Business Retirement Accounts

Competitive Rates

Loan rates – often lower than other banks or financing options!

Competitive Rate Credit Cards

Anytime Access

Deposit checks, view balances, transfer funds & schedule payments. Mobile Banking

Improve company culture by taking care of your people.

We offer two ways to help employees save for retirement.

Simplified Employee Pension (SEP IRA)

Ideal for businesses of any size or self-employed individuals
Gain the respect of your employees
Help employees reach their retirement savings goals
Employee always has complete ownership of all SEP IRA money
Earn competitive interest on entire balance
Contributions are tax deductible; your business pays no taxes on earnings
- Contributions made only by the employer
- Only self-employed may make contributions on their own behalf
Little to no documents to file with government
Inexpensive to set up and operate
Flexible annual contributions – good plan if cash flow is unpredictable
Can contribute up to 25% of each participant's annual compensation (earned income)
- Or, up to the maximum allowable limit for current plan year, whichever is less
- Must contribute equally for all employees
Employee must first establish a traditional IRA, in which the employer will deposit SEP contributions
No minimum deposit to open

Savings Incentive Match Plan For Employees (SIMPLE IRA)

Available to any small business – generally with 100 or fewer employees
Gain the respect of your employees
- Employees have the option to make self-contributions
- Help employees reach their retirement savings goals
- Employee always has complete ownership of all SIMPLE IRA money
Earns a competitive interest rate
Employer must not have any other retirement plan
Minimal paperwork necessary; no filing requirements
Inexpensive to set up and operate
Lower contribution limits than some other retirement options
Employees share responsibility of growing their retirement
Each year, employer is required to contribute:
- Matching contribution up to 3% of compensation, or
- 2% non-elective contribution for each eligible employee
No minimum deposit to open

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