Current EventsALL TOPICS

Update from CEO

POSTED Mar 13 2023 | 1 MINUTE READ

With the recent news about the closure of Silicon Valley Bank (“SVB”) in California and Signature Bank in New York, you may have questions about the security of your deposits with 1st State Bank. Please be assured that your deposits are secure. Both SVB and Signature Bank had unique circumstances leading to their failures. SVB customers were primarily focused in […]

Current Events

Trying Times for Businesses: Surviving Inflation and High Interest Rates

POSTED Dec 8 2022 | 2 MINUTE READ

Earlier this year, the Federal Reserve began to increase interest rates in response to high levels of inflation and is likely to continue increasing rates through 2022. Over the past couple years, demand/supply imbalances for many items have resulted in inflationary rates exceeding 8%, which is significantly higher than the target rate of 2-2.5%. Interest rates are one tool used […]

Current Events

COVID Tax Credit for Employers Extended

POSTED Jan 26 2022 | 1 MINUTE READ

With the tax season just around the corner, we felt it was timely to share a piece of important tax information that may be of significant benefit to your company. A number of changes to employee retention tax credits were enacted under the The Taxpayer Certainty and Disaster Tax Relief Act of 2020. Changes included modifying and extending the Employee […]