Arvest Blog

Arvest Offering Free Military and Patriotic CheckCards in Honor of Armed Forces Day and Memorial Day

Fri, 17 May 2013 11:40:00 GMT

Arvest Bank is offering free patriotic and military themed CheckCards to customers between Armed Forces Day, May 18, and Memorial Day, May 27, in recognition of the brave men and women who gave their lives for our country. Be sure to order your card by May 25 as we will be closed May 26 and 27 in honor of Memorial Day. Customers can view the cards at arvest.com/style and order cards by calling customer service at (866) 952-9523.

FAYETTEVILLE, Ark. — In recognition of Armed Forces Day and Memorial Day, Arvest Bank is giving their customers the opportunity to honor those who serve with one of the bank's military and patriotic themed CheckCards. Between Armed Forces Day, May 18, and Memorial Day, May 27, the military and patriotic themed affinity debit cards will be free to new and existing Arvest customers.

Military and patriotic CheckCards are always free with any new checking account; existing customers are typically charged a one-time replacement fee of $5. Arvest is waiving the replacement fee between Armed Forces Day and Memorial Day.

As of March 2013, more than 31,000 Arvest customers were carrying a military or patriotic themed CheckCard. There are seven of these card options, representing the Air Force, the Army, the Coast Guard, the Marines, the Navy, and also a ‘USA Pride’ debit card. The ‘USA Pride’ card is the most popular affinity card for Arvest, with over 15,500 customers using this card.

This offer for free military and patriotic CheckCards is for any Arvest checking account, whether a customer is new or already banking with Arvest. For an existing Arvest customer, the CheckCard number will not change with the request for new military or patriotic card art. Customers should confirm with an Arvest associate they want to keep their existing card number.

Arvest is dedicated to supporting our communities and those that serve our country, and we know our customers want to show their pride and support for their country as well. Armed Forces Day and Memorial Day are a time to appreciate those who serve in our military, and offering these free military and patriotic affinity cards is just a small way that Arvest is saying thank you.

Personalized debit cards, a growing trend in recent years, allow customers to choose a specialty design for their debit card – from a picture of a customer’s pet to their local high school sports teams or just a particular area of interest. Often referred to as affinity cards, this is just one way the banking industry is quickly adapting to growing consumer demand for personalization.

Arvest issued their first affinity card in 2008 in Northwest Arkansas, a card featuring the logo of the regional professional baseball team, the Naturals. The bank launched a full affinity card program in 2011 that took the trend even more local, as they developed cards for local high school sports teams. Over the past year, Arvest has doubled the number of options for affinity cards for their customers and now offers more than100 cards. The designs range from the military cards to local high school mascots to a quirky mustache design.

To view the seven patriotic and military cards, along with our other specialty cards, visit arvest.com/style. Order specialty cards by calling customer service at (866) 952-9523.

Baby Boomers Becoming Their Own Boss

Fri, 17 May 2013 10:05:00 GMT

Did you know people ages 55 to 64 are more likely to launch their own business than any other age group (according to the Ewing Marion Kauffman Foundation)? In fact, nearly half (roughly 7.4 million Americans) of all self-employed workers in the U.S. are members of the baby boomer generation.**

While the risks of setting off on a new business venture are substantial at any age, they can be even greater for these older individuals. Financing the company with savings and retirement funds may be tempting, but you'll have less time to work and restore that money if the enterprise falls short. A reality made more dire by the fact nearly one-third of start-ups fail within two years, and fewer than half remain after four years, according to the U.S. Small Business Administration (SBA).

However, older entrepreneurs do have at least one advantage over their younger counterparts -- wisdom born from experience. If your experience, personality and passion have you pining for self-employment, then the following steps may help you get your big idea off the ground.

Research and Development
It may not be possible to prepare for every obstacle and opportunity along the way to establishing your business, but it is important to try. Helpful resources abound. The SBA,* SCORE* and Small Business Development Centers* can assist you in finding free or low-cost business start-up courses and business advisors. The SBA provides an online checklist for starting a business which can help you assess your business idea, your motivation for launching a business and how well-suited your personality, skills and experience are to running a business. It may also help you highlight areas where you need more research.

Put It in Writing
Writing a business plan can help you outline your ideas and obtain needed funding. A business plan describes your business idea, shows how and why it will work, discusses business operations and forecasts the financial help you'll need and what you hope to earn. Your business plan should contain the following:

Business description. Outline what product or service you will offer, who will buy it and why, as well as the competition.
Marketing. Describe how you plan to reach your potential buyers and persuade them to buy from you. This is also the place to discuss pricing.
Financing. Calculate how much money you will need to launch your business, operate it for a year and address where you expect to obtain the money you need.
Management. This section covers the fundamental details, such as day-to-day operations, schedules, equipment and space issues, insurance needs, etc.

Seek the Help You Need
Arvest Bank takes time to understand the needs of your business and how we can help it succeed. Our business bankers are knowledgeable and can offer you valuable financial insight. Call or visit your business banker for help finding a loan that's right for your business.

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center. Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution. ** Source: Bureau of Labor Statistics.*

Accumulating a Down Payment on a Home

Thu, 16 May 2013 13:55:00 GMT

Figuring out what home price you can afford will largely depend on the monthly payment. The monthly payment not only includes principle and interest but also a monthly amount for property taxes and homeowner’s insurance.

The minimum down payment when buying a home will typically be determined by the loan program you choose and can range from 0-20 percent of the purchase price. If you are able to put down more than the minimum, then you will be able to have a lower monthly payment. However, you should also remember it may be nice to have some extra money available after you move into your new home. New carpeting, new furniture or improving the landscaping all take money and you don’t want to stretch yourself too thin.

Accumulating a down payment
As simple as it sounds, most people end up saving for a couple of years to accumulate the amount needed for a down payment on a home. This may mean dining out less or finding more cost-effective dining and entertainment options.

An easy way to save is to enroll for an automatic savings plan at your financial institution. Have a certain amount transferred from your checking account to a dedicated savings account each month. This provides some discipline and you may be able to use a money market type of account to earn more interest.

Consider taking a staycation in order to save money. A staycation is like a vacation, but without the expense and time of actually traveling. The most expensive part of vacations is usually the combination of travel, accommodations and meals. While staying local will certainly save you money, you should still set a budget for your staycation. Your budget will probably be less than if you were going away, but more than you would spend at home. A staycation will still provide a way to have a break but will also give you the opportunity to save money.

Ponder opportunities to earn additional income. One option is a part-time job. This can be working for another company or working for yourself. Examine your skill set. Have you practiced a hobby for so long you’ve become an expert? Enjoy cake decorating or playing piano. Contemplate teaching classes or lessons. If you’re not willing to commit to a second job year round, then consider a seasonal job, perhaps during the summer or Christmas, to earn some extra money to add to your savings.

Borrowing money from a family member is unacceptable funds for loan approval. However, a gift of money is acceptable. You may want to explore the option of gifted money.

Conclusion
Buying a home, especially a first home, is a big financial and emotional step, so do your financial homework. Take the time to meet with an Arvest Bank mortgage lender and develop a plan to become a home owner. It will take time to prepare, but it will be well worth it when you move in.

The views of this article are for general information use only. Please contact and speak with an Arvest Bank mortgage lender when specific advice is needed.

Block Street Block Party in Fayetteville, Ark.

Thu, 16 May 2013 10:25:00 GMT

Looking for a fun outdoor party to attend this Sunday, May 19? Block Street Block Party in Fayetteville, Ark., is the place to be! From 11 a.m. until dark Block Street* up and around the Fayetteville Square will be packed with family-friendly activities, live music and food. If last year’s 75 artists, businesses, vendors and community groups are any indication, then you can expect fun and funky activities of interest for everyone from families with little tikes to single adults. Mobile bug unit, beer gardens or feather hair extensions anyone?

The event is organized by the Block Street Business Association and many sponsors like Arvest Bank. Some of this year’s participants include Little Bread Company, Arsaga’s, Houndstooth, Dark Star Visuals, Riffraff, Mustache, Hugo’s and more!

Come join the community members who plan to attend this year’s event. Last year over 12,000 people joined in on the fun!

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Free Fingerprinting for Kids in Fort Smith, Ark.

Thu, 16 May 2013 08:10:00 GMT

You’re invited to the sixth annual Kids Safety Fair on May 17, from 3–6 p.m This free event is an educational and entertaining activity that provides valuable information and “DNA LifePrint” kits to help families. The event will be held at the Ross Pendergraft Park* located at 200 Garrison Ave., Fort Smith, Ark.,

Activities will include free hot dogs and chips, a fire truck that kids can climb in, the sheriff department's mobile command center, music, a karaoke machine and more!

Get a free DNA LifePrint Kit which includes:

FBI Certified Biometric Palm and Fingerprint profile
Child Safety Journal
Home DNA ID Kit that is easy to use and lasts for years
High resolution full color digital photograph of your child

Participating Agencies Include:

Target
DNA Lifeprint
Morgan Nick Foundation*
Arkansas State Police*
Sebastian County Sheriff's Office*
Reynold's Cancer Support House
Fort Smith Fire Department*
...and many more!

For more information please visit the U.S. Marshals Museum Programs* website.

Presented by Cox. Sponsored by Arvest Bank, Bedford Camera & Video and Channel 5. Hosted by the U.S. Marshall Museum and Arvest Bank.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.www.usmarshalsmuseum.com/museum_program

Third Friday Kicks Off in Rogers, Ark.

Wed, 15 May 2013 10:10:00 GMT

The 2013 Third Friday series in downtown Rogers, Ark., will kick off on May 17 with a community shrimp boil and live music on the Frisco Stage from 5-9 p.m. The May Third Friday* event will headline a blues and rock and roll performance by Leah and the Mojo Doctors.* The fun will take place at Frisco Park,* located at First and Elm streets.

The inaugural shrimp boil will setup in the parking lot next to the Frisco Stage. The traditional shrimp boil will include fresh shrimp, corn, Andouille sausage and potatoes, served with choice of iced tea or bottled water for $12 per person. Only 200 tickets for the shrimp boil will be sold, and they are available in advance on Main Street Rogers* organization’s site. Looking for a kid-friendly option? A hot dog, corn and drink will be sold for $4 per person. There are also 15 restaurants in the downtown Rogers area for additional dining options. A beer garden will also be offered at this year’s events.

Amongst the fun visitors can also explore an educational opportunity with a QR code walking tour of 15 historic buildings. To participate use a smart phone to scan QR codes and learn notable information about the buildings. Some of the family-friendly activities include pony rides, inflatables, Baggo bean bag games, a climbing wall and more! Arvest will be one of numerous vendors with a booth at the event.

Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

ATMs Added in Missouri

Wed, 15 May 2013 09:25:00 GMT

For your convenience, we’ve added five Arvest cash dispensing machines throughout Missouri. These new machines are outside in Wal-Mart parking lots next to Murphy USA gas stations. These cash dispensing machines allow customers to do everything they can do on an ATM except make deposits and setup and use ATM Preferences. Arvest customers will have the ability to conduct withdrawals, make transfers and request balance inquiries on the machines.

The new machines are in the following locations:

1106 N. Massey Blvd., Nixa, MO
1721 S. 19th St., Ozark, MO
1140 US Highway 60 E., Republic, MO
2106 N. Main Ave., Mountain Grove, MO
3516 W. Sunshine, Springfield, MO

Machines will soon be placed in the following locations:

3018 S. Elliot, Aurora, MO
14727 State Highway, Marshfield, MO

The Twin Business Killers

Wed, 15 May 2013 09:25:00 GMT

The story of King David reminds me how devastating pride and arrogance can be to an organization. It seems like everything went King David’s way for a long time, and just for a brief period of time this great leader let pride and arrogance get the best of him.

Although it was generally in his nature to be humble, he slipped into pride and arrogance momentarily as he admired all the wealth and success he acquired. The result of this migration from humility to pride was devastating for those around David as tens of thousands of lives were lost.

While I don’t typically use illustrations from the Bible to write my business blogs, I think this story has a universal application all of us need to be aware of, especially if we have experienced any degree of success in our jobs, businesses or leadership roles.

It is fine to enjoy success, talents or wealth I have no problem with that whatsoever. It’s when a person develops the attitude of superiority, acts presumptuously, or has inordinate self-esteem or conceit that he/she can get into trouble.

In my experience, pride and arrogance are team killers, and frequently business killers as well. This is especially true of leaders who, like David, forget they had tremendous help from other people during their journey to success.

Within the leadership realm, pride and arrogance can lead to complacency, and when that sets in, look out! Soon the competition, which is already moving at the speed of light, will gain a foothold and begin snatching away customers from a company with a complacent leader. Even more tragically, when business declines and employees need to be laid off, how many families and their futures will be adversely impacted by the leader’s pride, even if it is just for a moment?

Of course these twin devastators aren’t limited to leaders. Arrogant employees can also do great damage to teams. I once had a teacher at our preschool who wanted special privileges and a different set of rules from the other employees. This situation caused great dissention among the other team members, and when asked to conform, this teacher’s pride led her to quit rather than be a strong team player.

So what’s the antidote to pride and arrogance? How do we maintain healthy, humble, hungry, high performing businesses? Here are my thoughts:

It starts with you. You have the opportunity to shape the culture of your business, and if you remain humble, chances are good you will develop a humble culture.
Celebrate your successes, but only give yourself a certain amount of time before you get moving again. I remember Alabama’s coach Nick Saban saying he was going to celebrate their national championship for two days then start preparing for the next year. Maybe a bit extreme, but the point is he wasn’t basking in his own glory.
Keep people around you who care about you and who are not afraid to tell you when you are heading down an arrogant or prideful path. Make sure you don’t punish them for being honest with you.
Keep a list of all the people who have played a role in your success. Reach out and thank them periodically.
Focus on other people, not on yourself. Go out of your way to help them succeed. Compliment them on their strengths and contributions to your business.
Keep learning, changing and growing. Business is moving faster than ever, and you will have to learn, change and grow in order to compete successfully.

No matter how successful we are, we all need to stay humble, focused and engaged in order to maintain and increase our success.

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center.

Eight Simple Steps to Reduce Your Financial Anxiety

Mon, 13 May 2013 13:05:00 GMT

Simplify your finances with these steps to take control of your financial future.

Have your paycheck or government check deposited directly into your checking account.
Establish a regular savings program by having a set amount of money transferred into a money market account each month.
Have your auto loan and credit card payments automatically made from your checking account which is possible with Arvest Online BillPay.
Establish a home equity line of credit to be available for unexpected expenses.
Set up a "dollar cost averaging" purchasing program for investments.
Save for a child's college education with an automatic transfer into a special savings account.
Review your 401(k) elections to make sure you are taking full advantage of the program.
Commit to having a financial review, including your estate plan and investment strategy, over the next three months.

With these eight steps you can make your daily financial life less stressful and have the peace of mind knowing you are doing the right things.

Welcome New Branch Managers

Fri, 10 May 2013 15:05:00 GMT

We're excited to announce seven new branch managers have joined Arvest Bank as part of newly acquired branches in Pittsburg, Kan. and in the following Missouri cities: Joplin, Monett, Carthage, Lockwood and Nevada. Branch managers are responsible for the leadership and direction in providing quality customer service and focus on sales, performance, growth and business development.

Carrie Martin joined as branch manager at the Arvest branch at 402 S. Rangeline Rd., Joplin, Mo. She attended Crowder College, Missouri Southern State University and has nine years banking experience. Carrie, her husband and two children live in Neosho.

Tina Felder joined the team and will serve as branch manager at the Arvest branch at 100 E. Broadway, Monett, Mo. She has a B.S.B.A. in Management/Marketing from Missouri Southern State University and has over six years banking experience. An active member of the community, she has served on the Board of Directors of Habitat for Humanity Neosho Chapter for the past six years. Tina and her husband have been married 22 years and have two daughters.

Brenna Staples will serve as branch manager at the Arvest branch at 425 W. Central Ave., Carthage, Mo. She attended Missouri Southern State University and has eight years banking experience. An active community member, she has served on the Board of Directors for the Carthage Humane Society. Brenna, her husband and their son own a small cattle farm and live in Carthage.

Jessica Adkins joined the Arvest team and will serve as branch manager at the Arvest branch located at 2424 Fairlawn Ave., Carthage, Mo. She attended Missouri Valley College and has five years banking experience. Jessica and her husband have four children.

Jennifer Oeltjen will serve as branch manager in 704 Main St., Lockwood, Mo. She has 14 years banking experience. Jennifer is involved in the Lockwood Youth Athletic Association and the Lockwood Parents/Teachers Organization and currently serves as treasurer for both groups. Jennifer is a life-long member of the Lockwood community and has two children.

Carmen Williams joined the team and will serve as branch manager at 401 E. Austin Blvd., Nevada, Mo. She graduated from Missouri Southern State University and has four years experience as a branch manager. Carmen is active in the community, serving as vice president of the Vernon County United Way and is a board member for the Nevada Lions Club.

Brandi Frazier will serve as branch manager at 216 N. Broadway, Pittsburg, Kan. She attended college at Missouri Southern State University and has over five years banking experience. Brandi and her husband have two children.

We’re happy to have these talented and experienced individuals serving our customers in Missouri and Kansas.

Biz Spotlight: Prairie Grove Telephone Company

Fri, 10 May 2013 14:25:00 GMT

What started with two brothers trying to communicate between their two businesses in 1888 has evolved into the Prairie Grove Telephone Company of Prairie Grove, Ark., that we know today. Dr. E. G. McCormick of Prairie Grove decided to string telephone lines between his medical office and his brother's pharmacy so they could interact in a more efficient manner. Little did he know what an impact this simple act would do to benefit the people of his town and the surrounding area.

Within a matter of time, McCormick and his partners had run a phone line approximately twenty miles from Prairie Grove to Fayetteville. At the time, this was the longest telephone line in the state of Arkansas.

The Prairie Grove Telephone Company* has been a friend and neighbor working side-by-side with the community. They have been keeping pace with the needs and development of their customers in western Washington County. Today the company services over 6,000 residential and business customers in Prairie Grove, Farmington and Lincoln, as well as the rural parts of the county with broadband and high speed Internet services.

During the Great Depression, their customers were struggling to just stay alive. The Prairie Grove Telephone Company refused to disconnect a single phone due to non-payment and even accepted payment of eggs, vegetables, and sometimes even a cow. Neighbor helping neighbor is what living in a small community is all about.

The Prairie Grove Telephone Company still shares this philosophy of service today. Awarding scholarships to area students in Prairie Grove, Farmington and Lincoln, is one of the ways the company support the community.

"We have been around for as long as many of our customers' parents and grandparents have,” said David Parks, president of the Prairie Grove Telephone Company. “People like that they can come to their local phone company and talk face-to-face with someone they know."

The phone company also values its friendly and trusted service that it shares with the local Arvest Bank branches in western Washington County. The Prairie Grove Telephone Company also appreciate Arvest’s extended drive-thru hours and customer focused approach to banking.

"Focusing on the customer first is a philosophy we've had for more than 100 years and it's a philosophy we share with Arvest," Parks said. "Whenever we need them, Arvest is always ready to help."

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center. Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

New Branch Managers Join Arvest in Carthage, Mo.

Wed, 08 May 2013 14:10:00 GMT

We are pleased to announce Jessica Adkins has joined the Arvest team and will serve as branch manager at the Arvest branch located at 2424 Fairlawn Ave., Carthage, Mo. Jessica will be responsible for leadership and direction in providing quality customer service and focus on sales, performance, growth and business development. She attended Missouri Valley College and has five years banking experience. Jessica and her husband have four children.

Also joining Arvest is Brenna Staples who will serve as branch manager at the Arvest branch located at 425 West Central Ave., Carthage, Mo. Brenna will also be responsible for leadership and direction in providing quality customer service and focus on sales, performance, growth and business development. She attended Missouri Southern State University and has eight years banking experience. An active community member, she has served on the Board of Directors for the Carthage Humane Society. Brenna, her husband Zachary and their son own a small cattle farm and live in Carthage.

Keep Your Hardworking Employees Happy

Wed, 08 May 2013 11:25:00 GMT

Economic indicators may have you feeling cautiously optimistic about the economy, but you’re not the only one sitting up and taking notice. Employees who have worked longer hours for less pay during the economic downturn appear to sense the improving conditions, too, and they may be on the look-out for greener pastures. The Department of Labor reports the rate at which workers are quitting their jobs is on the rise, hitting 1.9 million in December 2011.* That may mean there’s a growing perception among employees that jobs are available. So how do you retain the hardworking employees who’ve seen you through the tough times? Make them happy!

Putting Incentives to Work
Bonuses and pay raises are one way to tell your employees you appreciate their work, but with a still-fragile economy you may want to opt for more economical strategies for rewarding your talent.

Flex time. Studies show workers who telecommute or work reduced office hours actually work with more intensity and report lower stress, higher job-satisfaction and greater loyalty to their company than fellow workers tied to a rigid 9 to 5 schedule.
Work perks. Corporate memberships, such as a discounted membership at a fitness center or a suite at a local sports arena, offer fringe benefits that promote employee well-being and satisfaction.
Wellness initiatives. Create a culture of good health by removing vending machines filled with soda and junk food, conducting meetings in small groups while going for a walk, sponsoring employees’ membership in weight loss programs or setting aside space for employees to store their bikes. Healthy employees are more productive, have better morale and save you money in health care costs.
Professional development. Foster talent within your workforce by investing in employees’ training and education. In addition to workshops and seminars, you can augment employees’ skill-sets by allowing them to shadow co-workers with more expertise, delegating tasks to employees who need a new challenge and creating teams to tackle problems for on-the-job training in handling real issues.

Reap What You Sow
From high-level talent to low-level workers, happy employees create a ripple effect that can bring a smile to everyone’s face, improving productivity and your bottom line. To create a plan that works for your business, ask your employees for their thoughts. Companies that invest in and listen to their employees – from the corner office CEOs to line workers – reap the rewards of increased employee engagement and reduced costs during times of both economic growth and recession.**

The views of this article are for general information use only. Please contact and speak with a subject expert when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center.

* Source: The Bureau of Labor Statistics, www.bls.gov.
** Source: “Profit at the Bottom of the Ladder,” www.mcgill.ca/files/ihsp/profitatthebottomreport.pdf.

Income Tax Implications of Home Ownership

Tue, 07 May 2013 09:45:00 GMT

Owning a home can provide financial and income tax benefits as well as emotional satisfaction. While a home is usually viewed as shelter and a place to live, over the past few decades many homeowners have seen the value of their homes rise significantly and have reaped the gains when they sold their homes. Since most homeowners use mortgages to finance a portion of the cost of the home, the gains were leveraged even more. But, remember home values do not always rise.

Income tax benefits
The income tax laws provide special breaks for homeowners. These breaks are in the form of tax deductions for mortgage interest and property taxes and preferential treatment of gains when the home is sold. As always, consult with your tax advisor to get a complete understanding of how tax laws may apply to your situation.

Benefits from deductions
Many taxpayers find the interest on their mortgage and their annual property taxes are large enough to enable them to itemize their deductions instead of using what is commonly referred to as the "standard deduction." The "standard deduction" for single filers on their 2013 tax returns is $6,100 and $12,200 for joint filers. For many homeowners, their interest and property taxes exceed those amounts.

Be sure to keep track of when you pay your property taxes. Some areas have due dates close to the end of the year and you must have paid the tax before December 31 to get the deduction.

Another way some homeowners are able to get additional deductions is through the use of home equity loans. Since the interest paid on a home equity loan qualifies as a deduction, you may want to consider a home equity loan as a source of funds to pay off credit card debt, where the interest is not deductible. In addition, the interest rate will probably be lower.

Benefits on the sale of your home
For many years, the tax laws only allowed you to avoid paying capital gains taxes when selling your home if you rolled over the proceeds into a home that was more expensive. There were also some rules that allowed individuals over the age of 55 to avoid some taxes.

In 1997, those rules changed. Now the law generally allows a married couple filing a joint tax return to exclude up to $500,000 of gains on the sale of their home. For single return filers the limit is $250,000. You must have lived in the home as your principle residence for at least two of the five years before the sale. You can claim this benefit every two years. There are some special rules if you do not meet that requirement for job changes or health reasons. Consult your tax advisor for more details.

Summary
The tax benefits of home ownership can be significant. Be sure to keep good records about the purchase price and any improvements you make to the home. Pay attention to when you make property tax and mortgage payments to ensure they fall into the year you want to take them as itemized deductions. Finally, if you have special circumstances (including a potential large gain if selling your home), be sure to get expert advice to make sure you get the maximum benefits you are allowed under the tax laws.

The views of this article are for general information use only. Please contact and speak with a subject expert when specific advice is needed.

Potential DDoS Event

Mon, 06 May 2013 06:55:00 GMT

We have been informed by industry and law enforcement sources of a threat event which may begin on Tuesday, May 7, and which may target the websites and systems of more than 100 U.S. financial institutions and federal agencies. The perpetrators are said to be international activist groups who intend to launch a widespread Distributed Denial of Service Attack (DDoS). It is unknown which, or how many banks and government entities will experience any issues as a result.

The objective of a DDoS is to temporarily inconvenience the users of targeted entities’ websites and network systems by flooding them with extremely high volumes of internet traffic sent from thousands of computers located around the world. The intense traffic flood can temporarily overwhelm systems, interrupting normal access to websites, online banking services and other processes. It is NOT the objective of a typical DDoS to “hack” into internal systems for financial gain or access to information, rather, their goal is to cause service interruptions.

Arvest Bank has implemented numerous measures to reduce the possible impact of a DDoS and we are monitoring internet traffic and system performance very closely. Even so, adverse effects are possible and would be dependent upon the severity and complexity of the DDoS. Possible impacts could range from sluggish or unresponsive web pages, to website outages and delays in certain transactions which are dependent upon network connections to other entities.

Please check back here or follow @arvestbank on Twitter for additional information and status updates as needed.

Biz Spotlight: Davis Construction

Fri, 03 May 2013 11:25:00 GMT

Davis Construction has been a leader in residential and commercial construction in the Missouri and Arkansas Ozark Mountains for over 100 years. Headquartered in Harrison, Ark., Davis Construction* can handle most any new home or business project that can be dreamed up. With a friendly staff and a team dedicated to making dreams come true, they treat projects as if it were their own, providing feedback and direction from the blueprint design stage to the ribbon cutting ceremony and everything in between. The company’s commercial building experience includes the design, development and construction of banks, retail stores, factories, medical practices, dental clinics and more.

Larry Davis grew up learning the business of building custom homes from his father. In the mid-1970s he took the business over when his father retired. He weathered the economic climate of the early 1980s and came out fighting. He continued building custom homes throughout the '80s but worked at expanding the business. He began by hiring job foremen and gradually adding divisions.

In the early 1990s he hired David Brantley who helped expand the commercial division with medical clinics, banks, schools, jails and much more. Then in 1994 his son-in-law, Scot Matlock, came into the picture. Scot has a long history of heavy equipment operation in his family and Davis Construction proudly added that to their portfolio by the mid to late 1990s. Scot is currently the vice president and chief operating officer.

In the early 2000s Grant Novak joined the company bringing experience of underground utilities and David Parker, a licensed master plumber, was added to broaden the scope with the addition of a plumbing division. Davis Construction’s most recent addition has been an electrical division. Brian Warner is the key player in Davis Construction’s residential division, managing sales, estimating and construction.

“Arvest has been instrumental in our growth by providing financing when we needed it,” said Larry Davis, chief executive officer at Davis Construction. “We do our payroll electronically and use the Arvest card. We do a lot of electronic transfers and Arvest makes us feel secure doing those.”

The views of this article are for general information use only. Please contact and speak with a subject expert or your banker when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center. Links marked with * go to a third-party site not operated or endorsed by Arvest Bank, an FDIC-insured institution.

Paying for College ... the Smart Way

Thu, 02 May 2013 10:10:00 GMT

The cost of college has risen faster than the general inflation rate for many years. So, it's no surprise many parents borrow to pay for higher education and many college graduates owe tens of thousands of dollars on student loans and related debt. Here are some strategies for keeping college financing costs down.

Make saving, not borrowing, your first choice for paying for college. Starting a college savings account, such as a state-sponsored "529 Plan," allows families to maximize growth in a tax-advantaged account and reap the benefits of compounding small amounts of money into a large sum when the child graduates from high school. Investment advisers also recommend setting up an automatic investment plan through your bank account or paycheck to encourage systematic savings.

Take the time to research your options for a loan. If you think you need a loan, do your homework and ask lots of questions before settling on one. Among the many options are federal government loan programs, including "PLUS" loans for parents and Perkins and Stafford loans for students (usually with fixed interest rates and some form of deferment on repayment until after graduation). Also available are personal loans from private financial institutions and state government agencies.

Of course, you'll want to know whether a loan is fixed or variable rate and what could trigger a rate increase. But student loans may have unusual features to consider. In particular, ask about any options for delaying payment until after graduation and any policies on "forbearance" (temporarily reducing or postponing payments from a borrower in financial distress). Also find out about any rebates for on-time payments and other incentives for good performance.

Your state's department of education, the college's financial aid department and an Arvest advisor may be good resources.

Think twice before borrowing against your home or retirement accounts. Parents who do not qualify for a tax deduction on loans for higher education may want to consider using a home equity loan if they qualify for a tax break on the interest. But remember, a home loan puts your house at risk. Another option is to borrow from your retirement savings, but most investment advisers recommend against that approach because it may reduce your future earnings and make it tougher for you to retire when you want.

Shop for a good price on a college, not just on the college financing. When looking at college costs there’s more than just tuition to consider. Look at the cost of living including housing, food and other expenses. Consider two-year community colleges and schools close to home, which can help save on housing and food expenses.

Youth is no excuse for defaulting on a loan. At some point, perhaps after graduation, the loan payments will begin. How a young person manages student debt can be crucial.

"Other loans, such as credit cards, and high living expenses can make it tough for a student or graduate to pay off college loans," cautioned Kirk Daniels, a supervisor in the FDIC's consumer affairs section. "The non-payment of a student loan is a bad way to start your career because your credit report will be damaged and the ability to obtain new credit or even qualify for certain jobs may be jeopardized."

But what if your good intentions fail and you have no way of making a payment? Contact the lender immediately. "Many lenders would rather work out some modified payment plan than have the borrower stop making payments completely," Daniels said.

Arvest Mortgage Company Sees 13 Percent Loan Growth Compared to 2012

Wed, 01 May 2013 10:35:00 GMT

Arvest Mortgage Company loan originations top $624 million in the first quarter of 2013. Additional results of mortgage lending activity released.

LOWELL, Ark., - Arvest Mortgage Company reported results of its mortgage lending activity for the first quarter of 2013. In a 13.8 percent increase from last year, the company originated more than $624 million in new mortgage loans for both purchases and refinancing. In 2012’s first quarter, they originated $548 million. Overall the market is seeing an uptick, with the Mortgage Bankers Association forecasted first quarter 2013 new mortgage originations at $482 billion, an increase nationally of 29 percent over first quarter 2012.

This first quarter growth follows a record-breaking 2012 for Arvest Mortgage Company. In 2012, the bank originated more than 17,000 mortgage loans totaling $2.56 billion compared to $1.58 billion in 2011, a 62 percent increase.

“We see this year-over-year increase as a positive sign and recognize that homebuyers are looking for local lenders who will focus on customer service after the loan is originated,” stated Todd White, Arvest Mortgage senior vice president. “Low interest rates have enabled many homeowners to refinance their mortgages at near record low rates and encouraged others to purchase homes. We made more home loans than we ever have before in 2012, and we are excited to be carrying that momentum into this year.”

Arvest also experienced a higher mix of purchase loans (34 percent) to refinances (66 percent) compared to national projections where refinances are projected to be 74 percent of total applications. U.S. lenders originated $482 billion in residential mortgages in the first quarter of 2013, led by $357 billion in refinanced loans, according to estimates published April 18 by the Mortgage Bankers Association.

“We are encouraged by the amount of purchase loans we saw in the first quarter. Approximately 34 percent of the 4,279 mortgages we’ve made were purchase loans, so while refinancing was still strong, more and more people are buying homes,” White continued. “Right now there is a lot of opportunity in the market to help our customers improve their current mortgage rate, shorten their term, or buy their first home or next home, and Arvest is here to help in any way we can.”

Prospects Are People Too

Wed, 01 May 2013 09:25:00 GMT

As marketers, we use many different labels to describe the people we interact with on a daily basis -- suspects, prospects, leads (qualified and non-qualified), targets, “sales ready,” customers, clients, referral sources, etc. Labels can be helpful, but sometimes they lead us to overlook an obvious but very important fact -- we are dealing with people.

Businesses often forget to focus on prospects as people and produce marketing materials that are company centric. Their websites are full of corporate speak and industry jargon. Their marketing messages fall flat, and they often wonder why marketing doesn’t work for their type of company.

Successful small business marketers keep a laser focus on the fact that prospects are people. Their websites contain tips, frequently asked questions, demonstration videos, and ROI calculators. They continually ask questions and seek feedback from their customers. Their marketing messages resonate with their target audience and they receive referrals on a regular basis.

How do you keep your marketing materials people-focused? Here are a few ideas and reminders to help you create marketing materials that connect with your prospects and convert them into customers.

People are Busy
Remember people have more going on in their lives than the deal you are discussing. Not everyone follows-up as well as you do. Just because someone didn’t return your call or respond to your email doesn’t mean they aren’t interested. Managing expectations and persistent follow-up are keys to closing the deals and growing your business.

Review your sales and marketing materials. Do they help people make decisions? Or, do they overwhelm them with choices, giving them more work to do, adding to their already jam packed schedule? Review your follow-up process. Are you giving up before a prospect has a chance to tell you “yes”?

People Want it When They Want It
Busy people don’t want to be interrupted to listen to an unsolicited “commercial.” Even if they need your solution, they don’t have time to deal with it until it becomes a priority for them or their boss. When it does become a priority, they want to check it off of their to-do list as quickly as possible. This means they need to be able to find the information they need to move to the next stage of their buying process (see below) on their own time. They don’t want to wait to schedule an appointment with a member of your sales team.

In order to be findable, the information you create must address the problems they are trying to solve from their point of view. Whether they are using search engines or asking friends, people begin their search for information by asking questions. Learn and answer the questions your prospects are asking and enjoy a distinct competitive edge over your competition.

People Have a Buying Process
Whether they are buying a candy bar or a software system worth hundreds of thousands of dollars, your customers have a decision-making process when they make a purchase. The more you can align your sales and marketing systems with your ideal customers’ buying process, the more successful you will be.

One of the first things we do when starting a new engagement is to interview our customer’s customers to learn as much as we can about the triggers that caused them to look for a solution and the process they went through to make their decision.

Learn everything you can about your prospects’ and customers’ decision making (buying) process. Provide the information they need to feel comfortable moving to the next stage of their process and you will increase your chances to close more deals.

People Want Personal Attention
In fact, these days customers demand personal attention. Many of them have already spent time researching you, your company, and your products and services. If you have done a good job with your marketing, then they feel like they know you. Failing to provide the personal attention they expect, damages the know, like, and trust previously established.

Use a customer relationship management (CRM) system to keep track of interactions with prospects and customers as well as their personal preferences and use this information to tailor your messaging to their individual needs.

Different People Learn Differently
Some people like to read. Others only trust recommendations from colleagues and friends. Others like to meet face-to-face and look you in the eye when they ask you a question. Many people don’t want to rely on one single source of information; they want to weigh several data points collectively.

Once you create a piece of marketing content, leverage your work by converting it to other media formats. A video can also be a blog post. The information in an eBook can also be delivered in a webinar or an in-person presentation. Use different formats and distribute to different channels to increase your chances of connecting with people looking to purchase your goods and services.

People Have Goals
One of my favorite quotes from a sales training class I attend is “people buy for their own reason, often in spite of ours.” People want to know how your solutions are going to make their lives better.

People are generally motivated to move away from pain or move towards pleasure. In the B2B world, this typically boils down to time and/or money. Make sure your marketing materials address the goals of your ideal customers. How will your solution help them save time? How will it help them make money? How will their life be better after they purchase your solution?

Prospects are People Too
When you remember prospects are people too, you are more likely to create marketing messages that resonate with your ideal customers, shorten your sales cycle, and grow your bottom line.

The views of this article are for general information use only. Please contact and speak with a subject expert when specific advice is needed. Find articles like this and much more in the online Arvest Biz Center.

Patrick Healy Joins Arvest Bank Kansas City Board of Directors

Tue, 30 Apr 2013 11:05:00 GMT

Patrick Healy, an active private equity investor and involved Kansas City area community member, joins Arvest Bank's Kansas City Bank Board of Directors.

Mission, Kan. -- Arvest Bank is proud to announce the appointment of Patrick (Pat) Healy to its Kansas City Bank Board of Directors. Healy is co-founder of C3 Capital in Kansas City.

“We continue to look for exceptional Kansas City business leaders who share the same commitment to customer service and community development philosophies that are the cornerstones of the Arvest Bank business model,” says Mark Larrabee, CEO and president for Arvest, Kansas City. “We are excited to welcome Pat to our Board of Directors and I am confident that his outstanding direction and guidance to our local team will undoubtedly help us to positively communicate the mission and vision of Arvest Bank, and its leaders, to the Kansas City community.”

Healy has been an active private equity investor since 1985 and co-founded C3 Holdings, which is now known as C3 Capital, where he currently serves as partner. Prior to this, he sponsored and structured equity investments in real estate and was a senior partner a Mayer Hoffman McCann, a regional CPA firm, for 11 years. He is a graduate of the University of Kansas and resides in Mission Hills, Kan. Healy is a founding member of the Kansas City Chapter of Association for Corporate Growth, board member of Derrick Johnson’s Defend the Dream Foundation, member of the Missouri Society of CPAs and mentor for UMKC accounting students. He’s also a former board member of Variety Club of KC and former youth baseball and soccer coach.