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WHAT'S INSIDE

Helpful holiday advice

2011

At a glance in Pictures

GET YOUR KEYS

TO FINANCIAL SUCCESS

Funny Money

Lighten up for a while, spare a moment for a chuckle

The TELLER

1st National Bank's Official Bi-Monthly Newsletter Issue 13 • Sep/Oct 2011

THE ENVELOPE METHOD


Managing Director's Letter HELLO ONCE AGAIN! As I write you on this final issue of T h e Te l l e r f o r 2011, I reflect on the past year and look ahead to the New. 2011 has been another good year for our Bank . We continue to see growth in all areas owed to: our superior customer care; deepening of community relationships; dedicated management

and staff; solid financial controls and a policy of branching out. The highlight of our year was opening of the Choc Branch (adjacent to Caribbean Cinemas) to serve the surrounding communities as well as individuals and businesses - who wish to avoid the congestion of the North or the City - as they conduct their banking transactions. In the area of Corporate Social Responsibility we continue to make significant financial contributions to the more than fifty organizations and causes across the country who benefit annually. We continued to invest in youth, sports, the arts and culture, the environment, disaster relief, education, health and a plethora of other social causes. As the first indigenous Bank in Saint Lucia we have grown thanks to our people’s confidence in us. Our company’s altruism and goodwill remain a deliberate policy of giving back to our communities to improve lives and develop our nation. We have also seen how this goodwill investment has paid us back with your loyalty and friendship. 2012 promises to be similarly challenging as the one before. We are still not out of the woods of a depressed economic situation globally and its impact on the country. However we approach it with the same caution, enthusiasm and optimism as we always have. We cannot take our feet off the accelerator. So we will continue with our expansion and branching-out programme in the new year to serve you better. Our customers current and potential can confident that 1st National Bank remains committed, strong and forward thinking. Our local knowledge, experience and expertise position us to address the unique needs of individuals and business in the country. On behalf of my team, let me take this final line to wish you and yours the best for the Holidays and a truly productive New Year!

G. Carlton Glasgow Managing Director


Happy Holidays

Financial Resolution For The Coming Year Know What You Want

Give Money

Have a clear, concise financial goal for the year. It isn’t good enough to say, “I want to have my credit card paid down and more money in the bank”. Instead, you should say, “I have the balance on my credit card paid down to $0, over $5,000 in my savings account.”

One of the most effective ways to realize the value of money is to give it. The next time you get your paycheck, take 5% of your salary in cash (the greenbacks in your pocket will make it seem far more real than if you simply wrote a check or used a debit card). Walk into a Rituals Coffee House and anonymously pay for the other customers in line. If you pass a child in the mall staring at a new toy, take out your wallet and buy it for them. In both cases, the recipients are sure to remember your kindness for years to come. It is a powerful and effective way to change other people’s lives for the better while giving you a better sense of freedom financially. Suddenly, you realize just how much promise $20 contains.

Prioritize Your Debts Not all debt is created equal. Make a list of your liabilities and organize them by the annual interest. Those with the highest rates (most likely your credit card debt) should be paid off immediately. It does no good to invest money while you are paying 19%+ each year. If you owe $10,000 on your credit card and pay 19% interest annually ($1,900 per year), while at the same time, own a $10,000 certificate of deposit at a bank, paying you 4% interest ($400 a year), you would actually save yourself $1,500 a year by paying the debt! Enroll in an Automatic Savings Plan Automatic savings plans are now offered for many things including brokerage accounts. Simply call your broker and tell them you want a certain amount of money withdrawn from your checking or savings account each month, on a certain date, and deposited into your investment account. This way, you are forced to save because the cash is drawn directly from your bank before you can get your hands on it. Investors can often sign up for ASP's through a company's direct stock purchase plan. In these instances, the money is withdrawn and used to purchase additional shares of stock in the particular company. Make every Coin Count Any time you make purchases with cash, only spend whole dollar amounts. If you go to the grocery store and your ticket comes to $67.39, pay $70 in cash and pocket the change. The first thing you should do when you go home is throw the money in a large container (empty water jugs are perfect.) If you adhere to this policy and don’t spend any of the change, you are likely to save several thousand dollars over the course of a year. Use the money to pay down debt, buy stocks and bonds, or go on vacation.

Begin Using Personal Finance Software Knowledge is power. If you asked ten people on the street how much they spent last year on books or movie tickets, nine of them probably couldn’t answer. With a few keystrokes, however, someone using personal finance software such as Microsoft Money or Quicken can find out. Print a report at the end of every December and spend an evening studying and going over your income and expenditures for the year. You will often be surprised at the amount you spend on the “small things”. Read a Financial Book Each Month If you want to learn to cook, you read cookbooks. If you want to learn to fix an engine, you ask someone to show you. The printed word is amazing in that it allows you to communicate directly with the most brilliant financial minds of the past century. Through the written word, their death, retirement, or physical location is rendered meaningless; their ideas, philosophies, and techniques live on. It’s as if you are inviting Benjamin Graham or Philip Fisher into your home, any time you choose, at a moment’s notice, simply by picking up a copy of their work and turning the page. Consistently applying yourself to learn as much as you can about the financial markets, the nature of money and investments in general is absolutely essential to creating long-term wealth.


BRIDGE STREET RODNEY BAY

VIEUX-FORT CHOC

MARIGOT

GFL CHARLES FERRY TERMINAL CASTRIES

More branches in more places that people need us to be is how we show that our Local Roots have a growing strength to serve you better. As the leading local indigenous financial institution we know that our investment in every community will Bear Fruit as we see Consistent Growth in response to our committed service. Our Family Tree is Growing with you, to serve you, wherever you are.


Spotlight on the Community centre gives these children an opportunity to grow in a way that enhances their chances of functioning economically and socially. The centre is an important focal point for the parents of children assigned to the facility as they are provided with support, counselling and training. Other contributors to the centre include the Government of St. Lucia, Australia High Commission, the Dutch Government, Karita Sweden and the Villa Cont u Bunt of Germany. Marian Home

Division of human Services Supported by 1ST National Bank October is not only observed as Creole awareness month, it is also the time when the St.Lucia division of human services recognize honor the elderly in society. This year they wanted to pay special tribute to those senior citizens who have the distinction of celebrating their 100 year existence. Every year in October we celebrate the month of the elderly. We deeply appreciate 1st national Bank showing its tremendous support in the form of $10,000 to honour our centenarians. On October the Governor General accompanied by the minister of health formerly opened a new, expansive home for the elderly in the south of the island. Today is an historic day in that the dream of providing a comfortable place for our senior citizens has finally materialized. It is our privilege to present this gift to you our senior citizens.

The Marian home situated in Lesleyland was established in 1952. It provides living accommodations for 60 elderly residents. While the home provides excellent living accommodations and care for the aged it is a challenge to maintain day to day operations.

The division of human services has focused recently on increasing the number of people who want to become foster parents. In St.lucia we have many children who are living in difficult circumstances. One remedy for this is our Foster Care and Adoption Program. We recognize the need to develop awareness for this program.

We appreciate your recognition of our work as we try to create a safe, healthy environment for our senior citizens. Financially it is difficult to manage an institution like this, and we depend heavily on the monetary donations of outstanding socially conscious corporations like 1st National Bank.

1st National Bank is assisting the division with both these initiatives as part of its corporate social responsibility.

1 st National Bank is one of the few corporate citizens which offer regular financial support to the Marian Home. The Bank has established a three year covenant with the institution to assist in the quality of services provided. A small gesture they believe the elderly deserve.

Child Development is important to 1st National Bank The Child Development and Guidance Centre established in 1998, is a registered non-profit organization whose mission is to provide early health care intervention for children with physical, emotional, mental and behavioural disabilities. Dr. Kim Sadou is the centre's paediatrician and head coordinator. She says corporate support has been a tremendous benefit to the organization, which has grown in stature. With the help of corporate sponsors such as 1st National Bank and others we have really grown by leaps and bounds. 1 National Bank has established a three year covenant with the institution worth $30,000 in total. Bank representative Mr. Robert Fevrier says the Bank understands the value of the work being done at the CDGC and it is 1 st National Bank's privilege to fulfil their responsibility in assisting this process. st

Dr.Sadou and her team engage a lot of our young children with their range of disabilities. There is a lot of therapy taking place here. This

The elderly, have contributed to society in one way or another and we believe it is only right that they be given care and attention. The three year covenant totals EC$15000. The last instalment of which was handed over to administrator sister Annie Renaux. However 1st national bank insists on maintaining its relationship with the Marian home and will remain a major support for the institution. Dame Pearlette Louisy Savings Program The savings program started at the dame Pearlette Lousiy school has become so popular that Ms. Satny the teacher overseeing the initiative says they will have to expand it to the whole student population. Membership in the savings club help the children in many ways. For one it instils in them the habit of putting aside some money on a rainy day.


2011 At a glance in Pictures


2011 At a glance in Pictures


Spotlight on the Community this check of $5000 to close off the first covenant with the holy family children’s home and to commit to a new covenant for 2012," said Mr. Fevrier

We would like the children to grow up as responsible adults who will be able to maintain themselves economically through consistent saving. To mark October as Financial Information Month 1st National Bank has taken the opportunity to visit schools around the island giving students the information on how best to manage their money. Ms.Satney approached 1 st National Bank to help members of the savings club get started with their first step accounts.

"You are contributing significantly to changing the lives of the children at the holy family children’s home. As you know the children are getting much older and so it is even more Important that we receive support from the corporate community to meet their needs," said Sister

"The school felt that at it's core 1st National Bank is trying to make life better for St. Lucians and we did not hesitate to approach the Bank," exclaimed Ms. Satney

1st National Banks covenant with the family children’s home amounted to $15000 over the 3 year period.

1st National Bank will continue to help young individuals in saving and investing, keeping them on the road to financial success.

1ST National Bank shows Major Support for the Blind and Visually impaired

1st National Bank has once again shown it's support for the St. Lcuian Blind Welfare Association through it's annual cheque presentation. Children Home in Ciceron The Holy Family Children’s Home was established some years ago to ensure that vulnerable children in society are given a place of permanence inside a more stable living environment. The facility is just adequate but is in constant need of assistance as more children become residents and others get older. 1 st National Bank had established a covenant with the children’s home from 3 years ago to solidify its commitment to helping the youth of St. Lucia. "It gives me the greatest pleasure on behalf of the board of directors, management and staff of 1st National Bank St.Lucia limited to present

"As we speak two of our children are in the United States receiving special medical treatment not available in St. Lucia. We could not have got them there without the support of agencies such as 1 st National Bank. The work that we do is not for our own glory, it is for the glory of Him who put us here. I am so thankful for your support throughout these years. I am certain that this support will continue," said Mr. Avril The total value of this covenant is $9000 over a 3 year period. 1 st National Bank has made a definite commitment to renew the covenant for a further 3 years. Manager of products and services


Spotlight on the Community Mr. Robert Fevrier says their intention to recommit to the blind welfare association is testament to the Bank’s belief in the work of the organization. The times now are very trying economically and we value the work the blind welfare association is doing in St. Lucia. We know that they are faced with many challenges in particular financial ones. We hope that our contributions this morning will assist in alleviating some of the operational expenses that have been brought to bare on the association. The blind welfare association is the premier association administering to the needs of the blind and vision impaired in St. Lucia. To offset its day to day costs the organization sells eye wear and also holds general eye clinics for the public with a qualified Ophthalmologist. 1ST National Bank Gives further Support to C.A.R.E

leave ready and equipped to be productive citizens in this beautiful country of ours," exclaimed Dr. Marilyn Morris. Corinth Secondary School displays its Musical Talent with 1st National Bank’s Support. Proof of the students of the Corinth Secondary School’s musical ability was evident in the musical program showcased their talent for the guests. Corinth’s reputation as a leader in the secondary schools music curriculum certainly precedes them. Corinth Secondary School has been doing music from since 1983. It has been a timetable subject. It has placed music on the timetable of all secondary school in St.Lucia after they saw how successful it is here. Through our sponsors like 1st National Bank we have been able to carry on. 1 st National Bank responded to the school’s special request for a dedicated computer, which would enable the students to move into the digital age of musical reproduction. Previously they had to borrow equipment or pay for the services of a professional studio to record their work. This presentation today will cut the cost of us having to pay hundreds of dollars to a studio to get our recordings done for publication. 1st National Bank has a well-documented reputation of supporting the arts and youth programs in St.Lucia. Manager of events Product services Mr. Robert Fevrier says the Banks investment in the Corinth secondary school is an extension of the Bank’s corporate social responsibility.

1 st National Bank made it a point to include C.A.R.E. Centre for Adolescent Renewal and Education in it’s list of institutions to be visited as part of Financial information month. The teenagers were encouraged to start a savings account so that they will later on be able to afford life’s necessities. This month October is designated Financial information month by the Eastern Caribbean Central Bank and so we felt it important, and we felt it absolutely necessary to impart some knowledge to the students on savings and investments. We are here to help them develop a saving mind-set, through practical suggestions on becoming better savers and wiser investors. The school received another instalment of a 3 year covenant with 1st National Bank valued at $10,000. It is an initiative that the Bank views as a highly tangible investment in C.A.R.E’s future. "We at 1st National Bank limited believe in opportunity and we see the development of the C.A.R.E centre as creating opportunity for our young people, so they may gain advancement in life skills and general education," explained Mr. Fevrier. Executive Director of C.A.R.E. Dr. Marilyn Morris expressed hope for the continued relationship which exists between the school and 1 st National Bank. "C.A.R.E. and 1st National Bank are committed to the young men and women who come through C.A.R.E's doors. To ensure that they

Listening to your performance I have no doubt that 1st National Bank made the right choice in investing in this piece of equipment. It will of course enhance the talent that I saw and most definitely heard here this morning. We know how critical music is in our everyday lives. it has been said that music is the food of life. As you well know many people live their lives economically sustained by music and the creative arts. 1st National Bank has been dubbed the Patron of the Arts of St. Lucia. The iMac computer was presented to the Corinth Secondary School students in their music room Thursday.


Money Guide for Financial Success A communication of the National Savings and Investment Programme supported by 1st National Bank

Using the Envelope Budgeting Strategy for the Holidays. Envelope budgeting has been around for a very long time. Even if you've never used it personally, you probably recall your mother - or even your grandmother - tucking cash away in individual envelopes each payday. Unfortunately, in today's mostly cashless society, envelope budgeting is simply not as effective as it once was. However, with some planning, it can still be used to assist you in keeping to your personal budget especially around the holidays. Let's begin with Envelope Budgeting 101. The concept is easy you take a stack of envelopes and write a spending category on the front of each one. They might look something like this: 1. Mortgage/Rent 2. Utilities 3. Gas 4. Groceries 5. Entertainment Because it’s the Holidays let us keep ourselves honest by adding a few more to this list. 6. Presents 7. Church Contributions 8. Rum You may have more categories - it's your budget, so you get to label them however you want. Once you've separated your finances by expense type, you figure out how much you are allowed to spend in each, and you put the corresponding dollar amount in the correct envelope. If you buy presents, you pay for it out of the “Presents” envelope. When you run out of “present” money; you're done until the next

month, when you get to fill up the envelope again. It's a nice system and definitely helped many a family stick to a fixed spending limit. If you're comfortable carrying cash around with you, it can still work exactly as outlined; however, if you're like some people who rarely even have a dollar on them, it's time to revamp the envelope budget. This can be done in a couple of different ways. You can create a spreadsheet, or chart, with each of your expense categories in a separate column, and beneath it the total dollar amount you're budgeting for the holidays. When you pay your rent, deduct that from the rent column. When you go out to dinner, save the receipt, and deduct that from the entertainment column. If you're religious about saving receipts and recording your expenditures when you make them, this system will work quite well. When you've used all your allocated funds in one area, you are out of funds until the following month. Another option is a mixture of the two. You can use the chart/ spreadsheet for fixed payments, such as your mortgage, and other normal house expenses, such as utilities. Then you can use the envelopes for entertainment, groceries, gas, etc. There are benefits to this mixed approach because where most people fail on their budget isn't with fixed expenses, but the fun ones, like buying clothes or feting. By having the cash already set aside, when it's spent, you have an empty envelope, and you can't get much more of a visual reminder that you're out of cash! With some tweaking, and self-control, envelope budgeting can still be an effective tool in managing your money during the holidays. Regardless of what type of budget you use, be sure to be honest about your income and expenses so you don't end up broke at the end of the year or more importantly at the beginning of the next!


Money Jokes and Humour From Across the Globe

Sometimes it’s hard to see the lighter side of money and personal finance. But here are some funny ones about money to lighten things up. The real measure of your wealth is how much you'd be worth if you lost all your money.

Why did Robin Hood steal from the rich? Because the poor didn't have any!

The best way of saving money is to forget the person you borrowed it from

What happened when the cat swallowed a coin? There was money in the kitty.

A father is explaining ethics to his son,who is about to go into business."Suppose a woman comes in an orders £50 of goods. You wrap it up, and give it to her. She pays you with a £50 note. As she goes out of the door you realise she has given you two £50 notes. Now, here's where the ethics come in: should you or should you not tell your partner?

Why is money called dough? Because we all knead it.

A man being mugged by two thugs puts up a tremendous fight! Finally the thugs subdued him and took his wallet. Upon finding only £5 in his wallet the surprised thug said "Why did you put up such a fight?" To which the man promptly replied " I was afraid that you would find the £200 hidden in my shoe!" QUESTION: How do you successfully freeze your financial assets? ANSWER: Invest in an Icelandic bank An English teacher asked her class to write an essay on what they'd do if they had a million pounds. John handed in a blank sheet of paper. John! yelled the teacher, you've done nothing why?!Because if i had a million pounds, that's exactly what i would do said John!

Three animals were having a drink in a cafe, when the owner asked for the money. “I m not paying,” said the duck. “I’ve only got one bill and I m not breaking it.” “I’ve spent my last buck,” said the deer. “Then the duck ll have to pay,” said the skunk. “Getting here cost me my last scent.” What happened when Dumbo went to a mindrreader? They gave him his money back. Fred: Thank you so much for lending me that money. I shall be everlastingly in your debt. Harry: That’s what I m afraid of! Elmore walked into his favorite truck stop cafe and said to the owner, “Hey, Roy, you wanna take a chance on a raffle?” “Whada ya win?” “A million dollars!” said the redneck. “You get a dollar a year for a million years.” “How much are they each?” “Ten cents. Two for a quarter. Or three for half a dollar!”


Produced by Orange Media Group

1st National Bank Teller Newsletter 13  

1st National Bank Teller Newsletter 13

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