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HELP FAMILY AND FRIENDS GUARD AGAINST ELDER FRAUD

From grandparent scams to home repair and tech support hoaxes, financial crimes targeting older people are on the rise.

According to the latest annual report of IC3, the FBI’s Internet Crime Complaint Center, victims over the age of 60 are the group most impacted by financial fraud.

Last year, this age group reported losses of nearly $3.4 billion.

Of course, frauds and scams can affect any age group, but older people are especially vulnerable. They’re more attractive to scammers because they usually have financial savings and good credit.

Their generations tend to be more trusting and polite. They are often less tech-savvy than younger age groups.

COMMON SCAMS

TARGETING ELDERS

✔ Grandparent Scam: A type of confidence scam where criminals pose as a grandchild or other relative, claiming to be in immediate financial need.

✔ Tech Support Scam: Criminals pose as technology support reps and offer to fix non-existent computer issues. The scammers gain remote access to victims’ devices and sensitive information.

✔ Romance Scam: Criminals pose as interested romantic partners on social media or dating websites to capitalize on their elderly victims’ desire to find companions.

✔ Home repair scam: Criminals charge homeowners in advance for services that they never provide.

✔ Family/caregiver scam: Relatives or acquaintances of the elderly victims take advantage to obtain their money.

Embarrassment also plays its part. Many of the losses to older people go unreported because they are too ashamed to admit they were scammed.

You may have enough information to avoid being taken in by these types of scams, but do the people you care about? By helping older loved ones and friends understand the risks, you can play an important role in preventing them from becoming victims of financial fraud.

by TODD ADAMS chief executive officer

You can tell them about some of the common scams described here and at fbi.gov.

You can help them take steps to protect their financial information.

Talk to them about being cautious of unsolicited phone calls, texts, emails, and mailings.

To help guard against scams that try to exploit fears that a relative is in trouble, you can create a shared verbal family password or phrase that only you and your loved ones know.

You can also assure older adults that there’s no need to be too embarrassed to tell their bank or law enforcement if they’ve been scammed, so they can receive help.

Protecting the financial security of all our customers is such a high priority for Adams Bank & Trust that we’ve allocated resources to staff an entire fraud department.

fbi.gov

The scammers are very smart and skilled individuals, with a lot of time and resources to devote to carrying out their wrongful plots.

Scammers scram when you are prepared for their schemes.

YOU DESERVE A BANKER WHO ASKS THE RIGHT QUESTIONS

As your bank, we don’t feel that we’re successful unless you are.

We’re not doing our job unless we’re providing the opportunities and solutions that improve your financial position.

Beyond offering competitive deposit rates, we invest time in our relationship with you.

We want you to have confidence in the people you’re working with.

KERRI ANDERSON

svp

- retail banking

“Every customer has different needs for their money.”

Over a 38+ year career at AB&T, Kerri Anderson has made a specialty of helping customers discover how to best meet those needs.

“For some customers, coverage is their biggest concern,” Anderson says. “Because we’re in the IntraFi Network , we can connect them to the ICS ( Insured Cash Sweep) program. Then they have access to full FDIC coverage above the standard $250,000 limit.”

ICS is a popular way to safeguard large balances for consumers, businesses, public entities, and non-profits.

The expanded coverage comes with the convenience of dealing with just one banking relationship.

“AB&T made it a priority to integrate ICS into our online

You deserve a banker who cares enough to ask the right questions. We want to know what your needs and objectives are for your money. Given what’s going on in your life today, which of the products we offer will work best for you?

Kerri Anderson, our senior retail banker at the Ogallala branch, is a great example of a banker who has spent decades asking the right questions and building deep customer relationships.

banking very early on,” Anderson says. “That set us apart. You don’t need a separate login to look at ICS and your main accounts. It saves time and makes accounting much easier.”

For other customers, easy access to funds is at the top of their priority list. Anderson says, “ICS allows small business owners to pull from their own liquid funds first to ensure their accounts don’t overdraw, rather than dipping into an operating line of credit and paying interest.”

Anderson adds that AB&T doesn’t pass on any fees for connecting customers to this network.

ICS can be used by itself, but it also partners well with CDARS ( Certificate of Deposit Acct Registry Service), the other type of account the bank can offer through the IntraFi Network .

“CDARS is an account for termed money.” Anderson says, “The beauty of the CDARS program is that they offer a variety of terms: 4 weeks, 13 weeks, 26 weeks, 52 weeks and 104 weeks. So a

by STEVE KRAUSE president

Because Adams Bank & Trust is a member of the IntraFi Network , Kerri can help our customers find multimillion-dollar FDIC coverage, with the convenience of dealing with one bank.

Whether you’re making deposit decisions for yourself, a business, a governmental entity, or nonprofit organization, we’re working hard to be the foundation for your financial success.

customer could be earning a little more interest by having a 4-week and/or 13-week CDARS, laddering their funds. This gives them the opportunity to rework their CDARS ladder to have additional working funds if needed.”

She adds, “If the customer has the funds to pay a specific need at the end of the year, such as taxes, one of the CDARS terms can usually work for them to set aside the funds so they’re available when the tax bill is due.”

Mainly, Anderson says, it’s important for customers to feel comfortable with the decisions they’re making.

“I’m a stickler for customer service,” she says. “They may not know exactly what they need or what’s possible going into the conversation. But if by the end, I can help them find the clarity they need, I feel I’ve done my job. We’re here for that kind of partnership throughout the relationship.”

ADAMS BANK & TRUST BALANCE SHEET AS OF JUNE 30, 2024

CASH

Cash in our vault, plus cash on demand from other banks where funds are deposited. $ 109,064,670

GOVERNMENT AND AGENCY BONDS

Marketable investments in bonds and other securities of the U.S. Government and its agencies. 401,216,662

FEDERAL FUNDS SOLD

Funds load to other banks for daily cash needs and payable on demand. 0 LOANS AND LEASES

Total of all money loaned to customers for all types of loans, such as agriculture, commercial and consumer. 855,433,650

BUILDINGS, FURNITURE AND FIXTURES

Book value (after depreciation) of buildings, computers, equipments, etc.

OTHER ASSETS

Interest on loans earned but not collected, expenses that have been prepaid, etc.

16,953,106

25,180,081

TOTAL ASSETS $ 1,407,848,169

DEPOSITS

Money on deposit by customers of the bank in the form of checking accounts, savings accounts, and certificates of deposit. $ 1,135,441,227

OTHER LIABILITIES

Borrowings by the bank, interest on deposits that has accrued, payable at a future date, other expenses accrued but not yet paid, deferred taxes, etc. 94,405,472

CAPITAL

Par value of the investment of the stockholders for the purchase of stock.

SURPLUS

41,000,000

Additional money contributed by stockholders to provide extra financial strength. 17,000,000

UNDIVIDED PROFITS AND RESERVES

Bank earnings left in the bank to provide added strength to meet possible future losses on loans and to replace buildings and equipment as they wear out.

TOTAL CAPITAL ACCOUNTS

Total capital available for the safe operation of Adams Bank & Trust.

120,001,470

178,001,470

TOTAL LIABILITIES AND CAPITAL ASSETS $ 1,407,848,169

RAYMOND JAMES FINANCIAL SERVICES, INC. MEMBER FINRA/SIPC

WHAT TO KNOW BEFORE INVESTING IN GOLD

Why do we say something is “as good as gold?”

Beyond its intrinsic value, gold has always held a special place in the public imagination.

There remains a certain intrigue with owning gold, and there’s a popular perception that it “holds its value” or that it can act as a good hedge against inflation. Gold bars are even available to purchase at Costco now. Gold may glitter, but it may not be the vehicle that yields the best return on your investment.

Gold may glitter, but it may not be the vehicle that yields the best return on your investment.

It’s worth remembering that gold’s value can fluctuate, just like anything else. Is it something you should own? It all depends on what you’re looking for.

As with any investment, it’s important to understand what you’re buying and why you’re buying it.

As with any investment, it’s important to understand what you’re buying and why you’re buying it. It’s also important to know what ramifications may come with it.

First of all, what is gold as an asset class?

The five main asset classes are cash and cash equivalents, fixed-income securities, stock and equities, funds, and alternative investments such as gold and other commodities.

by JACOB HOVENDICK rjfs branch manager

The Internal Revenue Service (IRS) classifies gold and other precious metals as collectibles, putting them in the same class as art, stamps, wine, etc.

What are some of the tax implications of owning gold?

Whether gold is held as a physical asset or within retirement accounts, there are specific rules for its taxation.

The IRS imposes a maximum tax of 28% percent on long-term capital gains of gold and other collectibles, which is higher than the tax rates on securities. Depending on your tax bracket, calculating the capital gains and losses on gold can be quite complicated. Before buying gold, talk to your tax advisor about how the rules could affect you.

Compared to stocks and bonds, commodities like gold typically have higher commission rates on purchases and sales.

How do the commissions and fees on buying and selling gold compare to other investments?

Compared to stocks and bonds, commodities like gold typically have higher commission rates on purchases and sales. That’s going to lengthen the amount of time before you can start making money on your investment. You’ll likely have to be positioned up 10 to 15 percent before realizing a profit.

Adams Bank & Trust is not a registered broker/dealer, and is independent of Raymond James Financial Services. Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC, are not insured by bank insurance, the FDIC or other government agency, are not deposits or obligations of the bank, are not guaranteed by the bank, and are subject to risks, including the possible loss of principal. Investment Advisory Services offered through Raymond James Financial Services Advisors, Inc.

What is your reason for wanting to own gold?

If you want something to keep up with inflation, gold has generally kept pace with the rate of inflation over the past 30 to 50 years. But on average, more traditional stock investments have outperformed inflation over time.

If you’re looking for growth of wealth or production of income, there are likely better opportunities than gold, depending on what you want your risk to be.

If you’re looking for growth of wealth or production of income, there are likely better opportunities than gold, depending on what you want your risk to be.

The United States hasn’t been on the gold standard system of currency since 1971. It is unlikely that, in the event of some major issue, you would be able to use gold as currency or to purchase goods at the local store.

Are there other complications associated with owning gold?

Physically owning gold comes with safeguarding and storage

concerns, and they can be expensive to address.

Gold can also be complicated to liquidate. If you’ve purchased commemorative gold coins, for example, you would need to find a buyer who recognizes the same intrinsic value in the commemorative mark.

When liquidating gold bars or bullion, testing may be required to verify the purity, weight, and gold content, and this can present added costs or delays in selling your gold.

Keep in mind that your heirs will experience these same issues as they settle your estate. Your grandkids will enjoy having something special to remember you by, but they may or may not see your rare coin collection

in the same way you do.

If you do want to buy gold, here are some helpful tips to keep in mind:

• Buy from a reputable dealer. They should be transparent about fees and commissions from the outset.

• Buy gold in a form with a recognized industry standard. There’s nothing wrong with appreciating the mystique or nostalgic value of gold or rare coins.

But if you’re seeking an opportunity for a return that has historically outperformed inflation, talk to your financial advisor about other options. Not every opportunity to own gold is a golden opportunity.

Opinions expressed are those of the author and are subject to change. This information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. This information is not intended as a solicitation. The material is general in nature. Investing involves risk; investors may incur a profit or loss regardless of the strategy or strategies employed. There is no assurance that any investment strategy will ultimately meet its objectives. Past performance may not be indicative of future results. Asset allocation and diversification do not guarantee a profit nor protect against a loss. Working with a financial professional does not ensure a favorable outcome. Gold is subject to the special risks associated with investing in precious metals, including but not limited to: price may be subject to wide fluctuation; the market is relatively limited; the sources are concentrated in countries that have the potential for instability; and the market is unregulated. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investments mentioned may not be suitable for all investors. Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

For assistance in reviewing or creating your investment plan, please call any Adams Bank & Trust office or call toll free at 800.422.3488 for an appointment with a Raymond James Investment Representative.

Jacob Hovendick , RJFS Financial Advisor and Branch Manager Jan Acker, RJFS Financial Advisor | Khara Martinosky, RJFS Financial Advisor