Eight times per year, the most important color for anyone wondering what’s going on in the economy is beige. While it won’t be the Pantone color of the year (this year that would be Very Peri, a light purple), the Federal Reserve Beige Book is an update on the regional economies through surveys done by the various Federal Reserve Banks. The most recent one was released on April 20th and painted a more positive picture of the economy as a whole, and the Chicago region more specifically. You
Read More

Spring has sprung (sort of), Opening Day is here, and your 2021 tax returns are due. So let this serve as your final reminder that you need to file or extend your tax returns. But while you have them out, there is one more thing you can do with them (other than sending them to your commercial lender, upload here). Have you filed for the Employee Retention Credit? Don’t know what it is? Here is an overview of the program.   The Employee Retention Credit (ERC) was created as part of
Read More

Location, location, location. Usually we attribute that phrase to a realtor on a vacation home reality show on TV, but it also has an effect on your business. Where you operate and the local economy affects business operations. Part of our service to our customers is being able to provide some information about the local economies. For example, included below are the trend graphs for unemployment rate in Will and Kankakee Counties. While the rates have improved since the pandemic, both remain slightly
Read More

February 1, 2022 Banks need to send sensitive documents all the time, but secure email is clunky. Greg Ohlendorf of First Community Bank and Trust worked with a partner to make that hassle a thing of the past. By Colleen Morrison, Independent Banker When it comes to innovation, sometimes it’s all about finding the right partner: one who shares community bank values. So believes Greg Ohlendorf, president and CEO of First Community Bank and Trust in Beecher, Ill. “Innovation
Read More

Planning to spread some cheer this holiday season? Go home for the holidays and pick up a one-of-a-kind creation from your local small businesses in Beecher and Peotone. Shopping locally is the gift that keeps on giving. Did you know that for every $100 you spend at locally owned businesses, $68 stays in the community, compared to just $43 when you shop at a national chain? Or that small businesses create two out of three new U.S. jobs annually? So, when you shop locally, you’re not only
Read More

The idea of “sustainability” is linked to a lot of our local activities these days—whether it’s reusing or recycling products, sampling culinary delights from the local bakery, or choosing to buy American-made products to support our national economy. There are plenty of reasons why eating, dining and banking locally makes good economic sense.  If you’ve ever participated in a career day at a local elementary school, you’ll probably relate to this story.
Read More

Beecher, IL 60401 (July 7, 2021)—As more Americans resume their travel plans—across the globe or beyond state lines, First Community Bank and Trust and the Independent Community Bankers of America (ICBA) remind consumers that advanced planning can help alleviate travel-related stressors, maximizing your enjoyment regardless of how long or how far you venture.  “Most financial experts advise limiting the use of cash and planning for the unexpected—including
Read More

Greg Ohlendorf, President/CEO, First Community Bank and Trust, Beecher This article was published in the May 2021 Issue of Banknotes, the Official Publication of the Community Bankers Association of Illinois (CBAI).   The headlines read “Fintech Will Make Community Baking Obsolete,” “Fintech Disruptors Will Change Banking Forever” and “Fintech Charters Are the Wave of the Future.” I guess it’s time to throw in the proverbial
Read More

Temperatures are slowing climbing and everyone is thinking spring. Spring is the busiest home selling and buying season in most areas, therefore, it can be quite competitive. If you're looking to make your big move in the next few months, it's time to get prepared.  1. Speak with a loan officer. A professional loan officer will help you figure out how much house you can really afford. Loan officers are experts in the home buying process and can help you better understand your
Read More

Establishing fiscally responsible habits is important for every age and stage of life Beecher, IL (April 1, 2021) — First Community Bank and Trust and the Independent Community Bankers of America (ICBA) are celebrating Financial Literacy Month in April and encouraging Americans to take control of their financial future by learning fiscally responsible habits and putting these lessons into practice. Only one-third of adults can answer at least four of five financial
Read More