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Village Bank Promotes President 
Village Bank is pleased to announce that President, Larry Schminski, has accepted a promotion to President of Village Bancshares, the Bank’s Holding Company. Owner, Don Kveton indicated that the move will allow Schminski to position the organization for continued growth and expansion. “Securing Larry in this new long-term role makes us well-poised for the future.”
“I’m honored to accept this amazing opportunity,” Schminski said. “This move will allow Village Bank to capitalize on unique opportunities created by the economic recession.” Schminski has served as president for the past eight years. In that time the bank has more than tripled in size, with assets now over $275 million. Schminski brought 12 years of experience working at the FDIC prior to starting with Village Bank.
“Larry has done an excellent job for Village Bank over the past 12 years, he will continue his president duties until a successor is ready to transition, most likely near the end of 2010,” shared Kveton. Schminski will remain on the Board of Directors with his move to the Holding Company. The bank has retained an executive search firm to find a new president.
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Tax Credit Provides
Opportunities for Home Buyers
Credits now include first-time home buyers and repeat home buyers
The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Call Village Bank Mortgage Loan Officer, Michelle Shull at 763-398-3579 for details.
FDIC Insurance Coverage
Deposits at FDIC-Insured Institutions including Village Bank are now insured up to at least $250,000 per depositor through December 31, 2013. Talk to a banker to learn more about this extension offered by the FDIC.
Village Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Property Offered by Village Bank
Check out these bank owned properties that are currently for sale.
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*APY-Annual Percentage Yield. Minimum account requirements: sign up for Village Bank eStatements and five debit card transactions per statement cycle (cash withdrawals and deposits excluded.) No minimum balance required. 5.00% APY will be paid on balances up to $10,000. For deposits over $10,000 the APY will be 1.00%. If minimum account requirements are not met an APY of .10% will be paid. For each check processed over five in the monthly statement cycle, a $3.00 fee will apply per check. Rates are effective January 1, 2010. Variable rate account, rates subject to change. Fees could reduce earnings.
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