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401K Plans
Qualified cash or deferred arrangements (CODAs) permitted under Section 401(k) of the Internal Revenue Code, commonly referred to as “401(k) plans,” have become one of the most popular types of employer-sponsored retirement plans. How does a 401(k) plan work? With a 401(k) plan, you elect either to receive cash payments (wages) from your employer immediately, or defer receipt of a […]
New Altoona Office
1st Summit Bank is excited to announce the opening of its 18th location in the Eldorado Community of Altoona, PA. The newly renovated office located on 6th Avenue (Route 764) is tentatively scheduled to open in the Fall of 2023. The former bank-occupied site sits as the endcap of the plaza that houses Zach’s Sports Bar and Old Carolina Barbecue. […]
Financial Tips for Blended Families
Combining finances can be complicated for any couple, but the challenges become more complex the second time around, especially when children are involved. Here are some ideas to consider if you are already part of a blended family or looking forward to combining households sometime soon. Be Clear and Comprehensive It’s important to reveal all assets, income, and debts, and […]
1st Summit Bank Ken Lantzy All-Star Classic
1st Summit Bank is proud to announce an exciting new partnership with the Ken Lantzy All-Star Classic. This ten-year commitment from 1st Summit Bank will result in the annual game to be renamed the “1st Summit Bank Ken Lantzy All-Star Classic.” 1st Summit Bank’s financial commitment to the program will provide vital funding for the academic and performance scholarships that […]
Community Bank Strong
Given the news regarding the recent bank failures in California and New York, I suspect many of you have some concerns and are asking questions about what is happening. According to media sources, these two banks were large financial institutions who had engaged in high-risk business segments and encountered fundamental funding challenges that they were not able to manage through, forcing […]