounted gift cards

Sites like GiftCardGranny or CardPool sell discounted gift
cards. You can use them to make in-store purchases and save on whatever you
buy. If you couple the discounted gift card with a coupon, you’ll really save
money on your purchase.

Don’t go overboard
buying holiday attire

You don’t need a new outfit for every holiday function. Make
a few solid pieces unique by accessorizing. That same little black dress will
have a whole new look with different jewelry and shoes or a colorful scarf or a
dressy sweater or jacket. Be creative!

Hold off on self-purchases
until after the holidays

Many people like to buy that special something for
themselves during the holiday season. But, resisting this temptation will give
you more wiggle room in your holiday budget. Wait until after the holidays to
satisfy this urge by using gift cards you may have received. You will also reap
the benefits of the post-holiday sales.

DIY

People love receiving homemade gifts. So, bring out your
inner Martha Stewart and make your money go even further. Come up with more
sentimental gifts that won’t break the bank.

When it’s all said and done, consider your long-term
financial goals. Is it worth depleting your savings or racking up high-interest
debt for one day? Think about the true meaning of the holiday season…the
special time spent with friends and loved ones.

Have an open and honest conversation about your budget with
your family prior to the holidays. Most likely, they have been stressing about
overspending too.

From our Intracoastal Bank family to yours, have a safe and
blessed holiday season!

Remembering Jane

It’s hard to believe the holiday season is just around the corner. Where did the year go? As we, the Intracoastal Bank family, happily anticipate the first holiday of this wondrous season, Thanksgiving, we are also mourning the loss of a longtime member of our banking family, Jane Worthing. Jane, who was 57, passed away recently after a two-year battle with ovarian cancer.

Jane was born in Augusta, Maine. She earned a Bachelor of Arts degree in Spanish from the University of Massachusetts in Amherst. Prior to her 8 ½ -year tenure with Intracoastal Bank, as our Secrecy Act Officer, handling compliance issues and legal requests, and monitoring accounts for fraud issues, Jane worked for the Bank of New York.

Jane will be greatly missed by her Intracoastal Bank family as well as all the customers she assisted during her time with us. Jane was considered as one of the most selfless people – always going above and beyond to help others – by both her coworkers and managers.

When Jane wasn’t giving of herself through her duties at the bank, she spent her time traveling, especially internationally, reading and hanging out with her two, much cherished cats. Jane is survived by her parents, a brother and sister-in-law and a niece.

Ovarian cancer, which begins in the ovaries or the fallopian tubes, has been dubbed “the silent killer” because of its low survival rate (an overall 5-year survival rate of 47 percent). Also labeled as the “whispering disease” because no specific test diagnoses it, ovarian cancer’s prognosis is unfavorable due to the delay in detecting it.

The American Cancer Society estimates for ovarian cancer in the U.S. for 2019 are:

• About 22,530 women will receive a new diagnosis of ovarian cancer.
• About 13,980 women will die from ovarian cancer.

Ovarian cancer ranks fifth in cancer deaths among women and accounts for more deaths than any other cancer of the reproductive system. Ovarian cancer mostly develops in older women, about 50 percent diagnosed at age 63 or older, and is most common in white women.

Sadly, our Jane is one of these statistics.

So, this year, as our Intracoastal family sits around the Thanksgiving table, we’ll be counting our many blessings, which include our health, family, friends, and the wonderful customers we continue to serve in our community. We will also take a quiet moment to fondly remember those who are no longer with us, including our Jane.

From all of us at Intracoastal Bank, may you and your family have a safe and blessed Thanksgiving holiday!

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